Pan African Resources - Entering harvest mode

Headline earnings for Pan African Resources (PAF) in FY19 were within US$0.14m of our prior expectations, after a 54% increase in gold produced from continuing operations combined with a 27% decline in AISC to result in a 75.3% increase in underlying EBITDA. Guidance for FY20 remains unchanged at 185,000 (albeit higher margin) ounces cf guidance of 170koz until May, supporting our headline EPS forecast of 2.46 US cents per share (cf 1.88p/share previously). Investors should note the change in PAF’s accounts from sterling to US dollars.