Annuncio • 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. Annuncio • 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. Annuncio • Sep 11
Pan African Resources PLC, Annual General Meeting, Nov 20, 2025 Pan African Resources PLC, Annual General Meeting, Nov 20, 2025. Annuncio • 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. Annuncio • 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. Annuncio • Mar 19
Pan African Resources PLC has filed a Follow-on Equity Offering. Pan African Resources PLC has filed a Follow-on Equity Offering.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 58,800,000
Transaction Features: Subsequent Direct Listing Annuncio • 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. Annuncio • 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. Annuncio • 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. Annuncio • 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. Annuncio • 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 R0.18 announced Shareholders will receive a dividend of R0.18. Ex-date: 28th November 2024 Payment date: 10th December 2024 Dividend yield will be 57%, which is higher than the industry average of 4.8%. 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. New Risk • Sep 12
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 40% 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 Risks Share price has been highly volatile over the past 3 months (17% average weekly change). High level of non-cash earnings (40% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Significant insider selling over the past 3 months (€187k sold). 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 2.0% growth forecast for the Metals and Mining industry in Europe. 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 24% per year, which means it is well ahead of earnings. Annuncio • 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 Annuncio • 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. Annuncio • 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 04
CEO & Executive Director recently sold €93k worth of stock On the 27th of June, Jacobus Albertus Loots sold around 300k shares on-market at roughly €0.31 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 €68k. Annuncio • 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. Annuncio • Mar 27
Pan African Resources PLC, Annual General Meeting, Nov 21, 2024 Pan African Resources PLC, Annual General Meeting, Nov 21, 2024. Annuncio • 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%. Annuncio • 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%. Annuncio • 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. Annuncio • 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). 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, while revenues in the Metals and Mining industry in Europe are expected to remain flat. 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. Buying Opportunity • Sep 12
Now 27% undervalued Over the last 90 days, the stock is up 4.7%. The fair value is estimated to be €0.21, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 13%. For the next 3 years, revenue is forecast to grow by 5.2% per annum. Earnings is also forecast to grow by 13% per annum over the same time period. Annuncio • 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. Recent Insider Transactions • May 31
Financial Director & Executive Director recently bought €3.6m worth of stock On the 26th of May, Gideon Louw bought around 230k shares on-market at roughly €15.66 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. Annuncio • 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. Buying Opportunity • May 09
Now 23% undervalued Over the last 90 days, the stock is up 30%. The fair value is estimated to be €0.27, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 13%. Revenue is forecast to grow by 14% in 2 years. Earnings is forecast to grow by 59% in the next 2 years. 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 1.7% decline forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Annuncio • 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%. Buying Opportunity • Feb 03
Now 29% undervalued after recent price drop Over the last 90 days, the stock is down 7.5%. The fair value is estimated to be €0.23, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Earnings per share has grown by 24%. For the next 3 years, revenue is forecast to grow by 1.7% per annum. Earnings is also forecast to grow by 11% per annum over the same time period. Annuncio • 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. Annuncio • Nov 25
Pan African Resources Approves Final Dividend for 2022 Pan African Resources PLC at the AGM held on November 24, 2022 approved final dividend of 18.00000 ZA cents per share for 2022. Upcoming Dividend • Nov 24
Upcoming dividend of R0.18 per share Eligible shareholders must have bought the stock before 01 December 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 German dividend payers (5.0%). Lower than average of industry peers (8.8%). 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 fall by 1.8% p.a. on average during the next 2 years compared to a 3.2% decline forecast for the Metals and Mining industry in Europe. 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 16% 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. Annuncio • Jul 15
