By: OrePulse

Pan African Resources, the JSE- and ASX-listed gold producer, closed its fiscal year on June 30, 2026, with production, revenue, and earnings all surging, driven by higher output and a strong gold price environment.

For the 12 months, the company's gold output climbed 38.6% to reach 272,000 ounces. Revenue jumped 114% year-on-year to $1.15 billion, and adjusted EBITDA nearly tripled to $609 million, up 168.9%. The group posted a $356 million profit for the year, with headline earnings coming in slightly higher at $358 million. On a per-share basis, headline earnings climbed 199% to $0.17, and basic earnings per share advanced 145% to that same figure. By year-end, Pan African's balance sheet showed $246.2 million held in cash and short-term investments.

The gains were broad-based across the group's portfolio of operations. Barberton Mines produced 72,000 ounces, up 5.6% on the prior year, while Evander Mines lifted output by 68.4% to 46,800 ounces. The Elikhulu Tailings Retreatment Plant, which reprocesses historical mine waste, produced 56,000 ounces at an all-in sustaining cost of $1,231 per ounce. The newly commissioned Mogale Tailings Retreatment operation, which began production in December 2025, contributed a further 51,927 ounces in its first partial year of operation. Tennant Mines, the company's Australian asset, produced 32,124 ounces.

Safety performance improved alongside the production gains. Lost-time injuries per million person-hours worked fell to 1.4, down from 1.6 the previous year, while the total recordable injury rate eased to 5.5 per million person-hours, down from 6.5 previously. The company reported one fatal accident at its underground operations during the year.

Chief executive Cobus Loots said the group had never been in a stronger position, with the growth in gold production achieved in a sustained high gold price environment.

Directors have proposed a R1.5 billion final dividend — about $0.04 per share — to return part of the record earnings to shareholders. Pan African Resources has guided for production of approximately 302,000 ounces in the 2027 financial year, implying further growth as the Mogale Tailings Retreatment operation moves toward a full year of production. The company's annual general meeting is scheduled for November 19, when shareholders are expected to vote on the dividend and other resolutions.

The results illustrate how strongly the run-up in gold prices over the past year has flowed through to producers with exposure to South African and Australian gold assets, with margin expansion compounding the benefit of higher output at several of the group's mines.