Pan African Resources has revealed its intention to migrate from the AIM market to the London Stock Exchange’s main market, seeking admission by the end of 2025.
The gold mining company, which has operations across South Africa and Australia, believes the transition will enhance its corporate profile and provide access to a broader pool of UK and international investors.
This strategic shift comes as Pan African targets its next phase of growth, with gold production expected to increase by approximately 40% to between 275,000oz and 292,000oz for the financial year ending June 2026. The company believes it is well-positioned to benefit from record-high gold prices, with its production completely unhedged from July 2025.
Many companies have left AIM in recent years, yet Pan African Resources is one of very few that have moved from AIM to the Main Market. Most leave AIM and delist.
The shift to the Main Market will be executed through the introduction of existing ordinary shares rather than a fundraising exercise, meaning no new capital will be raised. The company will maintain its dual primary listing structure, continuing its presence on the JSE’s main board alongside the new London main market listing.
Admission remains subject to FCA approval of a prospectus and other regulatory conditions.
“Our proposed listing on the Main Market of the London Stock Exchange represents a natural continuation of Pan African’s growth,” said Cobus Loots, Pan African’s CEO.
“Over the last decade, we have consistently grown both organically and through acquisitions whilst returning capital to our loyal shareholders. 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.”