Pan African gold production increases by 5.6% to 196,527oz

Pan African Resources, in its Audited Results for the year ended 30 June 2025, declared that its revenue increased by 44.5% to US$540.0 million (FY24: US$373.8 million). Profit for the year increased by 78.4% to a record US$140.6 million (FY24: US$78.8 million). Headline earnings increased by 46.7% to US$116.6 million (FY24: US$79.5 million)

PRODUCTION KEY FEATURES

• Group gold production increased by 5.6% to 196,527oz (FY24: 186,039oz)
• Record FY25H2 gold production of 111,822oz, an increase of 28% from FY24H2 (87,581oz)
• Mogale Tailings Retreatment (MTR) operation ramp-up successful, producing 22,063oz in FY25H2, on track for 50Koz of low-cost ounces in FY26
• Tennant Mines in Australia achieved its inaugural gold pour in May 2025 and forecast production over the next three years is estimated at between 46,000oz and 50,000oz of gold per year, excluding expansion and growth projects.

All-In Sustaining Costs (AISC) for FY25 of US$1,600/oz (FY24: US$1,354/oz) at an average exchange rate of US$/ZAR:18.17, which was above guidance of between US$1,525/oz to US$1,575/oz (at an average exchange rate of US$/ZAR:18.50), primarily as a result of the negative impact on the unit cost of production at the underground operations combined with above inflationary increases in electricity and reagents. The realised hedge loss of US$30/oz included in the AISC and the 1.8% effect of the appreciation in the rand relative to the US$ also contributed to the increase.

AISC of US$1,425/oz (FY24: US$1,170/oz) for our lower-cost operations, which account for more than 85.0% (FY24: 84.0%) of annual production.

PRODUCTION AND COST GUIDANCE

FY26 production guidance of 275,000oz to 292,000oz, with the expected increase in production, is largely attributable to the contribution from the Group’s new MTR and Tennant Mines operations.

• Production for FY26H1 is expected to be between 130,000oz and 137,000oz, with MTR at steady state, ramping up of production at Tennant Mines and underground production increases at Evander Mines underground
• Production for FY26H2 is anticipated to increase as the MTR plant capacity is expanded from 800ktpm to 1mtpm, higher grades are mined from the B line at Evander Mines 24 Level underground and higher-grade ore from Nobles Gold’s open pit at Tennant Mines supplements the Crown Pillar Stockpile as run-of-mine (RoM) feed. Production is expected to be between 145,000oz and 155,000oz
• FY26 AISC guidance of between US$1,525/oz and US$1,575/oz (assuming an exchange rate of US$/ZAR:18.50).