Recent Insider Transactions • May 17
CEO & Executive Director recently sold R86m worth of stock On the 11th of May, Jacobus Albertus Loots sold around 3m shares on-market at roughly R33.03 per share. This transaction amounted to 44% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Jacobus Albertus has been a net seller over the last 12 months, reducing personal holdings by R110m. Recent Insider Transactions • Apr 22
Independent Non-Executive Chairman recently sold R35m worth of stock On the 17th of April, Keith Spencer sold around 1m shares on-market at roughly R35.38 per share. This transaction amounted to 33% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Keith's only on-market trade for the last 12 months. Recent Insider Transactions • Mar 18
CEO & Executive Director recently sold R3.5m worth of stock On the 12th of March, Jacobus Albertus Loots sold around 100k shares on-market at roughly R34.51 per share. This transaction amounted to 1.7% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Jacobus Albertus has been a net seller over the last 12 months, reducing personal holdings by R24m. Ankündigung • Mar 09
Pan African Resources PLC (LSE:PAF) agreed to acquire Emmerson Resources Limited (ASX:ERM) from Noontide Investments Ltd, TA Private Capital Security Agent Ltd and others for approximately AUD 290 million. Pan African Resources PLC (LSE:PAF) agreed to acquire Emmerson Resources Limited (ASX:ERM) from Noontide Investments Ltd, TA Private Capital Security Agent Ltd and others for approximately AUD 290 million on March 9, 2026. The consideration consists of common equity of Pan African Resources PLC at a ratio of 0.1493 per common equity of Emmerson Resources Limited. As part of consideration, an undisclosed value is paid towards common equity of Emmerson Resources Limited.
The transaction is subject to approval of merger agreement by target board and approval of offer by target shareholders. The Scheme Meeting of Emmerson shareholders to approve the Scheme is expected to be held in mid-late June 2026. Subject to the conditions of the Scheme being satisfied, or waived, the Scheme is expected to be implemented in early-mid July 2026.
Barrenjoey Capital Partners acted as financial advisor for Pan African Resources PLC. Canaccord Genuity Limited acted as financial advisor for Pan African Resources PLC. Peel Hunt LLP acted as financial advisor for Pan African Resources PLC. Corrs Chambers Westgarth acted as legal advisor for Pan African Resources PLC. Druces LLP acted as legal advisor for Pan African Resources PLC. Upcoming Dividend • Mar 04
Upcoming dividend of R0.12 per share Eligible shareholders must have bought the stock before 11 March 2026. Payment date: 17 March 2026. Payout ratio is a comfortable 24% and this is well supported by cash flows. Trailing yield: 0.9%. Lower than top quartile of South African dividend payers (7.0%). Lower than average of industry peers (2.7%). Reported Earnings • Feb 21
First half 2026 earnings released: EPS: US$0.073 (vs US$0.025 in 1H 2025) First half 2026 results: EPS: US$0.073 (up from US$0.025 in 1H 2025). Revenue: US$487.1m (up 157% from 1H 2025). Net income: US$148.0m (up 207% from 1H 2025). Profit margin: 30% (up from 26% in 1H 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 24% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Metals and Mining industry in South Africa. Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has increased by 130% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Feb 05
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of South African stocks, typically moving 6.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (20% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (6.7% average weekly change). Ankündigung • Jan 27
Pan African Resources PLC Proposes Interim Cash Dividend for the Six Months Ended 31 December 2025 Pan African Resources PLC proposed interim cash dividend of ZAR 12 cents per share for the six months ended 31 December 2025. Upcoming Dividend • Nov 19
Upcoming dividend of R0.37 per share Eligible shareholders must have bought the stock before 26 November 2025. Payment date: 09 December 2025. Payout ratio is a comfortable 29% but the company is paying out more than the cash it is generating. Trailing yield: 1.7%. Lower than top quartile of South African dividend payers (7.6%). Lower than average of industry peers (1.9%). Recent Insider Transactions • Oct 22
CEO & Executive Director recently sold R4.4m worth of stock On the 17th of October, Jacobus Albertus Loots sold around 200k shares on-market at roughly R22.17 per share. This transaction amounted to 3.2% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth R11m. Jacobus Albertus has been a net seller over the last 12 months, reducing personal holdings by R20m. Price Target Changed • Oct 01
