Why Invest in Pan African Resources?

Pan African Resources (AIM:PAF) has achieved success in augmenting its gold production volumes while diminishing all-in-sustaining expenses. This highlights the capital-efficient and optimal stewardship of mines in Africa. For those investing in mining shares, it also presents ideal investment opportunity and optimal returns on gold mining in South Africa.

5-year increase in jse share price

Quality assets & robust production profile

Producing +200,000 oz./year and with AISC mining costs sitting at US$ 1 284/oz, PAR stands as an exemplar of efficiency among Africa’s gold mining companies with a growing portfolio.

Industry-leading dividend yields

We strengthened our reputation for exceptional gold mining stock with dividends in 2022, achieving a 25.9% return in shareholder funds. Our balance sheet remained robust and experienced a considerable reduction of 57% in net debt to a mere £28m.

Long-term mining runway

We are presented with a promising future of gold mining in South Africa, bolstered by our diverse range of long-life assets with a mine life of over 20 years, as per our current reserves. Our production capacity has been expanded through present acquisitions of surface tailings and ongoing exploration endeavors in new sites, further enhancing our growth trajectory.

ESG, beyond compliance

We take pride in sustainable mining practices in South Africa, being the primary mining company to inaugurate a 10 MW solar renewable energy plant. This achievement represents a significant milestone in our commitment, showcasing the remarkable environmental benefits of solar energy and our dedication to community programs.

Established mining jurisdiction

PAR boasts a proficient management team, technical prowess, and firmly established mining infrastructure to drive its accomplishments, accompanied by an industry-lead safety record.

Track record of delivery

We have a well-established reputation for being prompt and cost-effective in initiating new operations, as shown in recent reprocessing, groundwork facilities and subsurface developments.

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

A central component of our growth and management is integrated thinking, which encompasses AISC mining and investing in mining shares, ensuring that we have control over how our activities affect and impact capital. This offers long-lasting value to our investors that span short term (up to one year), medium term (up to three years) and long term (more than three years) periods.

The investors in our gold portfolio and general customers are those in the exports market of gold bullion, Rand Refinery, Gold Exchange Traded Funds (ETFs), and the makers of Krugerrands and gold jewellery.


Mining buildings with a sunset and a vast landscape behind it

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.

Large round factory towers with scaffolding above it and a city and mountains in the background

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.

Factory buildings and machinery at night lit up with lights, and a mountain range and sunset in the background

Barberton Mines

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

Mining buildings with greenery and a vast landscape behind it

Evander Mines

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

A graphic map depicting where the proposed plant will be as well as surrounding pits and significant landmarks in the area


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

A model of the +/- 1 100 km2 area in the Nakasib Suture Zone (NSZ) with a gold banner reading "Exploration" on the top right

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 utilise advanced technology, innovation, and sustainable energy initiatives to reduce our carbon emissions and decrease our reliance on natural resources.

As part of our environmental objectives to tackle climate change, safeguard biodiversity, and foster a circular economy, we effectively inaugurated our 10 MW solar renewable energy PV plant in 2022. Generating sustainable energy sources is fundamental to our environmental targets in combatting climate change.

Our unwavering commitment to responsible management, ongoing community investments, and maintaining the highest standards of governance and safety are intrinsic to our business values.


A man in a khaki shirt is smiling at the camera and kneeling over a plant, with other plants surrounding him
Cascading rows of solar panels placed on grass

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.

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A graphic drawing of what looks like a flower in soil with another line underneath it


A grey graphic depicting the outline of three people with a round shape branching out to each of them


Three lines next to each other and an arrow pointing upwards to the far right of those