Pan African reports on Tennant Mines operations in Australia

Pan African Resources reported that Tennant Mines was acquired at a total cost of US$54.2 million, settled through the issue of Pan African shares after an initial 8% of the company was acquired in March 2024 for US$3.4 million in cash.

The acquisition cost was less than 6% of Pan African’s market capitalisation at the time. The acquisition was completed in November 2024 and expected payback on the investment is less than three years at a gold price of approximately US$2,600/oz.

The construction of Nobles Gold Mine was completed in April 2025, ahead of schedule and within budget.

An inaugural gold pour from this operation was achieved in May 2025. Forecast production over the initial three years of the life-of-mine (LoM), mostly from surface stockpiles, open pits and TSFs, is 46,000oz to 50,000oz per year.