London, 24 October 2025 — Druces LLP, the City of London law firm, has advised Pan African Resources PLC on its successful transfer from AIM to the Main Market of the London Stock Exchange.
The transaction marks a major milestone for Pan African Resources, a leading mid-tier gold producer with a diversified portfolio of mining operations in South Africa and Australia, a market capitalisation of approximately £1.8 billion. The company is recognised for its strong environmental, social and governance (ESG) credentials and commitment to sustainable gold production. Its move to the Main Market reflects continued growth, operational excellence, and international investor confidence in its strategy. Pan African Resources is also listed on the JSE (JSE:PAN)
Nigel Gordon, Partner in Druces’ Corporate team, led the transaction, supported by Mark Lamph, a Senior Associate in the Corporate team, and colleagues from across the firm.
“We are delighted to have supported Pan African Resources in achieving this important milestone. The transfer to the Main Market reflects the company’s growth trajectory and the continued investor confidence in its strategy,” – Nigel Gordon, Druces LLP
“This move represents an exciting next phase in our journey. The Main Market listing underlines the maturity of our business and enhances our visibility to a wider investor base. We appreciated Druces’ pragmatic and commercially focused advice throughout this process.” – Cobus Loots, Chief Executive Officer, Pan African Resources PLC
Building on Market-Leading Capital Markets Experience
Druces advised on all aspects of the transfer, including regulatory compliance, the prospectus and other admission documentation. The transaction draws on the firm’s extensive experience acting for public companies across the Main Market, AIM, and Aquis Exchange.
Reflecting that strength, Druces is ranked 2nd in the UK by AIM client market capitalisation in the AIM Adviser Rankings Guide Q1 2025 and is consistently recognised in the Corporate Advisers Rankings Guide 2025 Q3 for its work on both AIM and Main Market transactions. In H1 2025 alone, Druces’ Capital Markets team completed 14 deals across Natural Resources, Energy and Technology, evidencing sustained deal momentum and cross-sector depth.
About Pan African Resources PLC
Pan African Resources PLC (LSE: PAF, JSE: PAN) is a mid-tier gold producer with operations in South Africa, including the Barberton Mines, Evander Mines, and Elikhulu Tailings Retreatment Plant and the Tennant Mines operation in Australia. The company’s strategy focuses on sustainable growth, operational efficiency, and delivering long-term value to shareholders through responsible mining practices.
About Druces LLP
Founded in 1767, Druces LLP is a City of London law firm with a 250-year heritage advising UK and international clients. Its Corporate and Capital Markets teams act for listed companies, financial institutions, and high-growth businesses across a range of sectors, including natural resources, technology, and real estate.
Druces combines heritage with innovation to deliver strategic, commercial advice that supports clients through the full corporate life cycle — from admission to public markets through to major transactions and governance advice.
