Written By

Keenen Du Toit

May 6, 2025

Business Overview

Pan African Resources (PAR or PAN) positions itself as a safe (relative to deep underground) and sustainable low-cost, high-margin gold producer with long life span on its gold assets. The group is uniquely spread across two high-grade underground operations (56% of annual gold produced) and also four low-grade surface tailings retreatment plants (44% of annual production). This unique combination of low-cost, low-grade surface tailings retreatment facilities, and high-grade underground operations diversify the group to be sustainable during periods of subdued gold spot prices, while also amplifying returns in higher grade operations when the gold price is favourable. PAR is run by a very competent and experienced management team with a successful track record of developing and operating gold producing TSF’s and mines. PAR’s management team that is well versed in navigating the South African political environment on top of the regular risks associated with mining operations.

The group currently has a 12.8Moz gold reserve and a 40.4Moz gold resource. Evander is one of the largest untouched gold resources in the world (33Moz) and presents notable long-term upside potential for expansion for the group. PAR’s diverse gold assets are concentrated around South Africa’s historic goldfields. In the northeast of South Africa, the company operates the high-grade Barberton Underground complex and the adjacent Barberton Tailings Retreatment Plant (BTRP). To the east of Johannesburg, Pan African runs the Evander Underground mine, targeting 24 Level and Egoli development, alongside extensive surface retreatment operations including the Elikhulu plant. On the West Rand, it is developing the Mintails project and broader Soweto Cluster, focused on large-scale tailings reprocessing with significant volume and optionality. Internationally, Pan African recently acquired the TCMG project in Western Australia, which includes near-term production potential and a large, high-grade resource base, diversifying its asset footprint beyond South Africa.