Gold production: 85%
Recycling of gold and other precious metals: 10%
Renewable energies and other activities: 5%

Top 3 markets:

1. South Africa: 60%
2. United Kingdom: 20%
3. Europe (excluding UK): 15%

Pan African Resources PLC generates the majority of its revenue from gold production, which accounts for approximately 85% of total revenue. A smaller portion of revenue comes from the recycling of gold and other precious metals, as well as from renewable energies and other activities.

The company's largest market is South Africa, where it generates 60% of its revenue. The United Kingdom and the rest of the European market follow with 20% and 15%, respectively. These markets are particularly important for the company's export strategy and significantly contribute to its stability and growth.

Production sites of Pan African Resources PLC:

1. Barberton Mines: South Africa
2. Evander Mines: South Africa
3. Elikhulu Tailings Retreatment Plant: South Africa

Pan African Resources PLC is a South Africa-based company specializing in the mining and processing of gold. The main production sites are located in the Barberton and Evander regions, both known for their rich gold deposits. The company also operates the Elikhulu Tailings Retreatment Plant, which focuses on reprocessing tailings for gold extraction. This strategic positioning in South Africa enables the company to benefit from the abundant gold deposits and existing infrastructure.

Revenue growth (estimated): 5-7% annually (2026)

Investments in renewable energies: $25 million USD (2025)

Pan African Resources PLC pursues a strategy focused on sustainable growth and cost efficiency. The company is increasing its investments in renewable energies to reduce operating costs and minimize environmental impact. An example of this is the investment in solar panels to cover part of the mines' energy needs.

In addition, Pan African Resources is focusing on optimizing existing mines and developing new projects to increase production capacity. This includes improving extraction processes and exploring new gold deposits.

Another key aspect of the growth strategy is diversifying sources of income. The company plans to strengthen its market position and explore new business fields through strategic partnerships and acquisitions.

Commodities: Mainly gold

Import countries: South Africa, Zimbabwe, Zambia

Pan African Resources PLC is primarily engaged in gold mining and mainly sources its commodities from its own mines in South Africa. The company generally does not import commodities as it focuses on the extraction and processing of gold from its own resources.

However, if materials or equipment that are not locally available are required, imports could be made from neighboring countries such as Zimbabwe or Zambia, which also have significant mining industries. This is more of an exception than the rule, as the company aims to keep its supply chain as local as possible to minimize costs and increase efficiency.

Market share in the gold sector: 2.1% (estimated for 2026)
Production cost per ounce: 1,050 USD (2025)
Industry average production cost: 1,200 USD (2025)

Pan African Resources PLC has a moderate competitive advantage in the gold sector. The company benefits from relatively low production costs, which are below the industry average. This enables the company to remain profitable even at lower gold prices.

Another advantage is the strategic location of the mines and the use of modern technologies that increase efficiency. Additionally, the company has invested in sustainable practices in recent years, positioning it well in an increasingly environmentally conscious market environment.

However, Pan African Resources' market share is relatively small, limiting the competitive advantage compared to larger competitors that have more resources and greater market power.

Institutional Investor Share: 65% (estimated, 2026)
Insider Buys/Sells: No significant transactions in the last year (2026)

The institutional investor share in Pan African Resources PLC is estimated to be 65%. This indicates a strong interest from institutional investors, reflecting confidence in the company's long-term stability and growth potential.

In 2026, there were no significant insider transactions, suggesting that the management and insiders are either satisfied with the current valuation or do not expect significant changes in the company's strategy. This can be interpreted as a sign of stability and confidence in the ongoing business activities.

Market share of Pan African Resources PLC: Estimated 3% (2026)

Top competitors and their market shares:

1. Barrick Gold Corporation: 15%
2. Newmont Corporation: 14%
3. AngloGold Ashanti Limited: 10%
4. Gold Fields Limited: 8%
5. Kinross Gold Corporation: 7%
6. Sibanye Stillwater Limited: 6%
7. Harmony Gold Mining Company Limited: 5%
8. Pan African Resources PLC: 3%
9. Yamana Gold Inc.: 3%
10. Agnico Eagle Mines Limited: 3%

Moat of Pan African Resources PLC:

Pan African Resources PLC has a moderate moat, mainly driven by its cost-effective production methods and strategic locations in South Africa. The company benefits from efficient utilization of existing mines and a focus on high-grade gold deposits.

Compared to larger competitors like Barrick Gold and Newmont Corporation, which have more extensive resources, diversified geographic locations, and greater financial resources, the moat of Pan African Resources is less pronounced. These larger companies have a significant advantage due to their global presence and investments in technology and exploration.

In summary, while Pan African Resources has specific advantages in its cost structure, its moat is less significant compared to the market leaders. The larger competitors have a stronger competitive advantage due to their size and diversification.

Gold production: 205,000 ounces (2025) Cash costs per ounce: $1,050 USD (2025) Gold price: $1,800 USD per ounce (estimated, 2026) Net cash flow: Positive (2025)

Pan African Resources PLC achieved a gold production of 205,000 ounces in 2025. The cash costs per ounce were $1,050 USD, which, compared to an estimated gold price of $1,800 USD per ounce in 2026, provides a solid margin. This indicates that the company is able to operate profitably even when the gold price fluctuates.

The company has a positive net cash flow, indicating a healthy financial foundation. This liquidity allows Pan African Resources to invest in future projects or repay debts, ultimately reducing the risk for investors in the long term.

Additionally, the company has invested in sustainable projects in the past, indicating a forward-looking strategy. This could make the company more resilient to market volatility and lead to stable long-term performance.

Overall, Pan African Resources PLC appears to be an attractive investment opportunity due to its solid production cost structure, positive cash flow generation, and strategic investments in the future.

Dividend Yield: 5.2% (2025) Dividend History: Continuous payouts over the last 5 years

Pan African Resources PLC has pursued a consistent dividend policy in recent years. The dividend yield of 5.2% in 2025 indicates that the company aims to provide its shareholders with regular payouts.

The reliability of dividend payments is supported by the stable financial performance and continuous profitability of the company. The ability to pay dividends is also an indicator of solid cash flow generation and financial resource management.

Overall, it is expected that Pan African Resources PLC will maintain a reliable dividend policy in the coming years, unless significant negative changes occur in market conditions or company performance.