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Pan African Resources Plc

www: www.panafricanresources.com   email: ecoetzee@paf.co.za
Category: Emerging Major
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Symbol Data

Symbol Currency
LON:PAF GBX

Description

Pan African Resources Plc are a gold focused emerging major with three producing mines in Australia and South Africa. Currently they produce roughly 275koz. of gold per year. They have approximately 40Moz. of gold in the reserves and resources category of which 25Moz. are in the measured and indicated category. They have a market capitalisation of ~$3876.7M which is a rise of roughly 25% over the last two months. As of 09/30/2025 they have ~$150M debt and ~$49M cash. They have 2,334M shares outstanding and trade on the London Stock Exchange.

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General Details

Financial 09/30/2025
Last
Analysis
Data
Current Data
Item Value Value Updated
MCap (FD): $3,103.82M $3,876.70M 09/30/2025
MCap (OS): $2,745.10M $3,428.66M 09/30/2025
Total Assets: $1,000.00M $1,000.00M 09/30/2025
Total Liabilities: $458.00M $458.00M 09/30/2025
Current Assets: $50.00M $50.00M 09/30/2025
Current Liabilities: $63.00M $63.00M 09/30/2025
Total Debt: $150.00M $150.00M 09/30/2025
Cash: $49.00M $49.00M 09/30/2025
Debt (Net): $101.00M $101.00M
Enterprise Value: $3,204.82M $3,977.70M 01/18/2096
Cash Flow: $567.31M $657.73M never
Cash Flow Multiple: 5.47 5.89 never
Net Debt to
Cash Flow Ratio:		 0.18 0.15 never
Finance within 1 year: 09/30/2025
Misc 09/30/2025
Last
Analysis
Data
Current Data
Item Value Value Updated
Shares Outstanding: 2,334,000,000 2,334,000,000 09/30/2025
Shares (FD): 2,639,000,000 2,639,000,000 09/30/2025
Insider Ownership: n/a n/a 09/30/2025
Dividend (Annual): 1.79% 1.42% 09/30/2025
Company Type: Mostly Gold Mostly Gold never
Group: Producer Producer never
Production ETA: n/a n/a 09/30/2025
Production (Gold Eq Oz.): (guess) 
275,000		 (guess) 
275,000		 09/30/2025
Production (Silver Eq Oz.): (guess) 
22,597,442		 (guess) 
19,208,986		 09/30/2025
Development Phase: Producer (Single Mine) Producer (Single Mine) 09/30/2025
Optionality Play: none No
F
U
T
U
R
E		 % of Spot: 15
Producer: Average
 15
Producer: Average
 09/30/2025
Cash Flow Multiple: 9 9 09/30/2025

Resource Data

GOLD 09/30/2025
Last Analysis Data
Current Data
Item Value Value Updated
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: 12.00M 12.00M 09/30/2025
Measured & Indicated: 25.00M 25.00M 09/30/2025
Inferred: 15.00M 15.00M 09/30/2025
Reserves & Resources: 40.00M 40.00M never
P
L
A
U
S
I
B
L
E		 Proven & Probable: 10.80M 10.80M 09/30/2025
Measured & Indicated: 20.16M 20.16M 09/30/2025
Inferred: 6.75M 6.75M 09/30/2025
Reserves & Resources: 26.91M 26.91M never
C
U
R
R
E
N
T		 Annual Production: (guess) 
275,000oz.		 (guess) 
275,000oz.		 09/30/2025
Cash Cost: $1,200 $1,200 09/30/2025
Extra Operating Cost: $600 $600 09/30/2025
Total: $1,800 $1,800 09/30/2025
Margin (Free Cash Flow): $2,063 (53%) $2,392 (57%)
MCap / Production (AuEq): $11,286.61 $14,097.10
EV / Production (AuEq): $11,653.88 $14,464.38
G
R
A
D
E		 Underground (Avg): 6.00 g/t 6.00 g/t 09/30/2025
Open Pit (Avg): n/a 0.50 g/t 09/30/2025
Recovery Rate: (CG)  90.00% (CG)  90.00% 09/30/2025
F
U
T
U
R
E		 Proven & Probable: 20.00M 20.00M 09/30/2025
Annual Production: 350,000oz. 350,000oz. 09/30/2025
Cash Cost: $1,200 $1,200 09/30/2025
Extra Operating Cost: $700 $700 09/30/2025
SILVER 09/30/2025
Last Analysis Data
Current Data
Item Value Value Updated
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: n/a n/a 09/30/2025
Measured & Indicated: n/a n/a 09/30/2025
Inferred: n/a n/a 09/30/2025
Reserves & Resources: n/a n/a never
P
L
A
U
S
I
B
L
E		 Proven & Probable: n/a n/a 09/30/2025
Measured & Indicated: n/a n/a 09/30/2025
Inferred: n/a n/a 09/30/2025
Reserves & Resources: n/a n/a never
C
U
R
R
E
N
T		 Annual Production: n/a n/a
Cash Cost: n/a n/a 09/30/2025
Extra Operating Cost: n/a n/a 09/30/2025
Total: n/a n/a 09/30/2025
Margin (Free Cash Flow): n/a
MCap / Production (AgEq): $137.35 $201.82
EV / Production (AgEq): $141.82 $207.08
G
R
A
D
E		 Underground (Avg): n/a n/a 09/30/2025
Open Pit (Avg): n/a n/a 09/30/2025
Recovery Rate: n/a n/a 09/30/2025
F
U
T
U
R
E		 Proven & Probable: n/a n/a 09/30/2025
Annual Production: n/a n/a 09/30/2025
Cash Cost: n/a n/a 09/30/2025
Extra Operating Cost: n/a n/a 09/30/2025

