Pantoro Gold Ltd (ASX:PNR, OTC:PNTOD) has reported a strong operational performance for the June 2025 quarter, achieving production at the upper end of its guidance range. The West Australian-based gold producer mined 25,417 ounces of gold, driven by steady operations at the Scotia and OK Underground Mines, and strong contributions from the Princess Royal Open Pit.
Financially, Pantoro maintained a strong position, with underlying earnings (EBITDA) of $80.4 million for the quarter and a cash and gold balance of $43.3 million, highlighting its ongoing efforts to drive operational efficiency while scaling up production at its Norseman Gold Project. With significant investments in exploration and development, the company is anticipating continued growth in the coming quarters.
Q4 operational highlights
Pantoro Gold’s production of 25,417 ounces of gold during the quarter aligned with the guided range of 23,000 to 26,000 ounces, reflecting the steady-state operation of the Scotia Mine and continued strong performance at the OK Underground Mine. The company achieved an All-in Sustaining Cost (AISC) of $1,991 per ounce, reflecting efficient operations in line with expectations.
OK Underground Mine.
The company closed the quarter financially with a robust cash and gold balance of $43.3 million. EBITDA for the period was $80.4 million, contributing to a full-year EBITDA of $196.4 million.
Pantoro’s efforts to ramp up exploration and development were evident, with a total of $12.3 million invested in growth capital and exploration during the quarter.
The Scotia Underground Mine continues to show positive momentum, with 2,300 metres of capital, waste and ore development completed during the quarter — an increase from the previous quarter. Ore hauled to the surface also nearly doubled from 64,474 tonnes in the March quarter to 112,758 tonnes.
Scotia Underground Mine showing development to date and stopes.
In addition, the Princess Royal Open Pit Mining Centre showed promising results, producing 30,523 tonnes at 1.79 g/t for 1,759 ounces. The company is optimistic about the contributions from Princess Royal to production in the second half of 2025, with waste stripping at the Slippers Open Pit now complete and work under way at the Desirables Open Pit.
Exploration and growth initiatives
Pantoro’s exploration efforts were significant during the quarter, with a total of 20,300 metres drilled underground at Scotia, Bullen, and OK, and another 10,000 metres drilled from surface. The company continues to explore both surface and underground opportunities to expand its resource base.
Notably, exploration drilling at the Scotia Underground Mine, including extensional drilling, has been progressing well, and additional results are expected in the September 2025 quarter.
SCDD25_264 (94.25m to 103.27m) core photo with indications of typical Scotia mineralisation. Results are pending.
Pantoro’s commitment to expanding its exploration footprint is underscored by the installation of a dedicated Photon assay unit at the Norseman laboratory. The unit, expected to be fully operational by the September quarter, will expedite assay turnaround and improve exploration efficiencies, especially during periods of intensive drilling.
Corporate developments
In a significant corporate milestone, Pantoro became debt-free during the quarter. Nebari Partners converted a portion of the company’s convertible loan to equity, reducing Pantoro’s total debt position to US$6.26 million by April 2025. The company then fully prepaid the remaining debt in May, eliminating its financial obligations and further solidifying its financial stability.
Pantoro also issued 4,924,312 options with an exercise price of US$1.0812 following the early debt repayment.
The company’s solid cash position of $175.8 million, bolstered by the conversion of options, leaves Pantoro well-placed for the coming year. During the quarter, Nebari exercised 3,556,338 options, contributing A$6 million to Pantoro’s coffers.
Looking ahead: FY2026 guidance and strategic objectives
Pantoro Gold also provided guidance for FY2026, forecasting production of 100,000–110,000 ounces of gold at an AISC of $1,950–$2,250 per ounce. Production will be sourced from underground mines at Scotia and OK, along with open pit mines at Princess Royal and Gladstone.
The company plans an aggressive exploration and development program, with exploration expenditure expected to reach $55 million, including $14 million for rehabilitation and development of new exploration opportunities.
Pantoro’s long-term goal of growing production to 200,000 ounces per annum is well-supported by its aggressive exploration and development strategy. The company plans to drill about 250,000 metres during FY2026, targeting new resource discoveries and expanding existing mining areas.