Why Invest in Pan African Resources?

Pan African Resources (OTCQX: PAFRY/PAFRF) has increased its gold production volumes while concurrently reducing all-in-sustaining costs. This feat underscores its capital-efficient and peak management of mines in Africa. Rich reserves in gold enhance the mines’ appeal, offering investment opportunities in Africa itself and excellent returns on this investment.

5-year increase in jse share price

Quality assets & robust production profile

As some of the most adept gold headsmen in Africa, PAR has an increasing production portfolio, producing +200,000 oz. per year and with All in Sustaining Costs at US$ 1 284/oz.

Industry-leading dividend yields

In 2022, we further solidified our track record of outstanding gold dividends, achieving a remarkable 25.9% on shareholder return funds. Additionally, our balance sheet stayed strong, with a substantial reduction of 57% in net debt to a mere US$ 28m.

Long-term mining runway

A compelling future of gold mining in South Africa is supported by our multiple long-life assets boasting a mine life of over 20 years based on current reserves. We have successfully expanded our production capacity through recent acquisitions of surface tailings and proceeding exploration efforts in new sites.

ESG, beyond compliance

Our mining company has taken the lead in South Africa by successfully commissioning a state-of-the-art 10 MW solar renewable energy plant. This remarkable feat signifies our ongoing commitment to sustainable mining, underscored by our dedication to environmental preservation, the advantages of solar energy, and community well-being.

Established mining jurisdiction

PAR possesses a skilled management team, technical expertise, and well-established mining infrastructure to propel its achievements, coupled with a top-tier safety record in the industry.

Track record of delivery

From new reprocessing and infrastructure facilities to underground development, we have a proven reputation for being timely and budget-conscious when it comes to initiating new operations.

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

Critical thinking is paramount within our growth policy and business management. Our plan further allows us to manage the capital used or affected by our activities and provides long-lasting value in ensuring that gold mining stocks are a good investment. We ensure that this plan is provided over one year, up to three years, or for more than three years.

Included in our clientele are participants in the gold bullion export market, as well as the Rand Refinery, Exchange Traded Funds (ETFs) in Gold, Krugerrands manufacturers and gold jewelry.


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 use high-end technology, innovation and sustainable energy projects to limit our footprint on carbon emissions while lessening our dependence on natural resources.

As part of our environmental goals to address climate change, preserve biodiversity, and promote a circular economy, we successfully launched our 10 MW solar PV plant in 2022. Producing renewable energy sources is integral to our sustainability goals of resisting climate change.

Our dedication to responsible stewardship, continual community investments, and unwavering commitment to excellence in governance and safety is integral to our business ethos.


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