Pan African Resources Smashes Gold Production Records and Revenue
Pan African Resources PLC (PAFRF) released its FY2026 earnings call highlights, showing record-breaking performance across various metrics. The company reported a 114% year-over-year increase in revenue to $1.1 billion, driven by higher gold prices and increased production.
The average US dollar gold price received rose 55%, while the group remained unhedged throughout the year. Gold sold increased by 38% for the year, with production of nearly 275,000 ounces, up 40% from last year. The second-half annualized production run-rate is near 290,000 ounces.
The company's adjusted EBITDA and attributable earnings also saw significant increases, at 169% and 152%, respectively. Headline earnings surged 207% to $358 million, while HEPS and EPS rose by 200% and 146%, respectively. Operating cash flow before dividend, tax, royalties, and net finance costs increased by 260% to $557 million.
The company has repaid a total of $149 million, including $119 million in voluntary repayments, and settled all Australian facilities. Net cash/liquidity stood at $246 million, with undrawn facilities of $79 million. A record final dividend of ZAR 0.65 per share was proposed, combined with a maiden interim dividend.
Looking ahead to FY27, the company has set production guidance at 280,000 to just over 300,000 ounces, skewed towards the second half. The group capital is expected to be approximately $330 million.