PAN African Resources plc
Pan African Resources PLC is a gold mining group with producing operations in South Africa (Barberton Mines underground and BTRP; Evander Mines underground, Elikhulu tailings retreatment and the newly commissioned Mogale Tailings Retreatment (MTR) plant) and, following the FY25 acquisition of Tennant Consolidated Mining Group, a new high-margin surface remining operation in the Northern Territory of Australia. The Group also holds an exploration project in Sudan (impaired in FY25 due to political unrest) and small agricultural ESG projects. Revenue is earned almost entirely from spot gold sales into the market through financial institutions and a refinery counterparty.
FY2025 in sixty seconds
year to 30 Jun 2025 · approved 10 Sept 2025 · 310 pages · Companies House
Pan African Resources mines gold in South Africa and, since November 2024, in Australia. In the year to 30 June 2025 revenue rose to $540.0m from $373.8m, and profit after tax increased to $141.6m from $79.4m.
The main reason was a higher gold price: the average price received rose to US$2,735/oz from US$2,021/oz. The new Mogale plant, which reprocesses old mine waste, added output after starting in October 2024, though group production was 94% of budget. Profit was also lifted by a one-off accounting gain from buying the Australian Tennant business for less than its assets were judged to be worth. This was partly offset by writing off assets in Sudan and job-cut costs at Barberton.
Year-end cash was $49.5m against borrowings of $190.0m. No cash was raised from shareholders, though new shares were issued to pay for Tennant. The board proposed a final dividend above its usual policy, citing good prospects for the coming year. The report notes that loan conditions on the Australian debt were broken, with waivers being sought. The board said this does not put the company's ability to keep operating in doubt, and the auditors gave a clean opinion.
Gold price (US$/oz and ZAR/kg) received on spot sales
Average gold spot price received FY25 US$2,735/oz (ZAR1,595,761/kg) vs FY24 US$2,021/oz
page 269Higher realised gold price
Average gold spot price received rose from US$2,021/oz (FY24) to US$2,735/oz (FY25)
page 269Management describes the Tennant acquisition as expanding and diversifying the Group's production base, presenting the next phase in the Group's growth trajectory via a complementary high-margin, long-life surface remining operation in a Tier 1 mining jurisdiction (Australia).
page 194Stated policy provides for a 40% to 50% payout ratio of free cash flow; board proposed a final FY25 dividend of ZAR864.2 million (ZA 37.00000 cents per share, approx US 2.08451 cents/1.52076 pence per share), in excess of policy guidelines, subject to AGM approval on 20 November 2025. FY24 final dividend of ZA 22.00000 cents per share was approved and paid.
page 22611 years on one page · FY2015–FY2025
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USD millions, negatives in brackets. Per-share lines in cents. Share counts in millions. Margins and returns as percentages, calculated from the filed figures. later is what a following report restated the figure to; vs is a second reading that disagrees. The figure shown is the one the original filing printed, and both readings are kept. Click any figure: opens the report page it was read from, highlighted; shows how it was calculated.
64 figures restated in a later report
Every figure is read again from the following year’s report: 326 confirmed, 12 differ, 64 restated.
| Line | Year | As first filed | In the later report |
|---|---|---|---|
| FY2023 | $102mFY2023 report | $101mFY2024 report | |
| FY2023 | $9.6mFY2023 report | $13.9mFY2024 report | |
| FY2023 | $8.6mFY2023 report | $9.1mFY2024 report | |
| FY2023 | $61.1mFY2023 report | $60.9mFY2024 report | |
| FY2023 | $94.1mFY2023 report | $94.2mFY2024 report | |
| FY2023 | $85.6mFY2023 report | $85.1mFY2024 report | |
| FY2023 | $322mFY2023 report | $320mFY2024 report | |
| FY2023 | $24.8mFY2023 report | $24.6mFY2024 report | |
| FY2023 | $501mFY2023 report | $505mFY2024 report | |
| FY2023 | $61.3mFY2023 report | $58.9mFY2024 report | |
| FY2023 | $295mFY2023 report | $292mFY2024 report | |
| FY2023 | $206mFY2023 report | $213mFY2024 report | |
| FY2023 | $15.2mFY2023 report | $8.5mFY2024 report | |
| FY2023 | $6.7mFY2023 report | $6.7mFY2024 report |
50 more figures were restated in FY2015 to FY2022, which a free account opens.