Pan African Resources H1 Earnings Call Highlights

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MarketBeat

Wed, February 18, 2026 astatine 4:41 AM CST 9 min read

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Record interim results: Pan African reported H1 golden accumulation up >50%, gross up 157% to $487 million, net up 207% to $148 cardinal and operating currency travel earlier items up 588% to $260 million; the radical is wholly unhedged and expects to beryllium nett debt‑free by month‑end.
Costs and guidance: H1 all‑in sustaining outgo was $1,874/oz (above guidance), with full‑year AISC revised to $1,820–$1,870/oz—management blamed rand strength, share‑based payments, higher royalties and third‑party processing, portion ~90% of the portfolio produced astatine astir $1,700/oz.
Growth and superior allocation: Ramp‑ups astatine MTR and Tennant underpin FY guidance of ≥275,000 oz and a people person to 300,000 oz adjacent year, with enlargement plans (Tennant throughput, Soweto tailings PFS, Poplar) being fast‑tracked arsenic indebtedness was reduced by >$180 cardinal and an interim dividend of 12 SA cents was approved.
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Pan African Resources (LON:PAF) reported grounds interim results for the six months, citing a crisp emergence successful the golden terms alongside a much than 50% summation successful accumulation pursuing the ramp-up and integration of 2 newer operations, Mintails Tailings Retreatment (MTR) successful South Africa and Tennant Mines successful Australia.

In its interim results presentation, absorption said the radical is benefiting from “the highest golden prices successful history,” portion remaining “entirely unhedged” and expecting to beryllium nett debt-free by the extremity of the month. The institution besides highlighted its determination to the London main marketplace and inclusion successful the FTSE 250 scale during the period.

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Management said golden accumulation accrued by much than 50% successful the fractional twelvemonth and reiterated full-year guidance of “275,000 ounces oregon more,” with accumulation weighted to the 2nd fractional arsenic MTR completes enlargement work, Tennant begins processing higher-grade ore from unfastened pits, and Evander Underground continues accessing higher-grade areas. The institution said it expects adjacent fiscal year’s accumulation to beryllium “even person to 300,000 ounces,” driven mostly by MTR and Tennant ramp-ups.

All-in sustaining outgo (AISC) for the fractional twelvemonth was reported astatine $1,874 per ounce, supra erstwhile guidance. Management attributed the overshoot chiefly to the rand-dollar speech rate, worker enactment expenses, higher royalties, and the processing of third-party material. For the afloat year, Pan African revised its expected AISC scope to $1,820-$1,870 per ounce, assuming higher second-half production.

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