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Category: Mid-tier Producer
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Pan African Resources Plc
www: www.panafricanresources.com     email: ecoetzee@paf.co.za

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Notes
Forum
Your Data

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 ~£316.48M which is a rise of roughly 26% over the last nine months. As of 10/16/2018 they have ~£113M debt and ~£1.26M cash. They have 2,234M shares outstanding and trade on the London Stock Exchange.

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General Details

Financial 10/16/2018
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
Mkt. Cap (FD): $251.11M $316.48M 10/16/2018 $65.36M
Total Assets: $360.85M $332.81M 10/16/2018 $-28.05M
Total Liabilities: $204.26M $188.38M 10/16/2018 $-15.88M
Current Assets: $27.23M $25.12M 10/16/2018 $-2.12M
Current Liabilities: $44.94M $41.44M 10/16/2018 $-3.49M
Total Debt: $122.55M $113.03M 10/16/2018 $-9.53M
Cash: $1.36M $1.26M 10/16/2018 $-0.11M
Enterprise Value: $372.31M $428.25M 07/28/1983 $55.94M
Cash Flow: $-2.90M $19.41M never $22.31M
Cash Flow Multiple: 0.00 16.31 never 16.31
Net Debt to
Cash Flow Ratio:		 n/a 5.76 never 5.76
Finance within 1 year: 10/16/2018 n/a
Tax Rate: (guess)  30.00% (default)  30.00% 10/16/2018 0.00%
Misc 10/16/2018
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
Shares Outstanding: 2,234,000,000 2,234,000,000 10/16/2018 0
Shares (FD): 2,238,000,000 2,238,000,000 10/16/2018 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 10/16/2018 n/a
Production (Gold Eq Oz.): (guess) 
170,000		 (guess) 
170,000		 10/16/2018 0
Production (Silver Eq Oz.): (guess) 
14,231,694		 (guess) 
15,670,385		 10/16/2018 1,438,691
Initial CapEx (Outstanding): n/a n/a 10/16/2018 n/a
Funding Option: n/a n/a 10/16/2018 n/a
Documentation: none PRODUCER 10/16/2018 n/a
Value Adjustment: -50% -50% never 0%

Resource Data

GOLD 10/16/2018
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 10/16/2018 0.00M
Measured & Indicated: 20.00M 20.00M 10/16/2018 0.00M
Inferred: 10.00M 10.00M 10/16/2018 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 10/16/2018 0.00M
Measured & Indicated: 16.20M 16.20M 10/16/2018 0.00M
Inferred: 4.50M 4.50M 10/16/2018 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.		 10/16/2018 0oz.
Cash Cost: $950 $950 10/16/2018 $0.00
Extra Operating Cost: $300 $300 10/16/2018 $0.00
Average Grade: 3.50 g/t 3.50 g/t 10/16/2018 n/a
Recovery Rate: (CG)  90.00% (CG)  90.00% 10/16/2018 0.00%
F
U
T
U
R
E		 Proven & Probable: 20.00M 20.00M 10/16/2018 0.00M
Annual Production: 250,000oz. 250,000oz. 10/16/2018 0oz.
Cash Cost: $900 $900 10/16/2018 $0
Extra Operating Cost: $350 $350 10/16/2018 $0
SILVER 10/16/2018
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 10/16/2018 0.00M
Measured & Indicated: n/a n/a 10/16/2018 0.00M
Inferred: n/a n/a 10/16/2018 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 10/16/2018 0.00M
Measured & Indicated: n/a n/a 10/16/2018 0.00M
Inferred: n/a n/a 10/16/2018 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 10/16/2018 $0.00
Extra Operating Cost: n/a n/a 10/16/2018 $0.00
Average Grade: n/a n/a 10/16/2018 n/a
Recovery Rate: n/a n/a 10/16/2018 0.00%
F
U
T
U
R
E		 Proven & Probable: n/a n/a 10/16/2018 0.00M
Annual Production: n/a n/a 10/16/2018 n/a
Cash Cost: n/a n/a 10/16/2018 n/a
Extra Operating Cost: n/a n/a 10/16/2018 n/a

Property

Last Analysis Data  (10/16/2018)
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		 10/16/2018
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 84.63M
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 76.17M
Maximum Profit (Gold): $-230.58M $513.77M n/a $744.35M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $-230.58M $513.77M n/a $744.35M
Max Profit / Current MCap: n/a 1.623 n/a 2.542
Max Profit Per Share (Gold): $-0.10 $0.23 n/a $0.33
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $-0.10 $0.23 n/a $0.33
Total Free Profit Per Share: $0.00 $0.00 n/a $0.00
FD Mkt. Cap / Gold Eq.: $27.90 $35.16 n/a $7.26
FD Mkt. Cap / Silver Eq.: $0.33 $0.38 n/a $0.05
FD Mkt. Cap / Per Metal
as % Spot Price:		 2.28% 2.49% n/a 0.21%
Measured &
Indicated		 10/16/2018
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 169.26M
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 137.10M
Maximum Profit (Gold): $-415.04M $924.78M n/a $1,339.82M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $-415.04M $924.78M n/a $1,339.82M
Max Profit / Current MCap: n/a 2.922 n/a 4.575
Max Profit Per Share (Gold): $-0.19 $0.41 n/a $0.60
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $-0.19 $0.41 n/a $0.60
Total Free Profit Per Share: $0.00 $0.00 n/a $0.00
FD Mkt. Cap / Gold Eq.: $15.50 $19.54 n/a $4.03
FD Mkt. Cap / Silver Eq.: $0.19 $0.21 n/a $0.03
FD Mkt. Cap / Per Metal
as % Spot Price:		 1.26% 1.38% n/a 0.12%

Reserves &
Resources		 10/16/2018
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 253.89M
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 175.18M
Maximum Profit (Gold): $-530.33M $1,181.66M n/a $1,711.99M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $-530.33M $1,181.66M n/a $1,711.99M
Max Profit / Current MCap: n/a 3.734 n/a 5.846
Max Profit Per Share (Gold): $-0.24 $0.53 n/a $0.76
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $-0.24 $0.53 n/a $0.76
Total Free Profit Per Share: $0.00 $0.00 n/a $0.00
FD Mkt. Cap / Gold Eq.: $12.13 $15.29 n/a $3.16
FD Mkt. Cap / Silver Eq.: $0.14 $0.17 n/a $0.02
FD Mkt. Cap / Per Metal
as % Spot Price:		 0.99% 1.08% n/a 0.09%

Future Valuation (Cash Flow & Totals)

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