Pan African Resources expects high 2025 earnings on robust gold price

Pan African Resources PLC on Thursday said it expects strong gold price to boost its annual earnings, though hedging limited the upside potential.

The Rosebank-headquartered gold producer guides for earnings per share of between 6.95 US cents and 7.37 cents for the 12 months that ended June 30, up between 68% and 78% from 4.14 cents a prior year.

It estimates headline EPS within the range of between 5.68 cents and 6.10 cents, from 4.15 cents.

It attributed the projected rise in earnings to an increase of around 36% in the average gold price received to $2,735 an ounce from $2,015, and the 6% rise in gold sold to 196,926 ounces from 184,885 ounces.

Over the 2025 financial year, the company said 105,004 ounces of gold sales were subject to hedging transactions, and did not benefit fully from prevailing gold prices.

The group is fully unhedged from July 1, 2025, it said.

Pan African said in June it expected gold production at about 197,000 ounces for the financial year that ended June 30, up from 186,039 ounces the year before. It previous had guided financial 2025 production at between 205,000 ounces and 215,000 ounces.

On Thursday, Pan African said it forecasts an increase in output to between 275,000 ounces and 292,000 ounces for the financial year ending June 30, 2026, largely attributable to the contribution from its new Mogale Tailings Retreatment operation and Tennant Consolidated Mining Group Pty Ltd.

In London, shares in Pan African were down 1.9% to 68.90 pence on Thursday. But they were up 0.3% at R 16.38 in Johannesburg.

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