Wrap Text
Summarised Audited Results for the year ended 30 June 2026, Record Annual Gold Production, Record Cash Dividend Proposed, Share Buy-Back Programme and Board Changes
Pan African Resources PLC Pan African Resources Funding Company
(Incorporated and registered in England and Wales Limited
under the Companies Act 1985 with registered Incorporated in the Republic of South Africa
number 3937466 on 25 February 2000) with limited liability
Share code on LSE: PAF Registration number: 2012/021237/06
Share code on JSE: PAN Alpha code: PARI
Share code on ASX: PAF
ISIN: GB0004300496
ADR ticker code: PAFRY
(Pan African or the Company or the Group)
SUMMARISED AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2026 (CURRENT REPORTING PERIOD OR FY26), RECORD ANNUAL
GOLD PRODUCTION, RECORD CASH DIVIDEND PROPOSED, SHARE BUY BACK PROGRAMME AND BOARD CHANGES
HIGHLIGHTS: FY26 – A RECORD YEAR IN OPERATIONAL AND FINANCIAL PERFORMANCE
• Group gold production increased by 38.6% to 272,310oz (FY25: 196,527oz), broadly in line
with production guidance
• Revenue increased by 114.2% to US$1,156.5 million (FY25: US$540.0 million), supported by
a 54.8% increase in the average US$ gold price received of US$4,235/oz (FY25: US$2,735/oz)
and a 38.3% increase in gold sales to 272,373oz (FY25: 196,926oz)
• Net cash generated from operating activities increased by 259.6% to US$557.0 million (FY25:
US$154.9 million), resulting in degearing of the balance sheet and a net cash position of
US$185.8 million, compared with net debt of US$150.5 million at the end of FY25
• Profit for the year increased substantially by 153.8% to US$356.9 million (FY25: US$140.6
million)
• Headline earnings per share (HEPS) up 199.5% to US 17.64 cents per share (FY25: US 5.89
cents per share)
• Earnings per share (EPS) up 145.8% to US 17.60 cents per share (FY25: US 7.16 cents per
share)
• Improvement in safety performance across the Group, with proactive implementation of safety
initiatives
• Concluded the acquisition of Emmerson Resources Limited (Emmerson) on 22 June 2026 and
listed on the Australian Securities Exchange (ASX) as a secondary listing in the form of ASX-
listed Pan African CHESS Depositary Interests (CDIs)
• Stock now included in the London Stock Exchange (LSE) FTSE 250 Index, the JSE Limited
(JSE) Top40 Index and the VanEck GDXJ Gold Miners’ ETF
• The Board has proposed a record final dividend of ZAR 1,583.6 million for FY26 (approximately
US$96.2 million), equal to ZA 65.00000 cents per share or approximately US 3.94897 cents
per share (2.98576 pence per share), subject to shareholder approval at the annual general
meeting (AGM). Together with the interim dividend of ZAR 280.0 million (ZA 12.00000 cents
per share; US 0.74488 cents; 0.54745 pence) paid in March 2026, the total dividend for the
year is ZAR 1,863.6 million (approximately US$113.6 million), or ZA 77.00000 cents per share
(US 4.69385 cents; 3.53321 pence).
• All-in sustaining cost (AISC) of US$1,867/oz (FY25: US$1,600/oz) at an average exchange
rate of US$/ZAR:16.90 (FY25: US$/ZAR:18.17), within cost guidance despite inflationary cost
pressures and a stronger US$/ZAR exchange rate
o Lower-cost operations, which account for 90.8% of annual production, achieved an
AISC of US$1,702/oz
o Savings of US$5.1 million (FY25: US$4.2 million) were realised from the extensive use
of renewable energy generated by solar plants, while the Group expects water cost
savings of US$1.4 million per year from reduced third-party water use.
