Pan African Resources PLC (Incorporated and registered in England and Wales under the Companies Act 1985 with registered number 3937466 on 25 February 2000) Share code on LSE: PAF Share code on JSE: PAN ISIN: GB0004300496 ADR ticker code: PAFRY (“Pan African Resources” or the “Company” or the “Group”)
Pan African Resources Funding Company Limited Incorporated in the Republic of South Africa with limited liability Registration number: 2012/021237/06 Alpha code: PARI
Unaudited Condensed Consolidated Interim Financial Results for the six months ended December 2025
Key Features
Highlights
Overall improvement in Group safety performance, with ongoing focus on safety initiatives
Increase in gold production of 51.5% to 128,296oz (FY25H1: 84,705oz), with the Group on track to meet the full-year production guidance range of between 275,000oz and 292,000oz
Revenue increased substantially by 157.3% to US$487.1 million (FY25H1: US$189.3 million), with a 61.6% increase in the US$ gold price received to US$3,812/oz (FY25H1: US$2,359/oz), compared to prevailing gold prices of approximately US$5,000/oz
Profit for the reporting period increased by 211.9% to a record US$147.8 million (FY25H1: US$47.4 million)
Net cash generated from operating activities increased by US$174.1 million to US$170.9 million (FY25H1: US$3.2 million net cash used), resulting in a reduction in net debt® of 69.3% to US$46.2 million, compared to US$150.5 million at 30 June 2025
Headline earnings® per share (HEPS) increased by 511.7% to US 7.34 cents per share (FY25H1: US 1.20 cents per share)
Earnings per share (EPS) increased by 192.0% to US 7.30 cents per share (FY25H1: US 2.50 cents per share (restated)). Included in EPS in the previous reporting period is a gain on acquisition relating to the Tennant Consolidated Mining Group Proprietary Limited (Tennant company) transaction. This gain amounting to US$28.0 million is excluded from HEPS
Moved listing of the Group's ordinary shares from AIM to the Main Market of the London Stock Exchange (LSE) in October 2025. Inclusion in the LSE FTSE250 Index in December 2025
Board-approved interim cash dividend of ZAR 12,000.00 cents per share (or US 0.74488 cents per share at an indicative exchange rate of US$/ZAR:16.11 or 0.54745 pence per share at an indicative exchange rate of GBP/ZAR:21.92)
All-in sustaining cost (AISC®) of production for FY26H1 of US$1,874/oz at US$/ZAR:17.37, impacted by rand currency strength, an increase in employee share-based payment expenses and higher royalty costs
Notably, the Group's lower-cost operations, which account for 88% of Group production, recorded AISC® of US$1,700/oz
FY26 full-year AISC® guidance revised to between US$1,820/oz and US$1,870/oz at US$/ZAR:17.00, lower than the AISC® for the first six months, due to increased forecast production in FY26H2 and a continued focus on cost control
The Group is positioned to continue its trajectory of near-term, sector-leading and fully funded production growth
Tennant Mines is expected to grow gold production by approximately 100% (to approximately 100Koz per annum) over the next three years, while Mogale Tailings Retreatment's (MTR) Soweto Cluster bankable feasibility study is to be completed in the coming months
Barberton Mines' Royal Sheba project (6.9Mt at 3.24g/t for 714Koz in Mineral Resources) is scheduled for expedited execution later this year, following an independent review of the current feasibility study
Additionally, Evander Mines' Poplar project (28.7Mt at 6.99g/t for 6.46Moz in Mineral Resources) will undergo an advanced prefeasibility study (PFS) within the calendar year to assess potential access approaches for this shallow deposit.
Production
Barberton Mines' underground production increased by 5.2% to 32,774oz (FY25H1: 31,142oz), and Barberton Tailings Retreatment Plant (BTRP) production remained stable at 7,143oz (FY25H1: 7,544oz)
The Elikhulu Tailings Retreatment Plant (Elikhulu) achieved excellent results, with production increasing by 14.5% to 29,450oz (FY25H1: 25,725oz)
Production at Evander Mines' operations improved substantially by 87.3% to 21,640oz (FY25H1: 11,551oz). Production in FY26H2 is expected to increase further with higher mined tonnages
The MTR operation performed at steady state following its ramp-up in FY25, with production of 21,729oz, approximately 10% lower than expected, as a result of mined grades and recoveries impacted by the current mined area
Tennant Mines achieved steady-state throughput, with production of 15,560oz (including gold equivalent ounces from the sale of copper concentrate). Production in FY26H2 is anticipated to increase to approximately 30,000oz as higher-grade ore from open pits replaces lower-grade feed from the Crown Pillar Stockpile.
Safety
Total recordable injury frequency rate improved substantially to 4.74 (FY25H1: 8.25) per million man hours
Lost time injury frequency rate improved to 1.22 (FY25H1: 1.54) per million man hours
Reportable injury frequency rate remained stable at 0.61 (FY25H1: 0.55) per million man hours
A fatal incident was recorded at Evander Mines' underground operations in July 2025 (as reported in the FY25 final results)
Commendably, Elikhulu and MTR surface operations achieved zero lost time and reportable injuries.
Costs and Cost Guidance
AISC® of production for FY26H1 of US$1,874/oz at US$/ZAR:17.37 (previous FY26 full-year guidance: US$1,525/oz to US$1,575/oz at US$/ZAR:18.50), negatively impacted by:
the strengthening of the average US$/ZAR exchange rate by 6.1% to US$17.37, with an impact of approximately US$115/oz
the increase in employee share-based payment expenses, as a result of an increase of more than 140% in the Company share price from ZAR11.09 (0.4575 pence) at 30 June 2025 to ZAR26.93 (1.21 pence) at 31 December 2025 (approximately US$80/oz)
third-party material processed at the Evander Mines and MTR operations during the period, contributing to higher costs, as well as increased royalty payments due to the higher gold price received
AISC® for lower-cost operations accounting for 88% of Group production at US$1,700/oz
The FY26 full-year AISC® guidance has been revised to US$1,820/oz to US$1,870/oz (at US$/ZAR:17.00) to reflect the effects of the factors outlined previously, resulting in an increase from the original forecast; nevertheless, the full-year AISC® is still expected to be lower than the FY26H1 level due to higher production volumes anticipated in FY26H2.
Financial
Revenue increased by 157.3% to US$487.1 million (FY25H1: US$189.3 million)
Net cash generated from operating activities increased by US$174.1 million to US$170.9 million (FY25H1: US$3.2 million net cash used)
Adjusted EBITDA® increased to US$245.2 million (FY25H1: US$58.0 million), and the EBITDA® margin increased to 50.3% (FY25H1: 30.6%)
EPS increased by 192.0% to US 7.30 cents per share (FY25H1: US 2.50 cents per share (restated))
HEPS increased by 511.7% to US 7.34 cents per share (FY25H1: US 1.20 cents per share). Included in EPS in the previous reporting period is a gain on acquisition relating to the Tennant company transaction. This gain amounting to US$28.0 million is excluded from HEPS
Profit for the reporting period increased by 211.8% to a record US$147.8 million (FY25H1: US$47.4 million)
The Group has now substantially degaged its balance sheet, with a reduction in net debt® of 69.3% to US$46.2 million, compared to US$150.5 million at 30 June 2025. At the prevailing gold prices, the Group expects to be in a net cash position by the end of February 2026. The improvement has been achieved notwithstanding the payment of a record final dividend to shareholders in December 2025
Available cash and undrawn facilities at period-end of US$158.9 million (FY25H1: US$32.3 million).
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Key Features continued
Interim Dividend for the Six Months Ended 31 December 2025
The board has approved an interim gross cash dividend of ZAR280.0 million (approximately US$17.4 million), equal to ZA 12.00000 cents per share (or US 0.74488 cents per share based on an exchange rate of US$/ZAR:16.11 or 0.54745 pence per share based on an exchange rate of GBP/ZAR:21.92).
Interim dividend salient dates
| Conversion date | Monday, 16 February 2026 | | Declaration date | Wednesday, 18 February 2026 | | Last date to trade on the JSE | Tuesday, 10 March 2026 | | Last date to trade on the LSE | Wednesday, 11 March 2026 | | Ex-dividend date on the JSE | Wednesday, 11 March 2026 | | Ex-dividend date on the LSE | Thursday, 12 March 2026 | | Record date on the JSE and LSE | Friday, 13 March 2026 | | Payment date | Tuesday, 17 March 2026 |
Notes
No transfers between the South African and United Kingdom (UK) registers, between the commencement of trading on Wednesday, 11 March 2026 and close of business on Friday, 13 March 2026 will be permitted
No shares may be dematerialised or rematerialised between Wednesday, 11 March 2026 and close of business on Friday, 13 March 2026, both days inclusive.
The interim dividend per share was calculated on 2,333,671,529 total shares in issue, equating to ZA 12.00000 cents per share or 0.54745 pence per share or US 0.74488 cents per share
The South African dividend tax rate is 20% per share for shareholders who are liable to pay the dividends tax, resulting in a net dividend of ZA 9.60000 cents per share, 0.437960 pence per share and US 0.59590 cents per share for these shareholders. Foreign investors may qualify for a lower dividend tax rate, subject to completing a dividend tax declaration and submitting it to Computershare Investor Services Proprietary Limited or Link Group who manage the South African and UK registers, respectively
The Company's South African income tax reference number is 9154588173
The interim dividend will be distributed from the Company's South African income reserves/retained earnings, without drawing on any other capital reserves.
Future Production Growth
At Tennant Mines, the earn-in exploration joint venture with Australian Securities Exchange-listed Emmerson Resources Limited (ERM), on which the White Devil project and others are located, was successfully concluded during September 2025
– Ongoing exploration on the Group's wholly owned mining leases at Nobles, Juno and Warrego confirmed extensions to the known mineralised zones. These projects target increasing overall Australian Group production to approximately 100,000oz of gold per year and 10,000t to 15,000t of copper per year over a life-of-mine (LoM) of more than 10 years
– Regional exploration programmes comprising magnetotelluric geophysical surveys and remote sensing have identified more than 10 new prospective targets for exploration
A feasibility study to process the Group's Soweto Cluster tailings storage facilities (Soweto TSFs) at a stand-alone operation was successfully completed during the reporting period (announced on the Stock Exchange News Service (SENS) and the Regulatory News Service (RNS) on 27 November 2025). The definitive feasibility study (DFS) for a plant with expected annual gold production of 30Koz to 35Koz for a life of approximately 15 years is expected to be completed by June 2026
Other shortlisted internal organic growth projects include:
– Fast-tracking development of the Royal Sheba deposit at Barberton Mines, a near-surface, large-scale, free-milling orebody containing Mineral Resources of 6.9Mt at 3.24g/t (0.7 Moz gold), extending over a strike length of 800m and a width of 15m. Importantly, the orebody remains open both at depth and along strike, indicating the potential for further resource delineation and future growth
– Contract mining specialists have been shortlisted, and processing of Royal Sheba ore at the BTRP is expected to commence during this calendar year
– The development of the Royal Sheba project requires a relatively minimal upfront capital investment of approximately US$11 million in its first year, with the project expected to be self-funding thereafter
– A feasibility study is being conducted for the installation of a flotation section at the BTRP which has the potential to deliver an additional 7,500oz of gold production over the next three years
– At Evander Mines, the Poplar project, containing Mineral Resources of 28.7Mt at 6.99g/t for 6.46Moz gold, is located within the approved Evander Mines mining right. The Kimberley Reef at Poplar has been intersected from as shallow as 500m below surface and dips moderately to a maximum depth of around 1,200m. The Group has commenced with an updated PFS at Poplar to determine the optimal access and extraction methods for a 100,000oz per year shallow underground mine. This PFS will inform the basis of a feasibility study.
Expected FY26 Production Forecast
The Group is expected to continue to deliver significant growth in gold production, with production ranges adjusted in line with FY26H1 performance as follows:
Operation
Production range oz
Elikhulu
54,000 – 56,000
MTR
48,000 – 52,000
BTRP
13,000 – 15,000
Tenant Mines
46,000 – 50,000
Barberton Mines underground
66,000 – 69,000
Evander Mines underground
48,000 – 50,000
Total production guidance
275,000 – 292,000
Environmental, Social and Governance Initiatives
Expansion of total solar generation capacity at Evander Mines from 10MW to 30MW is in progress, with construction of the additional capacity on schedule to commence by June 2026
The Group has entered into a 10-year power purchase agreement (PPA) with NOA Group Holdings Proprietary Limited (NOA), a renewable energy independent power producer and energy trader. NOA's initial portfolio comprises renewable energy assets of 1.252MW, which is expected to generate 3,160GWh per annum.
Pan African will receive 388GWh from NOA in terms of the PPA, estimated to result in Eskom power savings of approximately US$6 million in year one. The renewable energy supplied in terms of this agreement will increase Pan African's renewable energy penetration to approximately 60% within two to three years
Construction of two water treatment plants is at an advanced stage. Phase 2 of the 3ML/day Evander Mines water treatment plant is nearing completion, with first water expected in late March 2026. At MTR, construction of a 3ML/day water treatment plant to treat acid mine drainage water commenced in November 2025, with commissioning on track by May 2026
The MTR operation was awarded the 'Best ESG Initiative by a Mining Company' at the International Resourcing Tomorrow conference held in December 2025. The judging panel recognised the immediate positive impacts of Pan African's activities on the environment and local communities, following years of neglect in the area.
Summary of Salient Features
Salient features
Unit
FY26H1
FY25H1
Movement change %
Gold produced
oz
128,296
84,705
51.5
Gold sold
oz
127,296
79,926
59.3
Revenue
US$ million
487.1
189.3
157.3
Average gold price received
US$/oz
3,812
2,359
61.6
Cash costs
US$/oz
1,574
1,504
4.7
AISC®
US$/oz
1,874
1,675
11.9
All-in costs (AIC)®
US$/oz
2,300
2,639
(12.9)
Adjusted EBITDA®
US$ million
245.2
58.0
322.8
Attributable earnings – owners of the Company²
US$ million
148.0
48.2
207.1
Headline earnings®
US$ million
148.8
23.2
541.0
EPS²
US cents
7.3
2.5
192.0
HEPS®
US cents
7.34
1.2
511.7
Cash flows from operating activities³
US$ million
259.5
37.7
588.3
Net debt®
US$ million
46.2
228.5
(79.8)
Total sustaining capital expenditure
US$ million
9.6
6.0
60.0
Total capital expenditure
US$ million
66.1
95.6
(30.9)
Net asset value per share®2
US cents
33.9
20.9
62.2
Weighted average number of shares in issue
million
2,027.3
1,929.4
5.1
Average exchange rate
US$/ZAR
17.37
17.95
(3.2)
Closing exchange rate
US$/ZAR
16.57
18.87
(12.2)
Average exchange rate
US
1.52
1.52
—
Closing exchange rate
US
1.50
1.61
(6.8)
¹ Adjusted EBITDA® comprises earnings before interest, tax, depreciation and amortisation adjusted for impairment losses, bargain purchase gains and loss on disposal of plant and equipment.
² The Tenant company business combination was accounted for on a provisional basis in the previous interim reporting period. The accounting was complete by 30 June 2025. Provisional amounts presented as at 31 December 2024 were revised to reflect the measurement period adjustments made.
³ During the current reporting period, the Group reviewed the presentation of cash proceeds received under a short-term gold loan arrangement recognised in the comparative reporting period. These cash flows were previously presented as financing activities when they should have been presented as operating activities, as the arrangement was settled through the physical delivery of gold bullion (recognised in revenue) as opposed to cash. The comparative reporting period has been restated to reflect the reclassification.
Chief Executive Officer's Statement
Pan African's chief executive officer, Cobus Loots, commented:
"Pan African's safety, operational and financial performance in the first half of the financial year, together with the boon of record gold prices, has positioned us to deliver outstanding results for the full year. During the reporting period, the Group degreased its balance sheet and is also now further boosting cash returns to shareholders, with the Company initiating an attractive interim dividend payment.
The half-year results demonstrate the success of our strategy of focusing on high-margin, long-life tailings retreatment operations and also the acquisition of the very prospective Tenant Mines in Australia.
Lower-cost operations, accounting for 88% of Group production, delivered at an AISC® of US$1,700/oz – a very compelling margin at prevailing gold prices.
Despite our continued focus on cost control, all-in sustaining unit costs were higher than guided for the reasons detailed in this release. However, we believe that the expected increased gold production in FY26H2 will assist with reducing unit costs, and in terms of AISC®, Pan African remains competitive relative to other producers.
The Group's focus on sustainable and value-enhancing ESG initiatives has again delivered tangible benefits, with our PPA with NOA, together with additional investments into renewable energy projects at Evander Mines, MTR and Tenant Mines, resulting in a likely renewable penetration of more than 60% over the next two years.
Pan African has the ability to continue to deliver very attractive production growth over the next years, specifically internal expansions in Australia and around our MTR operation, which will not only add mine life but also significant additional production ounces. Pan African will continue to capitalise on the very favourable current environment to position the Group to keep on 'Mining for a Future' for many more years."
Performance per Operation and Optimisation Initiatives
Barberton Mines
The high-grade underground mines at Barberton Mines (Fairview, Sheba and Consort) are established operations with a capacity to produce approximately 80,000oz of gold per year. The mines boast an excellent long-term safety record. Mining commenced in the Barberton region in the 1880s, and Barberton Mines is one of the oldest continuously operating mining complexes in the world. Pan African's ongoing capital investments, including in renewable energy projects, aim to enhance productivity and improve ore-handling logistics to reduce AISC®. During the reporting period, Barberton Mines' production increased by 5.2% to 32,774oz (FY25H1: 31,142oz) at an AISC® of US$2,590/oz (FY25H1: US$2,170/oz).
Fairview Mine produced 20,977oz (FY25H1: 19,095oz), an increase of 9.9%, with the gold production increase primarily attributable to the bulk of the mining operations being conducted within the high-grade Main Reef Complex (MRC) and Rossiter orebodies during the reporting period. Ongoing development and exploration remain focused on the down-dip extensions of existing orebodies, specifically the MRC and Rossiter, to establish additional work areas to support future production.
A 3 Shaft winder upgrade at Fairview was completed at the beginning of the reporting period, which mitigates unplanned interruptions in production from the lower levels of the mine, resulting in improved output.
Initiatives to improve production at Fairview in the six months ahead also include:
mining of multiple platforms on the MRC orebody to improve mining flexibility – operations are currently active on the high-grade 260 to 262 Platforms, which supplied the bulk of the high-grade tonnes (over 20gt) during the period
development into the 263 Platform in the MRC orebody is expected in FY26Q3
additional development on 50 Level to access the up-dip extent of the Rossiter orebody is in progress.
Sheba Mine production decreased by 10.1% to 7,913oz (FY25H1: 8,805oz), negatively impacted by lower-grade ore fed to the plant at 4.43g/t (FY25H1: 5.15g/t), as development and ore drives into the Sheba Fault's lower-grade but large-scale Western Cross orebody commenced. Cross-fractures of the Zwartkoppie orebody have recently been intersected during development activities on the lower 37 Level. These cross-fractures are currently being mined using a cut-and-fill mining method, which constrains high-grade ore to the processing plant. To address these limitations, the operation plans to access additional working platforms in the near term to improve control over ore blending.
