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Pan African Resources (PAF) investor relations material
Pan African Resources H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H2 2025 earnings summary10 Sep, 2025
Executive summary
Achieved record profits, headline earnings per share, and proposed record dividends, with a nearly 80% increase in USD dividend year-over-year.
Group gold production reached 196,527oz, up 6% year-over-year, with record second half output and successful ramp-up at MTR and Tennant Mines.
Commissioned MTR and Tennant Mines ahead of schedule and below budget, expanding production base and geographic diversification.
Transitioned to a portfolio with 60% of production from long-life, low-cost surface remining assets.
Announced intention to move to the Main Market in London, reflecting increased scale and investor appeal.
Financial highlights
Revenue increased by 45% to $540 million, driven by a 36% higher average gold price and increased production.
Adjusted EBITDA rose 60%, earnings up 78% to $142 million, and headline earnings up 47% to $117 million.
EPS increased 73% to US7.16cps; headline earnings up 47% to $116.6m.
Operating cash flows grew over 70% to $155 million, with CapEx of $158 million, raising net debt by 41% to $151 million.
Net debt at year-end was $150.5m, down from $228.5m at FY25H1, with net debt to equity at 20% as of June 2025.
Proposed record dividend of $0.37/share, up 77% in USD terms, with a payout ratio of 38% of cash flow.
Outlook and guidance
FY26 gold production guidance set at 275,000–292,000oz, with H1 expected at 130,000–137,000oz and H2 at 145,000–155,000oz.
FY2026 all-in sustaining cost (AISC) guidance set at $1,525-$1,575/oz, with unit costs expected to decrease as new projects reach full production.
Group expected to be net debt-free before the end of FY2026 at current gold prices.
Sustaining CapEx guidance for FY2027 and beyond is $40-$50 million, with growth CapEx dependent on project pipeline.
Future CapEx profile beyond FY2026?
Soweto cluster: incremental vs. stand-alone plant?
London main board listing: expected valuation impact?
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Next Pan African Resources earnings date
H1 202618 Feb, 2026
Next Pan African Resources earnings date
H1 202618 Feb, 2026
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