PRODUCTION
• Excellent production performance from the Elikhulu Tailings Retreatment Plant (Elikhulu),
which remains one of the lowest-cost gold mining operations in Southern Africa, achieving
production of 56,475oz for FY26 (FY25: 52,606oz) at an AISC of US$1,231/oz (FY25:
US$1,077/oz)
• Mogale Tailings Retreatment (MTR) surface operations successfully commissioned its
expansion in December 2025, with production of 51,927oz for FY26 (FY25: 30,806oz) at an
AISC of US$1,386/oz (FY25: US$1,282/oz)
• Tennant Mines produced 32,124oz in FY26, following slower-than-anticipated ramp-up of
production from the Nobles operation. Capital has been allocated to the Nobles plant for a fixed
crusher circuit, secondary mill and a belt filter for dry-stack tailings. These initiatives, together
with the mining of the White Devil deposit at higher grades, are expected to increase FY27
production to between 48,000oz and 52,000oz
• Barberton Mines’ underground production increased by 5.6% to 71,997oz (FY25: 68,549oz),
assisted by improved mining flexibility, with multiple platforms on the high-grade Main Reef
Complex (MRC) and Rossiter orebodies supplying the bulk of the high-grade (over 20g/t)
tonnes to the plant
• Production at Evander Mines’ operations increased substantially by 68.4% to 46,854oz (FY25:
27,829oz) as underground development targeted the high-grade 24 Level B raise line, resulting
in the average underground recovered grade increasing to more than 11g/t in FY26 (from 6.8g/t
in FY25).
GROWTH
• Royal Sheba development is advancing at Barberton Mines, targeting the near-surface
mineralised zone, with future ore production to be processed through the Barberton Tailings
Retreatment Plant (BTRP). The project is expected to increase the BTRP's production profile
and support a current projected mine life of at least 11 years, producing around 40,000oz per
year at steady state. The mining contract for development has been awarded, with the first blast
scheduled for early 2027
• Fairview's high-grade Rossiter orebody development is progressing on 50 and 56 Levels,
providing additional high-grade mining flexibility and access to future production areas as part
of Barberton Mines' ongoing Mineral Reserve replacement and life-of-mine (LoM) extension
strategy
• The White Devil operation is now positioned as the cornerstone of Tennant Mines' medium-
term production profile. Ongoing geotechnical, mine design, metallurgical and permitting work
has increased confidence in the large-scale open pit development. White Devil contains
approximately 3Mt at 3.8g/t (~350Koz) of extractable Mineral Reserves within the open pit and
remains open at depth and on strike. It is expected to provide the principal higher-grade feed
source to the Nobles plant, supporting production of approximately 50,000oz per annum, while
enabling the subsequent underground developments to be phased in as production grows
towards approximately 100,000oz per annum over the next five years. The first blast at White
Devil was achieved during August 2026
• Phased development of Juno (~1Mt at 4.1g/t) and Golden Forty (~650kt at 7.3g/t) underground
mines over the next years. The high-grade Juno and Golden Forty deposits remain integral to
Tennant Mines’ longer-term growth strategy, with their development to follow a phased
approach alongside production from White Devil. The FY27 capital programme includes
provision for a boxcut to establish access for the future underground decline, maintaining
development momentum while allowing the timing of subsequent underground capital to be
optimised as Tennant Mines progresses towards its longer-term production target
• Regional exploration accelerated at Tennant Creek across the Group's consolidated tenure,
with more than 10 priority targets identified from regional geophysical programmes. FY27
activities include approximately 6,000 soil samples across up to 13 anomalous targets, diamond
and reverse circulation drilling at White Devil, Juno, Golden Forty and Chariot, and regional
reverse circulation drilling of additional targets
• The Soweto Cluster tailings retreatment definitive feasibility study (DFS) has been completed,
demonstrating a potential new 600ktpm tailings retreatment operation producing 35,000oz to
40,000oz per annum over approximately 15 years. The project has an estimated capital cost of
US$216 million, a post-tax net present value at a 13% discount rate (NPV13) of ~US$109 million
and a payback period of less than three years at current gold prices. A final investment decision
is expected in December 2026, subject to permitting, financing and board approval (at
US$/ZAR:17.00)
• The Poplar pre-feasibility study (PFS) is progressing on the 6.57Moz shallow Mineral Resource
located within the approved Evander Mines mining right. Current studies are evaluating the
optimal development of a relatively shallow underground operation (~500m below surface)
targeting potential production of approximately 100,000oz per annum, with a LoM of over 20
years.
SAFETY
• The lost time injury frequency rate (LTIFR) improved to 1.41 (FY25: 1.58) per million man hours
• The reportable injury frequency rate (RIFR) improved to 0.55 (FY25: 0.85) per million man
hours
• The total recordable injury frequency rate (TRIFR) improved to 5.51 (FY25: 6.56) per million
man hours
• Surface remining operations again achieved zero lost time injuries and zero reported injuries
• Regrettably, the Group suffered one fatal accident at its underground operations, as reported
in the interim results (FY25: two).
