Pan African Resources delivered record gold production of 128,296oz for the six months ended 31 December 2025, an increase of 52% year-on-year. The performance reflects improved underground stability and high-grade reefs at Evander, consistent output from low-cost surface operations, and the contribution from Tennant Mines in Australia.
Elikhulu increased production by 14% to 29,450oz, maintaining its position as a cornerstone low-cost tailings retreatment operation, with a remaining mine life of 9 years. The Barberton Tailings Retreatment Plant delivered 7,143oz. Underground production improved materially, with higher volumes, much improved grades and better operational consistency.
Management reaffirmed full-year FY26 production guidance of 275,000–292,000oz. The second half of the financial year is expected to be production-weighted, supporting improved unit cost performance and operational leverage to the gold price.
For investors, the key takeaway is delivery: quality orebodies with higher volumes and gold grades, stable surface production and maintained guidance reinforce operational credibility at a time of elevated gold prices and increased institutional scrutiny following LSE Main Market listing and FTSE 250 inclusion.