Pantoro meets gold guidance with more than 19,000 ounces produced during quarter
Last updated: 22:40 21 Jan 2025 EST, First published: 22:34 21 Jan 2025 EST
Pantoro Ltd has had a solid quarter of gold production at its wholly-owned Norseman Gold Project, producing 19,438 ounces of gold and fulfilling production expectations of between 18,000 and 22,000 ounces of gold.
The company also increased its cash and gold holding by $13.8 million for the quarter, excluding a one-off $6.9 million stamp duty payment as a result of merging with Tulla Resources for a net cash and gold increase of $6.9 million during the quarter.
The Norseman Project has now produced positive cashflows for a full year, achieving earnings before indexation, taxation, depreciation or amortisation (EBITDA) of $37.5 million during the latest quarter.
Pantoro has revised its annual guidance for the 2025 financial year, now predicting 90,000 ounces at an all-in-sustaining cost (ASIC) of $2,200 per ounce.
Scotia and OK Underground mines
Pantoro has made solid progress on the Scotia Underground Mine, completing 1,558 metres of development and hauling 43,944 tonnes of ore, a sharp increase from the 3,945 tonnes the previous quarter.
The mine has reached commercial production and is expected to achieve steady-state output by the March 2025 quarter.
The OK Underground Mine also performed well, producing 11,292 ounces of gold during the quarter.
This quarter PNR began rehabilitation of the Bullen Decline, with plans to begin drilling key Mainfield targets by the March 2025 quarter.
The company continued exploration and grade control drilling at the Scotia and OK mines, as well as in surface areas including the Butterfly exploration site and the Princess Royal mining centre. Four drill rigs are operational onsite.
