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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 170koz. 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 ~£312.11M which is a fall of roughly 7% over the last two months. As of 09/21/2019 they have ~£176M debt and ~£7.7M cash. They have 2,235M shares outstanding and trade on the London Stock Exchange.

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General Details

Financial 09/21/2019
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
Mkt. Cap (FD): $335.32M $312.11M 09/21/2019 $-23.21M
Total Assets: $613.66M $629.04M 09/21/2019 $15.39M
Total Liabilities: $313.09M $320.94M 09/21/2019 $7.85M
Current Assets: $46.34M $47.50M 09/21/2019 $1.16M
Current Liabilities: $100.19M $102.70M 09/21/2019 $2.51M
Total Debt: $171.57M $175.88M 09/21/2019 $4.30M
Cash: $7.51M $7.70M 09/21/2019 $0.19M
Enterprise Value: $499.38M $480.28M 03/21/1985 $-19.09M
Cash Flow: $37.62M $31.67M never $-5.95M
Cash Flow Multiple: 8.91 9.86 never 0.94
Net Debt to
Cash Flow Ratio:		 4.36 5.31 never 0.95
Finance within 1 year: 09/21/2019 n/a
Tax Rate: (guess)  30.00% (default)  30.00% 09/21/2019 0.00%
Misc 09/21/2019
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
Shares Outstanding: 2,234,687,000 2,234,687,000 09/21/2019 0
Shares (FD): 2,238,687,000 2,238,687,000 09/21/2019 0
Insider Ownership: n/a n/a never n/a
Company Type: Mostly Gold Mostly Gold never n/a
Production ETA: n/a n/a 09/21/2019 n/a
Production (Gold Eq Oz.): (guess) 
170,000		 (guess) 
170,000		 09/21/2019 0
Production (Silver Eq Oz.): (guess) 
14,326,681		 (guess) 
14,712,928		 09/21/2019 386,246
Initial CapEx (Outstanding): n/a n/a 09/21/2019 n/a
Funding Option: n/a n/a 09/21/2019 n/a
Documentation: none PRODUCER 09/21/2019 n/a
Value Adjustment: -50% -50% never 0%

Resource Data

GOLD 09/21/2019
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 09/21/2019 0.00M
Measured & Indicated: 20.00M 20.00M 09/21/2019 0.00M
Inferred: 10.00M 10.00M 09/21/2019 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 09/21/2019 0.00M
Measured & Indicated: 16.20M 16.20M 09/21/2019 0.00M
Inferred: 4.50M 4.50M 09/21/2019 0.00M
Reserves & Resources: 20.70M 20.70M never 0.00M
C
U
R
R
E
N
T		 Annual Production: (guess) 
170,000oz.		 (guess) 
170,000oz.		 09/21/2019 0oz.
Cash Cost: $900 $900 09/21/2019 $0.00
Extra Operating Cost: $300 $300 09/21/2019 $0.00
Average Grade: 3.50 g/t 3.50 g/t 09/21/2019 n/a
Recovery Rate: (CG)  90.00% (CG)  90.00% 09/21/2019 0.00%
F
U
T
U
R
E		 Proven & Probable: 20.00M 20.00M 09/21/2019 0.00M
Annual Production: 250,000oz. 250,000oz. 09/21/2019 0oz.
Cash Cost: $900 $900 09/21/2019 $0
Extra Operating Cost: $350 $350 09/21/2019 $0
SILVER 09/21/2019
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 09/21/2019 0.00M
Measured & Indicated: n/a n/a 09/21/2019 0.00M
Inferred: n/a n/a 09/21/2019 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 09/21/2019 0.00M
Measured & Indicated: n/a n/a 09/21/2019 0.00M
Inferred: n/a n/a 09/21/2019 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 09/21/2019 $0.00
Extra Operating Cost: n/a n/a 09/21/2019 $0.00
Average Grade: n/a n/a 09/21/2019 n/a
Recovery Rate: n/a n/a 09/21/2019 0.00%
F
U
T
U
R
E		 Proven & Probable: n/a n/a 09/21/2019 0.00M
Annual Production: n/a n/a 09/21/2019 n/a
Cash Cost: n/a n/a 09/21/2019 n/a
Extra Operating Cost: n/a n/a 09/21/2019 n/a

Property

Last Analysis Data  (09/21/2019)
Stage Location Name Owned Size (Ha) Type Au Ag Cu Notes
Production South Africa Barberton 100% (guess) 7,000 Underground show
3 million oz deposit.