Price target increased by 38% to R20.25 Up from R14.70, the current price target is an average from 4 analysts. New target price is approximately in line with last closing price of R20.29. Stock is up 165% over the past year. The company is forecast to post earnings per share of US$0.15 for next year compared to US$0.072 last year. Recent Insider Transactions • Sep 17
CEO & Executive Director recently sold R11m worth of stock On the 10th of September, Jacobus Albertus Loots sold around 600k shares on-market at roughly R18.17 per share. This transaction amounted to 8.5% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Jacobus Albertus has been a net seller over the last 12 months, reducing personal holdings by R16m. Declared Dividend • Sep 12
Dividend of R0.37 announced Shareholders will receive a dividend of R0.37. Ex-date: 26th November 2025 Payment date: 9th December 2025 Dividend yield will be 2.0%, which is lower than the industry average of 4.7%. Payout Ratios Payout ratio: 28%. Cash payout ratio: 100%. New Risk • Sep 11
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 20% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (20% accrual ratio). Minor Risk Significant insider selling over the past 3 months (R5.0m sold). Ankündigung • Sep 11
Pan African Resources PLC, Annual General Meeting, Nov 20, 2025 Pan African Resources PLC, Annual General Meeting, Nov 20, 2025. Valuation Update With 7 Day Price Move • Sep 09
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to R17.97, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 10x in the Metals and Mining industry in South Africa. Total returns to shareholders of 448% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at R32.66 per share. Valuation Update With 7 Day Price Move • Aug 07
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to R14.84, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 10x in the Metals and Mining industry in South Africa. Total returns to shareholders of 307% over the past three years. Ankündigung • Jul 02
Pan African Resources PLC (AIM:PAF) commences an Equity Buyback Plan for 144,486,033 shares, representing 6.5% of its issued share capital, under the authorization approved on November 21, 2024. Pan African Resources PLC (AIM:PAF) commences share repurchases on July 1, 2025, under the program mandated by the shareholders in the Annual General Meeting held on November 21, 2024. As per the mandate, the company is authorized to repurchase up to 111,734,375 shares, representing 5% of its issued share capital. The minimum price which may be paid for such ordinary shares will be 1 pence. The maximum price which may be paid for such ordinary share will not exceed 5% above the average closing price of such shares for the five business days on the London Stock Exchange prior to the date of purchase; and that stipulated by the EU Commission-adopted Regulatory Technical Standards. The authority shall expire on the earlier of December 31, 2025, and the conclusion of the 2022 AGM, unless such authority is renewed prior to that time. As of October 18, 2024, the company had 2,222,862,046 ordinary shares in issue.
On June 11, 2025, the company announced a share repurchase program. Under the program, the company will repurchase £8.2 million (ZAR 200 million or approximately $11.1 million) of ordinary shares. The company’s profits available for distribution exceed the maximum amount proposed to be paid by the Company in implementing the Program. The purpose of the program is to deliver value to shareholders. Repurchases will commence from June 17, 2025.
On June 26, 2025, the company announced that the company has entered into an agreement with Peel Hunt LLP ("Peel Hunt"), to carry out purchases. Repurchases will commence from July 1, 2025. Ankündigung • Jun 13
Pan African Resources PLC Announces Production Guidance for the Second Half and Full Year 2025 and Full Year of 2026 Pan African Resources PLC announced production guidance for the second half and full year 2025 and full year of 2026. For second half of 2025, the company estimated production at approximately 112,000oz, representing an increase of approximately 32% when compared to first half of 2021 (84,705oz).
For the full year, the company expects production of approximately 197,000oz (2024: 186,039oz), an increase in production of approximately 6% compared to the prior financial year. Despite a significant increase in production in second half of 2025, full year production will therefore fall marginally below full year 2025 production guidance range of 205,000oz to 215,000oz as a result of Slower than expected ramp up of the Evander underground subvertical shaft project,which is now fully commissioned and operational and Delays encountered with the commissioning of the filter presses associated with the dry stack landforms (tailings section) of the Tennant Mines plant, resulting in a slower ramp up in production.
