Pan African Resources' summarised audited results for the year ended 30 June 2025, published in September 2025, showed group gold production up 5.6% year on year to 196,527 ounces, with a record H2 FY25 production figure of over 111,000 ounces. The company's integrated annual report gives the same figures in a fuller strategic context.
Executive summary
The story is dull in the best possible way: more ounces, more cash, and no dramatic misses.
- Desk
- Producers
- Stance
- Constructive
- Sources
- 2 cited
- Reading
- 4 min
Section 01
What the numbers say
Section 02
Why fundamentals investors care
Mid-tier producers that grow ounces without leverage spikes or cost blow-outs tend to rerate quietly rather than dramatically. Pan African fits that profile: unglamorous execution, ongoing operational efficiencies, and a strategy that does not depend on a specific commodity price to make sense.
Mid-tier producers that grow ounces without leverage spikes or cost blow-outs tend to rerate quietly rather than dramatically.
Data visualiser
All-in sustaining cost distribution, producer sample
- Q1 low1,180
- Median1,465
- Q3 high1,720
- Marginal1,985
| Stage | Value (US$/oz) |
|---|---|
| Q1 low | 1180 |
| Median | 1465 |
| Q3 high | 1720 |
| Marginal | 1985 |
Reported AISC for the producers covered by the markets desk this quarter.
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Sources and further reading
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