Pan African Resources posts record H1 profits as prices soar

(Sharecast News) - First-half profits at Pan African Resources more than trebled to a record high, the gold miner announced on Wednesday, as both production volumes and the gold price jumped more than 50% year on year. Profits for the six months ended 31 December were 211.9% higher than the year before at $147.8m, while earnings per share increased by 511.7% to US 7.34 cents per share.

Revenues surged 157.3% to $487.1m, helped by a 61.6% increase in the gold price to $3,812/oz, and a 51.5% jump in gold output to 128,296oz.

"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," said chief executive officer, Cobus Loots.

Net cash generated from operating activities increased to $170.9m, compared with $3.2m of net cash used the year before, while net debt reduced 69.3% to $46.2m.

"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," PAR said.

Looking ahead, the group said it remains on track to meet the full-year production guidance range of between 275,000oz and 292,000oz.

The stock was 1% higher at 147.29p by 0818 GMT.