Pan African posts record FY2025 profit, plans near-40% output jump and London listing move

Pan African Resources reported record profit for the year ended 30 June 2025, with gold production up a third to 196,527oz and the average realised gold price up roughly the same amount to $2,735/oz. Chief executive Cobus Loots told investors on 10 September 2025 that gold's "perceived safe-haven status is likely to persist amid global geopolitical uncertainty and a shifting world order," and pointed to Goldman Sachs forecasts of $4,000/oz gold by mid-2026 as a further tailwind.

Guidance jumps for FY2026

The company guided to FY2026 production of between 275,000oz and 292,000oz — an increase of up to 100,000oz on the year just reported. Roughly half of that growth was expected from the newly commissioned Mintails tailings expansion, with the balance split between the Nobles mine in Australia and additional milling capacity. The scale of the jump underlined how quickly Pan African's surface retreatment business has grown relative to its legacy underground mines.

Hedging blunted the upside

Despite the record numbers, the results noted that hedging structures meant Pan African's realised gold price lagged the average spot price during the year, a reminder that the company — unlike some peers — locks in a portion of future output to manage risk. Shares had still gained 117% year-to-date and 160% over the preceding year by the time of the results.

London listing and a shifting strategy

Alongside the results, Pan African confirmed it would relocate its primary listing to London's Main Market, a move management linked to a strategic shift away from higher-risk African jurisdictions and toward assets in South Africa and Australia, where it sees more predictable regulatory environments. The company's underground Barberton operations remained a smaller part of the growth story than its tailings and Australian assets, continuing a trend flagged in earlier results.

The record year set up an active 12 months for Pan African, including a share buyback, an operational update flagging record FY2026 output, and progress on the Soweto Cluster and Poplar exploration projects.

Sources

• Miningmx: Pan African hits high note amid unstinting gold price, 10 Sept 2025

Photo: The Johannesburg Stock Exchange, where Pan African Resources announced record FY2025 results. Nabucco Fisico, Wikimedia Commons, CC BY-SA 4.0.