Consort Mine produced 3,884oz (FY25H1: 3,243oz), an increase of 19.8%:
During the reporting period, the Prince Consort (PC) Shaft infrastructure rehabilitation was completed, allowing access to higher-grade areas below 30 Level, and mining commenced within the Main Muiden Reef Shaft 17 Level and PC Shaft 33 Level.
The BTRP produced 7,143oz (FY25H1: 7,544oz) at an AISC® of US$1,484/oz (FY25H1: US$958/oz). The overall recovery rate reduced to 39.1% (FY25H1: 51.6%), with a recovered grade of 0.51g/t (FY25H1: 0.65g/t), following the successful commissioning of the Bramber dormant pump station in September 2025. Following plant upgrades, recent tests demonstrate additional gold could be recovered from previously processed material at the Bramber dormant tailings storage facility (TSF). As a result, the BTRP's LoM has been extended from two to six years based on current surface sources. Feed from the Royal Sheba project, anticipated this calendar year (refer to the future production growth section), will sustain and grow production from the BTRP for at least the next 10 years.
Elikhulu
The Elikhulu tailings retreatment operation was commissioned in 2018 and remains one of the lowest-cost gold mining operations in Southern Africa. It is a testament to Pan African's ability to conceptualise, plan and construct substantial growth projects ahead of schedule and within budget, with payback achieved in under three years.
Elikhulu production increased by 14.5% to 29,450oz in FY26H1 (FY25H1: 25,725oz) at an AISC® of US$1,209/oz (FY25H1: US$1,124/oz), delivering ahead of expectations for the period.
Drilling of additional sonic holes and the construction of remining infrastructure at the Winkelhaak TSF commenced in the reporting period and represents the last significant capital to be spent at Elikhulu for its remaining LoM of nine years. Feed from the Winkelhaak tailings facility from FY27 will be blended with feed from Leslie/Bracken concurrently, further increasing flexibility and production consistency at this operation. As the resources at Leslie/Bracken are depleted, this infrastructure will be repurposed at Winkelhaak, which will then supply 100% of the plant's feed.
Evander Mines
During the reporting period, gold production from 24 Level increased by 87.3% to 21,640oz for FY26H1 (FY25H1: 11,551oz), inclusive of surface sources. AISC® for Evander Mines' underground operations reduced to US$1,576/oz (FY25H1: US$2,153/oz), as unit costs improved as a result of the increased production. The subvertical hoisting shaft at Evander Mines' 8 Shaft underground operation is operating at design capacity, enabling improved ore handling.
The Group's ongoing investment in infrastructure enabled the operation to establish the B raise line on 24 Level at 8 Shaft, which is in the high-grade core of the Kimberley Reef orebody, with the primary other initiatives as follows:
Accelerated development of the 24 and 25 Level mining areas, where the high-grade portion extends further to the east. Development in the A raise line's crosscut has now intersected the reef
Access to 25 Level is being achieved through an on-reef decline layout from 24 Level footwall infrastructure
Commencement of construction of the underground workshop on 24 Level, with mechanised development towards 25 Level progressing from existing crosscuts on 24 Level, as well as from the main development
Planning of hybrid mining below 24 Level, comprising conventional stoping and mechanised on-reef development.
Reef intersections from the 24 Level long-inclined borehole drilling on the 25 Level reef horizon confirm the down-dip extension of the orebody and the high-grade ore of the Kimberley Reef, with the following results reported from the drilling:
3,725cmg/t over 76.3cm (or 49g/t)
1,096cmg/t over 17.2cm (or 63.70g/t)
356cmg/t over 19.7cm (or 18.10g/t)
953cmg/t over 17.2cm (or 55.40g/t).
In recent years, the Group has allocated substantial capital expenditure to extend the LoM at Evander Mines to maintain an average gold production profile of more than 60,000oz per annum at steady-state production for another 11 years under the current mine plan. The capital required for FY27 has reduced to between US$25.0 million and US$30.0 million, with the operation expected to continue its strong cash generation and production performance in the years ahead.
The Egoli project at Evander Mines' 7 Shaft is a stand-alone underground project which will utilise existing mining and metallurgical infrastructure, including 7 Shaft's hoisting systems and processing facilities at the Kinross metallurgical plant. The Group is currently drilling long-inclined diamond holes into this project. The results will be used to update the Egoli feasibility study.
MTR operation
Following the commissioning of the MTR operation in October 2024, the processing plant reached steady-state production during December of the same year. In FY26H1, MTR achieved gold production of 21,729oz, compared to the 30,806oz for FY25 at an AISC® of US$1,577/oz (FY25H1: US$1,428/oz). Performance was adversely impacted by the intersection of an anomalous low-grade lens low-recovery calcine material in the current mining area, which reduced both mining grade and recoveries.
The expansion of the plant from 800ktpm to 1mtpm, through the addition of two carbon-in-leach (CIL) tanks, together with the installation of reactors to further improve recoveries (total expansion cost of US$6.5 million) was successfully completed in December 2025, resulting in 1,060kt being processed that same month. This expansion is expected to increase production from the initial design capacity of 50,000oz to between 55,000oz and 60,000oz per annum.
Tenant Mines
The acquisition of Tenant Mines complements Pan African's portfolio of high-margin, long-life surface remining operations in a Tier 1 mining jurisdiction (Australia's Northern Territory), and is located in a region which is Australia's historically highest-grade gold province. The Group has identified key projects within its tenement area with the potential to expand the LoM of this operation beyond 15 years through a two-stage gold and copper strategy.
The construction of Nobles Gold Mine was completed in April 2025, ahead of schedule and within budget. An inaugural gold pour from this operation, the largest facility to have ever been constructed in the region, was achieved in May 2025. Although the ramp-up to steady-state production was slower than expected due to commissioning difficulties with the two mine residue filter presses, the operation achieved name plate capacity of 70ktpm during July 2025. Production for FY26H1 is a notable 15,560oz at an AISC® of approximately US$2,543/oz. Looking ahead, substantial production growth is anticipated in the near term as the operation continues to ramp up.
The first blasts in the adjacent Weaber's Find, Rising Sun and Nobels open pits took place during October 2025, resulting in higher-grade feed to the plant relative to the Crown Pillar Stockpile. As mining output from the open pits ramps up, the feed grade is expected to increase in FY26H2.
During the reporting period, in response to prevailing commodity prices, enhancing and optimising the production and capital expenditure profile for the next three financial years was prioritised, as outlined in the table below. Regional exploration efforts were focused on extending the mine's operational life beyond eight years. This strategic approach has led to the acceleration of major capital projects that were initially scheduled for later in the operation's life cycle, with the aim of improving the overall production profile.
Reporting period
Gold production Koz
AISC® US$$ /oz
Expansion capital US $$ million
Sustaining capital US$ million
FY27
50 – 54
1,800 – 2,000
100
7
FY28
68 – 73
1,700 – 1,850
66.5
13.6
FY29
90 – 100
1,600 – 1,750
10.5
27.8
Key capital projects that have been brought forward include:
the expedited development of the high-grade and long-life
Juno
underground operation, with an investment of US$52.0 million. Juno contains a Mineral Resource of 1.96Mt at 4.16g/t for 262Koz gold
accelerated access and development of the
Golden Forty
Small Mines Joint Venture, in partnership with ERM, requiring US$36.0 million. Golden Forty contains a Mineral Resource of 480kt at 7.25g/t for 114Koz gold
the first stage pushback at the
White Devil
open pit, subject to the finalisation of the Major Mines Joint Venture agreement with ERM, representing an investment of US$14.0 million. White Devil has a reported Mineral Resource of 4.7Mt at 4.1g/t for 616Koz gold
upgrades to plant infrastructure totalling US$47.0 million, aimed at increasing plant capacity from 840,000t per year to 1,000,000t per year. These upgrades include:
a new fixed crusher front-end circuit
a secondary ball mill
a new flash float circuit designed to extract low-grade copper before the CIL circuit
two additional CIL tanks
an additional mine residue filter press
an intensified exploration programme targeting more than 10 anomalies identified through regional heli- and ground-based magnetotelluric surveys, with the goal of extending the mine life beyond eight years (US$26.0 million).
Gold Exploration Programme in Sudan
The Group has terminated gold exploration activities in Sudan and liquidated all assets, with the impairments recorded in previous reporting periods.
Growth Projects
Soweto Cluster Tailings Retreatment
The Soweto Cluster TSF feasibility study was successfully completed during the reporting period and announced on SENS and RNS on 27 November 2025. An integrated 600ktpm Soweto Tailings Retreatment (STR) circuit at MTR was identified as the preferred option to process the Soweto TSFs, due to significantly lower upfront capital requirements, a shorter construction period, reduced permitting obligations and superior financial returns, while also benefiting from synergies with the existing MTR plant and operational infrastructure. This option will add production of 30Koz to 35Koz per annum for approximately 15 years at an estimated AISC³⁰ of between US$1,000/oz and US$1,200/oz and a total capital cost of ~US$160.0 million (approximately ZAR2.8 billion (at an average exchange rate of US$/ZAR:17.50)), which includes remining and overland pumping infrastructure and expanded TSFs.
The DFS for STR is expected to be completed by June 2026, followed by a final board decision to commence project construction shortly thereafter, with an anticipated construction period of approximately 24 months.
At a gold price of US$2,800/oz, the project returns:
a post-tax net present value (NPV)13.3 of US$129.7 million
a real ungeared internal rate of return (IRR) of 29.4%
payback in three years post commissioning.
At a gold price of US$3,500/oz, the project returns:
a post-tax NPV13.3 of US$235.4 million
a real ungeared IRR of 40.2%
payback in two years post commissioning.
The environmental impact assessment and water use licence processes are progressing in accordance with the project schedule, with approvals expected during 2026.
The MTR operation commenced with concurrent rehabilitation programmes during its construction phase and has achieved significant milestones to date, with the successful re-establishment of wetlands and improved air and water quality. This has positively impacted local communities in the area as well as the Mogale region. The construction of the STR circuit will bring forward the original Soweto Cluster TSF remining schedule and rehabilitation programmes.
The Company maintains the clearing of silted drainage channels around affected Soweto TSFs to confine the overflow of excess rainwater to dedicated evaporation ponds, eradicating the run-off that previously affected natural water systems. Pan African has also commenced with the application of a newly developed binding agent that has reduced the amount of airborne particulate matter during windy conditions at the Soweto TSFs, which will measurably improve the air quality in the area.
Australia
Pan African controls 1,700km² of highly prospective ground in the Northern Territory through 100%-owned assets and through joint venture agreements with ERM. The Company intends to utilise a hub-and-spoke growth strategy to process multiple deposits and already has an experienced in-country management team in place. The earn-in joint venture with ERM for both the Northern and Southern project areas was finalised in September 2025. Tenant Mines now has a 75% controlling stake in the relevant mineral titles, with ERM holding the remaining 25%. All mineral titles are now being transferred to Tenant Mines management.
The
Warrego copper and gold project
, situated at Tenant Creek, Northern Territory, represents a further significant opportunity in our Australian portfolio. A feasibility study has been commissioned at Warrego for the mining and processing plant infrastructure, with the results anticipated early in FY27. The project targets increasing overall Australian production to more than 100,000oz of gold per year (excluding growth in operations detailed elsewhere) and 10,000t to 15,000t of copper per year over an LoM of up to 15 years. The Warrego project plant cost is estimated at between US$40.0 million and US$45.0 million and could potentially be funded from operational cash flow (subject to commodity prices) or via project finance.
Regional copper and gold deposits owned by third-party companies could supply additional feed sources to Warrego operation.
Royal Sheba
Development is being expedited at the Royal Sheba deposit, a key component of the Sheba Fault project at Barberton Mines. This orebody is notable for its surface outcrop, making it a shallow, large-scale, free-milling (non-refractory) deposit that offers favourable extraction conditions. The deposit boasts a Mineral Resource of 6.9Mt at a grade of 3.24g/t (0.7Moz gold), extending over an 800m strike length and widths of up to 15m. Importantly, the orebody remains open both at depth and along strike, indicating the potential for further resource delineation and future growth.
Royal Sheba will be mined by specialist contractor miners, who will be responsible for both the development of the orebody and the implementation of long-hole open stoping mining methods. Furthermore, amendments to include Royal Sheba mining in the existing and approved water use licence as well as the mine works programme have already been submitted to the relevant authorities for approval, and are anticipated to be finalised within the current calendar year. The development of the Royal Sheba project requires a relatively minimal upfront capital investment of US$11.0 million in its first year.
Ore production from Royal Sheba will be processed at the BTRP, with commencement of ore processing expected within this calendar year. This project will increase the production profile of the BTRP, with a current projected LoM of at least 10 years.
Poplar
Evander Mines holds one of the largest remaining unmined Mineral Resources within the Witwatersrand Basin, estimated at 119.6Mt at 8.79g/t for 33.8Moz gold, held by Pan African within its approved Evander Mines mining right, valid to 2038. The Poplar project is included in this resource, with an estimated Mineral Resource of 28.7Mt at 6.99g/t for 6.46Moz gold. The Kimberley Reef at Poplar occurs from as shallow as 500m below surface and dips moderately to a maximum depth of around 1,200m. Historically, a total of 146 diamond drillholes have been drilled into this project to define the geological structure, reef continuity and other parameters that underpin the Mineral Resource.
The Group has commenced with an update to the existing Poplar project PFS to determine the optimal access and extraction methods to mine 100,000oz of gold annually. The initial designs cater for two twin shafts as access points to the orebody, while the reef level mining is planned as a conventional Witwatersrand mining method with footwall development, where breast stoping will be employed. This updated PFS will inform the basis of a full feasibility study.
Group Capital Expenditure Budget
The Group continues to invest in its assets and growth projects to ensure sustainability and generate attractive shareholder returns and value for our stakeholders. The capital budget for each operation is as follows for the full FY26:
Operation
Sustaining capital US$ million FY26
Expansion capital US$ million FY26
Barberton Mines
16.3
17.3
Evander Mines
-
48.8
Elikhulu
1.7
21.3
MTR
2.7
17.2
Tenant Mines
-
31.0
Total capital expenditure budget¹
20.7
135.6
¹ Budgeted capital converted to US$ at an exchange rate of US$1/ZAR17.00.
FY27 Production and Capital Expenditure Outlook
The Group will invest significantly to maintain its production growth trajectory in the years ahead. The anticipated growth profile and budget forecast are outlined below.
Operation
Gold production range Lower
Gold production range Upper
Planned capital investment Expansion²
Planned capital investment Sustaining³
Elikhulu
50,000
52,000
4
3
MTR¹
55,000
60,000
40
3
BTRP
10,000
12,000
8
0.5
Tenant Mines
50,000
54,000
100
7
Barberton Mines underground⁵
65,000
70,000
31
30
Evander Mines underground⁵
50,000
54,000
32
8
Total production and capital expenditure outlook
280,000
302,000
215
51.5
¹ Includes capital to construct new tailings deposition capacity and install a mill to further increase gold production.
² Includes capital to construct new tailings deposition capacity and ongoing capital development (mainly for the Fairview and Western Cross orebodies).
³ Includes capital for ongoing capital development, equipping of 25 Level and capitalised working costs.
⁴ Excludes capital for South African projects (STR and Royal Sheba).
Mineral Resources and Mineral Reserves
Pan African has one of the industry's best track records for grade consistency.
The Group's estimated Mineral Resources of 42.87Moz gold and 219kt copper and Mineral Reserves of 12.98Moz gold at 30 June 2025, in compliance with Table 1 of the SAMREC Code, remain unchanged and are detailed in the Group's annual Mineral Resources and Mineral Reserves report for the year ended 30 June 2025. Pan African's full Mineral Resources and Mineral Reserves report is available on our website at:
https:/www.panafricanresources.com/investors/fy2025-key-documents
Environmental, Social and Corporate Governance
During FY26H1, Pan African continued to embed sustainability into its operating and capital allocation decisions, supported by a robust ESG framework covering governance, strategy, risk management and performance, aligned with IFRS® reporting. The Group advanced key environmental, social and governance (ESG) priorities across renewable energy, climate, water and land management, as well as people and community development, enhancing operational resilience, cost stability and long-term value creation.
Environment
Energy and climate change management
Pan African delivered a notable performance towards its energy and climate change management strategy, strengthening operational resilience, improving energy security and generating material cost savings. The Group's operating solar photovoltaic renewable energy plants at both Evander Mines and Barberton Mines performed consistently, delivering combined electricity cost savings of approximately US$2.6 million during the period under review. These facilities supplied between 24% and 29% of site power requirements, supporting cost stability and reducing exposure to grid constraints and tariff escalation.
The renewable energy portfolio delivered meaningful greenhouse gas emissions reductions, with Evander Mines' and Barberton Mines' solar facilities contributing
to a combined reduction of approximately 29.9ktCO₂e in FY26 to date, supplemented by a further 3ktCO₂e avoided through energy efficiency initiatives.
In parallel, the Group advanced its renewable growth pipeline, including the fully permitted 19.7MW Evander Mines phase 2 solar project commencing construction in February 2026, the progression of engineering, procurement and construction contractor selection for the 19.0MW MTR solar project and the finalisation of feasibility studies for a 10MW solar and battery energy storage solution at Tenant Mines. In addition, the signing of a landmark 40MW PPA with NOA positions the Group to achieve up to 60% renewable energy penetration over time, while retaining flexibility as embedded generation capacity expands, with first power from NOA expected before the end of 2026.
Water management
During FY26H1, Pan African continued to strengthen water security across its operations through disciplined investment in underground water treatment and recycling infrastructure. At Evander Mines, the water treatment plant produced approximately 500,000m³ of potable water over the past six months, delivering cost savings of approximately US$0.4 million and materially reducing reliance on the municipal water supply. Phase 2 expansion, adding a further 3ML per day of treatment capacity, is under construction with first water expected by March 2026, supporting long-term operational resilience and continuity.
The MTR water treatment plant has commenced construction, with civil works underway and first water targeted for May 2026.
Water resource management at Tenant Mines is essential for sustainable and resilient operations in a water-scarce region in Australia, and the commissioning of the water bore at the Juno Shaft further derisks water security for Tenant Mines' operations.
These investments, totalling an estimated US$5.9 million, demonstrate the Group's proactive approach to managing water-related risks, enhancing operational resilience and supporting sustainable, long-term value creation.
Biodiversity management
During FY25H1, Pan African further advanced its biodiversity and land rehabilitation strategy, embedding nature-related considerations into operational planning and governance in line with the
Taskforce on Nature-related Financial Disclosures
guidance. The Group invested more than US$0.4 million in rehabilitation activities during the period, with all operations maintaining dedicated rehabilitation funding to manage post-closure obligations and mitigate long-term environmental liabilities.
Progress was achieved across multiple sites, including ongoing land restoration at MTR in line with Sustainability Bond targets, implementation of the Evander Wetland Offset Project, endorsed by the South African Department of Water and Sanitation, and continued rehabilitation of historical tailings and river systems at Barberton Mines.
Social
Pan African continued to strengthen its social licence to operate through structured stakeholder engagement, workforce development and targeted socio-economic investment across its operations.
At
MTR
, robust stakeholder engagement and governance frameworks underpinning Social and Labour Plan (SLP) implementation supported meaningful community development, educational infrastructure and food security.
