PAN African Resources said on Monday it had applied to move its AIM listing in London to the bourse’s Main Market.
“We believe the proposed move from AIM to the Main Market will enable us to access a deeper pool of capital and enhance liquidity for the group as we continue our ambitious growth strategy,” said Cobus Loots, CEO of Pan African in a statement.
Shares in the South African gold producer have increased 164% in value in the last 12 months, largely owing to the 43% improvement in the gold price over the same period.
Amid new record gains in the gold price – last trading at $3,634/oz – shares in Pan African surged 10% to a new all time high of R18,17 per share, equal to £1.55bn.
Pan African has forecast gold production in its current (2026) financial year at between 275,000 and 292,000 oz, an increase of 40% over output in its 2025 financial year in regard to which the firm will present financial and operating figures on Wednesday.
However, that growth has come at a cost. In order to finance the R2.5bn Mintails, a gold dumps retreatment project near Johannesburg, the company sold gold forward at predetermined prices. The cost of this had a 23% impact on 2025 profits, the company warned in a trading statement last week.
A Main Market listing may lead to a higher multiple on Pan African’s share and potentially open doors when it comes to funding new projects.
Hethen Hira, spokesman for Pan African, said the company would be put before new investors by dint of its automatic inclusion in the FTSE 250 index.
In addition to Mintails, the company announced in November the $54.2m acquisition of Tennant Consolidated Mining Group, a privately held company in Australia that owns the Nobles Gold Project, scoped to produce 50,000 ounces a year.
Pan African is now unhedged and therefore stands to benefit from the spot price of gold. According to UBS, the gold price could go as high as $2,700/oz partly owing to concerns over US president Donald Trump’s efforts to curb the independence of the US Federal Reserve, as well as geopolitical stresses.
Commenting on its application to move to London’s Main Market, Pan African said it did not intend to raise funds. It would also retain its dual listed status meaning that its Johannesburg Stock Exchange Main Market listing would be unaffected by the move.
Pan African did not require shareholder approval for the move.