For the full year 2026, the company announced production guidance of between 275,000oz and 292,000oz, an increase of approximately 40% compared to expected 2025 production. Valuation Update With 7 Day Price Move • Apr 11
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to R11.94, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 8x in the Metals and Mining industry in South Africa. Total returns to shareholders of 210% over the past three years. Price Target Changed • Mar 27
Price target increased by 14% to R10.55 Up from R9.25, the current price target is an average from 4 analysts. New target price is approximately in line with last closing price of R10.23. Stock is up 90% over the past year. The company is forecast to post earnings per share of US$0.072 for next year compared to US$0.041 last year. New Risk • Mar 24
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of South African stocks, typically moving 6.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (39% accrual ratio). Minor Risks High level of debt (53% net debt to equity). Share price has been volatile over the past 3 months (6.7% average weekly change). Valuation Update With 7 Day Price Move • Mar 18
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to R9.97, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 8x in the Metals and Mining industry in South Africa. Total returns to shareholders of 178% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at R14.56 per share. Price Target Changed • Feb 23
Price target decreased by 8.9% to R9.25 Down from R10.15, the current price target is an average from 4 analysts. New target price is 11% above last closing price of R8.30. Stock is up 88% over the past year. The company is forecast to post earnings per share of US$0.073 for next year compared to US$0.041 last year. Reported Earnings • Feb 14
First half 2025 earnings released: EPS: US$0.024 (vs US$0.021 in 1H 2024) First half 2025 results: EPS: US$0.024 (up from US$0.021 in 1H 2024). Revenue: US$189.3m (flat on 1H 2024). Net income: US$45.4m (up 11% from 1H 2024). Profit margin: 24% (up from 21% in 1H 2024). Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 6.4% growth forecast for the Metals and Mining industry in South Africa. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 25% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Feb 13
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 53% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (39% accrual ratio). Minor Risk High level of debt (53% net debt to equity). Valuation Update With 7 Day Price Move • Feb 12
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to R8.12, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 9x in the Metals and Mining industry in South Africa. Total returns to shareholders of 126% over the past three years. Ankündigung • Feb 12
Pan African Resources plc Provides Production Guidance for the Year 2025 and 2026 Pan African Resources PLC provided production guidance for the year 2025 and 2026. The Company is well positioned for much-improved production in H2FY2025, with a further significant increase in production expected for FY2026. Full-year guidance for FY2025 of production approximately 215,000oz (FY2024: 186,039oz) is maintained, an increase of 16% from the prior year.
For the year 2026, the company expects production of 270,000 to 308,000 oz in 2026. Ankündigung • Dec 13
Pan African Resources PLC (AIM:PAF) completed the acquisition of remaining 92% stake in Tenant Consolidated Mining Group Pty Ltd. Pan African Resources PLC (AIM:PAF) agreed to acquire remaining 92% stake in Tenant Consolidated Mining Group Pty Ltd for $50.8 million on November 5, 2024. The consideration consists of common equity of Pan African Resources PLC having a value of $39.09 million to be issued for common equity and common equity of Pan African Resources PLC having a value of $11.68 million to be issued for non-convertible debt of Tenant Consolidated Mining Group Pty Ltd. As part of consideration, $39.09 million is paid towards common equity and $11.68 million is paid towards shareholder claims of Tenant Consolidated Mining Group Pty Ltd. Upon completion, Pan African Resources PLC will own 100% stake in Tenant Consolidated Mining Group Pty Ltd.
The expected completion of the transaction is December, 2024.
Ross Allister and Georgia Langoulant of Peel Hunt LLP acted as financial advisor for Pan African Resources PLC.
Pan African Resources PLC (AIM:PAF) completed the acquisition of remaining 92% stake in Tenant Consolidated Mining Group Pty Ltd on December 12, 2024. Ankündigung • Dec 12
Pan African Resources PLC Provides Production Guidance for the First Half and Full Year of Fiscal Year 2025 and 2026 Pan African Resources PLC provided production guidance for the first half and full year of fiscal year 2025 and 2026. For first half of fiscal year 2025, production expected to be in line with second half of fiscal year 2024 (H2FY2024: 87,581oz).