COSTS AND COST GUIDANCE
The Group’s AISC per ounce increased by 16.7% to US$1,867/oz (FY25: US$1,600/oz), within cost
guidance for FY26 of between US$1,820/oz and US$1,870/oz, with costs impacted by the following:
• A strengthened US$/ZAR exchange rate of US$/ZAR:16.90 compared to guidance of
US$/ZAR:18.50, which adversely impacted unit costs
• Processing of third-party material and lower-than-anticipated ramp-up of production from
Tennant Mines, which increased unit costs
• Higher employee share-based payment expenses linked to the Company’s share price
performance
• Increased royalty payments arising from the elevated gold price.
The Group achieved an AISC of US$1,702/oz (FY25: US$1,434/oz) at its lower-cost operations, which
account for more than 90% (FY25: 86.2%) of annual production. These low-cost operations exclude
only Barberton Mines’ Sheba and Consort Mines.
Group AISC guidance for FY27 is between US$2,075/oz and US$2,175/oz (assuming an exchange
rate of US$/ZAR:17.00), allowing for above-inflation increases for reagents, electricity and other key
inputs.
Positive contributions to the production and cost outlook for FY27 are anticipated to come from:
• the contribution to Group production from lower-cost surface operations
• increased production from the higher-grade open pit mining at Tennant Mines’ White
Devil orebody, following plant optimisation and upgrades
• cost savings arising from the extensive use of renewable energy projects
• ongoing efforts to contain costs and reinforce a culture of cost consciousness.
FINANCIAL
• Revenue increased by 114.2% to US$1,156.5 million (FY25: US$540.0 million)
• Net cash generated from operating activities increased by 259.6% to US$557.0 million (FY25:
US$154.9 million)
• Adjusted earnings before interest, income tax expense, depreciation and amortisation (adjusted
EBITDA) increased by 168.9% to US$609.4 million (FY25: US$226.6 million)
• Profit for the year increased by 153.8% to a record US$356.9 million (FY25: US$140.6 million)
• Headline earnings increased by 207.0% to US$358.0 million (FY25: US$116.6 million)
• EPS increased by 145.8% to US 17.60 cents per share (FY25: US 7.16 cents per share), and
HEPS increased by 199.5% to US 17.64 cents per share (FY25: US 5.89 cents per share)
• Cash and short-term investment position of US$246.2 million (FY25: US$49.5 million)
• The Group is degeared and in a net cash position (FY25: net debt of US$150.5 million), with
the only outstanding debt being the domestic medium-term notes (DMTNs) of US$49.7 million
• The Group remains fully unhedged.
PROPOSED RECORD DIVIDEND FOR THE PERIOD
The Board has proposed a record final dividend of ZAR 1,583.6 million for FY26 (approximately
US$96.2 million), equal to ZA 65.00000 cents per share or approximately US 3.94897 cents per share
(2.98576 pence per share). The dividend is subject to approval by shareholders at the annual general
meeting (AGM), which is to be convened on 19 November 2026. Combined with the inaugural interim
dividend of ZAR 280.0 million, the total dividend for the year is ZAR 1,863.6 million (approximately
US$113.6 million), or ZA 77.00000 cents per share.
FURTHER PRODUCTION GROWTH
FY27 production guidance of 280,000oz to 302,000oz, with the expected increase in production largely
attributable to:
• MTR at steady-state throughput, with plant capacity expanded from 800ktpm to 1mtpm
• An improved production contribution from Tennant Mines is expected following carbon-in-leach
(CIL) plant infrastructure upgrades and accelerated access and development plans at the high-
grade White Devil open pit, supplementing the Crown Pillar Stockpile (CPS) as run-of-mine
(RoM) feed
• Further production increases are expected in later years from organic growth projects, including
Royal Sheba, Soweto Cluster tailings retreatment and Poplar.
Group production for FY27 is expected to be between 280,000oz and 302,000oz, as outlined
below, with production expected to increase in the second half of the year.
