Pan African Resources PLC produced 108,085oz gold in H122, which was 4.5% more than in H221, 9.9% more than H121 and 8.1% above its (albeit increased) pro rata guidance of 200,000oz for the full year. Performance was driven by an exceptional result underground at Evander, which reported record adjusted EBITDA for the period in which it has been under Pan African’s management, thereby becoming the largest single contributor to group adjusted EBITDA. Pan African is cheap relative to both its historical trading record and its peers. Edison Group’s core valuation of the company is 25.65p/share with current price of 22.80p. Pan African Resources has four major producing precious metals assets in South Africa: Barberton, the Barberton Tailings Retreatment Project, Elikhulu and Evander underground, incorporating Egoli.
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