Production for the full year 2025 is estimated at approximately 215,000oz (FY2024: 186,039oz), an increase of 16% from the prior year.
It is estimated that the Group's fiscal year 2026 production (excluding the TCMG operation in Australia) will further increase to between 235,000oz and 250,000oz. This production enhancement is mainly driven by the steady-state production at the MTR operation as well as increased production from Evander Mines underground operations, following substantial investments in infrastructure and development over the past few years. Valuation Update With 7 Day Price Move • Nov 22
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to R8.70, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 7x in the Metals and Mining industry in South Africa. Total returns to shareholders of 162% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at R14.09 per share. Upcoming Dividend • Nov 20
Upcoming dividend of R0.22 per share Eligible shareholders must have bought the stock before 27 November 2024. Payment date: 10 December 2024. Payout ratio is a comfortable 29% but the company is not cash flow positive. Trailing yield: 2.7%. Lower than top quartile of South African dividend payers (8.2%). Lower than average of industry peers (4.3%). Ankündigung • Nov 06
Pan African Resources PLC (AIM:PAF) agreed to acquire remaining 92% stake in Tenant Consolidated Mining Group Pty Ltd for $50.8 million Pan African Resources PLC (AIM:PAF) agreed to acquire remaining 92% stake in Tenant Consolidated Mining Group Pty Ltd for $50.8 million on November 5, 2024. The consideration consists of common equity of Pan African Resources PLC having a value of $39.09 million to be issued for common equity and common equity of Pan African Resources PLC having a value of $11.68 million to be issued for non-convertible debt of Tenant Consolidated Mining Group Pty Ltd. As part of consideration, $39.09 million is paid towards common equity and $11.68 million is paid towards shareholder claims of Tenant Consolidated Mining Group Pty Ltd. Upon completion, Pan African Resources PLC will own 100% stake in Tenant Consolidated Mining Group Pty Ltd.
The expected completion of the transaction is December, 2024.
Peel Hunt LLP acted as financial advisor for Pan African Resources PLC. Ankündigung • Oct 01
Pan African Resources plc Appoints Marileen Kok to the Board as the Financial Director and as A Member of the Social and Ethics Committee Pan African Resources PLC announced that Marileen Kok has been appointed to the Board as the Financial Director and as a member of the social and ethics committee with effect from 1 October 2024. Marileen will also be appointed as a director of PAR Funding Company and as the debt officer with effect from 1 October 2024. Marileen is a Chartered Accountant with extensive experience in the mining industry, specifically relating to financial reporting, corporate finance, governance and regulatory compliance and various other commercial matters. She joined the Group as Group Financial Manager in January 2020. Declared Dividend • Sep 13
Dividend of R0.22 announced Shareholders will receive a dividend of R0.22. Ex-date: 27th November 2024 Payment date: 10th December 2024 Dividend yield will be 3.0%, which is lower than the industry average of 4.7%. Sustainability & Growth Dividend is covered by earnings (25% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 95% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Sep 12
Full year 2024 earnings released: EPS: US$0.041 (vs US$0.032 in FY 2023) Full year 2024 results: EPS: US$0.041 (up from US$0.032 in FY 2023). Revenue: US$373.8m (up 16% from FY 2023). Net income: US$79.4m (up 30% from FY 2023). Profit margin: 21% (up from 19% in FY 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 6.6% growth forecast for the Metals and Mining industry in South Africa. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 30% per year, which means it is well ahead of earnings. Ankündigung • Sep 12
Pan African Resources PLC to Report First Half, 2025 Results on Feb 12, 2025 Pan African Resources PLC announced that they will report first half, 2025 results on Feb 12, 2025 Ankündigung • Sep 11
Pan African Resources plc Proposes Final Dividend for the Year 2024, Payable on December 10, 2024 Pan African Resources PLC proposed a final dividend of ZAR 489 million for the 2024 financial year (approximately USD 26.8 million), equal to 22.00000 ZAR cents per share or approximately 1.20946 US cents per share (0.95611 pence per share). A dividend of 18.00000 ZA cents per share or approximately 1.05820 US cents per share (or 0.86915 pence per share) was paid for the 2023 financial year. The dividend is subject to approval by shareholders at the AGM, which is to be convened for 21 November 2024. Ex-dividend date for JSE is November 27, 2024 and LSE is November 28, 2024. Record date for JSE and LSE is November 29, 2024. Payment date is December 10, 2024. Ankündigung • Sep 05