Production range FY27H1 FY27H2
Operation oz oz oz
Elikhulu 49,000 - 52,000 25,000 - 26,000 24,000 - 26,000
MTR operation1 49,000 - 54,000 19,000 - 22,000 30,000 - 32,000
BTRP 12,000 - 14,000 6,000 - 7,000 6,000 - 7,000
Tennant Mines 48,000 - 52,000 22,000 - 24,000 26,000 - 28,000
Barberton Mines underground 72,000 - 75,000 36,000 - 37,000 36,000 - 38,000
Evander Mines underground 50,000 - 55,000 22,000 - 25,000 28,000 - 30,000
Total 280,000 - 302,000 130,000 - 141,000 150,000 - 161,000
1 Expectedproduction from MTR takes into account treatment of final calcine elements, whereafter
annual production is forecast to increase to over 60,000oz per year.
ENVIRONMENTAL, SOCIAL AND CORPORATE GOVERNANCE INITIATIVES
• Integrating IFRS S1 and S2 and the Taskforce on Nature-related Financial Disclosures (TNFD)
recommendations into our business model and community stakeholder engagement process
• Renewable energy projects on track:
- Pan African achieved a renewable energy mix of 8.1% (FY25: 8.8%), with the
9.975MWAC Evander Mines solar plant and the 8.75MWAC Fairview Mine solar plant
saving approximately US$5.1 million (FY25: US$4.2 million) in electricity costs, and
avoiding 36.0ktCO2e in emissions (FY25: 35.4ktCO2e)
- Construction of Evander Mines’ 19.7MWAC phase 2 solar photovoltaic (PV) renewable
energy plant commenced in March 2026
- Construction of the 6.3MWAC solar PV facility at Tennant Mines has commenced and
first power from the facility is expected by February 2027. The solar PV facility will be
combined with a 6.84MWh battery electric storage system (BESS). The plant is
forecast to provide 25% renewable electricity for the operation and reduce diesel usage
by ~4.43ML per annum, avoiding 5ktCO2e in greenhouse gas (GHG) emissions
- The construction contractor for MTR’s 19.0MWAC solar PV renewable energy plant to
be appointed by the end of calendar year 2026, following board approval
- Pan African is on track to achieve a 15% Group renewable energy mix by FY27 and
more than 70% by FY30, supported by a material expansion of the Group’s renewable
energy facilities and the implementation of the power purchase agreement (PPA) with
NOA Group.
• Water management progress:
- Evander Mines’ water recycling plant produced 875.4ML of potable water (FY25:
920.0ML), with the reduced production related to stoppages required during the
commissioning of phase 2 of the plant. Construction of phase 2, doubling capacity to
6ML/day, was completed in March 2026
- MTR’s 3ML/day water treatment plant was successfully commissioned in June 2026
- Tennant Mines utilises a 0.05ML/day water treatment plant for its operations.
• Rehabilitation:
- Concurrent rehabilitation at the MTR operation’s Mogale Cluster and Soweto Cluster
sites is in progress, with established rehabilitation programmes being implemented at
all Group mining sites.
CHIEF EXECUTIVE OFFICER’S STATEMENT
Pan African’s chief executive officer, Cobus Loots, commented:
It has been a record-breaking year for Pan African, with the Group achieving its highest-ever gold
production – increasing gold output by almost 40% year-on-year – thereby delivering record earnings,
cash flows and dividends.
Financially, the Group has never been in a stronger position, with the growth in gold production achieved
in a sustained high gold price environment, allowing us to accumulate US$246.2 million in cash and
short term investments on the balance sheet by financial year-end, despite the significant investments
in production capacity and dividends paid to shareholders. Our very robust financial position will allow
us to continue our considered growth trajectory, executing initiatives to expand annual gold output to
300,000oz and beyond, while also further increasing cash returned to shareholders.
To achieve our goals, the Group prioritises safety first and continues to work towards our goal of zero
harm. We are therefore saddened by the loss of a colleague at the beginning of the year in an
underground mining accident, as previously reported. Our thoughts and prayers are with the family and
friends of the deceased.
The strong operational performance from our South African portfolio offset the slower-than-anticipated
production ramp-up from Tennant Mines. In the next financial year, we expect a much-improved
performance from Tennant Mines, with almost a full year of mining from the high-grade White Devil
deposit, and a clear pathway to growing Australian gold production to closer to 100,000oz per annum
in the next years. In addition, we anticipate increasing gold production from MTR with the Soweto
Cluster DFS now finalised, and our team focused on progressing this project towards a final investment
decision.
