REG-Pan African Resources Plc: Unaudited Condensed Consolidated Interim Financial Results for the six months ended December 2025
Today 07:02
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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For further reading on our website at: www.panafricanresources.com
Alternative performance measures (APMs)
This announcement contains inside information.
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 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 Unaudited six months ended 31 December 2025 Exploration Unaudited six months ended 31 December 2025 Agricultural Unaudited six months ended 31 December 2025 Corporate Unaudited six months ended 31 December 2025 Funding Unaudited six months ended 31 December 2025 Group total
Mines operations assets ESG projects Company
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 58,072 121,290 (1,205) 45,906 18,214 242,277 (100) (565) (21,787) (137) 219,688
costs
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 41,774 90,708 (1,199) 33,685 11,247 176,215 (100) (562) (21,581) (6,130) 147,842
-Group transactions
Revenue - - 2,875 - - 2,875 - - 45,521 - 48,396
Cost of production (1,595) (1,280) - - - (2,875) - - - - (2,875)
Elimination of dividends received - - - - - - - - (45,521) - (45,521)
from/(paid to) fellow Group companies
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 39,911 84,973 (10) 28,598 11,247 164,719 (100) (944) (16,010) 177 147,842
transactions
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 Unaudited six months ended 31 December 2025 Evander Mines Unaudited six months ended 31 December 2025 Solar Unaudited six months ended 31 December 2025 MTR operation Unaudited six months ended 31 December 2025 Tenant Mines Unaudited six months ended 31 December Unaudited six months ended 31 December 2025 Exploration Unaudited six months ended 31 December 2025 Agricultural Unaudited six months ended 31 December 2025 Corporate Unaudited six months ended 31 December 2025 Funding Unaudited six months ended 31 December 2025 Group total
Mines projects 2025 Mining operations assets ESG projects Company
Profit/(loss) before finance income, finance costs and 58,072 121,290 (1,205) 45,906 18,214 242,277 (100) (565) (21,787) (137) 219,688
tax
Excluding: depreciation and amortisation included in 5,619 8,690 707 6,858 2,004 23,878 - 169 - - 24,047
gross profit
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 Unaudited six months ended 31 December 2025 Evander Unaudited six months ended 31 December 2025 Solar Unaudited six months ended 31 December 2025 MTR Unaudited six months ended 31 December 2025 Tenant Mines Unaudited six months ended 31 December 2025 Mining Unaudited six months ended 31 December Unaudited six months ended 31 December 2025 Agricultural Unaudited six months ended 31 December 2025 Corporate Unaudited six months ended 31 December 2025 Funding Unaudited six months ended 31 December 2025 Group total
Mines Mines projects operation operations 2025 Exploration assets ESG projects Company
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 Unaudited six months ended 31 December 2025 Evander Mines Unaudited six months ended 31 December 2025 Solar Unaudited six months ended 31 December 2025 MTR operation Unaudited six months ended 31 December 2025 Tenant Mines Unaudited six months ended 31 December Unaudited six months ended 31 December 2025 Exploration Unaudited six months ended 31 December 2025 Agricultural Unaudited six months ended 31 December 2025 Corporate Unaudited six months ended 31 December 2025 Funding Unaudited six months ended 31 December 2025 Group total
Mines projects 2025 Mining operations assets ESG projects Company
Reconciliation of adjusted EBITDA
Profit/(loss) before finance income, finance costs and 58,072 121,290 (1,205) 45,906 18,214 242,277 (100) (565) (21,787) (137) 219,688
tax
Excluding: depreciation and amortisation included in 5,619 8,690 707 6,858 2,004 23,878 - 169 - - 24,047
gross profit
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 Unaudited restated six months ended 31 December 2024 Evander Mines Unaudited restated six months ended 31 December 2024 Solar 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 Unaudited restated six months ended 31 December 2024 Exploration Unaudited restated six months ended 31 December 2024 Agricultural Unaudited restated six months ended 31 December 2024 Corporate Unaudited restated six months ended 31 Unaudited restated six months ended 31 December 2024 Group total
