Innovative Mining Projects Shaping the Future
Our world-class assets comprise both high-quality underground mines and state-of-the-art, low-cost, surface remaining operations. These assets position Pan African Resources as one of Southern Africa’s highest-margin and lowest-cost gold miners.
With over 12M oz of Gold Reserves and 40M oz of Gold Resources, Pan African Resources’ unique portfolio mix presents significant upside potential for many years to come. Our mining rights in Barberton are valid until May 2051, and at Evander until April 2038.
We are committed to creating value for our stakeholders by positioning Pan African Resources as a sustainable, safe, high-margin, and long-life gold producer, with an unrelenting commitment to causing zero harm.
MTR
Our new state-of-the-art tailings retreatment operation gets going under budget and ahead of schedule.
Acquisition Price:
ZAR50 million (US$2.8 million) ~ US$1.12/ Resource oz
Expected to Add:
~ 50koz/year over a 21-year LOM, increasing Group production by ~25% per annum
Australia: Tennant Mines
Pan African Resources has acquired Tennant Consolidated Mining Group (TCMG), a strategic move unlocking 1.3Moz of gold in mineral resources and 400,000oz in ore reserves. With ongoing exploration, this asset holds strong upside potential.
Low-Risk, High-Return Production
Initial production targets surface stockpiles and tailings, delivering ~50,000oz/year at a low all-in-sustaining cost of ~$1,300/oz. The project is fully funded, with $35.7M secured, ensuring a smooth path to first gold in July 2025.
Strong Financials & Growth Potential
With a $129.7M NPV and 144% IRR, Tennant Mines is set to generate $420M free cash flow. Underexplored deposits signal further growth opportunities, making this a key driver of Pan African Resources’ future success.
MTR
Gold Produced
50,000 Ounces
Contractors
506
Employees
179
Annual Capacity
~53,000 Oz/Annum
Life of Mine
13 Years
Aisc
950-1,000 $/Oz
Tennant Mines
Gold Produced
n/a Ounces
Contractors
69
Employees
70
Annual Capacity
50,000 Oz/Annum
Life of Mine
8 Years
Aisc
1,300 $/Oz
Elikhulu
Gold Produced
54,812 Ounces
Contractors
214
Employees
152
Annual Capacity
60,000 Oz/Annum
Life of Mine
8 Years
Aisc
1,034 $/Oz
Barberton Underground
Gold Produced
71,470 Ounces
Contractors
975
Employees
1,319
Annual Capacity
200,000 Oz/Annum
Life of Mine
20 Years
Aisc
1.777 $/Oz
Barberton Tailings Retreatment
Gold Produced
18,888 Ounces
Contractors
85
Employees
69
Annual Capacity
20,000 Oz/Annum
Life of Mine
6 Years
Aisc
669 $/Oz
Evander Mines
Gold Produced
38,285 Ounces
Contractors
2,189
Employees
119
Annual Capacity
80,000 Oz/Annum
Life of Mine
11 Years
Aisc
2,153 $/Oz