The US$0.2 million flagship Green IQ agricultural and nursery project commenced in July 2026 and has created 10 permanent jobs and 18 seasonal employment opportunities at the small-holding farm in the Kagiso host community. The farm produces a variety of nutritious superfoods, which are supplied to retail outlets and community members, helping alleviate food insecurity.
At
Barberton Mines
, proactive stakeholder engagement structures, implementation of approved SLP projects and ongoing community initiatives contributed to community stability, with no significant disruptions to operations. Barberton Mines' flagship enterprise and supplier development programme witnessed an official graduation of nine local small and medium-sized enterprises, which are now actively participating in the mines' supply chain, providing services and goods to a value of US$0.3 million.
At
Evander Mines
, corporate social responsibility programmes contributed towards host community groups through back-to-school assistance projects and assistance to vulnerable households over the festive season.
Human resource development, learnerships, internships and adult education programmes supported local workforce development, with the Group spending approximately US$0.9 million on these initiatives.
In Australia,
Tenant Mines
advanced partnerships focused on work-readiness, training pathways and community collaboration. Collectively, these initiatives mitigate social and labour risks, support regulatory compliance and contribute to sustainable communities, reinforcing operational stability and long-term stakeholder value.
Barberton Blueberries project
The Barberton Blueberries project, the Group's flagship sustainable agricultural initiative developed as an alternative livelihood to mining in the Barberton region, delivered increased social impact, reinforcing Pan African's commitment to shared value creation. Improved operational performance during the reporting period delivered a 28% year-on-year increase in harvest volumes to 121t, supporting the creation of over 250 seasonal jobs at peak harvest, in addition to 25 permanent positions. The total harvest season salary spend amounted to approximately US$0.3 million, directly benefiting the host communities.
Corporate governance
Governance remains a core pillar of the Group's ESG framework, underpinning disciplined decision-making, regulatory compliance, and sustainable value creation.
Governance maturity was further strengthened by completing an independent ESG gap analysis, which informed a structured two-year programme to align disclosures with IFRS S1 and IFRS S2, in line with the provisions of the LSE.
The Group's ESG assurance framework continues to advance, with 16 key sustainability indicators scheduled for independent assurance in FY26, enhancing transparency, accountability and confidence in reported performance across material ESG matters and the Group's Sustainability Bond, supporting Pan African's long-term sustainability strategy.
Pan African won the 'Best ESG Initiative by a Mining Company' award for the MTR operation at the 2025 Resourcing Tomorrow conference held in December 2025, where competing entries included projects from other international mining groups. This award recognises the Group's commitment to creating immediate positive impacts on the environment and local communities, following years of neglect in the area.
Financial Performance
Revenue
Revenue increased by 157.3% to US$487.1 million (FY25H1: US$189.3 million) as a result of a 51.5% increase in production and a 61.6% increase in the US$ gold price received.
Cost of production
Production costs are incurred in South African rand and Australian dollar, the functional currencies of the Group's main operating entities, with translations to US$ impacted by the average US/A$ exchange rates, with the US/A$ remaining consistent relative to the previous reporting period. The Group's production costs increased by 64.4% in US$ terms, primarily due to Tenant Mines and MTR reaching steady state in the current reporting period. The increases in cost of production due to Tenant Mines and MTR reaching steady state were 25.1% and 18.4%, respectively. The explanations below exclude the impact of the exchange rate movements.
Mining and processing costs
: increased by 84.9%, of which 32.6% relates to Tenant Mines and 21.0% to MTR, an increase of 18.5% due to additional ore purchased, predominantly from the recommencement of the Evander Mines surface sources business, a 9.4% increase due to gold concentrate purchases at Barberton Mines and above-inflation cost increases in reagents
Salaries and wages
: increased by 11.5% primarily as a result of an 8.6% increase related to Tenant Mines and 9.8% to MTR, and annual increases in salary costs, offset by a reduction in salary costs at Barberton Mines due to the section 189A restructuring
Electricity costs
: increased by 40.6%, following a 12.7% regulatory increase and a 19.8% increase due to the electricity consumption at MTR and 2% at Tenant Mines, increased consumption at Elikhulu relating to the construction of the Winkelhaak pump station and the phase 2 water treatment plant, offset by the use of solar energy at the Evander Mines and Fairview solar plants
Engineering
: increased by 98.1%, of which 45.9% relates to Tenant Mines and 26.0% to MTR, and approximately 26.0% relating to additional repairs and maintenance carried out on infrastructure at Evander Mines and Barberton Mines
Realisation costs
: increased by 176.1%, of which 54.1% relates to Tenant Mines and 19.1% related to MTR, coupled with additional gold recovered from by-products at Barberton Mines
Security costs
: increased by 21.7%, of which 1.0% relates to Tenant Mines and 13.7% related to MTR, and inflation-related increases at the other operations.
The impact of these increases, together with higher gold production and the gold price received, resulted in the gross profit margin increasing from 28.5% to 54.3%, period-on-period.
Adjusted EBITDA®, increased to US$245.2 million (FY25H1: US$58.0 million), and the EBITDA® margin increased to 50.3% (FY25H1: 30.6%), following a US$297.7 million revenue increase, a US$77.9 million increase in production costs (excluding depreciation) and a US$26.5 million increase in other expenses.
Depreciation and Amortisation
The depreciation and amortisation charge included in cost of production increased by 63.1%, primarily due to five months of steady-state production at Tenant Mines and full-period steady-state production at MTR.
Other Expenses
Other expenses increased by 199.7%, primarily driven by a 162.4% rise in the share-based payment expense following an increase in the share price. In addition, corporate costs increased due to higher costs associated with the transfer to the Main Board of the LSE.
Gain on Acquisition
The gain on acquisition of US$28.0 million in the previous reporting period arose due to the acquisition of Tenant company. Refer to note 13.2 of the unaudited condensed consolidated interim financial statements.
Net Finance Costs
Net finance costs increased by 7.4%, largely due to borrowing costs of US$3.2 million that were capitalised to the MTR operation in the previous reporting period. Finance costs on the Group's borrowings decreased by 13.1% to US$9.9 million (FY25H1: US$11.4 million), as a result of the reduction in borrowings in the current reporting period.
Tax
The income tax expense for the current reporting period gave rise to an effective tax rate of 29.6%, which is higher than the previous reporting period's rate of 19.4%. The 442.6% increase in the Group's income tax expense is primarily attributable to the tax charge increasing to US$62.1 million (FY25H1: US$11.4 million), following an increase in the Group's taxable profit. The deferred tax expense increased to US$37.7 million (FY25H1: US$6.3 million).
Earnings per Share and Headline Earnings per Share
EPS increased to US 7.30 cents per share (FY25H1: US 2.50 cents per share (restated)).
HEPS increased to US 7.34 cents per share (FY25H1: US 1.20 cents per share).
EPS and HEPS are calculated by applying the Group's weighted average number of shares of 2,027.3 million shares outstanding (FY25H1: 1,929.4 million shares) to attributable earnings and headline earnings. Included in EPS in the previous reporting period is a gain on acquisition relating to the Tenant company transaction. This gain amounting to US$28.0 million is excluded from HEPS.
Assets
Capital expenditure on property, plant and equipment amounted to US$66.1 million (FY25H1: US$95.6 million), which included sustaining capital expenditure of US$10.7 million (FY25H1: US$6.5 million) and expansion capital expenditure of US$55.3 million (FY25H1: US$89.1 million). The decreased capital expenditure is mainly due to the MTR plant being completed during the previous reporting period.
Equity
The Group's net assets increased to US$687.2 million (FY25H1: US$424.4 million). Equity increased by the profit for the period and a foreign translation gain of US$38.0 million (FY25H1: US$16.4 million (loss)), due to the appreciation of the rand, offset by the net dividend payments to shareholders of US$44.0 million (FY25H1: US$23.7 million), which related to FY25 and FY24, respectively.
Liabilities
The environmental rehabilitation liability increased by US$7.3 million, mainly due to a decrease in the government bond rates from the previous reporting period.
Borrowings decreased to US$128.8 million (FY25H1: US$230.1 million), which is attributable to contractual and voluntary repayments on facilities due to increased cash generated.
The Group is obligated to redeem principal debt of US$56.5 million during the next 12 months.
Trade and other payables increased to US$65.9 million (FY25H1: US$46.1 million), predominantly due to Tenant Mines reaching steady state, resulting in an increase in trade payables of US$13.6 million.
The contract liability relates to a forward sale contract with Rand Merchant Bank (RMB) for the delivery of 2,250oz of gold in January 2026. The prior period contract liability relates to an upfront consideration of US$21.6 million, received in March 2023, from the synthetic gold forward sale transaction. This liability is recognised as revenue over a 24-month period and was settled in FY25H2.
The share-based payment obligations increased due to a rise in the Group's share price.
Capital Structure and Financing Arrangements
The PARS01 notes amounting to US$8.5 million were settled in the current reporting period, with the PARS02 and PARS03 notes remaining in place. In the previous reporting period, Pan African issued additional notes under the domestic medium-term note (DMTN) to the value of US$22.9 million.
During the reporting period, the sustainability-linked bond, revolving credit facility (RCF) and term loan facility remain in place with no adjustments to the terms, however, the term loan facility was settled in January 2026.
Cash Flows
Net cash from operating activities before dividend, tax, royalties and net finance costs increased by US$221.8 million to US$259.5 million (FY25H1: US$37.7 million), due to increased gold production and the higher gold price, with cash from operating activities increasing by US$174.2 million, notwithstanding a US$20.3 million increase in net dividends paid of US$44.0 million (FY25H1: US$23.7 million).
Cash used in investing activities of US$63.8 million (FY25H1: US$62.4 million) includes capital expenditure on property, plant and equipment and reduced due to the MTR plant being completed during the previous reporting period.
Cash from financing activities includes proceeds from borrowings of nil (FY25H1: US$95.5 million) and repayment of senior debt facilities of US$70.0 million (FY25H1: US$16.7 million).
Pan African has sufficient liquidity at the end of the reporting period, with access to cash and undrawn facilities at period-end of US$158.9 million (FY25H1: US$32.3 million).
Director Dealings
No directorship changes took place during the reporting period.
The following dealings in securities by directors took place during the reporting period:
Cobus Loots and LTS Ventures Proprietary Limited, as an entity associated with him, entered into the following share transactions:
Disposal of 100,000 ordinary shares at ZAR22.15 per share on 17 October 2025 by LTS Ventures Proprietary Limited
Disposal of 100,000 ordinary shares at ZAR22.20 per share on 17 October 2025 by LTS Ventures Proprietary Limited
Disposal of 200,000 ordinary shares at 87.5 pence per share on 22 September 2025
Closure of long CFD (contract for difference) position of 164,280 CFDs at 87.5 pence per share on 22 September 2025
Closure of long CFD position of 150,000 CFDs at 76.123 pence per share on 10 September 2025
Disposal of 500,000 ordinary shares at ZAR18.19 per share on 10 September 2025 by LTS Ventures Proprietary Limited
Disposal of 200,000 ordinary shares at 76.2 pence per share on 10 September 2025.
Cobus Loots holds 4,897,154 indirect beneficial shares representing 0.2098% of the Company's issued share capital and a direct beneficial interest of 1,148,700 ordinary shares representing 0.04922% of the Company's issued share capital.
Marileen Kok acquired 20,000 ordinary shares at ZAR21.25 per share on 8 October 2025.
Marileen Kok holds 45,000 direct beneficial shares, representing 0.0019% of the Company's issued share capital.
LSE Listing
The financial information for the period ended 31 December 2025 does not constitute statutory accounts as defined in sections 435(1) and 435(2) of the UK Companies Act 2006 (Companies Act 2006). The Group's interim results have been prepared in accordance with IFRS Accounting Standards and International Financial Reporting Interpretations Committee interpretations, with those parts of the Companies Act 2006 applicable to companies reporting under IFRS Accounting Standards.
JSE LIMITED LISTING
The Company has a dual primary listing on the JSE Limited (JSE) and the Main Market of the LSE, as well as a sponsored Level 1 American Depository Receipt (ADR) programme in the United States of America (USA) through the Bank of New York Mellon (BNY Mellon). The Group's interim results have been prepared and presented in accordance with and contain the information required by IAS 34:
Interim Financial Reporting
, as well as the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee, the Financial Reporting Pronouncements as issued by the Financial Reporting Standards Council and the JSE Listings Requirements. The accounting policies are in accordance with IFRS Accounting Standards and are consistent with those applied in the FY25 consolidated annual financial statements.
SECONDARY LISTING ON THE A2X MARKET
Pan African's ordinary shares are also traded on the A2X Market (A2X) exchange, effective Monday, 13 December 2021 (the A2X listing date). Pan African will retain its primary listings on the LSE and the JSE and its Level 1 ADR programme in the USA. Its issued share capital has been unaffected by the secondary listing on A2X and its ordinary shares are available to be traded on the LSE, JSE, ADR and A2X. A2X is a licensed stock exchange authorised to provide a secondary listing venue for companies and is regulated by the Financial Sector Conduct Authority and the South African Reserve Bank's Prudential Authority, in terms of the Financial Markets Act, 19 of 2012.
ADR PROGRAMME
On 2 July 2020, Pan African established a sponsored Level 1 ADR programme on the over-the-counter (OTC) market in the USA, with BNY Mellon being the appointed depository. Each depository receipt in the ADR programme represents 20 ordinary shares in Pan African and trades under the symbol PAFRY. On 23 October 2020, to enhance the Company's visibility and provide better access to prospective USA retail investors, the ADR programme was upgraded and approved for listing on the OTCQX Best Market in the USA. To qualify for trading on the OTCQX, which is the highest tier of the OTC market, Pan African has complied with the necessary requirements, including the required financial standards, corporate governance requirements and compliance with applicable securities laws. The Company's ordinary shares trade under the symbol PAFRP on the OTCQX.
Outlook and Prospects
Our primary focus for the short term is safely delivering into our production guidance and successfully executing capital projects that will sustain and increase future gold production.
In particular, we will:
continue our focus on health and safety initiatives in our proactive journey to 'zero harm'
focus on achieving production and cost guidance
execute capital projects designed to sustain and increase future gold production
continue the Group's ESG initiatives and advance our renewable energy roadmap as part of the decarbonisation strategy
maintain focus on generating sustainable shareholder returns with increased dividends
explore further growth opportunities in a responsible and circumspect manner.
Appreciation
I would like to thank our motivated leadership, dedicated staff and contractors for their unwavering commitment to the ongoing success and sustainability of the Group.
I am grateful for the support and guidance from our trusted board in navigating challenges and opportunities as we prepare for the exciting expansion of our horizons in the future.
Forward-Looking Information
Any forward-looking information contained in this announcement is the sole responsibility of the directors and has not been reviewed or reported on by the Group's external auditors. The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK Domestic Law by virtue of the European Union (Withdrawal) Act 2018. Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.
The information contained in this announcement is the responsibility of the Company's board and has not been reviewed or reported on by the Group's external auditors.
Cobus Loots
Chief executive officer
Johannesburg
18 February 2026
For further information on Pan African, please visit the Company's website at: www.panafricanresources.com
Unaudited Condensed Consolidated Interim Financial Statements
Primary Statements
Condensed Consolidated Statement of Financial Position
As at
US$ thousand
Notes
Unaudited 31 December 2025
Unaudited restated 31 December 2024
Audited 30 June 2025
ASSETS
Non-current assets
Property, plant and equipment¹
7
917,869
714,618
824,450
Goodwill
18,316
16,083
17,098
Intangible assets
578
553
616
Deferred tax assets
6.2
2,130
608
2,072
Long-term inventory¹
26,410
39,778
25,698
Environmental rehabilitation obligation fund
31,889
26,140
29,118
Total non-current assets
997,192
797,780
899,052
Current assets
Inventory
45,642
24,596
38,887
Trade and other receivables
15,888
15,386
15,496
Current tax assets
5,643
2,593
1,542
Restricted cash
9
2,479
-
-
Cash and cash equivalents
90,115
17,158
49,532
Total current assets
159,767
59,733
105,457
Total assets
1,156,959
857,513
1,004,509
¹ The Tenant company business combination was accounted for on a provisional basis in the previous interim reporting period. The accounting was complete by 30 June 2025. Provisional amounts presented as at 31 December 2024 were revised to reflect the measurement period adjustments made. Refer to note 13.2.
US$ thousand
Notes
Unaudited 31 December 2025
Unaudited restated 31 December 2024
Audited 30 June 2025
EQUITY AND LIABILITIES
Equity
Share capital
12
39,415
39,442
39,442
Share premium
10,877
49,246
10,877
Retained earnings¹
821,644
624,257
717,642
Reserves¹
(182,258)
(286,739)
(219,136)
Equity attributable to owners of the Company
689,678
426,026
548,825
Non-controlling interests
(2,442)
(1,854)
(2,157)
Total equity
687,236
424,352
546,668
Non-current liabilities
Environmental rehabilitation obligation
28,285
20,948
23,982
Borrowings
10
72,182
208,282
103,642
Lease liabilities
4,365
2,039
2,607
Financial liabilities
890
2,356
936
Share-based payment obligations
11
11,262
10,213
10,297
Deferred tax liabilities¹
6.2
189,111
102,131
140,506
Total non-current liabilities
306,095
345,969
281,970
Current liabilities
Trade and other payables
65,866
46,065
72,643
Borrowings
10
56,597
21,784
86,335
Lease liabilities¹
1,452
616
1,050
Contract liability
4.2
9,747
1,766
-
Financial liabilities¹
633
1,213
2,370
Gold loan
-
7,949
-
Share-based payment obligations
11
23,256
5,532
11,190
Derivative financial liability
-
727
1,848
Current tax liabilities
6,077
1,540
435
Total current liabilities
163,628
87,192
175,871
Total equity and liabilities
1,156,959
857,513
1,004,509
¹ The Tenant company business combination was accounted for on a provisional basis in the previous interim reporting period. The accounting was complete by 30 June 2025. Provisional amounts presented as at 31 December 2024 were revised to reflect the measurement period adjustments made. Refer to note 13.2.
Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income
For the period ended 31 December
US$ thousand
Notes
Unaudited six months ended 31 December 2025
Unaudited restated six months ended 31 December 2024
Revenue
4
487,062
189,334
Cost of production
(222,609)
(135,378)
Gross profit
264,453
53,956
Other income
3,464
3,599
Other expenses
(39,728)
(13,254)
Bargain purchase gains¹
-
28,019
Impairment losses on non-financial assets
(335)
(2,995)
Royalty costs
(8,166)
(1,402)
Profit before finance income and finance costs
219,688
67,923
Finance income
5
1,810
968
Finance costs
5
(11,565)
(10,053)
Profit before tax
209,933
58,838
Income tax expense
6
(62,091)
(11,443)
Profit for the period
147,842
47,395
Other comprehensive income/(loss)
Items that may be reclassified to profit or loss
Foreign currency translation gain/(loss)
38,009
(16,264)
Items that may not be reclassified to profit or loss
Fair value adjustment on investment at fair value through other comprehensive income¹
-
2,107
Tax thereon
-
-
Other comprehensive income/(loss) for the period, net of tax
38,009
(14,157)
Total comprehensive income for the period
185,851
33,238
Profit/(loss) attributable to:
Owners of the Company
147,967
48,215
Non-controlling interests
(125)
(820)
Total comprehensive income/(loss) attributable to:
Owners of the Company
185,851
33,238
Non-controlling interests
(285)
(740)
Basic and diluted earnings per share (US cents)¹
7.30
2.50
Weighted average number of shares in issue (thousand)
12
2,027,345
1,929,379
Diluted average number of shares in issue (thousand)
12
2,027,345
1,929,379
¹ The Tenant company business combination was accounted for on a provisional basis in the previous interim reporting period. The accounting was complete by 30 June 2025. Provisional amounts presented as at 31 December 2024 were revised to reflect the measurement period adjustments made. Refer to note 13.2.
