Pan African Resources - Quietly getting the job done in South Africa

Pan African produced 108,085oz gold in H122 (at an all-in sustaining cost (AISC) of US$1,173/oz), which was 4.5% more than in H221, 9.9% more than H121 and 8.1% above its (albeit increased) pro rata guidance of 200,000oz for the full year. Performance was driven by an exceptional result underground at Evander, which reported record adjusted EBITDA for the period in which it has been under Pan African’s management, thereby becoming the largest single contributor to group adjusted EBITDA (see Exhibit 2). Even allowing for a slowdown in output in H222, we expect Pan African to outperform its guidance and have modestly increased our earnings forecasts for FY22 as a result.