Pan African Resources PLC Provides Production Guidance for the Fiscal Year 2023 Pan African Resources PLC provided production guidance for the fiscal year 2023. The Group expects to maintain its 2023 financial year gold production at a level similar to that achieved in the Reporting Period. Annuncio • May 08
Pan African Resources PLC Explores Extensions of Ore Bodies At Barberton Mines with Recently Completed Underground Drilling Programme Pan African Resources PLC advised shareholders that drilling into the down-dip extents of the ore bodies yielded successful and significant high-grade drilling results, with visible gold in several drill intersections and development ends. Fairview Mine exploits some of the grade gold ore bodies globally, with the Main Reef Complex (MRC) averaging over 40g/t with a mining width in excess of 6m and the Rossiter Reef averaging around 20g/t over a mining width of circa 2.5m. Additional Mineral Reserves with average grades of nearly 15g/t are also extracted at the Fairview Mine, including the Hope Reef. The MRC, being mined below 64 Level, is the grade orebody currently being extracted at Barberton Mines. A total of six diamond drill holes were recently completed to explore the immediate down-dip extent from the currently mined platform (258) to the next platform (259). These drill holes resulted in the delineation of the Mineral Resource on the 259 platform elevation of an estimated 24.5kt at 42.6g/t. A single platform at Barberton Mines is currently mined over a period of approximately 3 years. The down-dip of this orebody is still open and informs the 20 year life of mine of the Fairview operation. Mining of the Rossiter Reef occurs on the 52 Level elevation. The up-dip and down-dip extents of the Rossiter Reef remain open. Eleven diamond drill holes have been drilled into the 54 Level down-dip target of the Rossiter Reef. The boreholes drilled intersected significant free gold mineralisation with grades ranging from 29g/t over 2.9m to 165g/t over 0.7m, in different boreholes. The combined drilling results yielded an additional Mineral Resource block of an estimated 3.6kt grading 55.3g/t, which will support mining in the next financial year. The Hope Reef is mined on 64 Level at an average grade of 6g/t, with both the down-dip and the up-dip extents of the orebody being open. Reserve delineation of this ore body targeted the up-dip continuation up to 58 Level with a total of 15 underground diamond holes drilled to delineate the up-dip extent. These boreholes resulted in an additional Mineral Resource block with an estimated 25kt grading 7.5g/t, to supplement Fairview Mine’s overall Mineral Resources. Mining at Sheba Mine recently progressed into the down-dip Mineral Resources of the ZK ore body on 37 Level. The ZK ore body is typically a free gold carrying deposit. A total of ten diamond holes have been drilled to explore the ZK orebody between the 37 Level and 38 Level elevations. These drill holes were utilised to upgrade the existing Inferred Mineral Resource block to the measured category, and contains an estimated 3kt at 5.2g/t. Additionally, shallow Mineral Resources on the Northern Limb at 22 Level elevation were explored with an initial two diamond boreholes. Hole 23GM12 yielded 2.3g/t over 1m, 23GM11 yielded 7.2g/t over 1m and 8.3g/t over 1m in two successive structures. Eight additional boreholes into this ore body are planned for in the next financial year (FY23). On 23 Level, a further eleven diamond holes were drilled to explore the up-dip extent of the 260 Cross Fracture. Results of the drilling ranged from 10.7g/t over 0.7m to 184.2g/t over 0.8m. All the drill hole results, of which an extract of high-grade intersections from two boreholes. Following the successful intersection of the high-grade, free gold-yielding orebody at 42 Level PC shaft at Consort Mine, a Reserve delineation drilling programme was planned to explore the down-dip continuation of this high-grade ore body. Borehole 45BH5 intersected a high-grade free gold carrying structure at the 44 Level elevation, indicating the down-dip extent of the 42 Level ore body for at least another two levels. The assay results from this intersection yielded 72.8g/t over 0.86m. All the drill hole results will be taken into account to update the Group’s Mineral Resource and Mineral Reserve models, and will be presented with the Company’s annual results on 14 September 2022. The Barberton Mines exploration results (in relation to substantial mineral assets) comply with the SAMREC Code, as per paragraph 12.12(a) of the JSE Listings Requirements. The listed drill holes yielded additional Mineral Resource blocks in excess of 58kt at an average grade over 25g/t, combined. 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 13% growth forecast for the industry in Germany. 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. Annuncio • Feb 17
Pan African Resources plc Provides Production Guidance for the Full Year 2022 Pan African Resources PLC provided production guidance for the full year 2022. For the year, guidance increased to approximately 200,000 oz. Annuncio • Dec 16
