Pan African Resources begins trading on the ASX as Australian output ramps up

Pan African Resources PLC has listed on the Australian Securities Exchange under ticker PAF, giving Australian investors direct access to the gold producer’s shares as the company expands in the Northern Territory. The move comes after the Emmerson Resources acquisition and as Pan African targets a faster-growing Australian production base and stronger group output.

Why it matters: - The ASX listing gives Australian investors a local way to trade Pan African Resources through CHESS Depositary Interests. - Pan African is building a larger Australian gold platform while keeping its main listings in London and Johannesburg. - The company is aiming to lift Australian production to about 70,000 ounces a year within three years, from roughly 32,000 ounces in FY2026.

What happened: - Pan African Resources PLC started trading on the ASX under the code PAF. - The ASX admitted Pan African as a foreign exempt listing. - The listing followed Pan African’s acquisition of Emmerson Resources, completed on 1 July 2026. - Australian investors now trade Pan African securities as CHESS Depositary Interests.

The details: - Each CDI represents a beneficial interest in an underlying ordinary share. - Pan African’s ordinary shares continue to trade in London as PAF and in Johannesburg as PAN. - The company expects to have delivered about 275,000 ounces of gold in the financial year ended 30 June 2026. - Group production for FY2026 was about 275,000 ounces, up around 40% from 196,527 ounces in FY2025. - All-in sustaining cost for FY2026 was about US$1,870 per ounce, in line with guidance. - Pan African expects a cash position of about US$220 million at year-end and says the group is in net cash for the first time. - FY2027 guidance is 280,000 to 302,000 ounces at an all-in sustaining cost of US$2,075 to US$2,175 per ounce. - The company said FY2027 costs have been affected by higher reagent and other input costs after the conflict in the Middle-East. - Audited results are due on or about 16 September 2026. - Pan African’s South African production comes from underground mines at Barberton and Evander in Mpumalanga. - Barberton has been mined for close to 140 years. - Evander was acquired in 2013. - After infrastructure investments and more underground development at 8 Shaft, Evander lifted its average recovered grade above 11 g/t from 6.8 g/t a year earlier. - Pan African also produces gold by retreating historic mine tailings at Elikhulu, Mogale and Barberton. - The tailings retreatment operations use three surface processing plants. - The company says tailings retreatment carries lower operating costs, lower geological risk and less labour intensity than underground mining. - Pan African says the mechanized nature of the tailings operations improves safety. - Pan African acquired ASX-listed Emmerson Resources through its Tennant Consolidated Mining Group subsidiary under an Australian court-approved scheme of arrangement. - The deal consolidated Pan African’s ownership of projects across the Tennant Creek mineral field. - Emmerson had joint venture agreements with TCMG over multiple projects, and the acquisition consolidated ownership of 100% of the projects. - Mining began at the White Devil open pit. - White Devil holds Indicated Mineral Resources of more than three million tonnes at 3.73 g/t, or about 378,000 ounces, within the current pit envelope. - The orebody remains open at depth and along strike. - Two shallow, high-grade deposits, Juno and Golden Forty, are also scheduled to be mined simultaneously. - Tennant Mines is guided to produce 48,000 to 52,000 ounces in FY2027. - The Nobles carbon-in-leach plant has capacity of 840,000 tonnes a year and sits 14 kilometres south-east of Tennant Creek. - The plant was relocated from Cloncurry, Queensland. - Construction began in June 2024. - Commissioning finished ahead of schedule in May 2025, and the first gold pour took place on 13 May. - Pan African says the Nobles plant came in within its US$36 million budget. - The construction phase recorded no lost-time injury across more than 160,000 man hours. - The build created around 80 jobs, and the operation supports more than 160 employees. - Chief executive officer Cobus Loots said Pan African sees a clear path to growing Australian gold production to around 100,000 ounces a year and has set a Group target of “300,000oz and beyond.” - Pan African also trades on the OTCQX in the United States. - The company produces gold from underground mines at Barberton and Evander, tailings retreatment operations at Elikhulu, Mogale and Barberton, and Tennant Mines in the Northern Territory. - More information is available at Pan African Resources and the company’s Australian market listing page.

Between the lines: - The ASX move broadens Pan African’s investor base while the company scales up a second geographic production hub outside South Africa. - The Emmerson deal and the Nobles plant give Pan African tighter control over the Tennant Creek district and a clearer path to higher Australian output. - The company’s net cash position and forecast production growth suggest the Australian listing arrives during a period of operational momentum.

What's next: - Audited FY2026 results are due on or about 16 September 2026. - FY2027 output is expected to rise to 280,000 to 302,000 ounces for the group. - Pan African says Australian production could reach about 70,000 ounces a year within three years, with a longer-term target of around 100,000 ounces a year. - The company’s broader production goal is “300,000oz and beyond.”

The bottom line: - Pan African is using its ASX debut, the Emmerson acquisition and new Northern Territory infrastructure to turn Australia into a bigger contributor to group gold output.