Pan African Resources — Up 17 times in 15 years

Pan African’s EPS for H126 were 2.7% ahead of our prior forecasts on a headline basis and 27.0% ahead on a normalised basis (see Exhibit 2). Management reiterated guidance for FY26 at 275–292koz, albeit at a slightly higher AISC of US$1,820–1,870/oz at ZAR17.00/US$ (cf US$1,525–1,575/oz at ZAR18.50/US$ previously). It also declared a maiden interim dividend of ZAR0.12/share. As a result, we have raised our normalised HEPS forecast for FY26 by 11.6%, although we have lowered our FY27 estimate to reflect broadly static production in that year and higher capital expenditure.