Despite inflationary pressures, costs remain well managed. We are in a fortunate position in South
Africa, with stable grid power to all our operations, and a substantial renewable energy portfolio that is
being rolled out in an expedited manner to maintain this supply and reduce the impact of Eskom’s cost
increases. In Australia, while diesel price increases have impacted production costs, sufficient storage
facilities are in place to minimise risks associated with potential fuel supply shortages. We are also
investing in a large renewable energy solution for Tennant Mines, which will include battery storage, to
reduce future operating costs.
The conclusion of the Emmerson transaction has seen Pan African consolidate the Tennant Creek
Mineral Field (TCMF), and we welcome the Emmerson shareholders onto our register after completing
our listing on the ASX at the end of June 2026. We are excited about expanding our operations in
Australia, recognised as a Tier 1 jurisdiction, offering exceptional potential for sustained growth.
DIVIDENDS
Proposed final cash dividend for FY26
The Board has proposed a final gross cash dividend of ZAR 1,583.6 million for FY26 (approximately
US$96.2 million), equal to ZA 65.00000 cents per share or approximately US 3.94897 cents per share
(2.98576 pence per share and A$ 5.74713 cents per CDI).
The dividend is subject to approval by shareholders at the AGM, which is to be convened on Thursday,
19 November 2026.
Assuming shareholders approve the final dividend, the following salient dates would apply:
Annual general meeting Thursday, 19 November 2026
Currency conversion date Thursday, 19 November 2026
Publication of the currency conversion on or Thursday, 19 November 2026
about
Last date to trade on the JSE Tuesday, 1 December 2026
Last date to trade on the LSE and ASX Wednesday, 2 December 2026
Ex-dividend date on the JSE Wednesday, 2 December 2026
Ex-dividend date on the LSE and ASX Thursday, 3 December 2026
Record date on the JSE, LSE and ASX Friday, 4 December 2026
Payment date Tuesday, 15 December 2026
The British pound (GBP), US$ and A$ proposed final dividends were calculated based on a total of
2,434,309,216 shares in issue and an illustrative exchange rate of GBP/ZAR:21.77, US$/ZAR:16.46
and A$/ZAR:11.31, respectively.
No cross-border repositioning of securities between the South African, United Kingdom (UK) share
registers and Australian CDI register, between the commencement of trading on Wednesday, 2
December 2026 and close of business on Friday, 4 December 2026, will be permitted.
No shares may be dematerialised or rematerialised between Wednesday, 2 December 2026 and Friday,
4 December 2026, both days inclusive.
The South African dividend tax rate is 20% for shareholders who are liable to pay dividend tax, resulting
in a final net cash dividend of ZA 52.00000 cents per share for these shareholders. Foreign investors
may qualify for a lower dividend tax rate, subject to completion of a dividend taxation declaration and
submission to Computershare Investor Services Proprietary Limited, MUFG Group or Computershare
Investor Services Proprietary Limited, who manage the South African, UK or Australian registers,
respectively. The Company’s South African income taxation reference number is 9154588173. The
proposed dividend will be paid out of the Company’s South African income reserves/retained earnings
without drawing on any other capital reserves.
Dividend policy
Pan African aspires to pay a regular dividend to its shareholders and to balance this cash return for
shareholders with the Group’s strategy of generic and acquisitive growth. We believe a target payout
ratio of 40% to 50% of net cash generated from operating activities, after providing for the cash flow
impact of capital expenditure (reduced by externally funded capital), contractual debt repayments and
the cash flow impact of once-off items (discretionary ZAR cash flow), is appropriate. This measure
aligns dividend distributions with the cash generation potential of the business. In proposing a dividend,
the board will also take into account the Company’s financial position, prospects, satisfactory solvency
and liquidity assessments and other factors deemed by the board to be relevant at the time.
The net proposed dividend together with the approved share buy-back programme(as detailed
below), constitutes a payout ratio of 31.8% of the Group’s discretionary cash flows, as defined by its
dividend policy. The payout ratio is within the dividend policy guidelines, and the record dividend is
indicative of the board’s assessment of the sustainability of the operations and the favourable
prospects for FY27. The proposed dividend equates to a dividend yield of 3.6% in ZAR terms
and 3.7% in GBP terms , based on the 30 June 2026 closing price of ZAR21.14 and GBP0.96
per share.
