Why Invest in Pan African Resources?

Pan African Resources has succeeded in continuously increasing its gold production levels while simultaneously lowering all-in sustaining costs. For investors, this means a capital-efficient, optimally run portfolio of African mines geared for exceptional investment returns.

5-year increase in jse share price

Quality assets & robust production profile

PAR produces +200,000 oz./year from a growing production profile. With All in Sustaining Costs of US$ 1 284/oz., we’re among the most efficient gold miners in Africa.

Industry-leading dividend yields

In 2022, we built on our reputation for excellent dividend yields with a 25.9% return on shareholder funds, and a robust balance sheet (net debt down 57% to US$ 28m).

Long-term mining runway

Excellent mining runway through multiple, long-life assets with mine life of +20 years with current reserves, with new surface tailings acquisitions in production and new sites explored.

ESG, beyond compliance

We are the first mining company in South Africa to commission a 10 MW solar energy plant. Just the latest milestone in our pioneering sustainable environmental and community programmes.

Established mining jurisdiction

PAR has an experienced management team, technical skills and mining infrastructure
in place to drive success, plus an industry-leading safety record.

Track record of delivery

From new retreatment and infrastructure plants to underground expansions, we have a proven record of bringing new operations online on-time and in-budget.

Operational Highlights FY22

Record gold production (oz.)
GRoup aisc (us$)
Net cash from operations (US$)
Fatality-free shifts
MW/month solar energy
in capital investments (US$)

Investor Information

Investor calendar

Key dates in the Pan African calendar to diarise:

Annual general meeting 24 November 2022
Interim results announcement TBA

Share Price

Pan African is an African-focused mid-tier gold producer, dual primary listed on the AIM of the LSE (ticker: PAF) and the main board of the JSE (ticker: PAN) as well as the A2X Market (A2X). Our shares trade on the OTCQX Best Market (OTCQX) in the United States of America (USA) through a Level 1 American Depository Receipt (ADR) programme (ticker: PAFRY), sponsored by the Bank of New York Mellon, and ordinary shares (ticker: PAFRF).



join us on our journey of growth

Integrated thinking is central to our growth policy and to the management of our business. Our plan ensures that we control the capital used or impacted by our activities to provide enduring value to all investors over the short (one year), medium (two to three years) and long term (over three years).

Our customers and gold investors include the gold bullion export market, Rand Refinery, Gold Exchange Traded Funds (ETFs), and the makers of Krugerrands and gold jewellery.


Elikhulu Tailings Retreatment Plant

Processes 1.2 Mtpm of historic tailings to produce up to 60 000 oz./year at an ultra-low AISC of US$ 1 003/oz.

Barberton Tailings Retreatment Plant

Produced 19 560 oz. in FY 2022 at AISC of just US$ 891, with plans to increase bulk feed and LOM.

Barberton Mines

Accessing the legendary high-grade orebodies at Barberton, the Fairview, Royal Sheba and Consort Mines produced 75 000 oz. in FY22.

Evander Mines

One of southern Africa’s lowest-cost underground mines, producing 48 850 oz. in FY22.


A new, high-quality tailings acquisition that will increase the Group’s production profile by 50 000 oz./annum.

Block 12, Sudan

A +/- 1 100 km2 area in the Nakasib Suture Zone (NSZ) has yielded promising samples of avg. 13.6 g/t.

ESG & Sustainability

We are using innovation and technology to reduce our reliance on natural resources in a sustainable manner and to limit our carbon footprint through renewable energy projects

In 2022, we commissioned our 10 MW solar PV plant. Producing clean power is central to our environmental objectives of combatting climate change, protecting our biodiversity, and creating a circular economy across the value chain.

Responsible stewardship; ongoing investments in our communities; and a commitment to good governance and the highest levels of safety is just the way we do business.


Our Strategic Pillars

Through our strategic pillars we manage and address risks and opportunities, material matters faced by Pan African over the short-, medium- and long-term, key stakeholder concerns and execute on value-creating growth projects to achieve our strategy.