Pan African Resources PLC Provides Earnings Guidance for the Financial Year Ended 30 June 2024 Pan African Resources PLC provided earnings guidance for the financial year ended 30 June 2024. For the year, the company's headline earnings per share (HEPS) for the current financial year are expected to be between United states 3.99 United states cents per share and 4.31 United states cents per share, compared to 3.15 United states cents per share for the previous reporting period, an increase of between 27% and 37%. Earnings per share (EPS) for the current reporting period are expected to be between 3.98 United states cents per share and 4.30 United states cents per share respectively, compared to 3.19 United states cents per share for the previous reporting period, an increase of between 25% and 35%. The increases in HEPS and EPS for the current reporting period, relative to the previous reporting period, are mainly as a result of the following primary factors: Revenue increased by 16.8%, mainly due to the increase in gold sold of 4.9% combined with an increase in the average USD gold price of 11.3%. Recent Insider Transactions • Jul 05
CEO & Executive Director recently sold R1.8m worth of stock On the 27th of June, Jacobus Albertus Loots sold around 300k shares on-market at roughly R6.13 per share. This transaction amounted to 3.9% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Jacobus Albertus has been a net seller over the last 12 months, reducing personal holdings by R3.2m. Ankündigung • May 10
Pan African Resources plc Revised Production Guidance for the Year Ending 30 June 2024 and Provides Production Guidance for 2025 Pan African Resources PLC revised production guidance for the year ending 30 June 2024 and provided production guidance for 2025. Production guidance for the year ending 30 June 2024 (current financial year) narrowed to between 186,000oz to 190,000oz (previously 180,000oz to 190,000oz).Production guidance for the 2025 financial year of 215,000oz to 225,000oz. Ankündigung • Mar 27
Pan African Resources PLC, Annual General Meeting, Nov 21, 2024 Pan African Resources PLC, Annual General Meeting, Nov 21, 2024. Ankündigung • Feb 02
Pan African Resources plc Provides Earnings Guidance for the Six Months Ended December 31, 2023 Pan African Resources PLC announced earnings guidance for the six months ended December 31, 2023. For the period, the company expects its headline earnings per share (HEPS) and earnings per share (EPS) to be between $2.14 cents per share and $2.30 cents per share, compared to $1.52 cents per share for the corresponding reporting period, an increase of between 41% and 51%. Ankündigung • Jan 22
Pan African Resources plc Provides Production Guidance for the Full Year 2024 and 2025 Pan African Resources PLC provided production guidance for the full year 2024 and 2025. Production guidance for the full 2024 year is maintained at between 180,000oz to 190,000 oz (FY2023: 175,209 oz). However, given the excellent production performance in the Reporting Period, revised guidance may be considered in due course. Production for FY2025 is expected to be significantly higher, following commissioning of the MTR project, which will add approximately 50,000 oz/yr to Group production, increasing annual output by some 25%. Price Target Changed • Jan 17
Price target increased by 11% to R4.95 Up from R4.45, the current price target is an average from 4 analysts. New target price is 30% above last closing price of R3.80. The company is forecast to post earnings per share of US$0.04 for next year compared to US$0.032 last year. Valuation Update With 7 Day Price Move • Nov 28
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to R4.24, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 9x in the Metals and Mining industry in South Africa. Total returns to shareholders of 6.8% over the past three years. Ankündigung • Nov 25
Pan African Resources PLC Approves Final Dividend for the Year Ended 30 June 2023, Payable on 12 December 2023 Pan African Resources PLC announced at annual general meeting held on 23 November 2023, the shareholders approved final dividend of 18.00000 ZA center per share for the year ended 30 June 2023. Ex-dividend date on the JSE is 29 November 2023. Ex-dividend date on the LSE is 30 November 2023. Record date on the JSE and LSE is 1 December 2023. Payment date is 12 December 2023. Ankündigung • Nov 22
