Pan African flags record FY2026 gold output near 275,000oz in pre-close update

Pan African Resources told investors on 1 June 2026 that it expected to report record annual gold production of approximately 275,000oz for the year ending 30 June 2026 — a rise of about 40% on the 196,527oz produced in FY2025, though at the lower end of its guided range of 275,000oz to 292,000oz.

Second-half output was pencilled in at roughly 147,000oz, about 14% higher than the 128,296oz produced in the first half, driven by strong performances from the Elikhulu and Mogale Tailings Retreatment surface plants and improved underground output at Evander and Barberton Mines. Those gains were partly offset by a slower-than-anticipated ramp-up at the Tennant Mines complex in Australia's Northern Territory, acquired as part of the group's push to diversify beyond South Africa.

Costs and cash both improving

All-in sustaining costs for the year were guided at around $1,870/oz, broadly in line with earlier guidance despite ongoing inflationary pressure on labour, power and consumables. The company said it expected to end the financial year with about $220m in cash and to have swung to a net cash position, compared with net debt of $46.2m in December, underscoring how quickly the balance sheet has strengthened as surface tailings volumes have scaled up.

Looking to FY2027

Management flagged FY2027 guidance of 280,000oz to 302,000oz at an AISC of $2,075/oz to $2,175/oz, with growth expected from the White Devil deposit in Australia and the anticipated completion, then expected in July 2026, of Pan African's acquisition of Emmerson Resources. The update reinforced a now-familiar pattern for Pan African: rapid, largely de-risked growth from South African surface retreatment assets, a steadier underground contribution from Evander and Barberton, and a still-maturing Australian growth option whose ramp-up has proved harder to predict than the domestic tailings business.

Sources

• Proactive Investors: Pan African Resources expects 'record' production numbers for its financial year, 01 Jun 2026
• IOL Business Report: Pan African Resources to achieve record gold production and meet costs guidance for 2026, 01 Jun 2026

Photo: Gold-bearing tailings material of the kind reprocessed at Pan African's Elikhulu and Mogale plants. NJR ZA, Wikimedia Commons, CC BY-SA 3.0.