Condensed Consolidated Statement of Changes in Equity
For the period ended 31 December
US$ thousand
Note
Unaudited six months ended 31 December 2025
Unaudited restated six months ended 31 December 2024
Shareholders' equity at the beginning of the period
546,668
364,103
Other comprehensive income/(loss)¹
38,009
(14,157)
Profit for the period
147,842
47,395
Shares issued
12
-
50,686
Shares buy-back
12
(1,314)
-
Dividends paid
(50,613)
(27,459)
Reciprocal dividends – PAR Gold Proprietary Limited (PAR Gold)²
6,644
3,784
Total equity at the end of the period
687,236
424,352
¹ The Tenant company business combination was accounted for on a provisional basis in the previous interim reporting period. The accounting was complete by 30 June 2025. Provisional amounts presented as at 31 December 2024 were revised to reflect the measurement period adjustments made. Refer to note 13.2.
² Reciprocal dividend – PAR Gold refers to the intra-Group transaction which relates to the dividend paid on the treasury shares held by PAR Gold. Refer to note 12. PAR Gold holds 13.1% (FY25H1: 13.1%) of the issued share capital of the Company.
Condensed Consolidated Statement of Cash Flows
For the period ended 31 December
US$ thousand
Note
Unaudited six months ended 31 December 2025
Unaudited restated six months ended 31 December 2024
Cash flows from operating activities
Net cash from operating activities before dividend, tax, royalties and net finance costs¹
15
259,488
37,734
Income tax paid
(27,263)
(5,823)
Income tax refund
803
-
Royalties paid
(8,917)
(1,442)
Finance costs paid
(9,407)
(10,997)
Finance income received
208
954
Dividend paid
(50,613)
(27,459)
Reciprocal dividend received
6,644
3,784
Net cash from/(used in) operating activities¹
170,943
(3,249)
Cash flows from investing activities
Payments for property, plant and equipment
(62,986)
(92,402)
Payments for intangible assets
(43)
-
Proceeds from disposal of property, plant and equipment
471
281
Cash acquired on acquisition of subsidiaries
-
9,689
Withdrawal from environmental rehabilitation obligation fund
-
8
Increase in restricted cash
(1,255)
-
Net cash used in investing activities
(63,813)
(82,424)
Cash flow from financing activities
Share buy-back
(1,314)
-
Proceeds from borrowings
-
95,538
Repayment of borrowings
(69,962)
(16,704)
Repayment of lease liabilities
(1,025)
(491)
Repayment of financial liabilities
(2,034)
(161)
Net cash (used in)/from financing activities¹
(74,335)
78,182
Net increase/(decrease) in cash and cash equivalents
32,795
(7,491)
Cash and cash equivalents at the beginning of the period
49,532
26,332
Effect of foreign exchange rate changes
7,788
(1,683)
Cash and cash equivalents as at 31 December
90,115
17,158
¹ During the current interim reporting period, the Group reviewed the presentation of cash proceeds received under a short-term gold loan arrangement recognised in the comparative reporting period. These cash flows were previously presented as financing activities when they should have been presented as operating activities, as the arrangement was settled through the physical delivery of gold bullion (recognised in revenue) as opposed to cash. The comparative reporting period has been restated to reflect the reclassification.
Notes to the Condensed Consolidated Interim Financial Statements
For the period ended 31 December
1. Basis of Preparation and Material Accounting Policies
These condensed consolidated interim financial statements for the half-year reporting period ended 31 December 2025 have been presented in accordance with UK-adopted IAS 34:
Interim Financial Reporting
. The accounting policies applied in compiling the condensed consolidated interim financial statements are consistent with those applied in preparing the Group's annual financial statements for the year ended 30 June 2025.
The financial information set out in these condensed consolidated interim financial statements does not constitute the Company's statutory accounts for the period ended 31 December 2025 within the meaning of section 434 of the Companies Act 2006. Statutory accounts for the year ended 30 June 2025 were approved by the board of directors on 10 September 2025 and delivered to the Registrar of Companies. The report of the auditors on those accounts was unqualified, did not contain any emphasis of matter paragraph and did not contain any statement under section 498 of the Companies Act 2006.
The interim results have been prepared in accordance with the requirements of the Companies Act 2006. The interim financial statements have also been prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board. As applied to the Group, there are no material differences between UK-adopted International Accounting Standards and IFRS Accounting Standards. Furthermore, these financial statements have been prepared in accordance with the SAICA Financial Reporting Guidelines, as issued by the Accounting Practices Committee, Financial Reporting Pronouncements as issued by the Financial Reporting Standards Council and the JSE and LSE Listings Requirements.
Going concern
The Group closely monitors and manages its liquidity risk by means of a centralised treasury function. Cash forecasts are regularly produced and sensitivities run for different scenarios including, but not limited to, changes in commodity prices and different production profiles from the Group's operations.
The Group had US$68.7 million (FY25H1: US$15.4 million) of available debt facilities and US$90.1 million (FY25H1: US$17.2 million) of cash and cash equivalents as at 31 December 2025.
Based on the current status of the Group's finances, having considered going concern forecasts and reasonably possible downside scenarios, using a gold price of US$2,200/oz and reduced production volumes, the Group's forecasts based on board-approved budgets demonstrate that it will have sufficient liquidity headroom to meet its obligations in the ordinary course of business, and will comply with financial covenants for the 12 months from the date of approval of the condensed consolidated interim financial statements.
The board has a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. The Group continued to adopt the going concern basis of accounting in the preparation of the 31 December 2025 condensed consolidated interim financial statements.
Alternative performance measures
The Group makes reference to APMs in conjunction with IFRS Accounting Standards when assessing its reported financial performance, financial position and cash flows. APMs should be considered in addition to, and not as a substitute for or as superior to, measures of financial performance, financial position or cash flows reported in accordance with IFRS Accounting Standards. Further information on APMs is provided on pages 66 to 77.
2. Significant Judgements and Estimates
The preparation of the Group's condensed consolidated interim financial statements in accordance with UK-adopted International Accounting Standards and IFRS Accounting Standards requires management to make judgements, estimates and assumptions that may materially affect the application of the Group's accounting policies and the reported amounts of assets, liabilities, income and expenses.
These judgements and estimates are based on management's best knowledge of the relevant facts and circumstances, historical experience, expected future conditions and other factors. Actual results may differ from the amounts included in the financial statements.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised prospectively.
Significant judgements
Information about judgements made in applying accounting policies that have the most significant effect on the amounts recognised in the condensed consolidated interim financial statement is as follows:
Cash-generating units
The Group defines a cash-generating unit (CGU) as the smallest identifiable group of assets that generate cash flows largely independent of cash flows from other assets or a group of assets. The allocation of assets to a CGU requires judgement.
The Group's CGUs have been determined as follows:
Barberton Mines' underground operations:
Underground operations (Fairview, Sheba and Consort) are reliant on the Fairview BIOX® plant for processing, and these operations have been grouped together as a single CGU
BTRP:
The BTRP has the ability to treat and smelt gold independently of the Fairview BIOX® plant and is independent of the underground operations, resulting in the BTRP representing a single CGU
Egoli project:
A drilling programme and feasibility study were completed in September and November 2017, respectively. Dewatering in accordance with the phased development approach has commenced. The Egoli project will be developed as a project independent of Evander Mines' underground operations resulting in the project representing a separate CGU
Elikhulu:
The surface mining operation has been constructed in a manner such that it is independent of Evander Mines' underground operations, resulting in Elikhulu being determined as a single CGU
Evander Mines' underground operations:
This CGU includes 7 Shaft, 8 Shaft and the run-of-mine circuit at the Kinross metallurgical plant and 8 Shaft pillar mining, which are independent of Elikhulu and the Egoli project, resulting in them representing a single CGU
Agricultural ESG projects:
This CGU comprises Barberton Blue Proprietary Limited (Barberton Blue) as well as other small-scale agricultural projects in Barberton Mines' host community areas
Solar projects:
Currently consist of the solar plants located at Evander Mines, the solar plant of Barberton Mines and the extension of Evander Mines' solar plant
MTR operation:
This CGU comprises MTR, Mogale Gold Proprietary Limited (Mogale Gold) and Mintails SA Soweto Cluster Proprietary Limited and consists of a tailings retreatment plant commissioned in October 2024
Tenant Mines:
This CGU is located in the Northern Territory of Australia and complements the Group's current portfolio of high-margin, long-life surface mining operations
Sudan:
This CGU consists of exploration assets and five prospecting concessions (or exploration licences) in north-eastern Sudan.
Significant assumptions and estimates
Information about assumptions and estimation uncertainties as at 31 December 2025 that have a significant risk of resulting in a material adjustment to the carrying amounts of assets and liabilities in the next reporting period is as follows:
Cash flow projections and key assumptions
Expected future cash flows used in discounted cash flow models are inherently uncertain and could materially change over time. Cash flow projections are significantly affected by a number of factors, including Mineral Resources and Mineral Reserves, and economic factors such as commodity prices, discount rates, estimates of production costs and future capital expenditure.
Cash flow projections are based on financial forecasts and LoM plans incorporating key assumptions as detailed below:
Mineral Resources and Mineral Reserves:
Mineral Reserves and, where considered appropriate, Mineral Resources reflected within projected cash flows, based on Mineral Resources and Mineral Reserves statements (in accordance with the SAMREC Code for South African properties) and exploration and evaluation work undertaken by appropriately qualified persons. Mineral Resources are included where management has a high degree of confidence in their economic extraction, despite additional evaluation still being required prior to meeting the required confidence to convert to Mineral Reserves
Commodity prices:
Commodity prices are based on the latest internal forecasts, benchmarked to external sources of information, to ensure that they are within the range of available analyst forecasts. Where existing sales contracts are in place, the effects of such contracts or hedging arrangements are considered in determining future cash flows
Discount rates:
Value in use and fair value, less cost of disposal, projections are sensitive to changes in the discount rate
Operating costs, capital expenditure and other operating factors:
Operating costs and capital expenditure are based on financial budgets. Cash flow projections are based on LoM plans and internal management forecasts. Cost assumptions incorporate management experience and expectations, as well as the nature and location of the operation and the risks associated therewith (for example, the grade of Mineral Resources and Mineral Reserves varying significantly over time and unforeseen operational issues).
Deferred tax rate applied within the Group
South African income tax on gold mining income is determined according to the gold formula that takes into account the taxable income and revenue from gold mining operations. The Group prepares nominal cash flow models to calculate the expected average income tax rate over the LoM. Judgement was applied in the determination of the future expected deferred tax rates of the Group's mining entities.
Deferred tax is calculated at the tax rates that are expected to apply to the period when the asset is realised, or the liability is settled, based on tax rates and laws that have been enacted or substantively enacted by the reporting date. The rates used to calculate deferred tax are based on the current estimate of future profitability when temporary differences will be utilised. The respective rates are calculated based on management's best estimate through which the temporary difference will be realised over the life of the mining operations.
3. Segment Analysis
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating decision-maker, responsible for allocating resources and assessing the performance of the operating segments, has been identified as the Pan African executive committee (Exco). The operating segments of the Group are determined based on the reports used to make strategic decisions that are reviewed by Exco. Exco considers the business principally according to the location and nature of the products and services provided, with each segment representing a strategic business unit.
The reportable segments comprise the following:
Mining operations
These segments derive their revenue from mining, extraction, production and the sale of gold.
South African operations
Barberton Mines
including the BTRP located in Barberton
Evander Mines:
Elikhulu, the underground 8 Shaft pillar, the 24, 25 and 26 Level project, the Egoli project and surface sources located in Evander
Solar projects
currently consist of the solar plant located at Evander Mines, the solar plant at Barberton Mines (commissioned in October 2024) and the extension of Evander Mines' solar plant.
Australian operations
Tenant Mines
is located in the Northern Territory of Australia and complements the Group's current portfolio of high-margin, long-life surface remining operations. The segment includes Yungatha Asset Holdings Proprietary Limited (Yungatha) which operates a motel in the Tenant Creek region to support the workforce requirements of local mining companies, including Tenant company employees.
Other operations
Exploration assets
consist of five prospecting concessions (or exploration licences) in north-eastern Sudan (the Block 12 concessions), covering an area of almost 1,100km² and located approximately 70km north-west of Port Sudan
Agricultural ESG projects
mainly comprise the Group's Barberton Blueberries project (Barberton Blue), as well as other small-scale agricultural projects in Barberton Mines' host community areas
Corporate
consists mainly of the Group's holding companies and management services company which renders services to the Group and is located in Johannesburg
Funding Company
is the centralised treasury function of the Group located in Johannesburg.
The segment results have been presented based on Exco's reporting format, in accordance with the disclosures presented as follows:
US$ thousand
Unaudited six months ended 31 December 2025 Barberton Mines
Unaudited six months ended 31 December 2025 Evander Mines
Unaudited six months ended 31 December 2025 Solar projects
Unaudited six months ended 31 December 2025 MTR operation
Unaudited six months ended 31 December 2025 Tenant Mines
Unaudited six months ended 31 December 2025 Mining operations
Unaudited six months ended 31 December 2025 Exploration assets
Unaudited six months ended 31 December 2025 Agricultural ESG projects
Unaudited six months ended 31 December 2025 Corporate
Unaudited six months ended 31 December 2025 Funding Company
Unaudited six months ended 31 December 2025 Group total
Revenue
141,616
199,178
-
87,483
58,212
486,489
-
573
-
-
487,062
Cost of production
(75,028)
(75,943)
(1,193)
(37,401)
(32,279)
(221,844)
-
(765)
-
-
(222,609)
Salaries and wages
(22,011)
(5,249)
-
(4,069)
(2,541)
(33,870)
-
(260)
-
-
(34,130)
Mining
(12,514)
(13,001)
-
(3,964)
(6,506)
(35,985)
-
-
-
-
(35,985)
Processing and metallurgy
(14,000)
(23,530)
(241)
(11,257)
(9,803)
(58,831)
-
(139)
-
-
(58,970)
Engineering and technical services
(5,674)
(7,138)
(118)
(3,023)
(4,673)
(20,626)
-
(54)
-
-
(20,680)
Electricity
(7,105)
(13,695)
-
(5,660)
(362)
(26,822)
-
(16)
-
-
(26,838)
Administration and other
(3,667)
(2,751)
-
(1,426)
(4,157)
(12,001)
-
-
-
-
(12,001)
Realisation costs
(576)
(245)
(79)
(150)
(266)
(1,316)
-
(79)
-
-
(1,395)
Security
(2,876)
(1,429)
(27)
(930)
(44)
(5,306)
-
(27)
-
-
(5,333)
Fuel costs
(986)
(215)
(21)
(64)
(1,923)
(3,209)
-
(21)
-
-
(3,230)
Depreciation and amortisation
(5,619)
(8,690)
(707)
(6,858)
(2,004)
(23,878)
-
(169)
-
-
(24,047)
Gross profit
66,588
123,235
(1,193)
50,082
25,933
264,645
-
(192)
-
-
264,453
Other income
1,437
1,872
-
86
10
3,405
46
13
-
-
3,464
Other expenses
(6,663)
(3,490)
(12)
(4,262)
(3,180)
(17,607)
(146)
(51)
(21,787)
(137)
(39,728)
Royalty costs
(3,290)
(327)
-
-
(4,549)
(8,166)
-
-
-
-
(8,166)
Impairment loss on non-financial assets
-
-
-
-
-
-
-
(335)
-
-
(335)
Profit before finance income and finance costs
58,072
121,290
(1,205)
45,906
18,214
242,277
(100)
(565)
(21,787)
(137)
219,688
Finance income
4
166
2
3
47
222
-
3
134
1,451
1,810
Finance costs
(158)
(622)
-
(736)
(2,589)
(4,105)
-
-
(37)
(7,423)
(11,565)
Profit before tax
57,918
120,834
(1,203)
45,173
15,672
238,394
(100)
(562)
(21,690)
(6,109)
209,933
Income tax (expense)/credit
(16,144)
(30,126)
4
(11,488)
(4,425)
(62,179)
-
-
109
(21)
(62,091)
Profit for the period excluding intra-Group transactions
41,774
90,708
(1,199)
33,685
11,247
176,215
(100)
(562)
(21,581)
(6,130)
147,842
Revenue
-
-
2,875
-
-
2,875
-
-
45,521
-
48,396
Cost of production
(1,595)
(1,280)
-
-
-
(2,875)
-
-
-
-
(2,875)
Elimination of dividends received from/(paid to) fellow Group companies
-
-
-
-
-
-
-
-
(45,521)
-
(45,521)
Management fees
(2,926)
(2,064)
(230)
(1,092)
-
(6,312)
-
(43)
6,487
(132)
-
Finance income/(costs)
2,658
(2,391)
(1,456)
(3,995)
-
(5,184)
-
(339)
(916)
6,439
-
Profit after tax including intra-Group transactions
39,911
84,973
(10)
28,598
11,247
164,719
(100)
(944)
(16,010)
177
147,842
¹ Tenant Mines includes Tenant company and Yungatha.
² These disclosures have been disaggregated in light of the IFRS Interpretations Committee's final agenda decision relating to IFRS 8: Operating Segments on the disclosure of material income and expense line items for reportable segments.
³ Other income and other expenses exclude intra-Group management fees. Finance income and finance costs exclude intra-Group interest.
⁴ Refer to note 7.
Reconciliation of adjusted EBITDA
US$ thousand
Unaudited six months ended 31 December 2025 Barberton Mines
Unaudited six months ended 31 December 2025 Evander Mines
Unaudited six months ended 31 December 2025 Solar projects
Unaudited six months ended 31 December 2025 MTR operation
Unaudited six months ended 31 December 2025 Tenant Mines
Unaudited six months ended 31 December 2025 Mining operations
Unaudited six months ended 31 December 2025 Exploration assets
Unaudited six months ended 31 December 2025 Agricultural ESG projects
Unaudited six months ended 31 December 2025 Corporate
Unaudited six months ended 31 December 2025 Funding Company
Unaudited six months ended 31 December 2025 Group total
Profit/(loss) before finance income, finance costs and tax
58,072
121,290
(1,205)
45,906
18,214
242,277
(100)
(565)
(21,787)
(137)
219,688
Excluding: depreciation and amortisation included in gross profit
5,619
8,690
707
6,858
2,004
23,878
-
169
-
-
24,047
Excluding: other depreciation and amortisation
-
-
-
-
374
374
-
5
258
-
637
EBITDA
63,691
129,980
(498)
52,764
20,592
266,529
(100)
(391)
(21,529)
(137)
244,372
Excluding: impairment loss on non-financial assets
-
-
-
-
-
-
-
335
-
-
335
Excluding: loss on disposal of plant and equipment
-
-
-
479
10
489
-
2
-
-
491
Adjusted EBITDA
63,691
129,980
(498)
53,243
20,602
267,018
(100)
(54)
(21,529)
(137)
245,198
¹ Tenant Mines includes Tenant company and Yungatha.
