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Pan-Af - operational update
Ke features:
• Regrettably, the Group suffered a fatal accident on 6 June 2025 at Barberton's Sheba Mine. The Group will continue its focus on various safety performance initiatives in order to improve safety statistics and strive for zero harm
• Record half year gold production in FY25H2 and a substantial increase when compared to FY25H1. Production for FY25H2 estimated at approximately 112,000oz, representing an increase of approximately 32% when compared to FY25H1 (84,705oz).
• Substantial reduction in Group gearing with net debt of approximately USD155 million expected as at 30 June 2025, a decrease of USD72 million or 32% compared to 31 December 2024 (net debt of USD228.5 million) – the Group is expected to be fully degeared during FY26 at prevailing gold prices
• Board approved share buyback programme to purchase up to ZAR200 million (approximately USD11.1 million) of ordinary shares in the market
• Total full year production for FY25 expected to be approximately 197 000oz (FY24: 186 039oz), an increase in production of approximately 6% compared to the prior financial year. Despite a significant increase in production in H2, full year production will therefore fall marginally below FY25 production guidance range of 205 000oz to 215,000oz as a result of:
o Slower than expected ramp up of the Evander underground subvertical shaft project, which is now fully commissioned and operational
o Delays encountered with the commissioning of the filter presses associated with the dry stack landforms (tailings section) of the Tennant Mines plant, resulting in a slower ramp up in production
• Tennant Mines gold processing plant commissioned on budget and on schedule with steady state production of approximately 50,000oz per annum now expected during the first quarter of FY26
• Group all-in sustaining costs (AISC) for FY25H2 estimated between USD1 525 and USD1 550 (previous guidance of USD 1 450/oz to USD1 500/oz) at an average exchange rate of USD/ZAR:18.50, primarily as a result of lower than expected production following the slower than anticipated ramp up in production at Evander underground and realised losses on the zero cost collar hedges of approximately USD25/oz
• Group AISC for FY25 is expected to be between USD1 550/oz to USD1 575/oz at an average exchange rate of USD/ZAR:18.50 (previous guidance of USD1 450/oz to USD1 500/oz). This AISC includes the impact of zero cost collar detailed above
• Production guidance for FY26 of between 275 000oz and 292 000oz, an increase of approximately 40% compared to expected FY25 production at an AISC of between USD1 475 and USD1 525
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