Pan African Resources PLC Provides Production Guidance for the First Half Year Ending 31 December 2023 and Revises Production Guidance for the Full Year of Fiscal Year 2024 Pan African Resources PLC provided production guidance for the first half year ending 31 December 2023 and revised production guidance for the full year of fiscal year 2024. Gold production for the half year is expected to be between 94,000 oz to 98,000 oz (first half fiscal year 2023: 92,307 oz), an increase of between 2% and 6%, respectively.Full year 2024 production guidance increased to a range of 180,000 oz to 190,000 oz, from the previously communicated range of 178,000 oz to 190,000 oz (fiscal year 2023: 175,209 oz). Upcoming Dividend • Nov 22
Upcoming dividend of R0.18 per share at 4.6% yield Eligible shareholders must have bought the stock before 29 November 2023. Payment date: 12 December 2023. Payout ratio is a comfortable 30% but the company is paying out more than the cash it is generating. Trailing yield: 4.6%. Lower than top quartile of South African dividend payers (9.1%). In line with average of industry peers (5.1%). Recent Insider Transactions • Nov 01
Key Executive recently bought R494k worth of stock On the 26th of October, Gideon Louw bought around 135k shares on-market at roughly R3.67 per share. This transaction amounted to 3.3% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Gideon has been a buyer over the last 12 months, purchasing a net total of R2.0m worth in shares. Price Target Changed • Oct 10
Price target increased by 16% to R4.45 Up from R3.85, the current price target is an average from 4 analysts. New target price is 32% above last closing price of R3.38. Stock is down 2.0% over the past year. The company is forecast to post earnings per share of US$0.034 for next year compared to US$0.032 last year. Valuation Update With 7 Day Price Move • Sep 20
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to R3.82, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 7x in the Metals and Mining industry in South Africa. Total loss to shareholders of 11% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at R7.46 per share. Reported Earnings • Sep 14
Full year 2023 earnings released: EPS: US$0.032 (vs US$0.039 in FY 2022) Full year 2023 results: EPS: US$0.032 (down from US$0.039 in FY 2022). Revenue: US$321.6m (down 15% from FY 2022). Net income: US$61.1m (down 19% from FY 2022). Profit margin: 19% (down from 20% in FY 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 7.6% p.a. on average during the next 3 years, compared to a 5.5% growth forecast for the Metals and Mining industry in South Africa. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Ankündigung • Aug 08
Pan African Resources plc Provides Operational Update for the Year Ended 30 June 2023 Pan African Resources PLC provided production guidance for the year ending June 30, 2024. For the year, the company expected production between 178,000 oz to 190,000 oz. Price Target Changed • Jul 13
Price target decreased by 14% to R3.85 Down from R4.50, the current price target is an average from 4 analysts. New target price is 23% above last closing price of R3.13. Stock is down 19% over the past year. The company is forecast to post earnings per share of US$0.031 for next year compared to US$0.039 last year. Recent Insider Transactions • May 31
Financial Director & Executive Director recently bought R76m worth of stock On the 26th of May, Gideon Louw bought around 230k shares on-market at roughly R329 per share. This transaction amounted to 5.9% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Gideon's only on-market trade for the last 12 months. Ankündigung • May 27
Pan African Resources PLC Provides Production Guidance for the Fiscal Year Ending June 30, 2023 and for the Fiscal Year Ending June 30, 2024 Pan African Resources PLC provided production guidance for the fiscal year ending June 30, 2023 and for the fiscal year ending June 30, 2024. For the fiscal year ending June 30, 2023, the company expects a total produced of 175,000 ounces.For the fiscal year ending June 30, 2024, the company expects a total produced of 178,000 ounces to 190,000 ounces. Valuation Update With 7 Day Price Move • May 26
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to R3.19, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 6x in the Metals and Mining industry in South Africa. Total returns to shareholders of 10% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at R4.48 per share. Price Target Changed • Feb 20
Price target decreased by 9.0% to R4.55 Down from R5.00, the current price target is an average from 4 analysts. New target price is 40% above last closing price of R3.25. Stock is down 25% over the past year. The company is forecast to post earnings per share of US$0.035 for next year compared to US$0.039 last year. Reported Earnings • Feb 16