² Adjusted EBITDA comprises earnings before interest, tax, depreciation and amortisation, adjusted for impairment losses and loss on disposal of plant and equipment.
US$ thousand
Unaudited six months ended 31 December 2025 Barberton Mines
Unaudited six months ended 31 December 2025 Evander Mines
Unaudited six months ended 31 December 2025 Solar projects
Unaudited six months ended 31 December 2025 MTR operation
Unaudited six months ended 31 December 2025 Tenant Mines
Unaudited six months ended 31 December 2025 Mining operations
Unaudited six months ended 31 December 2025 Exploration assets
Unaudited six months ended 31 December 2025 Agricultural ESG projects
Unaudited six months ended 31 December 2025 Corporate
Unaudited six months ended 31 December 2025 Funding Company
Unaudited six months ended 31 December 2025 Group total
Segment assets (total assets excluding goodwill)
206,678
447,695
28,289
174,440
142,651
999,753
594
2,665
70,195
65,436
1,138,643
Segment liabilities
81,151
143,783
64
50,518
102,360
377,876
32
31
316
91,468
469,723
Net assets/(liabilities) (excluding goodwill)²
125,527
303,912
28,225
123,922
40,291
621,877
562
2,634
69,879
(26,032)
668,920
Goodwill
18,316
-
-
-
-
18,316
-
-
-
-
18,316
Capital expenditure³
15,414
25,818
1,129
15,674
6,852
64,887
-
1
1,162
-
66,050
¹ Tenant Mines includes Tenant company and Yungatha.
² The segment assets and liabilities above exclude intra-Group balances.
³ Capital expenditure comprises additions to property, plant and equipment, mineral rights, exploration and intangible assets.
US$ thousand
Unaudited six months ended 31 December 2025 Barberton Mines
Unaudited six months ended 31 December 2025 Evander Mines
Unaudited six months ended 31 December 2025 Solar projects
Unaudited six months ended 31 December 2025 MTR operation
Unaudited six months ended 31 December 2025 Tenant Mines
Unaudited six months ended 31 December 2025 Mining operations
Unaudited six months ended 31 December 2025 Exploration assets
Unaudited six months ended 31 December 2025 Agricultural ESG projects
Unaudited six months ended 31 December 2025 Corporate
Unaudited six months ended 31 December 2025 Funding Company
Unaudited six months ended 31 December 2025 Group total
Reconciliation of adjusted EBITDA
Profit/(loss) before finance income, finance costs and tax
58,072
121,290
(1,205)
45,906
18,214
242,277
(100)
(565)
(21,787)
(137)
219,688
Excluding: depreciation and amortisation included in gross profit
5,619
8,690
707
6,858
2,004
23,878
-
169
-
-
24,047
Excluding: other depreciation and amortisation
-
-
-
-
374
374
-
5
258
-
637
EBITDA
63,691
129,980
(498)
52,764
20,592
266,529
(100)
(391)
(21,529)
(137)
244,372
Excluding: impairment loss on non-financial assets
-
-
-
-
-
-
-
335
-
-
335
Excluding: loss on disposal of plant and equipment
-
-
-
479
10
489
-
2
-
-
491
Adjusted EBITDA
63,691
129,980
(498)
53,243
20,602
267,018
(100)
(54)
(21,529)
(137)
245,198
¹ Tenant Mines includes Tenant company and Yungatha.
² Adjusted EBITDA comprises earnings before interest, tax, depreciation and amortisation, adjusted for impairment losses and loss on disposal of plant and equipment.
US$ thousand
Unaudited restated six months ended 31 December 2024 Barberton Mines
Unaudited restated six months ended 31 December 2024 Evander Mines
Unaudited restated six months ended 31 December 2024 Solar projects
Unaudited restated six months ended 31 December 2024 MTR operation
Unaudited restated six months ended 31 December 2024 Tenant Mines
Unaudited restated six months ended 31 December 2024 Mining operations
Unaudited restated six months ended 31 December 2024 Exploration assets
Unaudited restated six months ended 31 December 2024 Agricultural ESG projects
Unaudited restated six months ended 31 December 2024 Corporate
Unaudited restated six months ended 31 December 2024 Funding Company
Unaudited restated six months ended 31 December 2024 Group total
Revenue
94,195
75,325
-
19,394
-
188,914
-
420
-
-
189,334
Cost of production
(68,450)
(56,065)
(688)
(9,594)
-
(134,797)
-
(581)
-
-
(135,378)
Salaries and wages
(24,379)
(4,041)
-
(1,022)
-
(29,442)
-
(250)
-
-
(29,692)
Mining
(13,110)
(10,287)
-
(541)
-
(23,938)
-
-
-
-
(23,938)
Processing and metallurgy
(7,583)
(14,716)
-
(3,669)
-
(25,968)
-
(79)
-
-
(26,047)
Engineering and technical services
(3,994)
(5,676)
(186)
(281)
-
(10,137)
-
(41)
-
-
(10,178)
Electricity
(6,348)
(10,299)
-
(1,819)
-
(18,466)
-
(13)
-
-
(18,479)
Administration and other
(3,034)
(2,517)
-
(194)
-
(5,745)
-
-
-
-
(5,745)
Realisation costs
(218)
(182)
-
(51)
-
(451)
-
(41)
-
-
(492)
Security
(2,647)
(1,151)
(118)
(321)
-
(4,237)
-
(3)
-
-
(4,240)
Fuel costs
(1,142)
(198)
-
(476)
-
(1,816)
-
(7)
-
-
(1,823)
Depreciation and amortisation
(5,995)
(6,998)
(384)
(1,220)
-
(14,597)
-
(147)
-
-
(14,744)
Gross profit
25,745
19,260
(688)
9,800
-
54,117
-
(161)
-
-
53,956
Other income
-
1,643
-
102
1,253
2,998
224
2
66
309
3,599
Other expenses
(2,751)
(1,304)
(20)
(755)
(935)
(5,765)
(847)
(61)
(6,491)
(90)
(13,254)
Royalty costs
(1,284)
(118)
-
-
-
(1,402)
-
-
-
-
(1,402)
Bargain purchase gains
-
-
-
-
-
-
-
-
28,019
-
28,019
Impairment losses on non-financial assets
-
-
-
-
-
-
(2,995)
-
-
-
(2,995)
Profit before finance income and finance costs
21,710
19,481
(708)
9,147
318
49,948
(3,618)
(220)
21,594
219
67,923
Finance income
6
4
2
11
38
61
-
3
92
812
968
Finance costs
(182)
(911)
-
(703)
(486)
(2,282)
-
-
(10)
(7,761)
(10,053)
Profit before tax
21,534
18,574
(706)
8,455
(130)
47,727
(3,618)
(217)
21,676
(6,730)
58,838
Income tax expense
(5,767)
(2,745)
(211)
(1,617)
-
(10,340)
(1,103)
-
-
-
(11,443)
Profit for the period excluding intra-Group transactions
15,767
15,829
(917)
6,838
(130)
37,387
(4,721)
(217)
21,676
(6,730)
47,395
Revenue
-
-
324
-
-
324
-
-
27,999
-
28,323
Cost of production
(90)
(234)
-
-
-
(324)
-
-
-
-
(324)
Elimination of dividends received from/(paid to) fellow Group companies
-
-
-
-
-
-
-
-
(27,999)
-
(27,999)
Management fees
-
(622)
(223)
(1,065)
-
(1,910)
-
(42)
2,064
(112)
-
Finance income/(costs)
2,160
(3,057)
(1,011)
(2,161)
-
(4,069)
-
(334)
(4,929)
9,332
-
Profit after tax including intra-Group transactions
17,837
11,916
(1,827)
3,612
(130)
31,408
(4,721)
(593)
18,811
2,490
47,395
¹ The Tenant company business combination was accounted for on a provisional basis in the previous interim reporting period. The accounting was complete by 30 June 2025. Provisional amounts presented as at 31 December 2024 were revised to reflect the measurement period adjustments made. Refer to note 13.2.
² Tenant Mines includes Tenant company and Yungatha. Tenant company was acquired in November 2024 and the results are for a two-month period. Yungatha was acquired in December 2024.
³ These disclosures have been disaggregated in light of the IFRS Interpretations Committee's final agenda decision relating to IFRS 8: Operating Segments on the disclosure of material income and expense line items for reportable segments.
⁴ Other income and other expenses exclude intra-Group management fees. Finance income and finance costs exclude intra-Group interest.
⁵ Refer to note 13.2.
US$ thousand
Unaudited restated six months ended 31 December 2024 Barberton Mines
Unaudited restated six months ended 31 December 2024 Evander Mines
Unaudited restated six months ended 31 December 2024 Solar projects
Unaudited restated six months ended 31 December 2024 MTR operation
Unaudited restated six months ended 31 December 2024 Tenant Mines
Unaudited restated six months ended 31 December 2024 Mining operations
Unaudited restated six months ended 31 December 2024 Exploration assets
Unaudited restated six months ended 31 December 2024 Agricultural ESG projects
Unaudited restated six months ended 31 December 2024 Corporate
Unaudited restated six months ended 31 December 2024 Funding Company
Unaudited restated six months ended 31 December 2024 Group total
Reconciliation of adjusted EBITDA
Profit/(loss) before finance income, finance costs and tax
21,710
19,481
(708)
9,147
318
49,948
(3,618)
(220)
21,594
219
67,923
Excluding: depreciation and amortisation included in gross profit
5,995
6,998
384
1,220
-
14,597
-
147
-
-
14,744
Excluding: other depreciation and amortisation
-
-
-
-
58
58
131
5
128
-
322
EBITDA
27,705
26,479
(324)
10,367
376
64,603
(3,487)
(68)
21,722
219
82,989
Excluding: bargain purchase gains
-
-
-
-
-
-
-
-
(28,019)
-
(28,019)
Excluding: impairment loss on non-financial assets
-
-
-
-
-
-
2,995
-
-
-
2,995
Adjusted EBITDA
27,705
26,479
(324)
10,367
376
64,603
(492)
(68)
(6,297)
219
57,965
¹ The Tenant company business combination was accounted for on a provisional basis in the previous interim reporting period. The accounting was complete by 30 June 2025. Provisional amounts presented as at 31 December 2024 were revised to reflect the measurement period adjustments made. Refer to note 13.2.
² Tenant Mines includes Tenant company and Yungatha. Tenant company was acquired in November 2024 and the results are for a two-month period. Yungatha was acquired in December 2024.
³ Adjusted EBITDA comprises earnings before interest, tax, depreciation and amortisation, adjusted for impairment losses and bargain purchase gains.
US$ thousand
Unaudited restated six months ended 31 December 2024 Barberton Mines
Unaudited restated six months ended 31 December 2024 Evander Mines
Unaudited restated six months ended 31 December 2024 Solar projects
Unaudited restated six months ended 31 December 2024 MTR operation
Unaudited restated six months ended 31 December 2024 Tenant Mines
Unaudited restated six months ended 31 December 2024 Mining operations
Unaudited restated six months ended 31 December 2024 Exploration assets
Unaudited restated six months ended 31 December 2024 Agricultural ESG projects
Unaudited restated six months ended 31 December 2024 Corporate
Unaudited restated six months ended 31 December 2024 Funding Company
Unaudited restated six months ended 31 December 2024 Group total
Segment assets (total assets excluding goodwill)
157,298
357,920
23,652
143,667
138,696
821,133
598
2,771
4,987
11,941
841,430
Segment liabilities
60,320
85,488
17
18,160
53,425
217,410
17
12
14,872
200,850
433,161
Net assets/(liabilities) (excluding goodwill)³
96,978
272,332
23,635
125,507
85,271
603,723
581
2,759
(9,885)
(188,909)
408,269
Goodwill
16,083
-
-
-
-
16,083
-
-
-
-
16,083
Capital expenditure⁴
11,675
23,184
2,905
48,195
9,132
95,091
1
71
399
-
95,562
¹ The Tenant company business combination was accounted for on a provisional basis in the previous interim reporting period. The accounting was complete by 30 June 2025. Provisional amounts presented as at 31 December 2024 were revised to reflect the measurement period adjustments made. Refer to note 13.2.
² Tenant Mines includes Tenant company and Yungatha. Tenant company was acquired in November 2024 and the results are for a two-month period. Yungatha was acquired in December 2024.
³ The segment assets and liabilities above exclude intra-Group balances.
⁴ Capital expenditure comprises additions to property, plant and equipment, mineral rights, exploration and intangible assets.
US$ thousand
Unaudited restated six months ended 31 December 2024 Barberton Mines
Unaudited restated six months ended 31 December 2024 Evander Mines
Unaudited restated six months ended 31 December 2024 Solar projects
Unaudited restated six months ended 31 December 2024 MTR operation
Unaudited restated six months ended 31 December 2024 Tenant Mines
Unaudited restated six months ended 31 December 2024 Mining operations
Unaudited restated six months ended 31 December 2024 Exploration assets
Unaudited restated six months ended 31 December 2024 Agricultural ESG projects
Unaudited restated six months ended 31 December 2024 Corporate
Unaudited restated six months ended 31 December 2024 Funding Company
Unaudited restated six months ended 31 December 2024 Group total
Reconciliation of adjusted EBITDA
Profit/(loss) before finance income, finance costs and tax
21,710
19,481
(708)
9,147
318
49,948
(3,618)
(220)
21,594
219
67,923
Excluding: depreciation and amortisation included in gross profit
5,995
6,998
384
1,220
-
14,597
-
147
-
-
14,744
Excluding: other depreciation and amortisation
-
-
-
-
58
58
131
5
128
-
322
EBITDA
27,705
26,479
(324)
10,367
376
64,603
(3,487)
(68)
21,722
219
82,989
Excluding: bargain purchase gains
-
-
-
-
-
-
-
-
(28,019)
-
(28,019)
Excluding: impairment loss on non-financial assets
-
-
-
-
-
-
2,995
-
-
-
2,995
Adjusted EBITDA
27,705
26,479
(324)
10,367
376
64,603
(492)
(68)
(6,297)
219
57,965
¹ The Tenant company business combination was accounted for on a provisional basis in the previous interim reporting period. The accounting was complete by 30 June 2025. Provisional amounts presented as at 31 December 2024 were revised to reflect the measurement period adjustments made. Refer to note 13.2.
² Tenant Mines includes Tenant company and Yungatha. Tenant company was acquired in November 2024 and the results are for a two-month period. Yungatha was acquired in December 2024.
³ Adjusted EBITDA comprises earnings before interest, tax, depreciation and amortisation, adjusted for impairment losses and bargain purchase gains.
US$ thousand
Unaudited restated six months ended 31 December 2024 Barberton Mines
Unaudited restated six months ended 31 December 2024 Evander Mines
Unaudited restated six months ended 31 December 2024 Solar projects
Unaudited restated six months ended 31 December 2024 MTR operation
Unaudited restated six months ended 31 December 2024 Tenant Mines
Unaudited restated six months ended 31 December 2024 Mining operations
Unaudited restated six months ended 31 December 2024 Exploration assets
Unaudited restated six months ended 31 December 2024 Agricultural ESG projects
Unaudited restated six months ended 31 December 2024 Corporate
Unaudited restated six months ended 31 December 2024 Funding Company
Unaudited restated six months ended 31 December 2024 Group total
Segment assets (total assets excluding goodwill)
157,298
357,920
23,652
143,667
138,696
821,133
598
2,771
4,987
11,941
841,430
Segment liabilities
60,320
85,488
17
18,160
53,425
217,410
17
12
14,872
200,850
433,161
Net assets/(liabilities) (excluding goodwill)³
96,978
272,332
23,635
125,507
85,271
603,723
581
2,759
(9,885)
(188,909)
408,269
Goodwill
16,083
-
-
-
-
16,083
-
-
-
-
16,083
Capital expenditure⁴
11,675
23,184
2,905
48,195
9,132
95,091
1
71
399
-
95,562
¹ The Tenant company business combination was accounted for on a provisional basis in the previous interim reporting period. The accounting was complete by 30 June 2025. Provisional amounts presented as at 31 December 2024 were revised to reflect the measurement period adjustments made. Refer to note 13.2.
² Tenant Mines includes Tenant company and Yungatha. Tenant company was acquired in November 2024 and the results are for a two-month period. Yungatha was acquired in December 2024.
³ The segment assets and liabilities above exclude intra-Group balances.
⁴ Capital expenditure comprises additions to property, plant and equipment, mineral rights, exploration and intangible assets.
US$ thousand
Unaudited restated six months ended 31 December 2024 Barberton Mines
Unaudited restated six months ended 31 December 2024 Evander Mines
Unaudited restated six months ended 31 December 2024 Solar projects
Unaudited restated six months ended 31 December 2024 MTR operation
Unaudited restated six months ended 31 December 2024 Tenant Mines
Unaudited restated six months ended 31 December 2024 Mining operations
Unaudited restated six months ended 31 December 2024 Exploration assets
Unaudited restated six months ended 31 December 2024 Agricultural ESG projects
Unaudited restated six months ended 31 December 2024 Corporate
Unaudited restated six months ended 31 December 2024 Funding Company
Unaudited restated six months ended 31 December 2024 Group total
Reconciliation of adjusted EBITDA
Profit/(loss) before finance income, finance costs and tax
21,710
19,481
(708)
9,147
318
49,948
(3,618)
(220)
21,594
219
67,923
Excluding: depreciation and amortisation included in gross profit
5,995
6,998
384
1,220
-
14,597
-
147
-
-
14,744
Excluding: other depreciation and amortisation
-
-
-
-
58
58
131
5
128
-
322
EBITDA
27,705
26,479
(324)
10,367
376
64,603
(3,487)
(68)
21,722
219
82,989
Excluding: bargain purchase gains
-
-
-
-
-
-
-
-
(28,019)
-
(28,019)
Excluding: impairment loss on non-financial assets
-
-
-
-
-
-
2,995
-
-
-
2,995
Adjusted EBITDA
27,705
26,479
(324)
10,367
376
64,603
(492)
(68)
(6,297)
219
57,965
¹ The Tenant company business combination was accounted for on a provisional basis in the previous interim reporting period. The accounting was complete by 30 June 2025. Provisional amounts presented as at 31 December 2024 were revised to reflect the measurement period adjustments made. Refer to note 13.2.
² Tenant Mines includes Tenant company and Yungatha. Tenant company was acquired in November 2024 and the results are for a two-month period. Yungatha was acquired in December 2024.
³ Adjusted EBITDA comprises earnings before interest, tax, depreciation and amortisation, adjusted for impairment losses and bargain purchase gains.
