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Pan African Resources PLC on Wednesday reported marginally lower interim profit following poor production, owing to delays at Evander mine in Mpumalanga. For the first six months to December 31, the Rosebank-headquartered gold producer delivered pretax profit of $56.1 million, down 2.1% from $57.3 million a year earlier. Revenue for the first half was $189.3 million, slightly down from $191.1 million. Gold production was 3.3% lower at 84,705 ounces from 87,581 ounces, after Evander Mines’ underground production was hit by the delay in commissioning of the subvertical shaft for ore hoisting. All-in sustaining costs rose 29% to $1,675 an ounce in the first half, compared to $1,295. Earnings per share was up 10.3% to 2.35 US cents per share from restated 2.13 cents, while headline EPS fell 44% to 1.20 cents from 2.13 cents. EPS included a gain on acquisition related to Tennant Consolidated Mining Group Pty Ltd. Pan African Resources said studies are underway to increase annual production to about 60,000 ounces from 50,000 ounces in the next year. Looking ahead, Pan African guided for annual production of 215,000 ounces for the financial year ending June 30 from 186,039 ounces a year earlier. It also said it is well positioned for much-improved production in the second half, given the subvertical hoisting shaft at Evander Mines was fully commissioned last month, and production at Mogale tailings retreatment plant is now fully ramped up, ahead of schedule. The junior gold producer said full-year gold production of between 48,000 ounces and 60,000 ounces from Tennant Consolidated Mining Group in Australia is planned for the 2026 financial year. It expects the 2026 financial year production to range between 270,000 ounces and 308,000 ounces. In Johannesburg, Pan African shares were down 1.7% at R 8.64 on Wednesday noon. They were up 0.4% at 37.75 pence each in London. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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