Pan African Resources PLC said on Thursday it hit annual gold production record as organic growth projects made ‘meaningful progress’.

The Rosebank-headquarted gold producer lifted output to 205,459 ounces for the financial year ended June 30, up 2% from 201,777 ounces in the prior year.

It revised higher its 2023 annual production guidance to 200,000 ounces, which is 5% higher than initial guidance of 195,000 ounces.

The group said its net senior debt declined by 72% to $9.6 million as at June 30 from $33.7 million as at June 30, 2021.

Organic growth projects remained on track, the company said.

At Barberton Mines, Royal Sheba orebody intersected on schedule in June, extraction of 10,000 tonne bulk sample in progress.

Refrigeration plant at Evander 8 Shaft 24 Level is nearing completion for commissioning next month. Development blasting at this shaft was completed in preparation for mining.

At Elikhulu surface tailings retreatment, new Leslie-Bracken re-mining pump station and related infrastructure is in place for mining to commence next month.

‘The group has made meaningful progress with our production growth projects at Evander underground and at Barberton’s Royal Sheba; both projects are on schedule to start delivering within their anticipated production timeframes,’ Pan African Chief Executive Cobus Loots said.

Pan African Resources will release its full-year financial results on September 14.

Its shares were down 1.7% at 19.38 pence on Thursday afternoon in London, while its Johannesburg shares were flat at R 3.91.

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