Pan African Resources PLC on Wednesday revised up the bottom end of its annual production guidance, as the first-half performance looks set to be better-than-expected in some operations.

The Rosebank-based gold producer expects production for the first half of December 31 to rise to a range of between 94,000 ounces and 98,000 ounces, from 92,307 ounces in 2022, representing an increase of between 2% and 6%.

In Johannesburg, Pan African shares rose 5.0% to R 3.84 on Wednesday, while they were up 3.1% at 16.38 pence in London.

Operations are likely to perform in line or better than anticipated in the first half, with Barberton Mines underground in Mpumalanga estimated at between 37,000 ounces and 38,000 ounces, from 32,022 ounces.

Production at Elikhulu tailings retreatment is projected to rise to between 27,000 ounces and 28,000 ounces, compared to 25,830 ounces, while Evander Mines underground in expected to produce between 20,000 ounces and 21,000 ounces, from 19,173 ounces.

Pan African Chief Executive Officer Cobus Loots said the expected production performance for the half year positions the group to deliver excellent results for the 2024 financial year.

The miner revised its full-year 2024 production guidance to a range of between 180,000 ounces and 190,000 ounces, from between 178,000 ounces and 190,000 ounces predicted previously. For the financial year that ended June 30, output was 175,209 ounces.

Pan African also noted ‘significant’ progress around the construction of the Mintails tailings retreatment plant, with commissioning on track for the latter half of the 2024 calendar year.

Loots said the plant will add some 50,000 ounces annually to the group’s production, increasing output by some 25%.

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