Pan African Resources has delivered a record financial performance for the year ended June 30 2026, driven by a sharp increase in gold production, higher gold prices and strong contributions from its operations in South Africa and Australia.
The precious metals producer reported revenue of US$1.16-billion (R18.88-billion), up 114.2% from the previous year, as gold sales volumes increased and the average gold price received rose by 54.8% to US$4 235/oz. Net profit surged 153.8% to a record US$356.9-million, while adjusted EBITDA climbed 168.9% to US$609.4-million.
Operationally, the group achieved its highest-ever annual gold production of 272 310 ounces, a 38.6% increase from the previous year’s
196 527 ounces. The performance was supported by strong production from the Elikhulu and Mogale tailings retreatment operations, improved output from the Barberton and Evander mines, and the ramp-up of the Tennant Mines operation in Australia.
Balance sheet gathers strength
The company’s balance sheet strengthened significantly during the year. Pan African moved from a net debt position of US$150.5-million in the previous financial year to a net cash position of US$185.7-million, while cash generated from operations increased by 259.6% to US$557-million.
Shareholders are set to benefit from the record performance. The board proposed a final dividend of US$96.2-million, bringing total dividends for the financial year 2026 to US$113.6-million, more than double the previous year. The company also announced a share buy-back programme of up to US$30.4-million, signalling its confidence in future prospects.
Looking ahead, Pan African expects gold production of between 280 000 and 302 000 ounces in the financial year 2027, supported by growth projects including Royal Sheba, the Soweto Cluster tailings project, Poplar and further development at Tennant Creek in Australia.
Read more: Patrice Motsepe’s Harmony Gold mine records eighth fatality of 2026
Chief executive Cobus Loots described financial year 2026 as a “record-breaking year”, highlighting the group’s strongest-ever production, earnings, cash flows and dividends. He said the company’s robust financial position would enable continued growth while increasing returns to shareholders.
“Financially, the group has never been in a stronger position, with the growth in gold production achieved in a sustained high gold price environment, allowing us to accumulate US$246.2-million in cash and short-term investments on the balance sheet by financial year-end, despite the significant investments in production capacity and dividends paid to shareholders,” said Loots.
“Our very robust financial position will allow us to continue our considered growth trajectory, executing initiatives to expand annual gold output to 300 000oz and beyond, while also further increasing cash returned to shareholders.”
Worker loses life
“To achieve our goals, the group prioritises safety first and continues to work towards our goal of zero harm. We are, therefore, saddened by the loss of a colleague at the beginning of the year in an underground mining accident, as previously reported. Our thoughts and prayers are with the family and friends of the deceased,” he said.
Beyond financial performance, the miner continued investing in renewable energy and sustainability initiatives, targeting renewable energy penetration of more than 70% by financial year 2030. The group also reported progress in water stewardship, land rehabilitation and community development programmes that have benefited more than 15 000 people in its host communities.
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Despite the strong results, the company acknowledged the loss of one employee during the year and reiterated its commitment to achieving its zero-harm safety target.
With record production, a strong cash position and a growing project pipeline across South Africa and Australia, Pan African enters financial year 2027 with momentum and ambitions to further expand output while maintaining shareholder returns.
- Pan African Resources reported a record financial year ending June 30, 2026, with revenue of US$1.16 billion, up 114.2%, and net profit of US$356.9 million, up 153.8%.
- Annual gold production reached a record 272,310 ounces, a 38.6% increase, supported by strong operations in South Africa and Australia.
- The company moved from a net debt position of US$150.5 million to a net cash position of US$185.7 million, with cash generated from operations up 259.6% to US$557 million.
- Pan African declared total dividends of US$113.6 million for 2026, more than double the previous year, and announced a share buy-back programme of up to US$30.4 million.
- The group aims for gold production of 280,000 to 302,000 ounces in 2027 and targets over 70% renewable energy penetration by 2030, while committing to zero-harm safety despite one employee fatality.
Pan African Resources has delivered a record financial performance for the year ended June 30 2026, driven by a sharp increase in gold production, higher gold prices and strong contributions from its operations in
Operationally, the group achieved its highest-ever annual gold production of 272 310 ounces, a 38.6% increase from the previous year's
196 527 ounces.
Read more: Patrice Motsepe's
Chief executive Cobus Loots described financial year 2026 as a "record-breaking year", highlighting the group's strongest-ever production, earnings, cash flows and dividends. He said the company's robust financial position would enable continued growth while increasing returns to shareholders.
"Financially, the group has never been in a stronger position, with the growth in gold production achieved in a sustained high gold price environment, allowing us to accumulate US$246.2-million in cash and short-term investments on the balance sheet by financial year-end, despite the significant investments in production capacity and dividends paid to shareholders," said Loots.
"Our very robust financial position will allow us to continue our considered growth trajectory, executing initiatives to expand annual gold output to 300 000oz and beyond, while also further increasing cash returned to shareholders."
"To achieve our goals, the group prioritises safety first and continues to work towards our goal of zero harm. We are, therefore, saddened by the loss of a colleague at the beginning of the year in an underground mining accident, as previously reported. Our thoughts and prayers are with the family and friends of the deceased," he said.
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Despite the strong results, the company acknowledged the loss of one employee during the year and reiterated its commitment to achieving its zero-harm safety target.
