Pantoro Gold Ltd managing director Paul Cmrlec talked with Proactive about the company’s strong June quarter performance, alongside operational updates from its 100%-owned Norseman Gold Project in Western Australia.
The company produced over 25,000 ounces of gold, sitting at the upper end of its guidance range. Notably, Pantoro ended the quarter with zero debt, having generated over $40.00 million in cash and closing with $175.00 million in combined cash and gold holdings. Cmrlec highlighted that the company’s all-in sustaining cost remained below $2,000 per ounce, placing it in the top-tier bracket among gold producers.
“The fact that our all-in sustaining cost was sub $2,000 an ounce puts us right up in the top levels,” Cmrlec said.
Pantoro also completed repayment of a US-based convertible note facility, resulting in a fully unencumbered balance sheet.
The Scotia underground mine has now reached a steady-state run rate. According to Cmrlec, operational consistency is expected to continue, with drilling focused on expanding resources for potential growth toward 200,000 ounces annually by FY28.
He also discussed progress at the Bullen underground mine, where over 4,000 metres of rehabilitation has been completed, laying the groundwork for a 30,000-metre drilling program targeting the Crown Reef.
The company invested $11 million in exploration during the quarter, with more drilling updates anticipated soon.
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