Mines projects operations assets ESG projects December 2024 Funding Company
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 - - - - - - - - (27,999) - (27,999)
companies
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 Unaudited restated six months ended 31 December 2024 Evander Unaudited restated six months ended 31 December 2024 Solar Unaudited restated six months ended 31 December 2024 MTR Unaudited restated six months ended 31 Unaudited restated six months ended 31 December 2024 Mining Unaudited restated six months ended 31 December 2024 Exploration Unaudited restated six months ended 31 December 2024 Agricultural Unaudited restated six months ended 31 December 2024 Corporate Unaudited restated six months ended 31 December 2024 Funding Unaudited restated six months ended 31 December 2024 Group total
Mines Mines projects operation December 2024 Tenant Mines operations assets ESG projects Company
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 Unaudited restated six months ended 31 December 2024 Evander Unaudited restated six months ended 31 December 2024 Solar Unaudited restated six months ended 31 December 2024 MTR Unaudited restated six months ended 31 December 2024 Tenant Mines Unaudited restated six months ended 31 December 2024 Mining Unaudited restated six months ended 31 Unaudited restated six months ended 31 December 2024 Agricultural Unaudited restated six months ended 31 December 2024 Corporate Unaudited restated six months ended 31 December 2024 Funding Unaudited restated six months ended 31 December 2024 Group total
Mines Mines projects operation operations December 2024 Exploration assets ESG projects Company
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 Unaudited restated six months ended 31 December 2024 Evander Unaudited restated six months ended 31 December 2024 Solar Unaudited restated six months ended 31 December 2024 MTR Unaudited restated six months ended 31 Unaudited restated six months ended 31 December 2024 Mining Unaudited restated six months ended 31 December 2024 Exploration Unaudited restated six months ended 31 December 2024 Agricultural Unaudited restated six months ended 31 December 2024 Corporate Unaudited restated six months ended 31 December 2024 Funding Unaudited restated six months ended 31 December 2024 Group total
Mines Mines projects operation December 2024 Tenant Mines operations assets ESG projects Company
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 Unaudited restated six months ended 31 December 2024 Evander Unaudited restated six months ended 31 December 2024 Solar Unaudited restated six months ended 31 December 2024 MTR Unaudited restated six months ended 31 December 2024 Tenant Mines Unaudited restated six months ended 31 December 2024 Mining Unaudited restated six months ended 31 Unaudited restated six months ended 31 December 2024 Agricultural Unaudited restated six months ended 31 December 2024 Corporate Unaudited restated six months ended 31 December 2024 Funding Unaudited restated six months ended 31 December 2024 Group total
Mines Mines projects operation operations December 2024 Exploration assets ESG projects Company
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 Unaudited restated six months ended 31 December 2024 Evander Unaudited restated six months ended 31 December 2024 Solar Unaudited restated six months ended 31 December 2024 MTR Unaudited restated six months ended 31 Unaudited restated six months ended 31 December 2024 Mining Unaudited restated six months ended 31 December 2024 Exploration Unaudited restated six months ended 31 December 2024 Agricultural Unaudited restated six months ended 31 December 2024 Corporate Unaudited restated six months ended 31 December 2024 Funding Unaudited restated six months ended 31 December 2024 Group total
Mines Mines projects operation December 2024 Tenant Mines operations assets ESG projects Company
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 Unaudited restated six months ended 31 December 2024 Evander Unaudited restated six months ended 31 December 2024 Solar Unaudited restated six months ended 31 December 2024 MTR Unaudited restated six months ended 31 December 2024 Tenant Mines Unaudited restated six months ended 31 December 2024 Mining Unaudited restated six months ended 31 Unaudited restated six months ended 31 December 2024 Agricultural Unaudited restated six months ended 31 December 2024 Corporate Unaudited restated six months ended 31 December 2024 Funding Unaudited restated six months ended 31 December 2024 Group total