First half 2023 earnings released: EPS: US$0.015 (vs US$0.024 in 1H 2022) First half 2023 results: EPS: US$0.015 (down from US$0.024 in 1H 2022). Revenue: US$156.5m (down 19% from 1H 2022). Net income: US$29.1m (down 37% from 1H 2022). Profit margin: 19% (down from 24% in 1H 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 6.1% p.a. on average during the next 3 years, compared to a 3.9% growth forecast for the Metals and Mining industry in South Africa. Over the last 3 years on average, earnings per share has increased by 13% per year whereas the company’s share price has increased by 10% per year. Ankündigung • Feb 11
Pan African Resources PLC Provides Earnings Guidance for the Six Months Ended December 31, 2022 Pan African Resources PLC provided earnings guidance for the six months ended December 31, 2022. Headline earnings per share (HEPS) and earnings per share (EPS) for the Current Reporting Period are expected to be between 1.40 US cents per share and 1.64 US cents per share, compared to 2.39 US cents per share for the Corresponding Reporting Period, a decrease of between 31% and 41%. Ankündigung • Jan 30
Pan African Resources PLC Provides Production Guidance for the Six Months Ending June 2023 and for the Full Year of 2023 Pan African Resources PLC provided production guidance for the six months ending June 2023 and full year of 2023. For the six months to June 2023, the company expects total production of 103,000 ounces to 112,000 ounces.Given the improved production performance expected in the second half of the 2023 financial year, the company is maintaining production guidance of 195,000oz to 205,000oz for the full year, subject to consistency in Eskom’s electricity supply. Upcoming Dividend • Nov 23
Upcoming dividend of R0.18 per share Eligible shareholders must have bought the stock before 30 November 2022. Payment date: 13 December 2022. Payout ratio is a comfortable 27% and this is well supported by cash flows. Trailing yield: 4.6%. Lower than top quartile of South African dividend payers (8.4%). Lower than average of industry peers (8.6%). Board Change • Nov 16
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 3 experienced directors. 3 highly experienced directors. Lead Independent Non-Executive Director Dawn Earp was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Sep 15
Full year 2022 earnings released: EPS: US$0.039 (vs US$0.039 in FY 2021) Full year 2022 results: EPS: US$0.039 (in line with FY 2021). Revenue: US$376.4m (up 2.0% from FY 2021). Net income: US$75.1m (flat on FY 2021). Profit margin: 20% (in line with FY 2021). Revenue is expected to decline by 1.8% p.a. on average during the next 2 years, while revenues in the Metals and Mining industry in South Africa are expected to grow by 1.6%. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Board Change • Aug 02
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 3 experienced directors. 3 highly experienced directors. Lead Independent Non-Executive Director Dawn Earp was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Buying Opportunity • Jul 01
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 14%. The fair value is estimated to be R4.90, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 24% over the last 3 years. Earnings per share has grown by 35%. Revenue is forecast to decline by 2.2% in 2 years. Earnings is forecast to grow by 22% in the next 2 years. Buying Opportunity • May 25
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 7.1%. The fair value is estimated to be R5.34, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 24% over the last 3 years. Earnings per share has grown by 35%. Revenue is forecast to grow by 0.7% in 2 years. Earnings is forecast to grow by 18% in the next 2 years. Buying Opportunity • Apr 30
Now 20% undervalued Over the last 90 days, the stock is up 14%. The fair value is estimated to be R5.40, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 24% over the last 3 years. Earnings per share has grown by 35%. Revenue is forecast to grow by 1.0% in 2 years. Earnings is forecast to grow by 20% in the next 2 years. Buying Opportunity • Mar 28
Now 21% undervalued Over the last 90 days, the stock is up 7.9%. The fair value is estimated to be US$5.01, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 24% per annum over the last 3 years. Earnings per share has grown by 35% per annum over the last 3 years. Buying Opportunity • Feb 25
Now 22% undervalued Over the last 90 days, the stock is up 14%. The fair value is estimated to be US$5.61, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 24% per annum over the last 3 years. Earnings per share has grown by 35% per annum over the last 3 years. Reported Earnings • Feb 18
