Pan African Resources PLC (AIM:PAF, OTCQX:PAFRY, JSE:PAN, OTCQX:PAFRF) has reported a robust financial year-end performance, largely attributed to the substantial improvement in the rand gold price, effectively mitigating production and power challenges.
In the fiscal year ending June 2023, the South Africa-based gold miner recorded profits of US$60.7 million (US$75 million) and generated approximately US$100 million in cash from operations, compared to US$110 million in the preceding year.
Cobus Loots, the company’s chief executive, commended the resilient performance and highlighted ongoing remedial efforts at the Barberton complex, which are expected to yield higher production levels in the near future.
The current outlook for the ongoing year anticipates an increase in output from 175,200 ounces to a range of 175,800 to 190,000 ounces. Loots expressed optimism, stating, “If the favorable tailwinds of the current rand gold price persist, we can anticipate yet another robust financial year for Pan African.”
At the close of the fiscal year, the company reported net debt of US$22 million (US$13 million) and announced a dividend of 0.95592 cents.