• South Africa’s Pan African Resources to move listing from AIM to LSE main market
• Transfer expected by December 31, 2025, with no new capital raise planned
• Miner targets 40% gold output growth in 2026, boosted by assets in South Africa and Australia

Pan African Resources announced today plans to shift from the AIM market to the main board of the London Stock Exchange (LSE). The South African gold miner said the move is aimed at supporting its “next phase of expansion.”

The transfer, subject to regulatory approval, is expected before December 31, 2025. The company noted that it does not plan to raise new funds as part of the listing and will continue trading its shares on the Johannesburg Stock Exchange. Pan African expects the shift to give it access to a larger pool of British and international investors.

AIM, created by the LSE for young and smaller companies, is an unregulated market that has attracted many junior miners. However, the main board of the LSE has historically been the global hub for mining listings, even as Toronto and Sydney have gained ground, and New York remains the anchor for major gold producers.

“We are currently benefitting from the strong gold price environment which we expect will enable us to be fully de-geared 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, Pan African’s CEO.

The company is targeting a 40% year-on-year increase in gold production for fiscal 2026, which began on July 1, 2025. Output is expected to range between 275,000 and 292,000 ounces. Pan African operates mines and tailings processing facilities in South Africa and Australia. In November 2024, it acquired Tennant Consolidated Mining Group in Australia for $54.2 million, aiming to add 50,000 ounces of gold annually starting in fiscal 2026.