Pan African Resources PLC (AIM:PAF) agreed to acquire Blyvoor Gold Operations Pty Ltd from Blyvoor Gold (Pty) Ltd for ZAR 110 million. Pan African Resources PLC (AIM:PAF) agreed to acquire Blyvoor Gold Operations Pty Ltd from Blyvoor Gold (Pty) Ltd for ZAR 110 million on December 15, 2021. The consideration will be paid in and funded from internal resources of Pan African. The transaction is subject to due diligence review and not subject to shareholder approval. Pan African may, at its sole discretion and subject to fulfilment of suspensive conditions customary for a transaction of this nature, elect to conclude the transaction in December 2022. Ross Allister and David McKeown of Peel Hunt LLP acted as nominated adviser of Pan African. Upcoming Dividend • Nov 25
Upcoming dividend of R0.18 per share Eligible shareholders must have bought the stock before 02 December 2021. Payment date: 14 December 2021. Trailing yield: 5.2%. Within top quartile of German dividend payers (3.2%). Lower than average of industry peers (7.7%). Recent Insider Transactions • Sep 18
CEO & Executive Director recently bought €59k worth of stock On the 15th of September, Jacobus Albertus Loots bought around 300k shares on-market at roughly €0.20 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 €8.5m 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 23% per year, which means it is significantly lagging earnings growth. Annuncio • Sep 16
Pan African Resources plc Provides Production Guidance for the Financial Year Ending 30 June 2022 Pan African Resources PLC provides production guidance for the financial year ending 30 June 2022. The Group remains on track to produce a minimum of 195,000oz of gold for the financial year ending 30 June 2022, which is in line with existing planned production profiles, until the growth projects currently being progressed are brought into production. Annuncio • Sep 08
Pan African Resources plc Provides Earnings Guidance for the Year Ended June 30, 2021 Pan African Resources PLC provided earnings guidance for the year ended June 30, 2021. For the year, HEPS of between 3.76 US cents per share and 4.10 US cents per share compared to 2.29 US cents per share for the previous corresponding period, being an increase of between 64% and 79% respectively for the Reporting Period. EPS of between 3.76 US cents per share and 4.10 US cents per share compared to 2.30 US cents per share for the previous corresponding period, being an increase of between 63% and 78% respectively for the Reporting Period. Annuncio • Jul 14
Pan African Resources PLC Provides Production Guidance for the Fiscal Year 2022 Pan African Resources PLC provided production guidance for the fiscal year 2022. For the year, the company expects to maintain its production guidance of approximately 195,000oz for the 2022 financial year, materially in line with the actual production of 201,608oz achieved in the 2021 financial year. Recent Insider Transactions • Jun 12
CEO & Executive Director recently bought €7.9m worth of stock On the 8th of June, Jacobus Albertus Loots bought around 331k shares on-market at roughly €23.76 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 €8.4m worth in shares. Annuncio • Jun 04
Pan African Resources PLC Announces Renewal of Barberton Mines’ Mining Rights Pan African Resources PLC announced that the South African Department of Mineral Resources and Energy (DMRE) has granted the renewal of the Company's Barberton Mining Rights for a period of 30 years. Official notification of the grant of the renewal in terms of section 24 of the Mineral and Petroleum Resources Development Act, 2002 (Act 28 of 2002) (MPRDA) was received by the Group on 1 June 2021, and comprises renewals of the mining rights for the Fairview, New Consort and Sheba Mines (all of Pan African's Barberton mining rights). The renewal applications submitted by the Company included detailed technical reports and mine works programmes that support mining at the Barberton operations for the 30-year renewal period. Recent Insider Transactions • Apr 04
CEO & Executive Director recently bought €233k worth of stock On the 31st of March, Jacobus Albertus Loots bought around 1m shares on-market at roughly €0.18 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 €1.1m worth in shares. Reported Earnings • Feb 19
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 33% per year, which means it is tracking significantly ahead of earnings growth. Annuncio • Feb 17
Pan African Resources PLC, Annual General Meeting, Nov 25, 2021 Pan African Resources PLC, Annual General Meeting, Nov 25, 2021. Is New 90 Day High Low • Jan 05
New 90-day high: €0.28 The company is up 34% from its price of €0.21 on 07 October 2020. The German market is up 8.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Metals and Mining industry, which is up 45% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €0.072 per share. Is New 90 Day High Low • Dec 19
New 90-day high: €0.25 The company is up 1.0% from its price of €0.25 on 18 September 2020. The German market is up 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 26% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €0.068 per share. Annuncio • Dec 16
