Despite a production miss during the three months to March, Pantoro Ltd reports that it has positioned itself for a stronger June quarter following some post-quarter gains.
The company reported gold production of 18,334 ounces for the quarter ending 31 March 2025, falling below its guidance range of 20,700 to 25,300 ounces.
The shortfall was attributed to slower-than-expected ramp-up at the Scotia Underground Mine, where drilling activity was impacted by personnel delays.
By quarter-end, however, full resourcing was achieved, positioning the mine for a strong June 2025 quarter.
The OK Underground Mine continued to outperform expectations, delivering 7,949 ounces of gold and achieving significant high-grade drilling results that confirmed mineralisation extensions at the Star of Erin and O2 Lodes.
Processing performance remained steady, with 305,876 tonnes processed at a recovery rate of 94.2%.
Financial performance
Despite the production miss, Pantoro Gold recorded a cash and gold build of A$13.4 million for the quarter, underpinned by strong cost control and buoyant gold prices.
EBITDA reached A$46.4 million, and the all-in sustaining cost (AISC) was A$2,427 per ounce. The company closed the quarter with A$132.4 million in cash and gold holdings.
Debt reduction also progressed, with Nebari Partners converting part of its convertible loan facility, reducing debt from US$8.36 million at quarter-end to US$6.26 million (around A$9.79 million) post-quarter.
Meanwhile, managing director has acquired shares in the company worth in the vicinity of $30,000 following the recent decline in share price.
Growth and exploration
Pantoro Gold continued to expand development across its Norseman Gold Project, including rehabilitation at the Bullen Underground Mine and growth drilling at Butterfly and Polar Bear Peninsula.
High-grade results were reported across multiple targets, supporting future production growth.
Open pit mining commenced at the Princess Royal Mining Centre during the quarter, with ore production expected to strengthen in the September 2025 quarter.
During the quarter, shareholders approved a name change to Pantoro Gold Limited and a 1:17 share consolidation.
Following consolidation and debt conversion activities, the company’s capital structure now comprises 389,256,595 ordinary shares.
Production guidance for the June 2025 quarter is set between 23,000 and 26,000 ounces, with full-year FY2026 guidance to be issued later in the quarter.
The company remains focused on ramping up output from the Scotia Underground Mine and progressing development across its broader Norseman operations.