Investors
As a sustainable and safety-focused gold producer committed to creating long-term value for stakeholders, Pan African presents an attractive investment opportunity with a strong pipeline of growth projects.
Strong Performance, Strong Future
Why Invest in Pan African Resources?
A Proven Gold Producer: FY26 >270,000oz
Pan African Resources is a growing mid-tier gold producer with a strong track record of safe, sustainable, and consistent production. Our low-cost, high-margin surface operations keep all-in-sustaining costs (AISC) below the peer group average.
Operational Excellence
Pan African Resources strives to consistently deliver below-average all-in-sustaining costs (AISC), ensuring competitive margins and operational efficiency. Our reinvestment strategy prioritises sustainability while balancing broader capital allocation goals.
With a robust pipeline of organic and expansionary projects, we are poised to steadily grow our production profile. Industry-leading safety performance underscores our commitment to our workforce, with a strong return on shareholders’ funds driving exceptional value for our investors.
Robust Operations
Pan African Resources operates high-grade, long-life underground mines alongside low-cost surface remining projects, ensuring stable and resilient production. Key assets include:
- Evander Mines – Operational rights secured until 2038.
- Barberton Mines – Established through 2051.
Financial Strength:
Market Cap
~US$1.5 billion
The Company has a proven track record of consistent production and improved financial results, with shareholder returns that consistently exceed the industry average. Recent capital investments ensure long-term
production growth which support improved dividends. The Company has an 86% free float and is listed on major exchanges (JSE, AIM, OTCQX), providing accessibility and liquidity for global investors.
Diversified International
Shareholder Base
Pan African Resources has delivered top-tier returns, ranking Top 10 on the JSE in 2023 and improving to the Top 3 in 2024, with its share price soaring over 120%. It was also the best-performing gold and mining share on the JSE in 2024.
Now gaining traction in the U.S. market, Pan African Resources was recently added to the Van Eck GDX Gold ETF, with 7% of shares acquired in one day. U.S. shareholding has grown to 15%, even without a major U.S. listing.
More than 70% of the shareholder base are South African and UK institutions, including Berenberg, BMO Capital Markets, Canaccord Genuity, Peel Hunt, Investec, Absa Securities, Nedbank Securities, and SBG Securities, ensuring stable share price growth and improved analyst coverage.
Sustainability at the Core: Leading in ESG Initiatives
Our overarching strategic objective is to produce high-margin gold ounces in a safe, sustainable and efficient manner while investing in local communities and minimising the environmental impact of our operations and
maintaining our Social Licence to Operate. This is embedded in our integrated approach to sustainable development and our steadfast commitment to go Beyond Compliance in our ESG initiatives.
Strategic Positioning: Established Jurisdiction
Our depth of experience, local knowledge and security of tenure through to 2051, enables us to operate with confidence in our core jurisdiction of South Africa. Our success at home has also enabled our diversification abroad with our acquisition of Tennant Mines in Australia, with a substantial mineral resource base and exploration potential of over 1,700 square kilometres in Australia’s highest-grade gold field.
This isn’t just growth; it’s strategic. Positioned in a Tier 1 mining jurisdiction with a stable legal framework, Tennant Mines will deliver low-cost, high-margin returns, with payback expected within three years.
Financial Capital
Diversified Operations
A unique combination of long-life, high-grade underground mines, and low-cost surface remining operations.
Manufactured Capital
Intellectual Capital
Human Capital
Social and Relationship Capital
Natural Capital
Projects
Project Pipeline
Pan African Resources is strategically positioning itself to increase production capacity to >270,000oz in the short to medium term. The company has a pipeline of projects including:
MTR Project
A significant and already successful investment is expected to add approximately 50,000 oz/annum to production in FY26. Commissioned ahead of schedule and under budget.
Soweto Cluster
With the MTR project already exceeding expectations, Pan African Resources anticipates finishing a feasibility study for its Soweto Cluster gold recovery project by September 2025. Early indications are that this could provide another 50,000 oz per annum of low-cost gold production to our profile.
Tennant Mines
Tennant Mines holds 1.3 million ounces of gold in mineral resources and 400,000 ounces of gold in ore reserves, with ongoing exploration indicating further potential. The assets include the Warrego, Nobles, and Juno properties, all within a large 1,700 km² area, with high mineral potential.
Our Operations
Stay informed with the latest performance metrics of Pan African Resources. Our commitment to transparency ensures that investors have the insights needed to make informed decisions.