Pan African Resources (PAF)

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Share Price:
124.50p
Market Cap:
£2,905.42m
Change Today:
6.10p
Sector:
Mining

RBC Capital starts coverage of Pan African Resources at 'outperform'

By Michele Maatouk

Date: Friday 07 Aug 2026

LONDON (ShareCast) - (Sharecast News) - RBC Capital Markets initiated coverage of mid-tier gold producer Pan African Resources on Friday with an 'outperform' rating and 155p price target.
"Pan African has been transformed from a conventional South African gold miner into a mid-cap gold producer with a clear path to 350kozpa Au," it said.

The bank said it was "the new kid on the block" on the FTSE 250. It pointed to best-in-class volume growth, EBITDA lifting to $1.2bn by FY29 and positive free cash flow generation, and said the company is on track to return around $0.8bn in ordinary dividends over FY26-30e, with scope for supplementary returns taking the dividend yield ahead of peers.

RBC noted the shares have underperformed the GDX - an exchange-traded fund tracking gold miners - by 11% year-to-date and are trading at 0.70x P/NAV and 3.2x 2026-27e EV/EBITDA. The current share price implies exposure to a solid South African gold business with a free option on Australia growth, it said.

At 1215 BST, the shares were up 7.5% at 109.80p.

Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

 

PAF Market Data

Currency UK Pounds
Price 124.50p
Change Today 6.10p
52 Week High 182.60p
52 Week Low 61.80p
Volume 4,048,202
Shares Issued 2,333.67m
Market Cap £2,905.42m

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