At a Glance
- Pan African exits AIM to pursue London Main Market listing after record 2025 results.
- Strong gold output and debt reduction goals drive a move to widen global investor access.
- Expansion into Australia and new tailings projects boost output and strengthen growth outlook.
Pan African Resources, the South African gold producer listed in Johannesburg and London, plans to drop its AIM listing and shift to the London Stock Exchange(LSE)’s main market after reporting record results in 2025 and expanding its portfolio with new assets in South Africa and Australia.
Stepping up to the main market
The company said it has applied for admission of its shares to the Financial Conduct Authority’s Official List and trading on the LSE’s Main Market.
Subject to regulatory approval, the earliest cancellation from AIM could take effect on Oct. 22, 2025. Peel Hunt and Berenberg are acting as joint sponsors.
Executives said the move is aimed at widening access to global investors, improving liquidity and visibility, and positioning the company for long-term growth. Unlike some peers, Pan African emphasized that it is not seeking to raise fresh capital right away.
A strong year behind it
The shift follows one of the company’s strongest performances to date. In the 12 months to June 2025, Pan African produced about 196,500 ounces of gold.
Output for 2026 is forecast to rise sharply, with guidance lifted to as much as 292,000 ounces. The increase is expected to be driven by the new Mogale tailings retreatment project and first contributions from its Australian acquisition, Tennant Consolidated Mining Group.
Pan African’s mineral resources now total nearly 43 million ounces, with reserves close to 13 million. Chief Executive Cobus Loots told analysts the company remains on track to clear its debt by fiscal 2026. “This is the right time to broaden our shareholder base and align with a deeper pool of investors,” Loots said.
Expanding from South Africa to Australia
The group, long anchored by its Barberton and Evander mines, has steadily grown through retreatment projects that turn old mine dumps into profitable operations. Its $54 million all-share purchase of Tennant in 2024 marked its first step outside South Africa, adding the Nobles project in Australia’s Northern Territory.
At home, its flagship Elikhulu and Barberton Tailings plants continue to provide steady cash flow. By combining established mines, retreatment projects and a new overseas foothold, Pan African has become one of Africa’s more balanced mid-tier gold producers.
Why it matters
The decision to leave AIM comes as many companies reassess the value of their London listings. AIM has lost several firms in recent years to the Main Market or to delistings altogether. Analysts say Pan African’s scale, steady results and overseas expansion make it a natural fit for the move.
For shareholders, the Johannesburg listing will remain in place, though trading patterns may shift as liquidity consolidates in London. The company has advised investors to seek professional guidance on any tax implications.
The focus now turns to the FCA’s review of Pan African’s prospectus and the final confirmation of its admission date. If approved, the company will join London’s Main Market gold producers with stronger finances, rising output and a broader base for future expansion.
