Pan African Resources PLC (LSE:PAF, OTCQX:PAFRY, JSE:PAN) said gold production for the half-year ended 31 December 2025 rose 51% to 128,296 ounces.
The company said it remains on track to meet full-year guidance of 275,000 to 292,000 ounces.
Pan African said net debt fell more than 65% to US$49.9 million from US$150.5 million in June 2025. It said it expects to be fully de-geared on a net debt basis by the end of February 2026.
“During the reporting period the group de-geared its balance sheet and is also now further boosting cash returns to shareholders, with our board set to approve an attractive proposed interim dividend payment," said chief executive Cobus Loots.
"The half year results demonstrate the success of our strategy of focusing on high-margin, long-life tailings retreatment operations and also the acquisition of the very prospective Tennant Mining in Australia. We also wish to commend the Evander management team for the successful turnaround of the underground operation, with further improvements expected in the period ahead.
"Despite our continued focus on cost control, all-in sustaining unit costs were higher than guided for the reasons detailed in this release, we believe the expected increased gold production in H2 of the financial year will assist with reducing unit costs."
Pan African said the board intends to approve an interim cash dividend of ZA12 cents per share alongside interim results due on 18 February 2026.
Loots added that PAF is excited about the further production growth opportunities within our asset portfolio, as it seeks to capitalise on the "very favourable current environment" to position the firm to continue mining for many more years to come.