Highlights

• FY26 gold production increased 38.6% to a record 272,310 ounces.
• Revenue more than doubled to US$1.16 billion, while profit reached US$356.9 million.
• FY27 gold production is guided at 280,000–302,000 ounces.

Record FY26 Performance Strengthens Pan African Resources

Pan African Resources PLC (ASX: PAF) released its FY26 summarised audited results announcement on 16 September 2026, covering the financial year ended 30 June 2026. The gold producer delivered record annual production, stronger profitability and substantially improved cash generation, while continuing to expand its presence in Australia.  Pan African Resources delivered a significant increase in annual gold output, with production reaching 272,310 ounces in FY26, up 38.6% from 196,527 ounces recorded in FY25. Revenue also strengthened substantially, rising 114.2% to US$1,156.5 million, driven by increased gold sales volumes and improved average realised gold prices. The average gold price received rose 54.8% to US$4,235 per ounce, while gold sales increased 38.3% to 272,373 ounces.

Profit and Cash Flow Accelerate

Profit for the year advanced 153.8% to US$356.9 million, while adjusted EBITDA increased 168.9% to US$609.4 million. Cash inflows from operating activities increased sharply during FY26, rising 259.6% to US$557.0 million, reflecting stronger operational performance and enhanced cash-generating capacity across the business. The stronger cash performance also transformed the balance sheet. Pan African ended FY26 with net cash of US$185.7 million, compared with net debt of US$150.5 million a year earlier. However, all-in sustaining costs increased 16.7% to US$1,867 per ounce amid inflationary pressures, exchange-rate movements and higher operating costs.

Record Dividend Supports Shareholder Returns

The Board proposed a record final dividend of approximately US$96.2 million. Including the interim distribution, total FY26 dividends would reach approximately US$113.6 million, subject to shareholder approval of the final payment.

FY27 Outlook Points to Further Growth

For FY27, Pan African expects group production of 280,000 to 302,000 ounces. Growth is expected to benefit from higher MTR throughput, improved Tennant Mines production and progress at projects including White Devil and Royal Sheba. The combination of higher production, a stronger balance sheet and an expanding Australian portfolio provides Pan African with a broader platform for growth, although rising unit costs remain an important factor to monitor.

Note- All data presented is based on information available at the time of writing.

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