115,000 oz per year.
Production South Africa Evander 100% (guess) n/a Underground show
28 million oz deposit.

100,00 oz per year.
Development South Africa, South Africa Elikhulu 100% (guess) n/a Open Pit show
Annual Production of 50,000 oz beginning in 2018.
Total Land Package Size (ha): 7,000  
Current Data
Stage Location Name Owned Size (Ha) Type Au Ag Cu Notes
Production South Africa Barberton 100% (guess) 7,000 Underground show
3 million oz deposit.

115,000 oz per year.
Production South Africa Evander 100% (guess) n/a Underground show
28 million oz deposit.

100,00 oz per year.
Development South Africa, South Africa Elikhulu 100% (guess) n/a Open Pit show
Annual Production of 50,000 oz beginning in 2018.
Total Land Package Size (ha): 7,000  

Profitability (by resource)

Proven &
Probable		 09/21/2019
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 22.72M
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 20.45M
Maximum Profit (Gold): $995.72M $838.22M n/a $-157.50M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $995.72M $838.22M n/a $-157.50M
Max Profit / Current MCap: 2.969 2.686 n/a -0.284
Max Profit Per Share (Gold): $0.44 $0.37 n/a $-0.07
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $0.44 $0.37 n/a $-0.07
Total Free Profit Per Share: $0.00 $0.00 n/a $0.00
FD Mkt. Cap / Gold Eq.: $37.26 $34.68 n/a $-2.58
FD Mkt. Cap / Silver Eq.: $0.44 $0.40 n/a $-0.04
FD Mkt. Cap / Per Metal
as % Spot Price:		 2.46% 2.37% n/a -0.09%
Measured &
Indicated		 09/21/2019
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 45.44M
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 36.81M
Maximum Profit (Gold): $1,792.29M $1,508.79M n/a $-283.50M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $1,792.29M $1,508.79M n/a $-283.50M
Max Profit / Current MCap: 5.345 4.834 n/a -0.511
Max Profit Per Share (Gold): $0.80 $0.67 n/a $-0.13
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $0.80 $0.67 n/a $-0.13
Total Free Profit Per Share: $0.00 $0.00 n/a $0.00
FD Mkt. Cap / Gold Eq.: $20.70 $19.27 n/a $-1.43
FD Mkt. Cap / Silver Eq.: $0.25 $0.22 n/a $-0.02
FD Mkt. Cap / Per Metal
as % Spot Price:		 1.37% 1.31% n/a -0.05%

Reserves &
Resources		 09/21/2019
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 68.16M
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 47.03M
Maximum Profit (Gold): $2,290.14M $1,927.89M n/a $-362.25M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $2,290.14M $1,927.89M n/a $-362.25M
Max Profit / Current MCap: 6.830 6.177 n/a -0.653
Max Profit Per Share (Gold): $1.02 $0.86 n/a $-0.16
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $1.02 $0.86 n/a $-0.16
Total Free Profit Per Share: $0.00 $0.00 n/a $0.00
FD Mkt. Cap / Gold Eq.: $16.20 $15.08 n/a $-1.12
FD Mkt. Cap / Silver Eq.: $0.19 $0.17 n/a $-0.02
FD Mkt. Cap / Per Metal
as % Spot Price:		 1.07% 1.03% n/a -0.04%

Future Valuation (Cash Flow & Totals)

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