SHARE BUY-BACK PROGRAMME
Pan African is pleased to announce that the board has approved a share buy-back programme to
purchase up to ZAR500 million (approximately US$30.4 million) of ordinary shares of GBP0.01 each in
the Company, commencing during October 2026. The Company’s profits available for distribution
exceed the maximum amount proposed to be paid by the Company in implementing the buy-back
programme.
The board believes that, at the current share price, the Company’s shares offer significant value, given
the quality and profitability of the Group’s existing operations and growth projects. The board has
therefore taken the decision to implement the programme as part of the Company's broader strategy to
deliver value to shareholders.
Purchases pursuant to the programme will be made:
• under the authority granted by shareholders at the Company’s 2025 AGM (Repurchase
Authority). The Repurchase Authority permits the purchase of the Company’s shares at a
maximum price (excluding expenses) of 105 per cent of (i) the average closing price of such
shares traded on the LSE or (ii) the weighted average market price of such shares traded on
the JSE, for the five business days immediately preceding the date of purchase
• in accordance with the UK version of the Market Abuse Regulation 596/2014 and the
Commission Delegated Regulation (EU) 2016/1052 (each as in force in the UK by virtue of
the European Union (Withdrawal) Act 2018 and as amended by the Market Abuse Regulation
(Amendment) (EU Exit) Regulations 2019) and the JSE Listings Requirements (to the extent
required)
• on the Main Market of the LSE and the JSE. Shares acquired on the JSE will be in
accordance with the Market Abuse Regulation to maintain consistency between exchanges
• in compliance with the relevant conditions for trading, restrictions regarding time and volume,
disclosure and reporting obligations and price conditions. The shares will be acquired at a
price (excluding expenses) that does not exceed the last independent trade or the highest
current independent bid on the relevant trading platform.
The Company intends to cancel those shares acquired pursuant to the programme.
Pan African will enter into an agreement with Peel Hunt LLP to carry out purchases pursuant to the
programme. Purchases of shares held on the Company’s:
- UK register will be implemented on-market through the LSE, where Peel Hunt LLP will act as
principal, and
- South African register will be implemented on-market through the LSE, by way of a two-limb
structure, where Peel Hunt LLP will act as principal. In this regard, Peel Hunt LLP, acting as
principal, will acquire the shares through the JSE order book and sell such shares to the
Company, on market through the LSE.
Purchases will not be initiated on the ASX, however holders of CDI’s will be able to participate in the
buyback by transferring their CDI holdings into shares on either the UK or SA registers.
The agreement will grant Peel Hunt LLP the authority to enact purchases and make trading decisions
concerning the timing of the purchases under the programme independently and uninfluenced by the
Company during any closed period to which the Company is subject and/or if the Company comes into
possession of inside information (prohibited period), subject to the Company having submitted a
repurchase programme to the JSE ahead of entering into a prohibited period in accordance with the
JSE Listings Requirements.
Details of any purchases made under the programme will be provided via the Regulatory News Service
in the UK (RNS), Stock Exchange News Service of the JSE (SENS) and ASX announcements and
published on the Company's website.
DIRECTORSHIP CHANGES
The chairman of the board, Keith Spencer, has tendered his retirement as a director and will step down
as a member of the board and chair of the Group’s nomination and SHEQ committees following the
conclusion of the AGM to be held on 19 November 2026.
On recommendation of the Group’s nomination committee, the board has elected Charles Needham to
succeed as chairperson of the board, following conclusion of the AGM and will also assume the position
as chairman of the nomination committee.
Furthermore, on recommendation of the nomination committee, the board has appointed Mark Connelly
and Dennis Cooke as non-executive directors to the board. Mark Connelly has been appointed as a
member of the remuneration and nomination committees. Dennis Cooke has been appointed chair of
the SHEQ committee and as a member of the audit and risk and nomination committees. These
changes are effective from 12 October 2026.
The board confirms that, in compliance with paragraph 6.73 of the JSE Listings Requirements, a fit and
proper assessment has been conducted in respect of Messrs Connely and Cooke and the board is
satisfied with the outcome of the assessment. Additionally, in compliance with paragraph 6.74 of the
JSE Listings Requirements, the Company confirms that there are no positive statements to report in
respect of the integrity information contained in the director’s declaration of Messrs Connely and Cooke.