Mines Mines projects operation operations December 2024 Exploration assets ESG projects Company
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 (14,745) (4,979)
Environmental rehabilitation obligation costs incurred (1) (3)
Settlement of financial derivative (1,873) -
Consideration received for contract liability 9,665 -
Proceeds from gold loan - 8,422
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 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
capital (excluding non-gold operations) 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 Excludes the impact of non-recurring items or certain accounting adjustments that can mask underlying changes in performance
plant and equipment - Bargain purchase gains - Unrealised fair value gains or losses on financial derivatives undertaken in the
normal course of business
Headline earnings Profit after tax - (Profit)/loss on disposal of property, plant and equipment - Impairment or impairment reversals - Bargain purchase gains - Tax Indicates the extent of the Group's normalised earnings to shareholders determined in accordance with SAICA's Circular 1/2023
effect of the above adjustments
Statement of financial position
Net debt Borrowings from financial institutions less cash and related hedges - IFRS 9 accounting adjustments - IFRS 16 lease liabilities - Restricted cash - Financial liabilities Excludes the impact of accounting adjustments from the net debt obligations of the Group
Net senior debt Borrowings from financial institutions less cash - IFRS 9 accounting adjustments - IFRS 16 lease liabilities - Restricted cash - Financial liabilities 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 Tailings operations Elikhulu Tailings operations Total Tailings operations Barberton Mines Tailings operations Evander Mines Tailings operations MTR operation Tailings operations Tenant Mines Total operations Barberton Mines Total operations Evander Mines Total operations MTR operation Total operations Tenant Mines total Total operations Group total
operation total total total total total total 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 0.5 - 0.5 - - 0.4 0.4 0.5 0.4 - 0.4 0.5 0.4 - 0.4 1.3
operations
By-product credits - (0.5) (0.5) - - - - - - - - - (0.5) - - (0.5)
Corporate general and 7.5 0.8 8.3 - - 4.1 4.1 7.5 5.0 - 4.1 7.5 5.0 - 4.1 16.6
administrative costs
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 8.7 21.5 30.2 - - 3.7 3.7 8.7 25.2 - 3.7 8.7 25.2 - 3.7 37.6
expenditure
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 Tailings operations Elikhulu Tailings operations Total Tailings operations Barberton Mines Tailings operations Evander Mines Tailings operations MTR operation Tailings operations Tenant Mines Total operations Barberton Mines Total operations Evander Mines Total operations MTR operation Total operations Tenant Mines total Total operations Group total
operation total total total total total total 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 0.8 - 0.8 - - - - 0.8 - - - 0.8 - - - 0.8
operations
By-product credits - (0.4) (0.4) - - - - - (0.4) - - - (0.4) - - (0.4)
Corporate general and 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
administrative costs
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 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
expenditure
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
Unit Mining operations Barberton Mines Mining operations Evander Mines Mining operations Total Tailings operations BTRP Tailings operations Evander Mines' surface sources Tailings operations Elikhulu Tailings operations MTR operation Tailings operations Tenant Mines Tailings operations Total Barberton Mines total Evander Mines total MTR operation total Tenant Mines total Group total
Tonnes milled – underground t 142,187 59,075 201,262 - - - - - - 142,187 59,075 - - 201,262
Tonnes milled – surface t 29,581 - 29,581 - - - - - - 29,581 - - - 29,581
Tonnes milled – total underground and surface t 171,768 59,075 230,843 - - - - - - 171,768 59,075 - - 230,843
Tonnes processed – tailings t - - - 432,044 - 6,596,388 5,885,196 - 12,913,628 432,044 6,596,388 5,885,196 - 12,913,628
