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Pan African Resources Plc

www: www.panafricanresources.com   email: ecoetzee@paf.co.za
Category: Mid-tier Producer
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Symbol Data

Symbol Currency
LON:PAF GBX

Description

Pan African Resources Plc are a gold focused mid-tier producer with two producing mines in South Africa and one mine in development in South Africa. Currently they produce roughly 190koz. of gold per year. They have approximately 30Moz. of gold in the reserves and resources category of which 20Moz. are in the measured and indicated category. They have a market capitalisation of ~£649.47M which is a rise of roughly 60% over the last seven months. As of 09/27/2023 they have ~£153M debt and ~£43.53M cash. They have 2,223M shares outstanding and trade on the London Stock Exchange.

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General Details

Financial 09/27/2023
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
MCap (FD): $405.40M $649.47M 09/27/2023 $244.08M
Total Assets: $500.66M $512.38M 09/27/2023 $11.72M
Total Liabilities: $206.58M $211.42M 09/27/2023 $4.84M
Current Assets: $60.76M $62.18M 09/27/2023 $1.42M
Current Liabilities: $76.56M $78.35M 09/27/2023 $1.79M
Total Debt: $149.47M $152.97M 09/27/2023 $3.50M
Cash: $42.53M $43.53M 09/27/2023 $1.00M
Enterprise Value: $512.33M $758.91M 01/18/1994 $246.58M
Cash Flow: $52.27M $137.48M never $85.22M
Cash Flow Multiple: 7.76 4.72 never -3.03
Net Debt to
Cash Flow Ratio:		 2.05 0.80 never -1.25
Finance within 1 year: 09/27/2023 n/a
Misc 09/27/2023
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
Shares Outstanding: 2,223,000,000 2,223,000,000 09/27/2023 0
Shares (FD): 2,227,000,000 2,227,000,000 09/27/2023 0
Insider Ownership: n/a n/a never n/a
Dividend (Annual): n/a 3.6% 03/25/2024 3.6%
Company Type: Mostly Gold Mostly Gold never n/a
Production ETA: n/a n/a 09/27/2023 n/a
Production (Gold Eq Oz.): (guess) 
190,000		 (guess) 
190,000		 09/27/2023 0
Production (Silver Eq Oz.): (guess) 
15,827,143		 (guess) 
16,225,064		 09/27/2023 397,921
Initial CapEx (Outstanding): n/a n/a 09/27/2023 n/a
Funding Option: n/a n/a 09/27/2023 n/a
Documentation: none PRODUCER 03/25/2024 n/a
Future MCap Modifier: 0.1
Producer: Weak
 0.1
Producer: Weak
 04/24/2023 0
Cash Flow Multiplier: 6 6 04/21/2023 0.00

Resource Data

GOLD 09/27/2023
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: 10.00M 10.00M 09/27/2023 0.00M
Measured & Indicated: 20.00M 20.00M 09/27/2023 0.00M
Inferred: 10.00M 10.00M 09/27/2023 0.00M
Reserves & Resources: 30.00M 30.00M never 0.00M
P
L
A
U
S
I
B
L
E		 Proven & Probable: 9.00M 9.00M 09/27/2023 0.00M
Measured & Indicated: 16.20M 16.20M 09/27/2023 0.00M
Inferred: 4.50M 4.50M 09/27/2023 0.00M
Reserves & Resources: 20.70M 20.70M never 0.00M
C
U
R
R
E
N
T		 Annual Production: (guess) 
190,000oz.		 (guess) 
190,000oz.		 09/27/2023 0oz.
Cash Cost: $1,100 $1,100 09/27/2023 $0.00
Extra Operating Cost: $500 $500 09/27/2023 $0.00
G
R
A
D
E		 Underground (Avg): 3.50 g/t 6.00 g/t 03/24/2024 2.50 g/t
Open Pit (Avg): n/a 0.50 g/t 03/24/2024 0.50 g/t
Recovery Rate: (CG)  90.00% (CG)  90.00% 03/25/2024 0.00%
F
U
T
U
R
E		 Proven & Probable: 10.00M 10.00M 09/27/2023 0.00M
Annual Production: 220,000oz. 220,000oz. 09/27/2023 0oz.
Cash Cost: $1,200 $1,200 09/27/2023 $0
Extra Operating Cost: $500 $500 09/27/2023 $0
SILVER 09/27/2023
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: n/a n/a 09/27/2023 0.00M
Measured & Indicated: n/a n/a 09/27/2023 0.00M
Inferred: n/a n/a 09/27/2023 0.00M
Reserves & Resources: n/a n/a never 0.00M
P
L
A
U
S
I
B
L
E		 Proven & Probable: n/a n/a 09/27/2023 0.00M
Measured & Indicated: n/a n/a 09/27/2023 0.00M
Inferred: n/a n/a 09/27/2023 0.00M
Reserves & Resources: n/a n/a never 0.00M
C
U
R
R
E
N
T		 Annual Production: n/a n/a 0oz.
Cash Cost: n/a n/a 09/27/2023 $0.00
Extra Operating Cost: n/a n/a 09/27/2023 $0.00
G
R
A
D
E		 Underground (Avg): n/a n/a 09/27/2023 n/a
Open Pit (Avg): n/a n/a 09/27/2023 n/a
Recovery Rate: n/a n/a 09/27/2023 0.00%
F
U
T
U
R
E		 Proven & Probable: n/a n/a 09/27/2023 0.00M
Annual Production: n/a n/a 09/27/2023 n/a
Cash Cost: n/a n/a 09/27/2023 n/a
Extra Operating Cost: n/a n/a 09/27/2023 n/a