US$ thousand
Unaudited restated six months ended 31 December 2024 Barberton Mines
Unaudited restated six months ended 31 December 2024 Evander Mines
Unaudited restated six months ended 31 December 2024 Solar projects
Unaudited restated six months ended 31 December 2024 MTR operation
Unaudited restated six months ended 31 December 2024 Tenant Mines
Unaudited restated six months ended 31 December 2024 Mining operations
Unaudited restated six months ended 31 December 2024 Exploration assets
Unaudited restated six months ended 31 December 2024 Agricultural ESG projects
Unaudited restated six months ended 31 December 2024 Corporate
Unaudited restated six months ended 31 December 2024 Funding Company
Unaudited restated six months ended 31 December 2024 Group total
Segment assets (total assets excluding goodwill)
157,298
357,920
23,652
143,667
138,696
821,133
598
2,771
4,987
11,941
841,430
Segment liabilities
60,320
85,488
17
18,160
53,425
217,410
17
12
14,872
200,850
433,161
Net assets/(liabilities) (excluding goodwill)³
96,978
272,332
23,635
125,507
85,271
603,723
581
2,759
(9,885)
(188,909)
408,269
Goodwill
16,083
-
-
-
-
16,083
-
-
-
-
16,083
Capital expenditure⁴
11,675
23,184
2,905
48,195
9,132
95,091
1
71
399
-
95,562
¹ The Tenant company business combination was accounted for on a provisional basis in the previous interim reporting period. The accounting was complete by 30 June 2025. Provisional amounts presented as at 31 December 2024 were revised to reflect the measurement period adjustments made. Refer to note 13.2.
² Tenant Mines includes Tenant company and Yungatha. Tenant company was acquired in November 2024 and the results are for a two-month period. Yungatha was acquired in December 2024.
³ The segment assets and liabilities above exclude intra-Group balances.
⁴ Capital expenditure comprises additions to property, plant and equipment, mineral rights, exploration and intangible assets.
4. Revenue
4.1 Disaggregation of revenue
Unaudited six months ended 31 December 2025
Unaudited six months ended 31 December 2024
Revenue from contracts with customers
Gold revenue
484,461
188,518
Silver revenue
1,326
396
Copper revenue
702
-
Blueberries revenue
573
420
Total revenue
487,062
189,334
Revenue per geographical market
South Africa
428,511
189,032
Australia
58,212
-
UK and Europe¹
339
302
Total revenue
487,062
189,334
¹ The UK and Europe geographical market relates solely to the sale of blueberries.
4.2 Contract liability
In December 2025, the Group entered into a forward sale contract with RMB for the delivery of 2,250oz of gold in three tranches during January 2026. Advance consideration of US$9.7 million (ZAR161.5 million) was received and recognised as a contract liability, as the related performance obligations had not been satisfied at the reporting date.
The contract liability in the comparative period relates to a forward sale contract entered into on 13 March 2023 with RMB, in terms of which 4,846oz of gold were delivered monthly over a period of 24 months at a fixed price of ZAR1,025,000 per kilogramme (US$1,723 per ounce). Advance consideration of US$21.6 million (ZAR400 million) was received and recognised as a contract liability. Revenue was recognised monthly as the gold was delivered and the related performance obligation fulfilled.
Unaudited six months ended 31 December 2025
Unaudited six months ended 31 December 2024
Balance as at 1 July
-
1,766
Consideration received
9,665
-
Recognised as revenue
-
(5,828)
Accrued finance costs
-
257
Foreign currency translation movement
82
7
Balance as at 31 December
9,747
1,766
Less: current portion
(9,747)
(1,766)
Non-current portion
-
-
5. Net Finance Costs
Unaudited six months ended 31 December 2025
Unaudited six months ended 31 December 2024
Finance income
Finance income in respect of:
Cash and cash equivalents
1,810
968
Tax authorities
1,649
968
Finance costs
Finance costs in respect of:
Borrowings
(11,565)
(10,053)
Borrowing costs capitalised
(9,927)
(11,427)
Lease liabilities
-
3,160
Environmental rehabilitation obligation
(184)
(144)
Contract liability
(1,334)
(1,310)
Financial liabilities
-
(257)
Trade payables
(58)
(41)
Cash and cash equivalents
(59)
(29)
Tax authorities
-
(4)
Net finance costs
(9,755)
(9,085)
6. Income Tax
6.1 Income tax expenses
Unaudited six months ended 31 December 2025
Unaudited six months ended 31 December 2024
South African current tax
Current year
21,585
5,171
Prior year
21,263
4,616
322
555
Australian current tax
Current year
2,801
-
Prior year
3,104
-
(303)
-
Deferred tax
Current year
37,705
6,272
Prior year
38,184
6,272
(479)
-
Income tax expense recognised in profit or loss
62,091
11,443
6.2 Deferred tax
Deferred tax rates applied within the Group
Unaudited six months ended 31 December 2025
Unaudited six months ended 31 December 2024
%
Barberton Mines
24.00
22.00
Evander Mines (other and mining rights)
28.00
27.00
MTR operation
28.00
27.00
Tenant Mines
30.00
30.00
Other Group companies
27.00
27.00
Deferred tax balances and reconciliation
Deferred tax balances at the reporting date are as follows:
Unaudited six months ended 31 December 2025
Unaudited six months ended 31 December 2024
Deferred tax liabilities
Arising from temporary differences relating to:
Inventory
9,217
8,529
Property, plant and equipment
187,122
101,012
Environmental rehabilitation obligation
(5,834)
(2,845)
Prepayments
(9)
(46)
Assessed loss
(389)
(3,774)
Lease liabilities
(996)
(745)
Net deferred tax liabilities
189,111
102,131
Reconciliation of deferred tax liabilities
Net deferred tax liabilities as at 1 July
140,506
85,353
Deferred tax recognised at acquisition
-
14,439
Deferred tax recognised in profit or loss
38,115
6,272
Transferred from deferred tax assets
(486)
-
Foreign currency translation reserve movement
10,976
(3,933)
Net deferred tax liabilities as at 31 December
189,111
102,131
Unaudited six months ended 31 December 2025
Unaudited six months ended 31 December 2024
Deferred tax assets
Arising from temporary differences relating to:
Property, plant and equipment
(6,064)
-
Assessed loss
6,890
-
Other payables¹
440
611
Lease liability
7
25
Prepayments
(25)
(28)
Cash-settled share-based payment obligation
882
-
Net deferred tax assets
2,130
608
Reconciliation of deferred tax assets
Net deferred tax assets as at 1 July
2,072
631
Deferred tax recognised in profit or loss
410
-
Transferred to deferred tax liability
(486)
-
Foreign currency translation reserve movement
134
(23)
Net deferred tax assets as at 31 December
2,130
608
¹ Other payables relate to the temporary difference on the accrual for employee benefits and leave pay liability.
Assessed loss carried forward Unaudited six months ended 31 December 2025
Assessed loss carried forward Unaudited six months ended 31 December 2024
Evander Mines
501
408
MTR operation
518
37
Solar projects
6,677
3,466
7,696
3,911
Deferred tax assets have only been recognised, where applicable, on the basis that the individual Group companies will be able to generate future taxable economic benefits to utilise current deductible temporary differences.
7. Property, Plant and Equipment
The movement in the carrying value of property, plant and equipment is as follows:
Unaudited six months ended 31 December 2025
Unaudited six months ended 31 December 2024
Balance as at 1 July
824,450
567,588
Additions through business combinations
-
99,403
Additions
66,050
92,402
Borrowing costs capitalised
-
3,160
Increase in rehabilitation obligation
-
134
Disposals
(961)
(35)
Depreciation
(23,991)
(15,434)
Impairment losses
(335)
(2,966)
Transfers
-
(1,539)
Foreign currency translation movement
52,656
(28,095)
Balance as at 31 December
917,869
714,618
Refer to note 13.2.
Impairment considerations
The impairment in the current reporting period relates to Barberton Green (an ESG project) which has not been able to commence farming operations due to the delay in obtaining a licence from the South African Health Regulatory Authority. The assets were impaired to their fair value as determined by an external valuator.
The impairment in the previous reporting period relates to the suspension of exploration activities in Sudan due to the ongoing political unrest. The assets were impaired to their fair value less costs of disposal.
There was no change in the composition of the Group's CGUs. No other impairment indicators were identified in the Group's other CGUs for impairment testing in the current or previous reporting period.
Reconciliation of depreciation and amortisation included in cost of production:
Unaudited six months ended 31 December 2025
Unaudited six months ended 31 December 2024
Depreciation of property, plant and equipment
(23,991)
(15,434)
Depreciation recognised in inventory
(577)
391
Amortisation of intangible assets
(116)
(23)
Add back other depreciation and amortisation
637
322
Total depreciation and amortisation included in cost of production
(24,047)
(14,744)
8. Capital Expenditure
Sustaining capital
Sustaining capital is the capital needed to sustain the current production base.
Expansion capital
Expansion capital relates to capital expenditure for the growth of the production base.
Sustaining capital
Expansion capital
Total
US$ thousand
Barberton Mines 31 December 2025
6,756
8,658
15,414
Barberton Mines 31 December 2024
4,691
6,984
11,675
Evander Mines 31 December 2025
-
21,516
21,516
Evander Mines 31 December 2024
-
17,890
17,890
Elikhulu 31 December 2025
589
3,713
4,302
Elikhulu 31 December 2024
970
4,324
5,294
MTR operation 31 December 2025
1,462
14,212
15,674
MTR operation 31 December 2024
350
47,845
48,195
Tenant Mines 31 December 2025
772
6,080
6,852
Tenant Mines 31 December 2024
-
9,132
9,132
Solar projects 31 December 2025
-
1,129
1,129
Solar projects 31 December 2024
-
2,905
2,905
Corporate 31 December 2025
1,162
-
1,162
Corporate 31 December 2024
399
-
399
Agricultural ESG projects 31 December 2025
1
-
1
Agricultural ESG projects 31 December 2024
71
-
71
Exploration assets 31 December 2025
-
-
-
Exploration assets 31 December 2024
1
-
1
Total capital expenditure 31 December 2025
10,742
55,308
66,050
Total capital expenditure 31 December 2024
6,482
89,080
95,562
9. Restricted Cash
Unaudited six months ended 31 December 2025
Unaudited six months ended 31 December 2024
Balance as at 1 July
-
-
Transfer from environmental rehabilitation obligation fund
1,187
-
Contribution made
1,255
-
Foreign currency translation reserve movement
37
-
Balance as at 31 December
2,479
-
During December 2025, Tenant company established a A$3.7 million cash-backed bank guarantee facility, of which A$3.6 million was issued to the Northern Territory Government (NTG) for environmental rehabilitation obligations.
The facility is secured by cash held in a designated account. Environmental bonds previously held in cash (A$1.765 million) were refunded by NTG and applied to the facility. These funds may only be used to support environmental rehabilitation obligations and are not available for general use by the Group.
Restricted cash is classified as measured at amortised cost and accrues interest annually.
10. Borrowings
Notes
Unaudited six months ended 31 December 2025
Unaudited six months ended 31 December 2024
South African borrowings
RCF
10.1
3
52,998
Term loan
10.2
27,314
68,075
Green loan
10.3
-
15,973
DMTN bonds
10.4
63,856
63,821
Australian borrowings
Realside facility
10.5
28,117
22,777
Northern Territory of Australia facility
10.6
7,342
6,422
National Australia Bank loan
10.7
2,147
-
Total borrowings
128,779
230,066
Less: current portion
(56,597)
(21,784)
Non-current portion
72,182
208,282
10.1 Revolving credit facility
The movement on the RCF is as follows:
Unaudited six months ended 31 December 2025
Unaudited six months ended 31 December 2024
Balance as at 1 July
13,988
10,842
Drawdowns
-
55,535
Finance costs incurred
111
2,305
Unwinding of non-refundable fees
55
53
Repayment of capital
(13,934)
(10,949)
Repayment of finance costs
(119)
(2,202)
Foreign currency translation reserve movement
(98)
(2,586)
Balance as at 31 December
3
52,998
Less: current portion
(3)
(166)
Non-current portion
-
52,832
10.2 Term loan
The movement on the term loan is as follows:
Unaudited six months ended 31 December 2025
Unaudited six months ended 31 December 2024
Balance as at 1 July
68,803
53,519
Drawdowns
-
17,102
Finance costs incurred
2,700
3,977
Unwinding of non-refundable fees
652
94
Repayment of capital
(45,264)
-
Repayment of finance costs
(2,747)
(3,993)
Foreign currency translation reserve movement
3,170
(2,624)
Balance as at 31 December
27,314
68,075
Less: current portion
(7,805)
(10,334)
Non-current portion
19,509
57,741
The term loan was settled on 12 January 2026.
10.3 Green loan
The movement on the green loan is as follows:
Unaudited six months ended 31 December 2025
Unaudited six months ended 31 December 2024
Balance as at 1 July
-
19,199
Finance costs incurred
-
1,028
Unwinding of non-refundable fees
-
6
Repayment of capital
-
(2,684)
Repayment of finance costs
-
(1,031)
Foreign currency translation reserve movement
-
(545)
Balance as at 31 December
-
15,973
Less: current portion
-
(3,372)
Non-current portion
-
12,601
10.4 DMTN bonds
The movement on the DMTN bonds is as follows:
Unaudited six months ended 31 December 2025
Unaudited six months ended 31 December 2024
Balance as at 1 July
67,972
44,225
Notes issued
-
22,900
Bond settlement
(8,475)
-
Finance costs incurred
3,529
3,285
Repayment of finance costs
(3,672)
(3,413)
Foreign currency translation reserve movement
4,502
(3,176)
Balance as at 31 December
63,856
63,821
Less: current portion
(12,860)
(7,912)
Non-current portion
50,996
55,909
10.5 Realside facility
The movement on the facility is as follows:
Unaudited six months ended 31 December 2025
Unaudited six months ended 31 December 2024
Balance as at 1 July
29,822
-
Additions through business combination
-
23,499
Finance costs incurred
2,211
725
Repayment of capital
(2,060)
-
Repayment of finance costs
(2,191)
-
Foreign currency translation reserve movement
335
(1,447)
Balance as at 31 December
28,117
22,777
Less: current portion
(28,117)
-
Non-current portion
-
22,777
Financial covenants
The following financial covenants are in place for the facility and are calculated for a 12-month period at each reporting date:
Minimum liquidity covenant: The available liquidity must be equal to or greater than the aggregate unpaid costs at the calculation date
The debt service cover ratio must be more than 1.5 times.
The covenants were in breach at the reporting date. As a result, the loan is classified as a current liability.
10.6 Northern Territory of Australia facility
The movement on the facility is as follows:
Unaudited six months ended 31 December 2025
Unaudited six months ended 31 December 2024
Balance as at 1 July
7,049
-
Additions through business combination
-
6,763
Finance costs incurred
184
71
Foreign currency translation reserve movement
109
(412)
Balance as at 31 December
7,342
6,422
Less: current portion
(7,342)
-
Non-current portion
-
6,422
Financial covenants
The following financial covenants are in place for the facility and are calculated for a 12-month period at each reporting date:
The gearing ratio does not exceed 55%
The debt service cover ratio must be more than 1.5 times.
The covenants were in breach at the reporting date. As a result, the loan is classified as a current liability.
10.7 National Australia Bank loan
The movement on the loan is as follows:
Unaudited six months ended 31 December 2025
Unaudited six months ended 31 December 2024
Balance as at 1 July
2,342
-
Finance costs incurred
64
-
Repayment of capital
(229)
-
Repayment of finance costs
(60)
-
Foreign currency translation reserve movement
30
-
Balance as at 31 December
2,147
-
Less: current portion
(470)
-
Non-current portion
1,677
-
10.8 Available debt facilities
The Group has the following credit facilities, guarantees and derivative trading facilities in place:
Unaudited six months ended 31 December 2025
Unaudited six months ended 31 December 2024
General banking facilities
8,449
7,419
RCF
60,290
-
Realside facility
-
7,723
Total available debt facilities
68,739
15,142
10.9 Transition from JIBAR to ZARONIA
The Johannesburg Interbank Average Rate (JIBAR) is in the process of being phased out and replaced by the South African Rand Overnight Index Average (ZARONIA). All JIBAR tenors will either cease to be provided by or will no longer be representative immediately after 31 December 2026.
ZARONIA, administered and published by the South African Reserve Bank (SARB), is a near risk-free rate, in contrast to JIBAR, which incorporates both credit and term premiums. To ensure economic equivalence between the two benchmarks, a credit adjustment spread will be added to ZARONIA.
The transition is a regulatory initiative led by the SARB, with the underlying principle of ensuring economic neutrality such that neither borrowers nor lenders should be economically advantaged or disadvantaged by the change. The intention is for all parties to remain in an equivalent financial position following the implementation, with no party benefiting at the expense of any other party.
Funding Company has received initial communication from its financier, RMB, and is expected to receive further communication and updated loan documentation shortly.
Funding Company is currently evaluating the DMTN bond programme and is anticipated to communicate with counterparties in due course.
11. Share-Based Payment Obligations
11.1 Cash-settled share-based obligation
The reconciliation of the cash-settled share-based payment obligation is as follows:
Unaudited six months ended 31 December 2025
Unaudited six months ended 31 December 2024
Balance as at 1 July
21,487
10,965
Expense recognised in profit or loss
25,946
10,428
Payments made
(14,745)
(4,979)
Foreign currency translation reserve movement
1,830
(669)
Balance as at 31 December
34,518
15,745
Less: current portion
(23,256)
(5,532)
Non-current portion
11,262
10,213
The Group recognised cash-settled share-based payment expenses on each scheme as follows:
Unaudited six months ended 31 December 2025
Unaudited six months ended 31 December 2024
Group cash-settled share options – Pan African Share Appreciation Bonus Plan
14,099
3,788
PAR Gold Long-term Incentive Plan
11,847
6,640
Total expense recognised in profit or loss
25,946
10,428
11.2 Assumptions and estimates
The determination of the fair value of a cash-settled share-based payment obligation is subject to management applying key assumptions and estimates. The fair value is calculated using actuarial valuations. The following tables provide details regarding the cash-settled share-based payment obligations and the inputs used in the models.
Pan African Share Appreciation Bonus Plan
Fair values were calculated using the binomial pricing model with the following key inputs:
Unaudited six months ended 31 December 2025
Unaudited six months ended 31 December 2024
Weighted average exercise/strike price (ZAR)
4.88
3.9
Exercise price (ZAR)
3.19 – 13.48
1.36 – 6.54
Expected volatility (%)
42 – 46
37 – 51
Expected life (years)
3 – 6
3 – 6
Weighted average remaining life (years)
3.85
3.8
Risk-free rate (%)
6.50 – 6.81
8.4 – 9.28
Expected dividend yield (%)
3
4
PAR Gold Long-term Incentive Plan
Fair values were calculated using the Monte Carlo simulation with the following key inputs:
PAR Gold G share
PAR Gold H share
PAR Gold I share
PAR Gold J share
Number of shares
11,943,707
15,448,697
9,174,688
7,066,577
Grant date
1 July 2023
1 July 2023
1 July 2024
1 July 2025
Vesting date
30 June 2026
30 June 2025
30 June 2027
30 June 2028
Share price at grant date (based on 90-day volume-weighted average price (VWAP) (ZAR)
3.59
3.60
5.51
10.43
90-day VWAP as at 31 December 2025 (ZAR)
20.09
n/a
20.09
20.09
90-day VWAP as at 31 December 2024 (ZAR)
7.85
7.85
7.85
n/a
Probability of vesting as at 31 December 2025 (%)
90 – 148
n/a
90 – 114
90
Probability of vesting as at 31 December 2024 (%)
65 – 90
100
90
90 – 101
Fair value per option as at 31 December 2025 (ZAR)
21.58
n/a
19.52
18.72
Fair value per option as at 31 December 2024 (ZAR)
6.48
7.85
7.07
n/a
13. Acquisitions and Disposals
13.1 Acquisitions
There were no acquisitions during the current reporting period.