Tonnes processed – surface feedstock t - - - - 80,060 - - 366,823 446,883 - 80,060 - 366,823 446,883
Tonnes processed – total tailings and surface feedstock t - - - 432,044 80,060 6,596,388 5,885,196 366,823 13,360,511 432,044 6,676,448 5,885,196 366,823 13,360,511
Tonnes milled and processed – total t 171,768 59,075 230,843 432,044 80,060 6,596,388 5,885,196 366,823 13,360,511 603,812 6,735,523 5,885,196 366,823 13,591,354
Overall recovered grade g/t 5.93 9.69 6.90 0.51 1.25 0.14 0.11 1.32 0.18 2.06 0.24 0.11 1.32 0.30
Overall recovery – underground % 96% 98% 97% - - - - - - 96% 98% - - 97%
Overall recovery – tailings % - - - 39% 88% 41% 42% 99% 48% 39% 44% 42% 99% 46%
Gold produced – underground oz 31,632 18,413 50,045 - - - - - - 31,632 18,413 - - 50,045
Gold production – surface operations oz 1,142 - 1,142 - - - - - - 1,142 - - - 1,142
Gold produced – tailings oz - - - 7,143 - 29,450 21,729 - 58,322 7,143 29,450 21,729 - 58,322
Gold produced – surface feedstock oz - - - - 3,227 - - 15,560 18,787 - 3,227 - 15,560 18,787
Gold produced – total oz 32,774 18,413 51,187 7,143 3,227 29,450 21,729 15,560 77,109 39,917 51,090 21,729 15,560 128,296
Gold sold - total oz 30,384 18,839 49,223 7,021 3,284 29,783 22,805 15,200 78,093 37,405 51,906 22,805 15,200 127,316
Average ZAR gold price received - South African operations ZAR/kg 2,110,498 2,171,666 2,133,919 2,128,892 2,085,305 2,121,012 2,129,107 - 2,121,012 2,113,953 2,137,137 2,129,107 - 2,127,771
Average A$ gold price received - Australian operations A$/oz - - - - - - - 5,803 - - - - 5,803 5,803
Average US$ gold price received - Group US$/oz 3,779 3,889 3,821 3,812 3,734 3,798 3,812 3,830 3,798 3,785 3,827 3,812 3,830 3,812
ZAR cash cost ZAR/kg 1,138,315 862,380 1,032,665 724,948 1,561,358 567,420 747,938 - 603,317 1,060,683 737,362 747,938 - 847,344
A$ cash cost A$/oz - - - - - - - 3,018 - - - - 3,018 3,018
ZAR AISC® ZAR/kg 1,446,634 880,103 1,229,719 828,887 1,561,358 675,221 880,538 - 664,046 1,330,617 805,649 880,538 - 995,966
A$ AISC® A$/oz - - - - - - - 3,852 - - - - 3,852 3,852
ZAR AIC® ZAR/kg 1,606,316 1,517,919 1,572,470 828,887 1,561,358 744,853 1,228,576 - 1,446,213 1,460,310 1,077,093 1,228,576 - 1,235,718
A$ AIC® A$/oz - - - - - - - 4,458 - - - - 4,458 4,458
US$ cash cost US$/oz 2,038 1,544 1,517 1,298 2,796 1,016 1,339 1,992 1,080 1,899 1,320 1,339 1,992 1,574
US$ AISC® US$/oz 2,590 1,576 1,763 1,484 2,796 1,209 1,577 2,543 1,189 2,383 1,443 1,577 2,543 1,874
US$ AIC® US$/oz 2,876 2,718 2,213 1,484 2,796 1,334 2,200 2,943 1,589 2,615 1,929 2,200 2,943 2,300
ZAR cash cost per tonne ZAR/t 6,258 8,554 6,846 366 1,992 80 90 - 103 2,043 177 90 - 217.0
Capital expenditure ZAR million 219.4 373.7 593.1 22.3 - 74.7 272.3 - 369.3 241.7 448.5 272.3 - 962.5
A$ million - - - - - - - 10.4 - - - - 10.4 10.4
Six months ended 31 December 2024
Unit Mining operations Barberton Mines Mining operations Evander Mines Mining operations Total Tailings operations BTRP Tailings operations Evander Mines' surface sources Tailings operations Elikhulu Tailings operations MTR operation Tailings operations Tenant Mines Tailings operations Total Barberton Mines total Evander Mines total MTR operation total Tenant Mines total Group total
Tonnes milled – underground t 132,421 62,596 195,017 - - - - - - 132,421 62,596 - - 195,017
Tonnes milled – surface t 31,525 - 31,525 - - - - - - 31,525 - - - 31,525
Tonnes milled – total underground and surface t 163,946 62,596 226,542 - - - - - - 163,946 62,596 - - 226,542
Tonnes processed – tailings t - - - 360,492 - 7,582,981 2,027,813 - 9,971,286 360,492 7,582,981 2,027,813 - 9,971,286
Tonnes processed – surface feedstock t - - - - - - - - - - - - - -
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
Copyright (c) 2026 PR Newswire Association,LLC. All Rights ReservedRecent news on Pan African Resources
See all newsREG-Pan African Resources Plc: Unaudited Condensed Consolidated Interim Financial Results for the six months ended December 2025
AnnouncementREG-Pan African Resources Plc: Proposed Capital Reduction & Notice of General Meeting
AnnouncementREG-Pan African Resources Plc: Group Trading Statement for the six months ended 31 December 2025 (current reporting period)
AnnouncementREG-Pan African Resources Plc: Operational Update for the half-year ended December 2025 (H1FY26) & Proposed Initiation of Interim Dividend
AnnouncementREG-Pan African Resources Plc: Holding(s) in Company
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