Pan African Resources PLC

Notable vs. Peers

• Jurisdiction risk score of 5/10 is meaningfully riskier than the peer average of 7.8/10.

Lifecycle Milestones

1. Permit granted

   Jul 2017 · CORRECTS a Task #373-era placeholder ('not confirmed against a primary source this pass'). Per this task's guidance, weighed which asset is the more defensible anchor for a discrete PERMIT_GRANTED date: Barberton (100+ year brownfield operation, permitted via a long chain of South African mining-right renewals with no single clean 'grant' event findable in company records) vs. Elikhulu Tailings Retreatment Plant (a genuinely modern, discretely permitted project -- construction 2017-2018, first gold poured August 2018). Elikhulu wins on the evidence: Pan African's own FY2017 Integrated Annual Report states plainly, in its Elikhulu project update, 'The final regulatory approvals -- the integrated environmental authorisation and water-use licence -- were received on 31 July and 24 August 2017, respectively.' The Integrated Environmental Authorisation (the actual permit, under South Africa's National Environmental Management Act, authorizing the project to proceed) is recorded here as the PERMIT_GRANTED date. The Integrated Water Use Licence -- a related but separate Department of Water and Sanitation instrument, and the later of the two 'final regulatory approvals' -- followed on 24 August 2017 and is documented here rather than promoted into achievedDate, since it is a water licence, not the environmental-authorisation permit itself. Construction broke ground shortly after (September 21, 2017, per contemporaneous trade press), consistent with this being the project's real final-permitting milestone rather than an arbitrary date. Barberton's own permitting genuinely predates any single discrete event locatable in company or regulatory records and remains a real, unresolved multi-decade renewal history -- Elikhulu is the real, disclosed, citable answer this task's guidance anticipated, not a substitute placeholder. · Source
2. Construction decision (FID)

   Reached — date not disclosed · Elikhulu's own construction/build-decision date (ahead of its Q4 2018 first production) was not confirmed against a primary source this pass.
3. Construction start

   Reached — date not disclosed · Elikhulu (part of this record's flagship asset trio) was built out ahead of its Q4 2018 first production; a discrete construction-start date was not confirmed against a primary source this pass. Barberton itself is a 100+ year brownfield operation, not built by Pan African.
4. First pour / production

   Oct 2018 · Elikhulu Tailings Retreatment Plant reached first production in Q4 2018 -- the most concretely dated production milestone located among the Barberton/Evander-Egoli/Elikhulu asset trio this pass. Barberton has itself produced since the early 1900s under a long succession of owners predating Pan African's own history; the Mogale Tailings Retreatment plant was a later, separate addition, commissioned Oct 2024.
5. Commercial production

   Reached — date not disclosed · Genuinely reached, but no single company-wide commercial-production date exists across a multi-mine South African portfolio (Barberton Mines underground -- a 100+ year mining district, Elikhulu tailings retreatment, Evander Mines underground including the Egoli project, and the newer Mogale/Tennant Mines tailings operations), each with separate development histories under different owners over more than a century. Operational update ahead of FY2026 year-end (30 June 2026) reported record profitability and cash generation, with Elikhulu and Mogale Tailings Retreatment plus Evander and Barberton underground all in production (Evander underground output up 87.3% on full sub-vertical shaft hoisting access), while Tennant Mines ramp-up ran slower than anticipated. This row was missing entirely prior to 2026-08-21 -- a genuine data gap, not a stage error; Miner.stage was already correctly PRODUCTION. · Source

Milestones are recorded only from a company's own dated disclosure. A milestone with no date shown is one we can confirm was reached but for which no date was disclosed — we don't estimate one. "Not yet reached" means exactly that, not that a date is missing. An "Expected" line likewise only ever reflects the company's own guidance (e.g. a study or permit decision targeted for a stated quarter) — most not-yet-reached milestones have none, and that absence means no such guidance has been disclosed, not that one is overdue.

A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal the underlying research identifies — whether a major already holds a JV, earn-in, or 5–19.9% strategic stake — isn't tracked yet and is absent from this score.