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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 ~£711.63M which is a rise of roughly 112% over the last twelve months. As of 09/21/2019 they have ~£178M debt and ~£7.78M 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 $711.63M 09/21/2019 $376.31M
Total Assets: $613.66M $635.76M 09/21/2019 $22.10M
Total Liabilities: $313.09M $324.37M 09/21/2019 $11.27M
Current Assets: $46.34M $48.01M 09/21/2019 $1.67M
Current Liabilities: $100.19M $103.80M 09/21/2019 $3.61M
Total Debt: $171.57M $177.75M 09/21/2019 $6.18M
Cash: $7.51M $7.78M 09/21/2019 $0.27M
Enterprise Value: $499.38M $881.60M 12/08/1997 $382.22M
Cash Flow: $37.62M $89.13M never $51.52M
Cash Flow Multiple: 8.91 7.98 never -0.93
Net Debt to
Cash Flow Ratio:
4.36 1.91 never -2.45
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) 
12,395,436
09/21/2019 -1,931,246
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 01/25/2020 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% 01/25/2020 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 -113.60M
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 -102.24M
Maximum Profit (Gold): $995.72M $2,359.35M n/a $1,363.64M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $995.72M $2,359.35M n/a $1,363.64M
Max Profit / Current MCap: 2.969 3.315 n/a 0.346
Max Profit Per Share (Gold): $0.44 $1.05 n/a $0.61
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $0.44 $1.05 n/a $0.61
Total Free Profit Per Share: $0.00 $0.00 n/a $0.00
FD Mkt. Cap / Gold Eq.: $37.26 $79.07 n/a $41.81
FD Mkt. Cap / Silver Eq.: $0.44 $1.08 n/a $0.64
FD Mkt. Cap / Per Metal
as % Spot Price:
2.46% 4.06% n/a 1.60%
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 -227.21M
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 -184.04M
Maximum Profit (Gold): $1,792.29M $4,246.83M n/a $2,454.54M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $1,792.29M $4,246.83M n/a $2,454.54M
Max Profit / Current MCap: 5.345 5.968 n/a 0.623
Max Profit Per Share (Gold): $0.80 $1.90 n/a $1.10
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $0.80 $1.90 n/a $1.10
Total Free Profit Per Share: $0.00 $0.00 n/a $0.00
FD Mkt. Cap / Gold Eq.: $20.70 $43.93 n/a $23.23
FD Mkt. Cap / Silver Eq.: $0.25 $0.60 n/a $0.36
FD Mkt. Cap / Per Metal
as % Spot Price:
1.37% 2.25% n/a 0.89%

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 -340.81M
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 -235.16M
Maximum Profit (Gold): $2,290.14M $5,426.51M n/a $3,136.36M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $2,290.14M $5,426.51M n/a $3,136.36M
Max Profit / Current MCap: 6.830 7.625 n/a 0.796
Max Profit Per Share (Gold): $1.02 $2.42 n/a $1.40
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $1.02 $2.42 n/a $1.40
Total Free Profit Per Share: $0.00 $0.00 n/a $0.00
FD Mkt. Cap / Gold Eq.: $16.20 $34.38 n/a $18.18
FD Mkt. Cap / Silver Eq.: $0.19 $0.47 n/a $0.28
FD Mkt. Cap / Per Metal
as % Spot Price:
1.07% 1.76% n/a 0.70%

Future Valuation (Cash Flow & Totals)

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