Pan African Resources produces 3.3% less gold in six months
Pan African Resources gold production for the six months ended 31 December 2024 (current reporting period) of 84,705oz, a slight reduction of 3.3% relative to the previous six months (H2FY2024: 87,581oz).
As announced in the December 2024 operational update, Evander Mines’ underground production was impacted by the delay in commissioning of the subvertical shaft for ore hoisting, which was partially offset by early production from the Mogale Tailings Retreatment (MTR) operation.
Pan African Resources is well positioned for much-improved production in H2FY2025, with a further significant increase in production expected for FY2026. Full-year guidance for FY2025 of approximately 215,000oz (FY2024: 186,039oz) is maintained, an increase of 16% from the prior year.
The subvertical hoisting shaft at Evander Mines was fully commissioned during January 2025
MTR production is now fully ramped up, ahead of schedule and with final project capital below budget
Full-year gold production (48,000oz to 60,000oz) from Tennant Consolidated Mining Group (TCMG) in Australia is planned for FY2026.
Revenue remained robust at US$189.3 million (H1FY2024: restated US$191.1 million) with only a slight decrease of 1% compared to the previous year as a result of a 13% decrease in gold production and the impact of the synthetic gold forward sale transaction of approximately US$17.4 million on profits for the reporting period, offset by a 21% increase in the US$ gold price received.
