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Pan African Resources Plc

www: www.panafricanresources.com   email: ecoetzee@paf.co.za
Category: Emerging Major
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Symbol Data

Symbol Currency
LON:PAF GBX

Description

Pan African Resources Plc are a gold focused emerging major with three producing mines in Australia and South Africa. Currently they produce roughly 275koz. 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 ~$3200.89M which is a rise of roughly 3% over the last three weeks. As of 09/30/2025 they have ~$150M debt and ~$49M cash. They have 2,334M shares outstanding and trade on the London Stock Exchange.

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General Details

Financial 09/30/2025
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
MCap (FD): $3,103.82M $3,200.89M 09/30/2025 $97.07M
MCap (OS): $2,745.10M $2,830.95M 09/30/2025 $85.85M
Total Assets: $1,000.00M $1,000.00M 09/30/2025 $0.00M
Total Liabilities: $458.00M $458.00M 09/30/2025 $0.00M
Current Assets: $50.00M $50.00M 09/30/2025 $0.00M
Current Liabilities: $63.00M $63.00M 09/30/2025 $0.00M
Total Debt: $150.00M $150.00M 09/30/2025 $0.00M
Cash: $49.00M $49.00M 09/30/2025 $0.00M
Debt (Net): $101.00M $101.00M $0.00M
Enterprise Value: $3,204.82M $3,301.89M 08/19/2074 $97.07M
Cash Flow: $567.31M $667.24M never $99.93M
Cash Flow Multiple: 5.47 4.80 never -0.67
Net Debt to
Cash Flow Ratio:		 0.18 0.15 never -0.03
Finance within 1 year: 09/30/2025 n/a
Misc 09/30/2025
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
Shares Outstanding: 2,334,000,000 2,334,000,000 09/30/2025 0
Shares (FD): 2,639,000,000 2,639,000,000 09/30/2025 0
Insider Ownership: n/a n/a 09/30/2025 n/a
Dividend (Annual): 1.79% 1.74% 09/30/2025 -0.05
Company Type: Mostly Gold Mostly Gold never n/a
Group: Producer Producer never n/a
Production ETA: n/a n/a 09/30/2025 n/a
Production (Gold Eq Oz.): (guess) 
275,000		 (guess) 
275,000		 09/30/2025 0
Production (Silver Eq Oz.): (guess) 
22,597,442		 (guess) 
22,928,295		 09/30/2025 330,853
Development Phase: Producer (Single Mine) Producer (Single Mine) 09/30/2025 n/a
Optionality Play: none No
F
U
T
U
R
E		 % of Spot: 15
Producer: Average
 15
Producer: Average
 09/30/2025 0
Cash Flow Multiple: 9 9 09/30/2025 0.00

Resource Data

GOLD 09/30/2025
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: 12.00M 12.00M 09/30/2025 0.00M
Measured & Indicated: 25.00M 25.00M 09/30/2025 0.00M
Inferred: 15.00M 15.00M 09/30/2025 0.00M
Reserves & Resources: 40.00M 40.00M never 0.00M
P
L
A
U
S
I
B
L
E		 Proven & Probable: 10.80M 10.80M 09/30/2025 0.00M
Measured & Indicated: 20.16M 20.16M 09/30/2025 0.00M
Inferred: 6.75M 6.75M 09/30/2025 0.00M
Reserves & Resources: 26.91M 26.91M never 0.00M
C
U
R
R
E
N
T		 Annual Production: (guess) 
275,000oz.		 (guess) 
275,000oz.		 09/30/2025 0oz.
Cash Cost: $1,200 $1,200 09/30/2025 $0.00
Extra Operating Cost: $600 $600 09/30/2025 $0.00
Total: $1,800 $1,800 09/30/2025 $0.00
Margin (Free Cash Flow): $2,063 (53%) $2,426 (57%) $363.38
MCap / Production (AuEq): $11,286.61 $11,639.60 $352.99
EV / Production (AuEq): $11,653.88 $12,006.87 $352.99
G
R
A
D
E		 Underground (Avg): 6.00 g/t 6.00 g/t 09/30/2025 n/a
Open Pit (Avg): n/a 0.50 g/t 09/30/2025 0.50 g/t
Recovery Rate: (CG)  90.00% (CG)  90.00% 09/30/2025 0.00%
F
U
T
U
R
E		 Proven & Probable: 20.00M 20.00M 09/30/2025 0.00M
Annual Production: 350,000oz. 350,000oz. 09/30/2025 0oz.
Cash Cost: $1,200 $1,200 09/30/2025 $0
Extra Operating Cost: $700 $700 09/30/2025 $0
SILVER 09/30/2025
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 09/30/2025 0.00M
Measured & Indicated: n/a n/a 09/30/2025 0.00M
Inferred: n/a n/a 09/30/2025 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 09/30/2025 0.00M
Measured & Indicated: n/a n/a 09/30/2025 0.00M
Inferred: n/a n/a 09/30/2025 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 09/30/2025 $0.00
Extra Operating Cost: n/a n/a 09/30/2025 $0.00
Total: n/a n/a 09/30/2025 $0.00
Margin (Free Cash Flow): n/a $0.00
MCap / Production (AgEq): $137.35 $139.60 $2.25
EV / Production (AgEq): $141.82 $144.01 $2.19
G
R
A
D
E		 Underground (Avg): n/a n/a 09/30/2025 n/a
Open Pit (Avg): n/a n/a 09/30/2025 n/a
Recovery Rate: n/a n/a 09/30/2025 0.00%
F
U
T
U
R
E		 Proven & Probable: n/a n/a 09/30/2025 0.00M
Annual Production: n/a n/a 09/30/2025 n/a
Cash Cost: n/a n/a 09/30/2025 n/a
Extra Operating Cost: n/a n/a 09/30/2025 n/a