13.2 Measurement period adjustment – previous reporting period acquisitions
Acquisition of Tenant company
The accounting for the business combination was completed by the end of the 2025 reporting period. Provisional amounts of identifiable assets recognised and reported as at 31 December 2024 have been revised, resulting in a restatement of the comparative 2024 statement of financial position and statement of profit or loss and other comprehensive income. The fair values of exploration assets, mineral rights, capital under construction and long-term inventory were revised during the measurement period, following the refinement and completion of production schedules and LoM plans.
The fair values were revised as follows: Exploration assets decreased by US$1.3 million, mineral rights increased by US$15.6 million, capital under construction increased by US$1.7 million and long-term inventory decreased by US$7.3 million with a resultant increase in the deferred tax liability of US$4.2 million.
In addition, the initial 8% interest equity held by Pan African was remeasured to a revised fair value as at the acquisition date. The measurement period adjustment resulted in an increase in the fair value of US$1.6 million.
The net effect of the above measurement period adjustments resulted in a total increase in the bargain purchase gain of US$2.8 million.
Acquisition of Tenant company continued
The finalised fair values of the assets and liabilities of Tenant company at the date of acquisition are as follows:
US$ thousand
As previously presented 31 December 2024
Measurement period adjustment increase/(decrease)
Revised 31 December 2024
Property, plant and equipment
78,716
15,909
94,625
Exploration assets
24,031
(1,313)
22,718
Mineral rights
16,068
15,560
31,628
Capital under construction
18,939
1,662
20,601
Plant and machinery
18,240
–
18,240
Buildings – leased
1,082
–
1,082
Other buildings – owned
356
–
356
Long-term inventory
37,543
(7,277)
30,266
Trade and other receivables
2,815
–
2,815
Derivative financial asset
122
(1)
121
Cash and cash equivalents
9,665
–
9,665
Deferred tax liability
(10,000)
(4,224)
(14,224)
Borrowings
(45,008)
–
(45,008)
Environmental rehabilitation obligation
(625)
–
(625)
Lease liabilities
(1,988)
875
(1,113)
Financial liabilities
–
(875)
(875)
Trade and other payables
(3,714)
–
(3,714)
Total identifiable net assets acquired at fair value
67,526
4,407
71,933
Purchase consideration
38,508
–
38,508
Plus: fair value of previously held equity interest in Tenant company
3,781
1,627
5,408
Less: total identifiable net assets acquired at fair value
(67,526)
(4,407)
(71,933)
Bargain purchase gain
(25,237)
(2,780)
(28,017)
The measurement period adjustments resulted in a revision of the unaudited 31 December 2024 amounts as follows:
US$ thousand
As previously presented 31 December 2024
Measurement period adjustment increase/(decrease)
Revised 31 December 2024
Property, plant and equipment
698,709
15,909
714,618
Long-term inventory
47,055
(7,277)
39,778
Retained earnings (bargain purchase gain)
621,477
2,780
624,257
Reserves (foreign currency translation reserve and fair value reserve)
(288,623)
1,884
(286,739)
Deferred tax liabilities
98,163
3,968
102,131
Lease liabilities (current)
1,491
(875)
616
Financial liabilities (current)
338
875
1,213
Acquisition of Yungatha
No measurement period adjustments were recognised in respect of the Yungatha acquisition.
13.3 Disposals
There were no disposals during the current or previous reporting period.
14. Financial Instruments
14.1 Categories of financial instruments
US$ thousand
Notes
31 December 2025
31 December 2024
Financial assets:
At amortised cost
Cash and cash equivalents
90,115
17,158
Restricted cash
9
2,479
-
Trade and other receivables¹
3,176
3,921
At fair value through profit or loss
Environmental rehabilitation obligation fund
31,889
26,140
Financial liabilities:
At amortised cost
Trade and other payables²
57,603
28,939
Borrowings
10
128,779
230,066
At fair value through profit or loss
Derivative financial liability
-
727
¹ At the end of the current and previous reporting periods, trade receivables had an expected credit loss of nil. Trade and other receivables exclude prepayments, tax receivable and indirect taxes (value-added tax (VAT) and goods and services tax receivable).
² Trade and other payables exclude VAT payable, accruals for employees benefits and leave pay liabilities.
14.2 Fair value of financial instruments
The directors consider that the carrying amounts of financial assets and liabilities approximate their fair values.
Fair value hierarchy
Financial instruments are measured at fair value and are grouped into Levels 1 and 2, based on the extent to which fair value is observable.
The levels are determined as follows:
Level 1 – Fair value is based on quoted prices in active markets for identical financial assets or liabilities.
Level 2 – Fair value is determined using inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. prices) or indirectly (i.e. derived from prices).
Level 3 – Fair value is determined on inputs not based on observable market data.
US$ thousand
Level 1
Level 2
Total
31 December 2025
Environmental rehabilitation obligation fund¹
-
31,889
31,889
31 December 2024
Environmental rehabilitation obligation fund¹
-
26,140
26,140
Derivative financial liabilities
(727)
-
(727)
¹ The environmental rehabilitation obligation fund is classified as Level 2 per the fair value hierarchy as the premiums are invested in interest-bearing short-term deposits and equity share portfolios held in an insurance investment product which is managed by independent fund managers.
15. Reconciliation of Profit Before Tax to Cash Generated from Operations
Unaudited six months ended 31 December 2025
Unaudited restated six months ended 31 December 2024
Profit before tax for the period
209,933
58,838
Adjusted for:
68,743
4,364
Cash-settled share-based payment expense
25,946
10,428
Finance income
(1,810)
(968)
Finance costs
11,565
10,053
Contract liability recognised as revenue
-
(5,828)
Royalty costs
8,166
1,402
Fair value loss on financial instruments
-
760
Fair value gain on environmental rehabilitation obligation fund
(1,879)
(1,548)
Bargain purchase gains
-
(23,019)
Depreciation and amortisation
24,684
15,089
Impairment losses on non-financial assets
335
2,995
Loss on disposal of plant and equipment
491
-
Change in estimate of the environmental rehabilitation obligation
1,245
-
Operating cash flows before working capital changes
278,676
63,202
Working capital changes
(12,234)
(28,908)
Increase in inventory
(5,047)
(8,831)
Decrease in trade and other receivables
633
1,497
Decrease in trade and other payables
(7,820)
(21,574)
Settlement of cash-settled share-based payment obligations
Net cash from operating activities before dividend, tax, royalties and net finance costs
259,488
37,734
¹ The Tenant company business combination was accounted for on a provisional basis in the previous interim reporting period. The accounting was complete by 30 June 2025. Provisional amounts presented as at 31 December 2024 were revised to reflect the measurement period adjustments made. Refer to note 13.2.
² During the current interim period, the Group reviewed the presentation of cash proceeds received under a short-term gold loan arrangement recognised in the previous reporting period. These cash flows were previously presented as financing activities when they should have been presented as operating activities, as the arrangement was settled through the physical delivery of gold bullion (recognised in revenue) as opposed to cash. The comparative period has been restated to reflect the reclassification.
16. Commitments, Contingent Liabilities and Guarantees
Unaudited six months ended 31 December 2025
Unaudited restated six months ended 31 December 2024
Outstanding open orders
64,765
50,716
Authorised commitments, not yet contracted for
76,490
40,575
IFRS 16 lease commitments – due within the next 12 months¹
1,452
616
Financial liability commitment – due within the next 12 months¹
633
1,213
Guarantees – Eskom Holdings SOC Limited
4,029
1,232
Guarantees – Department of Mineral and Petroleum Resources
40,344
34,883
¹ The Tenant company business combination was accounted for on a provisional basis in the previous interim reporting period. The accounting was complete by 30 June 2025. Provisional amounts presented as at 31 December 2024 were revised to reflect the measurement period adjustments made. Refer to note 13.2.
The Group identified no material contingent liabilities for the current or previous reporting period.
17. Related Party Transactions
The related party transactions are summarised as follows:
Intra-Group interest and management fees – refer to segment analysis note 3
Intra-Group loans have no specific repayment terms, are repayable on demand and bear interest in relation to the treasury function provided by Funding Company
Intra-Group PAR Gold reciprocal dividend – refer to the condensed consolidated statement of changes in equity
Inter-company electricity charge between Evander Solar Solutions Proprietary Limited and Evander Mines and Barberton Mines for the electricity produced by the solar renewable energy plant and utilised by Elikhulu and Barberton Mines, respectively – refer to the segment analysis note 3.
No further material related party transactions occurred, either with third parties or with Group entities, during the current or previous reporting period.
18. Litigation and Claims
Evander Mines and MPC
Evander Mines terminated the contract mining agreement (CMA) with its 8 Shaft contractor during the previous reporting period due to disputes over specific clauses in the CMA. Evander Mines referred this matter to arbitration and the proceedings are still ongoing. We believe the likelihood of any outflow of economic benefits is remote.
Department of Forestry, Fisheries and the Environment – alleged offences in the Barberton Nature Reserve
On 22 May 2025, the South African state served a summons on Barberton Mines and its environmental health and safety manager for alleged contraventions of the National Environmental Management: Protected Areas Act, 57 of 2003, and related regulations. The charges relate to (i) conducting commercial prospecting in a nature reserve and (ii) the unauthorised widening and upgrading of a road within a nature reserve. Barberton Mines denies the merits of the charges. On 5 December 2025, the National Prosecuting Authority (NPA) rejected Barberton Mines' representation. Barberton Mines' legal counsel is currently in the process of drafting an appeal document to appeal the NPA's decision. We believe the likelihood of any outflow of economic benefit is remote.
Barberton Mines land claim
Barberton Mines is aware of a land claim, lodged by individuals purporting to be part of communities surrounding Barberton Mines' Sheba Mine, pertaining to two portions of land, one over which Barberton Mines holds a converted mining right. The merits of the claim remain unproven, and it appears opportunistic. The Group's legal counsel has advised that, irrespective of the merits of the claim, there will be no impact whatsoever on the Company's ability to exercise its mining right and continue operations.
19. Events After the Reporting Period
Subsequent to the reporting period, the board approved an interim gross cash dividend of ZAR280.0 million (approximately US$17.4 million). The interim dividend per share was calculated on 2,333,671,529 total shares in issue, equating to ZAR12.00000 cents per share or 0.54745 pence per share or US 0.74488 cents per share. This dividend has not been recognised as a liability at 31 December 2025.
The Group identified no other material events after the reporting period.
Other Items
Alternative Performance Measures
Introduction
When assessing and discussing Pan African's reported financial performance, financial position and cash flows, management makes reference to APMs of historical or future financial performance, financial position or cash flows that are not defined or specified under IFRS Accounting Standards.
The APMs include financial APMs, non-financial APMs and ratios, as described below.
Financial APMs:
These financial measures are usually derived from the annual financial statements which have been prepared in accordance with IFRS Accounting Standards. Certain financial measures cannot be directly derived from the financial statements as they contain additional information such as financial information from earlier periods or profit estimates or projections. The accounting policies applied when calculating APMs are, where relevant and unless otherwise stated, the same as those disclosed in the consolidated financial statements for the year ended 30 June 2025.
Non-financial APMs:
These measures incorporate certain non-financial information that management believes is useful when assessing the performance of the Group.
Ratios:
Ratios may be calculated using any of the APMs referred to above, IFRS Accounting Standards measures or a combination of APMs and IFRS Accounting Standards measures. APMs are not uniformly defined by all companies and may not be comparable with APM disclosures made by other companies, and they exclude:
measures defined or specified by an applicable reporting framework such as revenue, profit or loss or earnings per share
physical or non-financial measures such as number of employees, number of subscribers, revenue per unit measure (when the revenue figures are extracted directly from the annual financial statements) or social and environmental measures such as gas emissions, breakdown of workforce by contract or geographical location
information on major shareholdings, acquisition or disposal of own shares and total number of voting rights
information to explain the compliance with the terms of an agreement or legislative requirements such as lending covenants or the basis of calculating director or executive remuneration.
APMs should be considered in addition to, and not as a substitute for as superior to, measures of financial performance, financial position or cash flows reported in accordance with IFRS Accounting Standards.
Purpose of APMs
The Group uses APMs to improve the comparability of information between reporting periods and reporting segments by adjusting for uncontrollable or once-off factors which impact IFRS Accounting Standards measurements and disclosures to aid the user of this report in understanding the activity taking place across the Group's portfolio. Their use is driven by characteristics particularly visible in the mining sector.
Earnings volatility:
The sector is characterised by significant volatility in earnings driven by movements in macroeconomic factors, primarily commodity prices and foreign exchange rates. This volatility is outside the control of management and can mask underlying changes in performance. As such, when comparing year-on-year performance, management excludes certain non-recurring items to aid comparability and then quantifies and isolates uncontrollable factors to improve understanding of the controllable portion of variances.
Nature of investment:
Investments in the sector are typically capital-intensive and occur over several years requiring significant funding before generating cash. These investments are often made through debt and equity providers, and the nature of the Group's ownership interest affects how the financial results of these operations are reflected in the Group's results, for example, whether full consolidation (subsidiaries), consolidation of the Group's attributable assets and liabilities (joint operations) or equity-accounted (associates and joint ventures).
Portfolio complexity:
At the reporting period, the Group's operating portfolio remains largely in commodities, mainly gold, which accounts for 99.5% of the Group's revenue at the end of the reporting period. The cost, value of and return from each saleable unit (such as tonne or ounce) therefore does not differ materially between each operating business. This makes understanding both the overall portfolio performance and the relative performance of each mining operation on a like-for-like basis less challenging.
Consequently, APMs are used by the board and management for planning and reporting. A subset is also used by management in setting director and management remuneration. The measures are also used in discussions with the investment analyst community and credit rating agencies.
Financial APMs
Group APM
Related IFRS Accounting Standards measure
Adjustments to reconcile to primary statements
Rationale for adjustment
Performance
All-in sustaining costs
Cost of production
- Other related costs as defined by the World Gold Council, including royalty costs, community costs, sustaining and development capital (excluding non-gold operations)
The objective of AISC and AIC metrics is to provide key stakeholders with comparable metrics that reflect, as close as possible, the full cost of producing and selling an ounce of gold, and which are fully and transparently reconcilable back to amounts reported under IFRS Accounting Standards
All-in costs
Cost of production
- Once-off capital costs
As per the above for AISC with additional expansionary capital and once-off non-production-related cost adjustments
Adjusted EBITDA
Profit after tax
- Income tax - Depreciation and amortisation - Net finance costs
Excludes the impact of non-recurring items or certain accounting adjustments that can mask underlying changes in performance
Adjusted EBITDA
Profit after tax
- Income tax - Depreciation and amortisation - Net finance costs - Impairment loss or impairment reversals - Loss on disposal of plant and equipment - Bargain purchase gains - Unrealised fair value gains or losses on financial derivatives undertaken in the normal course of business
Excludes the impact of non-recurring items or certain accounting adjustments that can mask underlying changes in performance
Headline earnings
Profit after tax
- (Profit)/loss on disposal of property, plant and equipment - Impairment or impairment reversals - Bargain purchase gains - Tax effect of the above adjustments
Indicates the extent of the Group's normalised earnings to shareholders determined in accordance with SAICA's Circular 1/2023
Statement of financial position
Net debt
Borrowings from financial institutions less cash and related hedges
Excludes the impact of accounting adjustments from the net debt obligations of the Group
All-in sustaining costs
Incorporates costs related to sustaining current production. AISC are defined by the World Gold Council as operating costs plus costs not already included therein relating to sustaining the current production, including sustaining capital expenditure. The value of by-product revenue is deducted from operating costs as it effectively reduces the cost of gold production.
All-in costs
Includes additional costs which relate to the growth of the Group. AIC starts with AISC and adds additional costs which relate to the growth of the Group, including non-sustaining capital expenditure not associated with current operations and costs such as voluntary severance pay.
AISC and AIC are reported on the basis of a ZAR/A$ per kilogramme of gold and US$ per ounce of gold. The US$ equivalent is converted at the average exchange rate applicable for the current reporting period as disclosed in the Group's production summary table on pages 78 to 83. A kilogramme of gold is converted to an ounce of gold at a ratio of 1:32.1509.
The following tables set out a reconciliation of Pan African's cost of production as calculated in accordance with IFRS Accounting Standards to AISC and AIC for the reporting period FY26H1 and FY25H1. The equivalent of a rand per kilogramme and US$ per ounce basis is disclosed in the Group's production summary table on pages 78 to 83.
Six months ended 31 December 2025 US$ million
Mining operations Barberton Mines
Mining operations Evander Mines
Mining operations Total
Tailings operations BTRP
Tailings operations MTR operation
Tailings operations Elikhulu
Tailings operations Total
Tailings operations Barberton Mines total
Tailings operations Evander Mines total
Tailings operations MTR operation total
Tailings operations Tenant Mines total
Total operations Barberton Mines total
Total operations Evander Mines total
Total operations MTR operation total
Total operations Tenant Mines total
Total operations Group total
Gold cost of production
61.9
29.1
91.0
9.1
9.2
30.5
48.8
71.0
59.6
9.2
30.5
71.0
59.6
9.2
30.5
170.3
Cash cost¹
61.9
29.1
91.0
9.1
9.2
30.5
48.8
71.0
59.6
9.2
30.5
71.0
59.6
9.2
30.5
170.3
Royalties
3.3
0.4
3.7
-
-
-
-
3.3
0.4
-
-
3.3
0.4
-
-
3.7
Community cost related to gold operations
0.5
-
0.5
-
-
0.4
0.4
0.5
0.4
-
0.4
0.5
0.4
-
0.4
1.3
By-product credits
-
(0.5)
(0.5)
-
-
-
-
-
-
-
-
-
(0.5)
-
-
(0.5)
Corporate general and administrative costs
7.5
0.8
8.3
-
-
4.1
4.1
7.5
5.0
-
4.1
7.5
5.0
-
4.1
16.6
Sustaining capital – development
0.3
-
0.3
-
-
-
-
0.3
-
-
-
0.3
-
-
-
0.3
Sustaining capital – maintenance
5.1
-
5.1
1.3
-
1.5
2.8
6.4
1.5
-
1.5
6.4
1.5
-
1.5
9.4
All-in sustaining costs¹
78.6
29.8
108.4
10.4
9.2
36.5
56.1
88.9
66.5
9.2
36.5
88.9
66.5
9.2
36.5
200.1
Expansion capital – capital expenditure
8.7
21.5
30.2
-
-
3.7
3.7
8.7
25.2
-
3.7
8.7
25.2
-
3.7
37.6
Voluntary severance pay (non-sustaining)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
All-in costs
87.3
51.3
138.6
10.4
9.2
40.2
59.8
97.6
91.7
9.2
40.2
97.6
91.7
9.2
40.2
237.7
Mining operations Barberton Mines
Mining operations Evander Mines
Mining operations Total
Tailings operations BTRP
Tailings operations MTR operation
Tailings operations Elikhulu
Tailings operations Total
Tailings operations Barberton Mines total
Tailings operations Evander Mines total
Tailings operations MTR operation total
Tailings operations Tenant Mines total
Total operations Barberton Mines total
Total operations Evander Mines total
Total operations MTR operation total
Total operations Tenant Mines total
Total operations Group total
Gold cost of production
56.0
23.8
79.8
6.5
8.4
25.5
40.4
62.5
49.3
8.4
-
62.5
49.3
8.4
-
120.2
Cash cost¹
56.0
23.8
79.8
6.5
8.4
25.5
40.4
62.5
49.3
8.4
-
62.5
49.3
8.4
-
120.2
Royalties
0.9
0.1
1.0
0.4
-
-
0.4
1.3
0.1
-
-
1.3
0.1
-
-
1.4
Community cost related to gold operations
0.8
-
0.8
-
-
-
-
0.8
-
-
-
0.8
-
-
-
0.8
By-product credits
-
(0.4)
(0.4)
-
-
-
-
-
(0.4)
-
-
-
(0.4)
-
-
(0.4)
Corporate general and administrative costs
1.8
1.7
3.5
-
1.7
0.6
2.3
1.8
2.3
1.7
-
1.8
2.3
1.7
-
5.8
Sustaining capital – development
1.0
-
1.0
-
-
-
-
1.0
-
-
-
1.0
-
-
-
1.0
Sustaining capital – maintenance
3.6
-
3.6
0.1
0.4
1.0
1.5
3.7
1.0
0.4
-
3.7
1.0
0.4
-
5.1
All-in sustaining costs¹
64.1
25.2
89.3
7.0
10.5
27.1
44.6
71.1
52.3
10.5
-
71.1
52.3
10.5
-
133.9
Expansion capital – capital expenditure
6.8
17.9
24.7
0.2
47.8
4.3
52.3
7.0
22.2
47.8
-
7.0
22.2
47.8
-
77.0
All-in costs
70.9
43.1
114.0
7.2
58.3
31.4
96.9
78.1
74.5
58.3
-
78.1
74.5
58.3
-
210.9
¹ This total may not reflect the sum of the line items due to rounding.
