Pan African Share Price (PAF)

Figures are rather cautious considering market reaction last year. With POG = 2350$, Consort mine in PAF portfolio can be reactivated as profitable again. However it might have implication on average AISC. Actually I don’t know Cobus plans, but there are options to produce 190 - 200k this year if no major issues.

Hi BlueDefender

Yes, earnings or profit before taxes ie. for the gold, revenue minus the AISC.

I am not aware either, however that 180k-190k is PAF's guidance for the year of , so I used the mean of that being 185k.

So either PAF are expecting some sort of closure or lower production whilst works is carried out this half or their guidance is very very cautious.

Just to clarify G-NBC did you mean profits of $76.2m?

Also I think Cobus is low balling the second half production figures so there could well be a revised number.

I am not aware of any major works that need to be done to bring down the H2 to 86500oz from the H1 figure of 98000oz.

Different sector but also have a look at Surgical Innovations, ticker SUN. 100-200% upside. DYOR.

Hi all. Just some thoughts for discussion. CEY's quarterly results were not too good. Stand out figure for me was the average realised gold price of $2062, apparently pulled down by 19k oz out of 92.5k oz sold early in Jan.

For PAF sales, average POG Jan and Feb was around $2000, and March the average is around $2200, which makes $2066 the average over the quarter. So PAF's first quarter average sale price would actually be around the same at CEY's. Perhaps it's a good thing that H2 results for PAF come out in July, hopefully with the gold price sustaining above $2350 to end of June.

An estimate of PAF earnings Jan to March would be ( (Guidance of 185k for H2 - H1 production of 98.5k ) / 2 for the quarter = 43250oz ) x ( POG $2066 - AISC $1325 ) = $32m

For April to June with POG averaging $2350 would mean earnings of $44.3m making total H2 earnings of $76.2m.

Add that to the $42.6m from H1 makes total of $118m for the year, almost double last years $60.7m.

IMO we will be looking at a end of year dividend around 2 cents. 1.6p, which is not too shabby, but the real prize will be Mintails boosting 2025 and 2026 earnings to $150m or even higher and maybe a 2.5p / 3p dividend.