Pan African Resources (PAF)

Sector:

Mining

Index:

FTSE AIM 100

36.95p
   
  • Change Today:
    -0.50p
  • 52 Week High: 38.95
  • 52 Week Low: 15.44
  • Currency: UK Pounds
  • Shares Issued: 2,335.68m
  • Volume: 3,328,416
  • Market Cap: £863.03m
  • RiskGrade: 255
  • Beta: 1.16

Pan African reports strong set of full-year results

By Josh White

Date: Wednesday 11 Sep 2024

LONDON (ShareCast) - (Sharecast News) - Pan African Resources announced a strong set of financial and operational results for the year ended 30 June on Wednesday, highlighted by a 16.8% increase in revenue to $373.8m.
The AIM-traded firm said profit for the year grew 30.2% to $78.8m, while headline earnings rose 32.1% to $79.5m.

Earnings per share also increased by 32.1%, reflecting the company's continued financial strength.

However, net cash generated from operating activities declined to $90.8m, and net debt increased to $106.4m, largely due to the construction of the Mogale Tailings Retreatment (MTR) project.

The company proposed a final dividend of 22 South African cents per share - around 1.21 US cents - for shareholder approval at its upcoming annual general meeting.

On the operational front, Pan African said its gold production rose 6.2% to 186,039 ounces, in line with guidance.

Notable improvements were seen at Barberton Mines and Elikhulu Tailings Retreatment Plant, with production increasing by 13.5% and 8.4%, respectively.

In terms of costs, all-in sustaining costs (AISC) for the year stood at $1,354 per ounce, slightly above guidance due to delays in commissioning Evander Mines' subvertical hoisting shaft.

Looking ahead, Pan African said it expected AISC for 2025 to range between $1,350 and $1,400 per ounce.

The company also said it was making significant progress on key growth projects, with the MTR project, valued at $135.1m, expected to reach steady-state production by December, ahead of schedule and under budget.

It said the Barberton Tailings Retreatment Plant's life had been extended by five years, reinforcing the company's long-term surface remining operations.

Additionally, the Evander Mines expansion project was scheduled for completion by September, which would improve mining efficiencies.

For the 2025 financial year, the firm said it expected gold production to range between 215,000 and 225,000 ounces, supported by the MTR project, though the delay in the Evander Mines subvertical shaft could impact output by around 5,000 ounces.

"I am extremely pleased to report on Pan African's achievements and outstanding financial results for the past year," said chief executive officer Cobus Loots.

"Furthermore, the group is now poised to deliver on our next phase of value-accretive production growth at the MTR project, a testament to Pan African's ability to continue to create value for all its stakeholders.

"With the additional production from the MTR project, our group will be firmly positioned as a mid-tier producer, with production growing by approximately 25% and a commensurate reduction in the group's unit costs of production - a feat that larger gold miners may find difficult to emulate, given the scale of their operations."

At 1416 BST, shares in Pan African Resources were down 1.18% at 29.3p.

Reporting by Josh White for Sharecast.com.

Email this article to a friend

or share it with one of these popular networks:


Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

PAF Market Data

Currency UK Pounds
Share Price 36.95p
Change Today -0.50p
% Change -1.34 %
52 Week High 38.95
52 Week Low 15.44
Volume 3,328,416
Shares Issued 2,335.68m
Market Cap £863.03m
Beta 1.16
RiskGrade 255

PAF Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
55.25% above the market average55.25% above the market average55.25% above the market average55.25% above the market average55.25% above the market average
85.71% below the sector average85.71% below the sector average85.71% below the sector average85.71% below the sector average85.71% below the sector average
Price Trend
97.82% above the market average97.82% above the market average97.82% above the market average97.82% above the market average97.82% above the market average
94.12% above the sector average94.12% above the sector average94.12% above the sector average94.12% above the sector average94.12% above the sector average
Income
80.82% above the market average80.82% above the market average80.82% above the market average80.82% above the market average80.82% above the market average
55.56% above the sector average55.56% above the sector average55.56% above the sector average55.56% above the sector average55.56% above the sector average
Growth
22.77% below the market average22.77% below the market average22.77% below the market average22.77% below the market average22.77% below the market average
37.93% above the sector average37.93% above the sector average37.93% above the sector average37.93% above the sector average37.93% above the sector average

What The Brokers Say

Strong Buy 3
Buy 1
Neutral 0
Sell 0
Strong Sell 0
Total 4
strong_buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

PAF Dividends

  Latest Previous
  Final Final
Ex-Div 28-Nov-24 30-Nov-23
Paid 10-Dec-24 12-Dec-23
Amount 0.96p 0.75p

Trades for 13-Dec-2024

Time Volume / Share Price
16:35 160,015 @ 36.95p
16:35 1 @ 36.95p
16:35 662 @ 36.95p
16:35 1,188 @ 36.95p
16:35 729 @ 36.95p

PAF Key Personnel

CEO Cobus Loots
Finance Director Deon Louw

Top of Page