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 ~13Moz of Gold Reserves and >42Moz of Gold Resources, Pan African Resources’ unique portfolio mix presents significant upside potential for many years to come. Mining rights are valid at Barberton until 2051, Evander until 2038, MTR until 2029, and Tennant Mines until 2045.
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
MTR was commissioned in October 2024, ahead of schedule and US$8m below budget. It produced 21,729oz in FY26H1, with FY26 annual production expected at ~48,000oz-52,000oz and expansion to ~60,000oz/year completed.
Acquisition Price:
ZAR50 million (US$2.8 million) ~ US$1.12/ Resource oz
Production Outlook:
~48,000oz-52,000oz in FY26, with expansion to ~60,000oz/year completed; 18-year mine life.
Australia: Tennant Mines
Pan African Resources has acquired Tennant Consolidated Mining Group (TCMG), unlocking 1.8Moz of gold in Mineral Resources and 0.4Moz in Ore Reserves. With ongoing exploration, this asset holds strong upside potential.
Low-Risk, High-Return Production
Nobles plant construction was completed in April 2025, with first gold poured in May 2025 and nameplate capacity of 70ktpm achieved in July 2025. FY26 production is expected at 46,000oz-50,000oz, with AISC anticipated to reduce as production ramps up.
Strong Financials & Growth Potential
Tennant Mines has moved into production and remains a near-term growth platform, with exploration and development focused on extending mine life beyond the initial Nobles plan and lifting Australian production over time.
MTR
Gold Produced
51,927 Ounces
Contractors
1,095
Employees
194
Annual Capacity
~60,000 Oz/Annum
Life of Mine
18 Years
Aisc
1,389 $/Oz
Tennant Mines
Gold Produced
32,124 Ounces
Contractors
247
Employees
71
Annual Capacity
46,000-80,000 Oz/Annum
Life of Mine
8 Years
Aisc
2,261 $/Oz
Elikhulu
Gold Produced
56,475 Ounces
Contractors
212
Employees
152
Annual Capacity
54,000-56,000 Oz/Annum
Life of Mine
8 Years
Aisc
1,231 $/Oz
Barberton Underground
Gold Produced
71,997 Ounces
Contractors
1,741
Employees
1,761
Annual Capacity
~100,000 Oz/Annum
Life of Mine
23 Years
Aisc
2,589 $/Oz
Barberton Tailings Retreatment
Gold Produced
12,932 Ounces
Contractors
12
Employees
68
Annual Capacity
13,000-15,000 Oz/Annum
Life of Mine
6 Years
Aisc
1,564 $/Oz
Evander Mines
Gold Produced
46,855 Ounces
Contractors
2,444
Employees
138
Annual Capacity
~80,000 Oz/Annum
Life of Mine
11 Years
Aisc
1,914 $/Oz