AUDIT OPINION
The Group's external auditor, PricewaterhouseCoopers LLP (PwC), has issued their opinion on the
consolidated and separate annual financial statements for the year ended 30 June 2026.
The audit of the consolidated and separate annual financial statements was conducted in accordance
with the International Standards on Auditing. PwC has expressed an unmodified opinion on the
consolidated and separate annual financial statements. A copy of the audited annual financial
statements and the audit report is available for inspection at the Company’s registered office. Any
reference to future financial performance included in this announcement and the summarised audited
results has not been reviewed or reported on by the Group's external auditor.
DIRECTORS’ RESPONSIBILITY
The information in this announcement has been extracted from the audited consolidated and separate
annual financial statements and/or the summarised audited results for the year ended 30 June 2026
(both of which are prepared in accordance with IFRS Accounting Standards and the JSE Listings
Requirements), but this short-form announcement itself has not been reviewed by the Company’s
auditors. The consolidated and separate annual financial statements and summarised audited results
have been prepared under the supervision of the financial director, Marileen Kok. This short-form
announcement is the responsibility of the directors of Pan African and is only a summary of the
information contained in the audited consolidated and separate annual financial statements and/or the
summarised audited results and does not contain full or complete details.
Any investment decisions should be based on the audited consolidated and separate annual financial
statements and/or the summarised audited results and the Group’s detailed operational and financial
summaries.
AVAILABILITY OF INTEGRATED ANNUAL REPORT, ANNUAL FINANCIAL STATEMENTS AND
SUMMARISED AUDITED RESULTS
The audited consolidated and separate annual financial statements (together with PwC’s audit opinion
thereon), which is contained in the integrated annual report for the year ended 30 June 2026, is available
for viewing via:
- the JSE cloudlink at https://senspdf.jse.co.za/documents/2026/JSE/ISSE/PAN/FYE2026.pdf
- the Company’s website at https://www.panafricanresources.com/wp-content/uploads/Pan-
African-Resources-integrated-annual-report-2026.pdf
The summarised audited results for the year ended 30 June 2026 can be viewed via the Company’s
website at https://www.panafricanresources.com/wp-content/uploads/Pan-African-Resources-year-
end-results-SENS-announcement-2026.pdf
The summarised audited results for the year ended 30 June 2026 have been submitted to the National
Storage Mechanism where they will shortly be available for inspection at
https://data.fca.org.uk/#/nsm/nationalstoragemechanism
Copies of the audited consolidated and separate annual financial statements and/or the summarised
audited results may also be requested by emailing ExecPA@paf.co.za
Johannesburg
16 September 2026
For further information on Pan African, please visit the Company's website at
www.panafricanresources.com
Corporate information
Corporate office Registered office
The Firs Building 107 Cheapside, 2nd Floor
2nd Floor, Office 204 London, EC2V 6DN
Corner Cradock and Biermann Avenues United Kingdom
Rosebank, Johannesburg Office: + 44 (0)20 3869 0706
South Africa jane.kirton@corpserv.co.uk
Office: + 27 (0)11 243 2900
info@paf.co.za
Chief executive officer Financial director and debt officer
Cobus Loots Marileen Kok
Office: + 27 (0)11 243 2900 Office: + 27 (0)11 243 2900
Head: Investor relations Website: www.panafricanresources.com
Hethen Hira
Tel: + 27 (0)11 243 2900
E-mail: hhira@paf.co.za
Company secretary Joint broker
Jane Kirton Ross Allister/Georgia Langoulant
St James's Corporate Services Limited Peel Hunt LLP
Office: + 44 (0)20 3869 0706 Office: +44 (0)20 7418 8900
JSE sponsor and JSE debt sponsor Joint broker
Ciska Kloppers Thomas Rider/Nick Macann
Questco Corporate Advisory Proprietary BMO Capital Markets Limited
Limited Office: +44 (0)20 7236 1010
Office: + 27 (0) 78 286 9556
Joint broker
Matthew Armitt/Jennifer Lee
Joh. Berenberg, Gossler & Co KG
(Berenberg)
Office: +44 (0)20 3207 7800
Date: 16/09/2026 08:00:00
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