Property

Last Analysis Data  (09/30/2025)
Stage Name Owned
%		 NPV
$M		 IRR
%		 CapEx
$M		 Au Ag Cu Notes
Prod Tennant
100 show
Annual Production of 50,000 oz.
Prod Barberton
100 show
3 million oz deposit.

115,000 oz per year.

Size: 7,000 ha
Prod Evander
100 show
28 million oz deposit.

100,00 oz per year.
Current Data
Stage Name Owned
%		 NPV
$M		 IRR
%		 CapEx
$M		 Au Ag Cu Notes
Prod Tennant
100 show
Annual Production of 50,000 oz.
Prod Barberton
100 show
3 million oz deposit.

115,000 oz per year.

Size: 7,000 ha
Prod Evander
100 show
28 million oz deposit.

100,00 oz per year.

Profitability (by resource)

Proven &
Probable		 09/30/2025
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 100.00% 100.00% n/a
Percentage Silver: n/a n/a n/a
Total (Gold Eq. Oz.): 12.00M 12.00M n/a
Total (Silver Eq. Oz.): n/a n/a n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 10.80M 10.80M n/a
Silver Eq. Oz.: n/a n/a n/a
Maximum Profit (Gold): $22,279.64M $25,830.90M n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: $22,279.64M $25,830.90M n/a
Max Profit / Current MCap: 7.178 6.663 n/a
Max Profit Per Share (Gold): $8.44 $9.79 n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: $8.44 $9.79 n/a
Total Free Profit Per Share: $0.00 $0.00 n/a
FD MCap / Gold Eq.: $287.39 $358.95 n/a
FD MCap / Silver Eq.: $3.50 $5.14 n/a
FD MCap / Per Metal
as % Spot Price:		 7.44% 8.56% n/a
EV / Gold Eq.: $296.74 $368.31 n/a
EV / Silver Eq.: $3.61 $5.27 n/a
EV / Per Metal
as % Spot Price:		 7.68% 8.79% n/a
Measured &
Indicated		 09/30/2025
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 100.00% 100.00% n/a
Percentage Silver: n/a n/a n/a
Total (Gold Eq. Oz.): 25.00M 25.00M n/a
Total (Silver Eq. Oz.): n/a n/a n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 20.16M 20.16M n/a
Silver Eq. Oz.: n/a n/a n/a
Maximum Profit (Gold): $41,588.67M $48,217.68M n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: $41,588.67M $48,217.68M n/a
Max Profit / Current MCap: 13.399 12.438 n/a
Max Profit Per Share (Gold): $15.76 $18.27 n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: $15.76 $18.27 n/a
Total Free Profit Per Share: $0.00 $0.00 n/a
FD MCap / Gold Eq.: $153.96 $192.30 n/a
FD MCap / Silver Eq.: $1.87 $2.75 n/a
FD MCap / Per Metal
as % Spot Price:		 3.99% 4.59% n/a
EV / Gold Eq.: $158.97 $197.31 n/a
EV / Silver Eq.: $1.93 $2.82 n/a
EV / Per Metal
as % Spot Price:		 4.12% 4.71% n/a

Reserves &
Resources		 09/30/2025
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 100.00% 100.00% n/a
Percentage Silver: n/a n/a n/a
Total (Gold Eq. Oz.): 40.00M 40.00M n/a
Total (Silver Eq. Oz.): n/a n/a n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 26.91M 26.91M n/a
Silver Eq. Oz.: n/a n/a n/a
Maximum Profit (Gold): $55,513.45M $64,361.99M n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: $55,513.45M $64,361.99M n/a
Max Profit / Current MCap: 17.886 16.602 n/a
Max Profit Per Share (Gold): $21.04 $24.39 n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: $21.04 $24.39 n/a
Total Free Profit Per Share: $0.00 $0.00 n/a
FD MCap / Gold Eq.: $115.34 $144.06 n/a
FD MCap / Silver Eq.: $1.40 $2.06 n/a
FD MCap / Per Metal
as % Spot Price:		 2.99% 3.44% n/a
EV / Gold Eq.: $119.09 $147.82 n/a
EV / Silver Eq.: $1.45 $2.12 n/a
EV / Per Metal
as % Spot Price:		 3.08% 3.53% n/a

Future Valuation (Cash Flow & Totals)

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