Pan African Resources expects 'record' production numbers for its financial year
Published: 02:32 01 Jun 2026 EDT
Pan African Resources PLC (LSE:PAF, OTCQX:PAFRY, JSE:PAN) told investors it expects to deliver record annual gold production for the year to 30 June 2026, with output forecast to rise by around 40% to approximately 275,000 ounces.
The figure is in line with the lower end of the group’s FY26 guidance range of 275,000 to 292,000 ounces, compared with 196,527 ounces in FY25. Second-half production is expected to reach 147,000 ounces, around 14% higher than the 128,296 ounces produced in the first half.
The company said stronger performances from the Elikhulu and Mogale tailings retreatment operations, alongside improved underground output at Evander and Barberton, offset a slower-than-anticipated production ramp-up at Tennant Mines in Australia.
All-in sustaining costs for FY26 are expected to come in at about US$1,870 per ounce, in line with guidance, despite inflationary pressure. Pan African also expects to end the year with around US$220 million in cash and said it is now in a net cash position, compared with net debt of US$46.2 million at the end of December.
For FY27, the miner guided for production of 280,000 to 302,000 ounces at AISC of US$2,075 to US$2,175 per ounce. Tennant Mines production is expected to rise significantly as mining starts at the White Devil deposit, while the proposed acquisition of Emmerson Resources is expected to be completed in July 2026.