Pan African Resources plc Announces Senior Management Changes Pan African announced the retirement of its Chief Operating Officer, Andre van den Bergh, with effect from 1 January 2021. Bert van den Berg will be assuming the position of Chief Operating Officer with effect from 1 January 2021. Since joining Pan African, Bert played an instrumental role in the Group’s capital projects, instilling operational efficiencies and improving the Group’s safety record. Niel Symington, currently the Group Management Accounting and IT Manager, will be assuming the role of Executive: Shared Services, which will entail managing the Group’s Human Resources, Management Accounting and Information Technology functions. Niel has been with the Group since 2011 in various senior management roles. Annuncio • Dec 15
Pan African Resources plc Enters into an Engineering, Procurement and Construction Agreement with Juwi South Africa Pan African announced that it has entered into an engineering, procurement and construction agreement with juwi South Africa to construct its 9.975MW solar photovoltaic plant at Evander Mines (“Evander Mines solar photovoltaic plant”). Construction will commence in the first quarter of 2021, with first power expected in the third calendar quarter of 2021. The Evander Mines solar photovoltaic plant will utilise bi-facial module technology to maximise its yield and it will be constructed on previously disturbed land owned by Evander Mines. The Evander Mines solar photovoltaic plant will provide an estimated 30% of Elikhulu’s power requirement during daylight hours and is expected to materially reduce electricity costs at this operation. Furthermore, the Evander solar photovoltaic plant is expected to enhance the reliability of the power supply during daylight hours and result in an expected CO2 saving of more than 26,000 tons in its first year of its operation. This solar photovoltaic plant further reduces Elikhulu’s environmental impact and is just one of a number of initiatives in the Group’s commitment to producing high-margin ounces in a safe and efficient manner, while investing in local communities and minimising the environmental impact of operations. Pan African is also assessing the merits of expanding the Evander Mines solar photovoltaic plant in due course to provide for a clean energy feed to its Egoli Project, and of a similar solar photovoltaic plant at the Group’s Barberton Mines. Recent Insider Transactions • Nov 13
CEO & Executive Director recently bought €788k worth of stock On the 10th of November, Jacobus Albertus Loots bought around 3m shares on-market at roughly €0.26 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 €859k worth in shares. Annuncio • Nov 07
Pan African Resources PLC (AIM:PAF) entered into an agreement to acquire Mogale Gold (Pty) Ltd. from Mintails Mining Sa (Pty) Ltd for ZAR 37.5 million. Pan African Resources PLC (AIM:PAF) entered into an agreement to acquire Mogale Gold (Pty) Ltd. from Mintails Mining Sa (Pty) Ltd for ZAR 37.5 million on November 6, 2020. The acquisition includes, inclusive of its assets, rehabilitation liabilities and shareholder loans for a cash consideration of ZAR37.5 million (approximately $2.3 million). In a related transaction, Pan African Resources PLC (AIM:PAF) entered into an agreement to acquire Mintails SA Soweto Cluster Proprietary Limited from Mintails Mining Sa (Pty) Ltd for ZAR 12.5 million on November 6, 2020. The transactions are subject to due diligence, consent for the transfer of the mining right by the Department of Mineral Resources and Energy, other regulatory approvals typical for a transaction of this nature and of South African companies in provisional liquidation, including that the provisional liquidators of Mintails SA obtain the necessary approval from the Master of the South African High Court to implement the proposed transactions, approval from the South African Competition Commission authorities if applicable and is not subject to shareholder approval. The transaction is expected to close on November 5, 2021. Ross Allister and David McKeown of Peel Hunt LLP, Ciska Kloppers of Questco Corporate Advisory Proprietary Limited acted as financial advisors, Huneiza Goolam of CMS RM Partners acted as legal advisor and Thomas Rider and Neil Elliot of BMO Capital Markets Limited acted as joint broker to Pan African Resources. Is New 90 Day High Low • Oct 24
New 90-day low: €0.21 The company is down 18% from its price of €0.25 on 24 July 2020. The German market is down 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €0.07 per share. Is New 90 Day High Low • Oct 07
New 90-day low: €0.21 The company is down 1.0% from its price of €0.21 on 09 July 2020. The German market is up 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 4.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €0.088 per share. Annuncio • Sep 24
Pan African Resources PLC to Report First Half, 2021 Results on Feb 16, 2021 Pan African Resources PLC announced that they will report first half, 2021 results on Feb 16, 2021 Reported Earnings • Sep 18
Full year earnings released - EPS €0.023 Over the last 12 months the company has reported total profits of US$44.3m, up 16% from the prior year. Total revenue was US$274.1m over the last 12 months, up 26% from the prior year. Profit margins were 16%, which is lower than the 18% margin from last year. The decrease in margin was driven by higher expenses. Annuncio • Sep 02
Pan African Resources PLC to Report Fiscal Year 2020 Results on Sep 16, 2020 Pan African Resources PLC announced that they will report fiscal year 2020 results on Sep 16, 2020