First half 2022 earnings: EPS in line with analyst expectations despite revenue beat First half 2022 results: EPS: US$0.024 (up from US$0.021 in 1H 2021). Revenue: US$193.6m (up 5.3% from 1H 2021). Net income: US$46.1m (up 13% from 1H 2021). Profit margin: 24% (up from 22% in 1H 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.3%. Over the next year, revenue is expected to shrink by 3.5% compared to a 2.0% decline forecast for the industry in South Africa. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has only increased by 29% per year, which means it is significantly lagging earnings growth. Price Target Changed • Jan 19
Price target increased to R4.90 Up from R4.50, the current price target is an average from 4 analysts. New target price is 25% above last closing price of R3.91. Stock is down 20% over the past year. The company is forecast to post earnings per share of US$0.051 for next year compared to US$0.039 last year. Upcoming Dividend • Nov 24
Upcoming dividend of R0.18 per share Eligible shareholders must have bought the stock before 01 December 2021. Payment date: 14 December 2021. Trailing yield: 5.2%. Lower than top quartile of South African dividend payers (7.6%). Lower than average of industry peers (9.9%). Recent Insider Transactions • Sep 17
Financial Director & Executive Director recently bought R751k worth of stock On the 15th of September, Gideon Louw bought around 220k shares on-market at roughly R3.42 per share. This was the largest purchase by an insider in the last 3 months. Gideon has been a buyer over the last 12 months, purchasing a net total of R8.4m worth in shares. Executive Departure • Sep 17
Lead Independent Director Hester Hickey has left the company On the 16th of September, Hester Hickey's tenure as Lead Independent Director ended after 2.5 years in the role. We don't have any record of a personal shareholding under Hester's name. A total of 2 executives have left over the last 12 months. The current median tenure of the management team is 4.08 years. Reported Earnings • Sep 16
Full year 2021 earnings released: EPS US$0.039 (vs US$0.023 in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: US$368.9m (up 35% from FY 2020). Net income: US$74.7m (up 69% from FY 2020). Profit margin: 20% (up from 16% in FY 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has only increased by 28% per year, which means it is significantly lagging earnings growth. Price Target Changed • Jul 02
Price target decreased to R5.00 Down from R6.10, the current price target is an average from 3 analysts. New target price is 45% above last closing price of R3.46. Stock is down 12% over the past year. Recent Insider Transactions • Jun 11
CEO & Executive Director recently bought R130m worth of stock On the 8th of June, Jacobus Albertus Loots bought around 331k shares on-market at roughly R393 per share. This was the largest purchase by an insider in the last 3 months. Jacobus Albertus has been a buyer over the last 12 months, purchasing a net total of R141m worth in shares. Recent Insider Transactions • Apr 04
CEO & Executive Director recently bought R4.0m worth of stock On the 31st of March, Jacobus Albertus Loots bought around 1m shares on-market at roughly R3.15 per share. This was the largest purchase by an insider in the last 3 months. Jacobus Albertus has been a buyer over the last 12 months, purchasing a net total of R20m worth in shares. Reported Earnings • Feb 18
First half 2021 earnings released: EPS US$0.021 (vs US$0.011 in 1H 2020) The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: US$183.8m (up 38% from 1H 2020). Net income: US$40.8m (up 86% from 1H 2020). Profit margin: 22% (up from 17% in 1H 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has increased by 45% per year, which means it is tracking significantly ahead of earnings growth. Is New 90 Day High Low • Feb 18
New 90-day low: R3.88 The company is down 9.0% from its price of R4.26 on 20 November 2020. The South African market is up 16% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 22% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is R1.81 per share. Valuation Update With 7 Day Price Move • Jan 05
Investor sentiment improved over the past week After last week's 16% share price gain to US$5.40, the stock is trading at a trailing P/E ratio of 15.1x, up from the previous P/E ratio of 13x. This compares to an average P/E of 16x in the Metals and Mining industry in South Africa. Total returns to shareholders over the past three years are 145%. Is New 90 Day High Low • Jan 04
New 90-day high: R5.20 The company is up 12% from its price of R4.65 on 06 October 2020. The South African market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 10.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is R1.46 per share. 
