• Pan African Resources to move from AIM to LSE main market
• Seeks greater investor access, no new shares to be issued
• Targets 40% gold output growth, up to 292,000 oz in FY26

Pan African Resources announced on Monday its intention to transfer its listing to the main market of the London Stock Exchange (LSE). Previously listed on the alternative AIM market, which was created by the LSE for younger companies, the South African mining company sees the move as a way to support its "next phase of growth."

Subject to regulatory approvals, the listing is expected before December 31, 2025. The company specified that the move would not involve new fundraising and that it plans to maintain its shares on the main market of the Johannesburg Stock Exchange. The change is expected to give Pan African access to a larger pool of British and international investors.

The AIM is an unregulated market of the London Stock Exchange designed to make it easier for young small and medium-sized companies to list, particularly in the mining sector. Historically, the LSE has been the main listing venue for mining companies, although it faces growing competition from Toronto's TSX/TSXV and Sydney's ASX, while New York remains an important anchor for major gold companies.

"We are currently benefitting from the strong gold price environment which we expect will enable us to be fully de-geared (from a net debt perspective) during the course of FY26. 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, the company's CEO.

Pan African Resources is targeting a 40% year-on-year increase in its gold production for the 2026 fiscal year (which began on July 1, 2025), aiming for a volume of between 275,000 and 292,000 ounces. The company operates mines and tailings processing facilities in South Africa and Australia. In Australia, it acquired Tennant Consolidated Mining Group in November 2024 for $54.2 million, with the intention of producing an additional 50,000 ounces of gold annually starting in fiscal year 2026.

Emiliano Tossou