Pan African Resources PLC

XMUN:RTZ

Record Results: Pan African delivered record interim results, with revenue up 157%, headline earnings up 541%, and record cash flows.

Gold Production: Gold production increased by more than 50%, reaching record levels and positioning the company for further growth.

Cost Guidance: All-in sustaining cost for the half was $1,874 per ounce, above prior guidance, but expected to decline to $1,820–$1,870 for the full year as production rises.

Dividends: A record dividend was paid in December, with a new interim dividend initiated. The company plans to remain cash generative and debt free.

Growth Pipeline: Multiple expansion projects are underway, including at MTR and Tennant Mines, with production forecast to approach 300,000 ounces next year and potentially higher in subsequent years.

Strong Balance Sheet: Net debt reduced by 80% to $46 million, with the group expected to be net debt free by month-end.

Shareholder Returns: Management emphasized continued high dividends and prudent capital allocation, with share buybacks considered alongside growth.