Property

Last Analysis Data  (09/27/2023)
Stage Name Owned Au Ag Cu Notes
Prod Barberton 100% show
3 million oz deposit.

115,000 oz per year.
Prod Evander 100% show
28 million oz deposit.

100,00 oz per year.
Dev Elikhulu 100% show
Annual Production of 50,000 oz beginning in 2018.
Total Land Package Size (ha): 7,000  
Current Data
Stage Name Owned Au Ag Cu Notes
Prod Barberton 100% show
3 million oz deposit.

115,000 oz per year.
Prod Evander 100% show
28 million oz deposit.

100,00 oz per year.
Dev Elikhulu 100% show
Annual Production of 50,000 oz beginning in 2018.
Total Land Package Size (ha): 7,000  

Profitability (by resource)

Proven &
Probable		 09/27/2023
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: 100.00% 100.00% n/a 0.00%
Percentage Silver: n/a n/a n/a 0.00%
Total (Gold Eq. Oz.): 10.00M 10.00M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 20.94M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 9.00M 9.00M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 18.85M
Maximum Profit (Gold): $2,475.90M $6,512.40M n/a $4,036.50M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $2,475.90M $6,512.40M n/a $4,036.50M
Max Profit / Current MCap: 6.107 10.027 n/a 3.920
Max Profit Per Share (Gold): $1.11 $2.92 n/a $1.81
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $1.11 $2.92 n/a $1.81
Total Free Profit Per Share: $0.00 $0.00 n/a $0.00
FD MCap / Gold Eq.: $45.04 $72.16 n/a $27.12
FD MCap / Silver Eq.: $0.54 $0.85 n/a $0.30
FD MCap / Per Metal
as % Spot Price:		 2.40% 3.11% n/a 0.70%
Measured &
Indicated		 09/27/2023
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: 100.00% 100.00% n/a 0.00%
Percentage Silver: n/a n/a n/a 0.00%
Total (Gold Eq. Oz.): 20.00M 20.00M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 41.89M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 16.20M 16.20M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 33.93M
Maximum Profit (Gold): $4,456.62M $11,722.32M n/a $7,265.70M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $4,456.62M $11,722.32M n/a $7,265.70M
Max Profit / Current MCap: 10.993 18.049 n/a 7.056
Max Profit Per Share (Gold): $2.00 $5.26 n/a $3.26
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $2.00 $5.26 n/a $3.26
Total Free Profit Per Share: $0.00 $0.00 n/a $0.00
FD MCap / Gold Eq.: $25.02 $40.09 n/a $15.07
FD MCap / Silver Eq.: $0.30 $0.47 n/a $0.17
FD MCap / Per Metal
as % Spot Price:		 1.33% 1.73% n/a 0.39%

Reserves &
Resources		 09/27/2023
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: 100.00% 100.00% n/a 0.00%
Percentage Silver: n/a n/a n/a 0.00%
Total (Gold Eq. Oz.): 30.00M 30.00M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 62.83M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 20.70M 20.70M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 43.35M
Maximum Profit (Gold): $5,694.57M $14,978.52M n/a $9,283.95M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $5,694.57M $14,978.52M n/a $9,283.95M
Max Profit / Current MCap: 14.047 23.063 n/a 9.016
Max Profit Per Share (Gold): $2.56 $6.73 n/a $4.17
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $2.56 $6.73 n/a $4.17
Total Free Profit Per Share: $0.00 $0.00 n/a $0.00
FD MCap / Gold Eq.: $19.58 $31.38 n/a $11.79
FD MCap / Silver Eq.: $0.24 $0.37 n/a $0.13
FD MCap / Per Metal
as % Spot Price:		 1.04% 1.35% n/a 0.31%

Future Valuation (Cash Flow & Totals)

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