Pan African expects to report higher interim EPS, but lower HEPS
Gold producer Pan African Resources expects its earnings per share (EPS) for the six months ended December 31 to be between $0.0224 and $0.0246, an increase of between 5% and 15% compared with the restated EPS of $0.0213 for the six months ended December 31, 2023.
Headline earnings per share (HEPS) for the current reporting period are expected to be between $0.0109 and $0.0131, a decrease of between 38% and 49% compared with the restated HEPS of $0.0213 for the prior comparable period.
The decrease in HEPS is owing to a decrease in gold sold of 18% to 79 926 oz and the opportunity cost associated with the synthetic forward transaction of $17.4-million.
The final settlement in terms of this agreement will be at the end of February, after which the group expects to fully benefit from the prevailing spot gold price of about $2 860/oz (R1.69-million per kilogram), which, in dollar terms, is 21% higher than the average price of 2 359/oz (R1.36-million a kilogram) received in the current reporting period.
Included in EPS in the current reporting period is a gain on acquisition relating to the Tennant Consolidated Mining Group (TCMG) transaction. This gain is excluded from HEPS.
Pan African says it is well positioned for much-improved production in the second half of the current financial year, with a further significant increase in production expected for full-year 2026.
The sub-vertical shaft at Evander underground was fully commissioned during January; the Mogale tailings retreatment production is now fully ramped-up, ahead of schedule and with final project capital below budget; and full-year production of 48 000 oz to 60 000 oz from TCMG in Australia is expected in full-year 2026, the group points out.
The group’s interim results will be published on February 12.
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