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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 ~£271.93M which is a rise of roughly 8% over the last six months. As of 10/16/2018 they have ~£117M debt and ~£1.3M 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 $271.93M 10/16/2018 $20.81M
Total Assets: $360.85M $343.64M 10/16/2018 $-17.22M
Total Liabilities: $204.26M $194.51M 10/16/2018 $-9.75M
Current Assets: $27.23M $25.93M 10/16/2018 $-1.30M
Current Liabilities: $44.94M $42.79M 10/16/2018 $-2.14M
Total Debt: $122.55M $116.71M 10/16/2018 $-5.85M
Cash: $1.36M $1.30M 10/16/2018 $-0.06M
Enterprise Value: $372.31M $387.34M 04/10/1982 $15.03M
Cash Flow: $-2.90M $2.57M never $5.47M
Cash Flow Multiple: 0.00 105.79 never 105.79
Net Debt to
Cash Flow Ratio:		 n/a 44.90 never 44.90
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) 
14,616,092		 10/16/2018 384,398
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 22.61M
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 20.35M
Maximum Profit (Gold): $-230.58M $68.04M n/a $298.62M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $-230.58M $68.04M n/a $298.62M
Max Profit / Current MCap: n/a 0.250 n/a 1.168
Max Profit Per Share (Gold): $-0.10 $0.03 n/a $0.13
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $-0.10 $0.03 n/a $0.13
Total Free Profit Per Share: $0.00 $0.00 n/a $0.00
FD Mkt. Cap / Gold Eq.: $27.90 $30.21 n/a $2.31
FD Mkt. Cap / Silver Eq.: $0.33 $0.35 n/a $0.02
FD Mkt. Cap / Per Metal
as % Spot Price:		 2.28% 2.38% n/a 0.10%
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 45.22M
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 36.63M
Maximum Profit (Gold): $-415.04M $122.47M n/a $537.52M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $-415.04M $122.47M n/a $537.52M
Max Profit / Current MCap: n/a 0.450 n/a 2.103
Max Profit Per Share (Gold): $-0.19 $0.05 n/a $0.24
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $-0.19 $0.05 n/a $0.24
Total Free Profit Per Share: $0.00 $0.00 n/a $0.00
FD Mkt. Cap / Gold Eq.: $15.50 $16.79 n/a $1.28
FD Mkt. Cap / Silver Eq.: $0.19 $0.20 n/a $0.01
FD Mkt. Cap / Per Metal
as % Spot Price:		 1.26% 1.32% n/a 0.06%

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 67.83M
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 46.81M
Maximum Profit (Gold): $-530.33M $156.49M n/a $686.83M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $-530.33M $156.49M n/a $686.83M
Max Profit / Current MCap: n/a 0.575 n/a 2.687
Max Profit Per Share (Gold): $-0.24 $0.07 n/a $0.31
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $-0.24 $0.07 n/a $0.31
Total Free Profit Per Share: $0.00 $0.00 n/a $0.00
FD Mkt. Cap / Gold Eq.: $12.13 $13.14 n/a $1.01
FD Mkt. Cap / Silver Eq.: $0.14 $0.15 n/a $0.01
FD Mkt. Cap / Per Metal
as % Spot Price:		 0.99% 1.03% n/a 0.04%

Future Valuation (Cash Flow & Totals)

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