Net debt
Net debt is calculated as total borrowings from financial institutions (before IFRS 9 accounting adjustments) less cash and cash equivalents (including derivatives that are entered into in connection with protection against, or benefit from, fluctuations in exchange rates or commodity prices). A reconciliation to the consolidated statement of financial position is provided below.Unaudited six months 31 December 2025
South African operations
Australian operations
Total Group
US$ million
Cash and cash equivalents
(73.9)
(18.7)
(92.6)
Restricted cash
0.1
2.5
2.6
Borrowings
91.1
37.7
128.8
Lease liabilities
5.6
0.2
5.8
Financial liabilities
0.2
1.3
1.5
Facility arranging fees
0.1
-
0.1
Net debt
23.2
23.0
46.2
Unaudited six months 31 December 2024
South African operations
Australian operations
Total Group
US$ million
Cash and cash equivalents
(15.9)
(1.3)
(17.2)
Restricted cash
0.1
-
0.1
Borrowings
200.8
29.2
230.0
Financial instrument liability/(asset)
0.7
-
0.7
Lease liabilities
2.5
0.8
3.3
Financial liabilities
0.5
2.2
2.7
Gold loan
7.9
-
7.9
Facility arranging fees
1.0
-
1.0
Net debt
197.6
30.9
228.5
Net senior debt
Net senior debt includes secured, interest-bearing debt provided by financial institutions, net of available cash.
Unaudited six months 31 December 2025
South African operations
Australian operations
Total Group
US$ million
Cash and cash equivalents
(73.9)
(18.7)
(92.6)
Borrowings
91.1
37.7
128.8
Restricted cash
0.1
2.5
2.6
Facility arranging fees
0.1
-
0.1
Net senior debt
17.4
21.5
38.9
Unaudited six months 31 December 2024
South African operations
Australian operations
Total Group
US$ million
Cash and cash equivalents
(15.9)
(1.3)
(17.2)
Borrowings
200.8
29.2
230.0
Restricted cash
0.1
-
0.1
Facility arranging fees
1.0
-
1.0
Net senior debt
186.0
27.9
213.9
Headline earnings
Headline earnings, a JSE-defined performance measure (as defined by circular 2023/1 issued by SAICA), is reconciled to profit after tax below.
Unaudited six months ended 31 December 2025
Unaudited restated six months ended 31 December 2024
Profit attributable to owners of the Company¹
147,962
48,215
Adjusted for:
Bargain purchase gains¹
-
(28,019)
Impairment losses on non-financial assets
335
2,995
Loss on disposal of plant and equipment²
491
-
Headline earnings²
148,793
23,191
Weighted average number of shares in issue (number in thousands)
2,027,345
1,929,379
Headline earnings per share (US cents)
7.34
1.20
¹ The Tenant company business combination was accounted for on a provisional basis in the previous interim reporting period. The accounting was complete by 30 June 2025. Provisional amounts presented as at 31 December 2024 were revised to reflect the measurement period adjustments made. Refer to note 13.2.
² There is no tax effect on the headline earnings adjustments.
Net asset value per share
Is calculated as total equity divided by the total number of shares in issue less treasury shares held by the Group.
Unit
Unaudited six months ended 31 December 2025
Unaudited restated six months ended 31 December 2024
Total equity
US$ million
687.2
424.4
Shares in issue
million
2,333.7
2,335.7
Treasury shares
million
(306.4)
(306.4)
Net asset value per share
US cents
33.9
20.9
¹ The Tenant company business combination was accounted for on a provisional basis in the previous interim reporting period. The accounting was complete by 30 June 2025. Provisional amounts presented as at 31 December 2024 were revised to reflect the measurement period adjustments made. Refer to note 13.2.
Dividend yield at the last traded share price
Dividend yield is calculated as the dividend per share in ZA cents expressed as a percentage of the last traded price on 30 June 2025.
Unit
Unaudited six months ended 30 June 2025
Unaudited six months ended 30 June 2024
Dividend per share
ZA cents
37.0
22.0
Last sale in the year
ZA cents
1,109.0
605.0
Dividend yield
%
3.3
3.6
Covenant reconciliation and calculation
The financial covenants are calculated for a 12-month period at each reporting date for the South African operations.
Unaudited six months ended 31 December 2025
Unaudited six months ended 31 December 2024
Net debt¹
23,252
197,735
Total equity
650,461
405,593
Net debt-to-equity ratio
0.04
0.49
Finance costs paid
- RCF
2,290
3,572
- Term loan facility
6,592
6,812
- Green loan
874
1,117
- DMTN bond
7,366
5,835
- General banking facility
426
75
Total finance costs - interest-bearing facilities
17,548
17,411
¹ The Group's net debt excludes the unaccrued facilities' arranging fees.
Covenant reconciliation and calculation continued
Unaudited six months ended 31 December 2025
Unaudited six months ended 31 December 2024
Adjusted EBITDA¹
390,404
125,494
Fair value gains/(losses) from financial instruments
1,805
670
Net adjusted EBITDA
392,209
126,164
Interest cover ratio
22.4
7.2
Net debt
23,252
197,735
Net adjusted EBITDA²
392,209
126,164
Net debt to EBITDA
0.1
1.6
Net adjusted EBITDA²
392,209
126,164
Net working capital change
6,234
(30,167)
Add: non-cash flow items
35,261
(574)
Total capital expenditure less capital funded through permitted indebtedness
(87,735)
(36,496)
Less: income tax paid
(40,785)
(13,523)
Free cash flow
305,184
45,404
Finance costs from interest-bearing facilities
17,548
17,411
Obligatory capital repayments
21,589
2,684
Debt service obligation
39,137
20,095
Debt service cover ratio
7.8
2.3
¹ Adjusted EBITDA represents earnings before interest, tax, depreciation, amortisation, impairment losses and loss on disposal of plant and equipment.
² Net adjusted EBITDA is the adjusted EBITDA excluding realised and unrealised gains and losses from financial instruments.
Group Production Summary
Six months ended 31 December 2025
Tonnes processed – total tailings and surface feedstock
t
-
-
-
360,492
-
7,582,981
2,027,813
-
9,971,286
360,492
7,582,981
2,027,813
-
9,971,286
Tonnes milled and processed – total
t
163,946
62,596
226,542
360,492
-
7,582,981
2,027,813
-
9,971,286
524,438
7,645,577
2,027,813
-
10,197,828
Overall recovered grade
g/t
5.91
5.74
5.86
0.65
-
0.11
0.13
-
0.13
2.29
0.15
0.13
-
0.26
Overall recovery – underground
%
84%
97%
87%
-
-
-
-
-
-
84%
97%
-
-
87%
Overall recovery – tailings
%
-
-
-
52%
-
33%
48%
-
38%
52%
33%
48%
-
38%
Gold produced – underground
oz
30,059
11,551
41,610
-
-
-
-
-
-
30,059
11,551
-
-
41,610
Gold production – surface operations
oz
1,083
-
1,083
-
-
-
-
-
-
1,083
-
-
-
1,083
Gold produced – tailings
oz
-
-
-
7,544
-
25,725
8,743
-
42,012
7,544
25,725
8,743
-
42,012
Gold produced – surface feedstock
oz
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Gold produced – total
oz
31,142
11,551
42,693
7,544
-
25,725
8,743
-
42,012
38,686
37,276
8,743
-
84,705
Gold sold - total
oz
29,566
11,715
41,281
7,227
-
24,109
7,309
-
38,645
36,793
35,824
7,309
-
79,926
Average ZAR gold price received - South African operations
ZAR/kg
1,460,307
1,135,093
1,366,016
1,540,592
-
1,244,215
1,531,226
-
1,353,924
1,476,077
1,208,531
1,531,226
-
1,361,202
Average A$ gold price received - Australian operations
A$/oz
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Average US$ gold price received - Group
US$/oz
2,530
1,967
2,370
2,670
-
2,156
2,653
-
2,346
2,558
2,094
2,653
-
2,359
ZAR cash cost
ZAR/kg
1,092,622
1,174,599
1,115,886
517,359
-
611,515
661,269
-
603,317
979,627
795,652
661,269
-
868,054
A$ cash cost
A$/oz
-
-
-
-
-
-
-
-
-
-
-
-
-
-
ZAR AISC®
ZAR/kg
1,252,542
1,242,537
1,249,703
552,660
-
648,830
824,372
-
664,046
1,115,069
842,981
824,372
-
966,532
A$ AISC®
A$/oz
-
-
-
-
-
-
-
-
-
-
-
-
-
-
ZAR AIC®
ZAR/kg
1,384,818
2,123,839
1,594,542
569,178
-
752,338
4,602,180
-
1,446,213
1,224,607
1,200,840
4,602,180
-
1,522,824
A$ AIC®
A$/oz
-
-
-
-
-
-
-
-
-
-
-
-
-
-
US$ cash cost
US$/oz
1,893
2,035
1,934
896
-
1,060
1,146
-
1,045
1,697
1,379
1,146
-
1,504
US$ AISC®
US$/oz
2,170
2,153
2,165
958
-
1,124
1,428
-
1,151
1,932
1,461
1,428
-
1,675
US$ AIC®
US$/oz
2,400
3,680
2,763
986
-
1,304
7,975
-
2,506
2,122
2,081
7,975
-
2,639
ZAR cash cost per tonne
ZAR/t
6,129
6,837
6,325
323
-
60
74
-
73
2,138
116
74
-
212.0
Capital expenditure
ZAR million
204.2
321.1
525.3
5.4
-
95.0
865.1
-
965.5
209.6
416.2
865.1
-
1,491.0
A$ million
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Glossary
Definitions of Terms and Abbreviations Used in This Report
%
Parts per hundred/percentage
A$
Australian dollar
A2X
A2X Market, a licensed stock exchange authorised to provide a secondary listing venue for companies
ADR
American Depository Receipt programme through the Bank of New York Mellon
AIC®
All-in costs
AIM
The LSE's international market for smaller growing companies (formerly known as the Alternative Investment Market)
AISC®
All-in sustaining costs
APMs
Alternative performance measures
Barberton Blue
Barberton Blue Proprietary Limited
Barberton Mines
Barberton Mines Proprietary Limited
BIOX®
The Biological Oxidation (BIOX®) gold extraction process was developed at Barberton Mines. It is an environmentally friendly process of releasing gold from the sulphide that surrounds it by using bacteria
BNY Mellon
Bank of New York Mellon
the board
The board of directors of Pan African
BTRP
Barberton Tailings Retreatment Plant, a gold recovery tailings plant owned by Barberton Mines, which reached steady-state production in June 2013
CFD
Contract for difference
CGU
Cash-generating unit
CIL
Carbon-in-leach
CMA
Contract mining agreement
cm
Centimetre
cmg/t
Centimetre grammes per tonne
Companies Act 2006
An act of the Parliament of the UK which forms the primary source of UK company law
Current reporting period
The six months ended 30 December 2025
DFS
Definitive feasibility study
DMTN
Domestic medium-term note
EBITDA
Earnings before interest, income taxation expense, depreciation and amortisation, and impairment reversal
Elikhulu
The Elikhulu Tailings Retreatment Plant in Mpumalanga province, with its inaugural gold pour in August 2018
EPS
Earnings per share
ERM
Emmerson Resources Limited
ESG
Environmental, social and governance
Eskom
Electricity Supply Commission, South African electricity supplier
EU
European Union
Evander Mines
Evander Gold Mining Proprietary Limited
Exco
Executive committee of Pan African Resources
Funding Company
Pan African Resources Funding Company Limited
FY24
Financial year ended 30 June 2024
FY25
Financial year ended 30 June 2025
FY25H1
First half of the financial year ended 30 June 2025
FY25H2
Second half of the financial year ended 30 June 2025
FY26
Financial year ending 30 June 2026
FY26H1
First half of the financial year ending 30 June 2026
FY26H2
Second half of the financial year ending 30 June 2026
FY26Q3
Third quarter of the financial year ending 30 June 2026
FY27
Financial year ending 30 June 2027
FY28
Financial year ending 30 June 2028
FY29
Financial year ending 30 June 2029
g/t
Grammes/tonne
GBP
British pound
GWh
Gigawatt hour
HEPS
Headline earnings per share
IAS
International Accounting Standards
IFRS
IFRS® Accounting Standards
IFRS S1
IFRS S1: General Requirements for Disclosure of Sustainability-related Financial Information
IFRS S2
IFRS S2: Climate-related Disclosures (succeeded the Task Force on Climate-related Financial Disclosures)
IRR
Internal rate of return
JIBAR
Johannesburg Interbank Average Rate
JSE
JSE Limited incorporating the Johannesburg Securities Exchange, the main bourse in South Africa
kg
Kilogramme
km
Kilometre
km²
Square kilometre
Koz
Thousand ounces
kt
Kilotonne
ktCO₂e
Kilotonne carbon dioxide equivalent
ktpm
Thousand tonnes per month
LoM
Life-of-mine
LSE
London Stock Exchange
m
Metre
m³
Cubic metre
ML
Megalitre
Mogale Gold
Mogale Gold Proprietary Limited
Moz
Million ounces
MPC
MPC Chemicals Proprietary Limited
MRC
Main Reef Complex
Mt
Mega tonne
mtpm
Million tonnes per month
MTR operation or plant
The Mogale Tailings Retreatment operation is located in the Mogale district. A plant has been constructed to process gold tailings deposited onto the Mogale Gold and Soweto Cluster
MW
Megawatt
NOA
NOA Group Holdings Proprietary Limited
NPA
National Prosecuting Authority
NPV
Net present value
NTG
Northern Territory Government
OTC
Over-the-counter
OTCQX
OTCQX Best Market in the USA
oz
Ounce
Pan African Resources PLC
Holding company – Pan African
PAR Gold
PAR Gold Proprietary Limited
PC
Barberton Mines' Prince Consort Shaft
PFS
Prefeasibility study
PPA
Power purchase agreement
RCF
Revolving credit facility
RMB
Rand Merchant Bank, a division of FirstRand Bank Limited
RNS
Regulatory News Service
SA
South Africa
SAICA
South African Institute of Chartered Accountants
SAMREC Code
South African Code for the Reporting of Exploration Results, Mineral Resources and Mineral Reserves, 2016 edition
SARB
South African Reserve Bank
SENS
Stock Exchange News Service
SLP
Social and Labour Plan
Soweto TSFs
Soweto Cluster tailings storage facilities
STR
Soweto Tailings Retreatment
t
Tonnes
Tenant company
Tenant Consolidated Mining Group Proprietary Limited
Tenant Mines
Tenant Mines consists of Nobles Gold Mine (consisting of stockpiles, open pit and underground mines) and the Warrego copper and gold project in Tenant Creek, Northern Territory, Australia
the Group or the Company or Pan African
Pan African Resources PLC, listed on the LSE and the JSE in the Gold Mining sector
TNFD
Taskforce on Nature-related Financial Disclosures
TSF
Tailings storage facility
UK
United Kingdom
US
United States
US$
United States dollar
USA
United States of America
VAT
Value-added tax
VWAP
Volume-weighted average price
Yungatha
Yungatha Asset Holdings Proprietary Limited
ZAR
South African rand
ZARONIA
South African Rand Overnight Index Average
Corporate Information
CORPORATE OFFICE
The Firs Building 2nd Floor, Office 204 Corner Cradock and Biermann Avenues Rosebank, Johannesburg South Africa Office: +27 (0) 11 243 2900 Email: info@paf.co.za
REGISTERED OFFICE
107 Cheapside, 2nd Floor London EC2V 6DN United Kingdom Office: +44 (0) 20 3869 0706 Email: jane.kirton@corpserv.co.uk
CHIEF EXECUTIVE OFFICER
Cobus Loots Office: +27 (0) 11 243 2900
FINANCIAL DIRECTOR AND DEBT OFFICER
Marileen Kok Office: +27 (0) 11 243 2900
COMPANY SECRETARY
Jane Kirton St James's Corporate Services Limited Office: +44 (0) 20 3869 0706
JSE SPONSOR AND JSE DEBT SPONSOR
Ciska Kloppers Questco Corporate Advisory Proprietary Limited Office: +27 (0) 63 482 3802
JOINT BROKERS
Ross Allister/Georgia Langoulant Peel Hunt LLP Office: +44 (0) 20 7418 8900
Thomas Rider/Nick Macann BMO Capital Markets Limited Office: +44 (0) 20 7236 1010
Matthew Armitt/Jennifer Lee Joh. Berenberg, Gossler & Co KG Office: +44 (0) 20 3207 7800
HEAD: INVESTOR RELATIONS
Hethen Hira Office: +27 (0) 11 243 2900 Email: hhira@paf.co.za
Participation details for the 2026 interim results presentation are as follows:
DATE
18 February 2026
TIME
11:00 (SA time), 10:00 (UK time)
WEBCAST/DIALLING IN
To participate in the webcast and conference call, please pre-register ahead of time.
Webcast link https://www.corpcam.com/PAR18022026
Dialling-in link https://services.choruscall.eu/DiamondPassRegistration/register?confirmationNumber=9403915&linkSecurityString=16ab97d8e6
A conference playback will be available one hour after the presentation concludes. Please use the following details:
SA/International: +27 10 500 4108 UK: 0 203 608 8021 USA and Canada: 1 412 317 0088 Australia: 07 3 911 1378 Playback code: 48062#
www.panafricanresources.com