Property

Last Analysis Data  (09/30/2025)
Stage Name Owned
%		 NPV
$M		 IRR
%		 CapEx
$M		 Au Ag Cu Notes
Prod Tennant
100 show
Annual Production of 50,000 oz.
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.
Current Data
Stage Name Owned
%		 NPV
$M		 IRR
%		 CapEx
$M		 Au Ag Cu Notes
Prod Tennant
100 show
Annual Production of 50,000 oz.
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.

Profitability (by resource)

Proven &
Probable		 09/30/2025
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.): 12.00M 12.00M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 14.44M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 10.80M 10.80M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 12.99M
Maximum Profit (Gold): $22,279.64M $26,204.15M n/a $3,924.50M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $22,279.64M $26,204.15M n/a $3,924.50M
Max Profit / Current MCap: 7.178 8.187 n/a 1.008
Max Profit Per Share (Gold): $8.44 $9.93 n/a $1.49
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $8.44 $9.93 n/a $1.49
Total Free Profit Per Share: $0.00 $0.00 n/a $0.00
FD MCap / Gold Eq.: $287.39 $296.38 n/a $8.99
FD MCap / Silver Eq.: $3.50 $3.55 n/a $0.06
FD MCap / Per Metal
as % Spot Price:		 7.44% 7.01% n/a -0.43%
EV / Gold Eq.: $296.74 $305.73 n/a $8.99
EV / Silver Eq.: $3.61 $3.67 n/a $0.06
EV / Per Metal
as % Spot Price:		 7.68% 7.23% n/a -0.45%
Measured &
Indicated		 09/30/2025
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.): 25.00M 25.00M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 30.08M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 20.16M 20.16M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 24.25M
Maximum Profit (Gold): $41,588.67M $48,914.41M n/a $7,325.74M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $41,588.67M $48,914.41M n/a $7,325.74M
Max Profit / Current MCap: 13.399 15.282 n/a 1.882
Max Profit Per Share (Gold): $15.76 $18.54 n/a $2.78
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $15.76 $18.54 n/a $2.78
Total Free Profit Per Share: $0.00 $0.00 n/a $0.00
FD MCap / Gold Eq.: $153.96 $158.77 n/a $4.82
FD MCap / Silver Eq.: $1.87 $1.90 n/a $0.03
FD MCap / Per Metal
as % Spot Price:		 3.99% 3.76% n/a -0.23%
EV / Gold Eq.: $158.97 $163.78 n/a $4.82
EV / Silver Eq.: $1.93 $1.96 n/a $0.03
EV / Per Metal
as % Spot Price:		 4.12% 3.88% n/a -0.24%

Reserves &
Resources		 09/30/2025
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.): 40.00M 40.00M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 48.12M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 26.91M 26.91M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 32.38M
Maximum Profit (Gold): $55,513.45M $65,292.00M n/a $9,778.56M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $55,513.45M $65,292.00M n/a $9,778.56M
Max Profit / Current MCap: 17.886 20.398 n/a 2.513
Max Profit Per Share (Gold): $21.04 $24.74 n/a $3.71
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $21.04 $24.74 n/a $3.71
Total Free Profit Per Share: $0.00 $0.00 n/a $0.00
FD MCap / Gold Eq.: $115.34 $118.95 n/a $3.61
FD MCap / Silver Eq.: $1.40 $1.43 n/a $0.02
FD MCap / Per Metal
as % Spot Price:		 2.99% 2.81% n/a -0.17%
EV / Gold Eq.: $119.09 $122.70 n/a $3.61
EV / Silver Eq.: $1.45 $1.47 n/a $0.02
EV / Per Metal
as % Spot Price:		 3.08% 2.90% n/a -0.18%

Future Valuation (Cash Flow & Totals)

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