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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 220koz. 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 ~£2152.41M which is a rise of roughly 156% over the last twelve months. As of 09/28/2024 they have ~£191M debt and ~£54.52M cash. They have 1,917M shares outstanding and trade on the London Stock Exchange.

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General Details

Financial 09/28/2024
Last
Analysis
Data
Current Data
Item Value Value Updated
MCap (FD): $841.43M $2,152.41M 09/28/2024
MCap (OS): $839.46M $2,147.37M 09/28/2024
Total Assets: $551.45M $561.60M 09/28/2024
Total Liabilities: $227.54M $231.73M 09/28/2024
Current Assets: $66.92M $68.15M 09/28/2024
Current Liabilities: $84.32M $85.88M 09/28/2024
Total Debt: $187.39M $190.83M 09/28/2024
Cash: $53.54M $54.52M 09/28/2024
Debt (Net): $133.85M $136.31M
Enterprise Value: $975.28M $2,288.72M 07/11/2042
Cash Flow: $210.67M $436.66M never
Cash Flow Multiple: 3.99 4.93 never
Net Debt to
Cash Flow Ratio:		 0.64 0.31 never
Finance within 1 year: 09/28/2024
Misc 09/28/2024
Last
Analysis
Data
Current Data
Item Value Value Updated
Shares Outstanding: 1,916,504,000 1,916,504,000 09/28/2024
Shares (FD): 1,921,000,000 1,921,000,000 09/28/2024
Insider Ownership: n/a n/a never
Dividend (Annual): n/a 1.17% 09/01/2025
Company Type: Mostly Gold Mostly Gold never
Group: Producer Producer never
Production ETA: n/a n/a 09/28/2024
Production (Gold Eq Oz.): (guess) 
220,000		 (guess) 
220,000		 09/28/2024
Production (Silver Eq Oz.): (guess) 
18,502,278		 (guess) 
19,074,414		 09/28/2024
Development Phase: none Producer (Single Mine) 09/28/2024
Optionality Play: none No
F
U
T
U
R
E		 % of Spot: 15
Producer: Average
 15
Producer: Average
 09/28/2024
Cash Flow Multiple: 8 8 09/28/2024

Resource Data

GOLD 09/28/2024
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 09/28/2024
Measured & Indicated: 25.00M 25.00M 09/28/2024
Inferred: 15.00M 15.00M 09/28/2024
Reserves & Resources: 40.00M 40.00M never
P
L
A
U
S
I
B
L
E		 Proven & Probable: 10.80M 10.80M 09/28/2024
Measured & Indicated: 20.16M 20.16M 09/28/2024
Inferred: 6.75M 6.75M 09/28/2024
Reserves & Resources: 26.91M 26.91M never
C
U
R
R
E
N
T		 Annual Production: (guess) 
220,000oz.		 (guess) 
220,000oz.		 09/28/2024
Cash Cost: $1,200 $1,200 09/28/2024
Extra Operating Cost: $500 $500 09/28/2024
Total: $1,700 $1,700 09/28/2024
Margin (Free Cash Flow): $958 (36%) $1,985 (54%)
MCap / Production (AuEq): $3,824.70 $9,783.69
EV / Production (AuEq): $4,433.10 $10,403.28
G
R
A
D
E		 Underground (Avg): 6.00 g/t 6.00 g/t 09/28/2024
Open Pit (Avg): n/a 0.50 g/t 03/24/2024
Recovery Rate: (CG)  90.00% (CG)  90.00% 09/28/2024
F
U
T
U
R
E		 Proven & Probable: 20.00M 20.00M 09/28/2024
Annual Production: 250,000oz. 250,000oz. 09/28/2024
Cash Cost: $1,200 $1,200 09/28/2024
Extra Operating Cost: $550 $550 09/28/2024
SILVER 09/28/2024
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 09/28/2024
Measured & Indicated: n/a n/a 09/28/2024
Inferred: n/a n/a 09/28/2024
Reserves & Resources: n/a n/a never
P
L
A
U
S
I
B
L
E		 Proven & Probable: n/a n/a 09/28/2024
Measured & Indicated: n/a n/a 09/28/2024
Inferred: n/a n/a 09/28/2024
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 09/28/2024
Extra Operating Cost: n/a n/a 09/28/2024
Total: n/a n/a 09/28/2024
Margin (Free Cash Flow): n/a
MCap / Production (AgEq): $45.48 $112.84
EV / Production (AgEq): $52.71 $119.99
G
R
A
D
E		 Underground (Avg): n/a n/a 09/28/2024
Open Pit (Avg): n/a n/a 09/27/2023
Recovery Rate: n/a n/a 09/28/2024
F
U
T
U
R
E		 Proven & Probable: n/a n/a 09/28/2024
Annual Production: n/a n/a 09/28/2024
Cash Cost: n/a n/a 09/28/2024
Extra Operating Cost: n/a n/a 09/28/2024

