Pan African Resources PLC (AIM:PAF, OTCQX:PAFRY, JSE:PAN, OTCQX:PAFRF) told investors it expects to report an increase in earnings per share (EPS) for the six months ended 31 December 2024.
EPS is anticipated to be between 2.24 US cents and 2.46 US cents, reflecting a 5%-15% increase from the 2.13 US cents reported in the prior period.
The company noted an 18% drop in gold sales to 79,926 ounces, down from 97,290 ounces, as well as the $17.4 million opportunity cost linked to a synthetic forward transaction.
The EPS figure includes a gain on acquisition from the Tennant Consolidated Mining Group (TCMG) transaction, which is excluded from HEPS.
Additionally, prior period financials were restated due to adjustments in revenue recognition and environmental rehabilitation obligation accounting.
Looking ahead, Pan African expects improved production in the second half of FY2025, with further growth projected for FY2026.
The Evander underground sub-vertical shaft was commissioned in January 2025, while the Mogale Tailings Retreatment (MTR) project has ramped up ahead of schedule and under budget.
Full-year TCMG production in Australia is forecasted to range between 48,000 ounces and 60,000 ounces in FY2026.
The company said it intends to report its interim results on 12 February.