Pan African Resources plans main market move
By Josh White
Date: Monday 08 Sep 2025
(Sharecast News) - Pan African Resources announced plans to shift its London listing from AIM to the main market on Monday, aiming to enhance its profile and broaden access to global investors as it ramps up gold production.
The miner said it intended to apply for admission of its ordinary shares to the Equity Shares (Commercial Companies) category of the Financial Conduct Authority's Official List and to trading on the London Stock Exchange's main market.
It said the move, expected before the end of 2025, would be effected by way of an introduction of existing shares, with no new capital raised.
Pan African said it would maintain its primary listing on the Johannesburg Stock Exchange.
The company highlighted a decade of consistent growth, underpinned by expanding operations in South Africa and Australia.
It said it expected to increase annual gold production for the year to June 2026 to between 275,000 and 292,000 ounces, around 40% higher than the prior year.
From July 2025 its production was entirely unhedged, leaving it fully exposed to record gold prices.
Results for the year ended June were due on 10 September.
Management said the move to the main market was designed to support the group's next phase of expansion by providing access to a deeper pool of institutional capital and improving liquidity.
"Our proposed listing on the Main Market of the London Stock Exchange represents a natural continuation of Pan African's growth," said chief executive Cobus Loots.
"We believe the proposed move from AIM to the main market will enable us to access a deeper pool of capital and enhance liquidity for the group as we continue our ambitious growth strategy."
The company added that it expected to be fully de-geared on a net debt basis during the course of the 2026 financial year, supported by the favourable gold price environment.
Peel Hunt and Berenberg were acting as joint sponsors to the admission.
At 1051 BST, shares in Pan African Resources were up 5.24% at 74.3p.
Reporting by Josh White for Sharecast.com.
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