Property

Last Analysis Data  (09/28/2024)
Stage Name Owned
%		 NPV
$M		 IRR
%		 CapEx
$M		 Au Ag Cu Notes
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.
Dev Elikhulu
100 show
Annual Production of 50,000 oz beginning in 2018.
Current Data
Stage Name Owned
%		 NPV
$M		 IRR
%		 CapEx
$M		 Au Ag Cu Notes
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.
Dev Elikhulu
100 show
Annual Production of 50,000 oz beginning in 2018.

Profitability (by resource)

Proven &
Probable		 09/28/2024
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): $10,342.08M $21,436.16M n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: $10,342.08M $21,436.16M n/a
Max Profit / Current MCap: 12.291 9.959 n/a
Max Profit Per Share (Gold): $5.38 $11.16 n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: $5.38 $11.16 n/a
Total Free Profit Per Share: $0.00 $0.00 n/a
FD MCap / Gold Eq.: $77.91 $199.30 n/a
FD MCap / Silver Eq.: $0.93 $2.30 n/a
FD MCap / Per Metal
as % Spot Price:		 2.93% 5.41% n/a
EV / Gold Eq.: $90.30 $211.92 n/a
EV / Silver Eq.: $1.07 $2.44 n/a
EV / Per Metal
as % Spot Price:		 3.40% 5.75% n/a
Measured &
Indicated		 09/28/2024
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): $19,305.22M $40,014.17M n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: $19,305.22M $40,014.17M n/a
Max Profit / Current MCap: 22.943 18.590 n/a
Max Profit Per Share (Gold): $10.05 $20.83 n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: $10.05 $20.83 n/a
Total Free Profit Per Share: $0.00 $0.00 n/a
FD MCap / Gold Eq.: $41.74 $106.77 n/a
FD MCap / Silver Eq.: $0.50 $1.23 n/a
FD MCap / Per Metal
as % Spot Price:		 1.57% 2.90% n/a
EV / Gold Eq.: $48.38 $113.53 n/a
EV / Silver Eq.: $0.58 $1.31 n/a
EV / Per Metal
as % Spot Price:		 1.82% 3.08% n/a

Reserves &
Resources		 09/28/2024
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): $25,769.02M $53,411.78M n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: $25,769.02M $53,411.78M n/a
Max Profit / Current MCap: 30.625 24.815 n/a
Max Profit Per Share (Gold): $13.41 $27.80 n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: $13.41 $27.80 n/a
Total Free Profit Per Share: $0.00 $0.00 n/a
FD MCap / Gold Eq.: $31.27 $79.99 n/a
FD MCap / Silver Eq.: $0.37 $0.92 n/a
FD MCap / Per Metal
as % Spot Price:		 1.18% 2.17% n/a
EV / Gold Eq.: $36.24 $85.05 n/a
EV / Silver Eq.: $0.43 $0.98 n/a
EV / Per Metal
as % Spot Price:		 1.36% 2.31% n/a

Future Valuation (Cash Flow & Totals)

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