What Is Pan African Resources’ (ASX:PAF) Proposed Final Dividend, and How Did FY26 Go?

Sonal Goyal

20 October 2026 12:43 PM AEDT

What Is Pan African Resources’ (ASX:PAF) Proposed Final Dividend, and How Did FY26 Go?

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Key highlights

Pan African Resources PLC (ASX:PAF) has proposed a record final dividend of ZA 65 cents per share, subject to shareholder approval at its AGM on 19 November 2026.
The ASX ex-dividend date is 3 December 2026, with a record date of 4 December 2026 and payment on 15 December 2026.
FY26 gold production rose 38.6% to 272,310 oz, with profit for the year of US$356.9 million.

Pan African Resources PLC (ASX:PAF) is a gold producer with operations in South Africa that also trades on the London and Johannesburg exchanges and, since June 2026, on the ASX through CHESS Depositary Interests (CDIs). As at 19 October 2026, the company has a proposed record final dividend awaiting shareholder approval. It released summarised audited results for the year ended 30 June 2026 (FY26), which include the dividend proposal, record production and a share repurchase programme.

About the company

Pan African operates the Elikhulu and Mogale tailings retreatment plants, Barberton Mines, Evander Mines and Tennant Mines. It completed the acquisition of Emmerson Resources Limited on 22 June 2026 and listed on the ASX as a secondary listing. The announcement notes inclusion in the FTSE 250 Index, the JSE Top40 Index and the VanEck GDXJ Gold Miners ETF.

Upcoming dividend details

Dividend type	Final (proposed, subject to AGM approval)
Amount per share	ZA 65 cents per share (about US 3.95 cents, or A$5.747 cents per CDI)
Franking	0% (not franked)
Ex-dividend date	3 December 2026 (ASX and LSE); 2 December 2026 (JSE)
Payment date	15 December 2026
Last price in the table	$2.24
Record date	4 December 2026 (JSE, LSE and ASX)
AGM	19 November 2026

The proposed final dividend totals ZAR 1,583.6 million, about US$96.2 million. Together with an interim dividend of ZA 12 cents per share paid in March 2026, the total dividend for the year is ZA 77 cents per share, or about US$113.6 million.

FY26 results

Gold production rose 38.6% to 272,310 ounces and revenue rose 114.2% to US$1,156.5 million, helped by an average gold price received of US$4,235 per ounce, up 54.8%. Net cash from operating activities was US$557.0 million, and the group moved from net debt of US$150.5 million to net cash of US$185.8 million. Profit for the year was US$356.9 million, up 153.8%, and headline earnings per share rose to US 17.64 cents. All-in sustaining cost was US$1,867 per ounce, up from US$1,600.

Operations and growth projects

Elikhulu produced 56,475 ounces at an AISC of US$1,231 per ounce, Mogale Tailings Retreatment produced 51,927 ounces, Barberton Mines underground production rose 5.6% to 71,997 ounces and Evander Mines production rose 68.4% to 46,854 ounces. Tennant Mines produced 32,124 ounces after a slower ramp-up at Nobles, and FY27 Tennant production is expected at 48,000 to 52,000 ounces.

Growth projects include Royal Sheba at Barberton, with the first blast scheduled for early 2027, and White Devil at Tennant, which holds about 3 million tonnes at 3.8 g/t of extractable reserves and had its first blast in August 2026. The company also reports a share repurchase programme and board changes.

How the dividend timetable works

The ex-dividend date of 3 December 2026 is the first trading day on which shares change hands without the right to the upcoming dividend of ZA 65 cents per share. Shares bought before that date carry the entitlement, subject to the record date and settlement timing, while shares bought on or after it do not. Payment follows on 15 December 2026, 12 days after the ex-dividend date. The ex-dividend date falls 45 days after 19 October.

The dividend is unfranked, so no franking credits are attached to the payment.

A dividend is a distribution of profit that the board decides to pay, and the amounts quoted are per share. The total cash paid depends on the number of shares on issue at the record date, which can change if a company issues new shares or repurchases existing ones. Dates and amounts can change if the company announces an update.

Factors shareholders may weigh

The final dividend is proposed and needs approval at the AGM on 19 November 2026. Earnings depend heavily on the gold price, and AISC rose year on year because of inflationary pressures and a higher rand against the US dollar. The dividend is declared in South African rand and converted for CDI holders, so the Australian dollar amount depends on exchange rates. The dividend is not franked.

Tennant’s ramp-up has been slower than anticipated, and growth projects such as Royal Sheba and White Devil carry development risk.

What’s next

Shareholders vote on the final dividend at the AGM on 19 November 2026, followed by the ex-dividend date on 3 December, the record date on 4 December and payment on 15 December 2026.

FAQs

Q: When is the Pan African Resources (ASX:PAF) ex-dividend date on the ASX?

A:3 December 2026, with a record date of 4 December and payment on 15 December 2026, subject to AGM approval on 19 November 2026.

Q: What was FY26 gold production?

A:272,310 ounces, up 38.6% on FY25.

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