Pantoro Gold Ltd (ASX:PNR, OTC:PNTOF, FRA:RKN) has delivered a strong December 2025 quarter, lifting its cash and gold position by $35 million as production, margins and exploration activity continued to scale across the Norseman Gold Project in Western Australia.
The WA-based gold producer generated 22,071 ounces of gold during the quarter, selling 22,473 ounces at an average realised gold price of $6,077 per ounce. All-in sustaining costs (AISC) were $2,571 per ounce, delivering EBITDA of $83.6 million.
Pantoro reported operating cashflow of $39.2 million after investing $32.1 million across exploration and project capital, underscoring the company’s ability to fund growth internally while expanding production.
Norseman Gold Project.
Operations deliver steady output
Mining activity during the quarter was spread across underground and open pit operations at Norseman.
At the Scotia Underground Mine, Pantoro completed 2,018 metres of development and produced 102,291 tonnes at 3.00 g/t gold for 9,869 ounces. Ongoing extensional drilling confirmed high-grade depth extensions in the Southern and Central areas of the mine, while additional remnant mineralisation was identified in the Northern part of the operation.
Scotia Underground Mine showing development to date and stopes.
The company said the Northern section is expected to become a primary ore source within the next six months, providing greater operational flexibility and multiple mining fronts.
The OK Underground Mine produced 7,081 ounces for the quarter from 51,103 tonnes at 4.31 g/t gold. Development continued across the Star of Erin and O2 lodes, while first development commenced on the deeper Main Lode, which has not been mined below the 230 level historically. Pantoro believes the Main Lode has strong potential to extend both up and down dip, with further drilling planned.
OK Underground Mine showing development to date and stopes.
Open pit progress and Gladstone ramp-up
Open pit mining at the Princess Royal Mining Centre progressed broadly in line with plan, despite minor wall slips that caused short disruptions and pushed completion back by around one month. Pantoro said minimal ore loss occurred.
Mining at the Desirables Open Pit was completed during the quarter, with ore remaining on the run-of-mine pad, while the Slippers Open Pit is expected to be completed in January 2026.
At Gladstone, early stripping works commenced during the second half of the December quarter, with more than 317,000 cubic metres of waste removed. First ore deliveries from Gladstone are expected late in the March 2026 quarter.
Growth drilling supports next underground mine
Exploration remained a major focus, with Pantoro investing $14.5 million during the quarter and operating four underground diamond rigs and three surface rigs before a brief festive shutdown.
At the Mainfield, underground drilling from the Bullen Mine continued to deliver high-grade results, supporting planning for Norseman’s next underground mining centre.
Core from Bullen West - Hole ID BWDD25_006.
Drilling at Crown South identified a high-grade zone with abundant visible gold, while additional work targeted the Esperanto, Norseman and Bullen West structures.
Visible gold in holes CSDD25_025 and CSDD25_029 from the O’Briens and Crown South Reef.
Pantoro said feasibility and mine planning work is under way to support near-term development of a third producing underground mine.
Subsequent to quarter end, the company also reported strong infill and extensional drilling results from Daisy South, including confirmation of high-grade lode extensions and the identification of a potential new mineralised structure west of the existing resource.
Balance sheet strength and outlook
Pantoro closed the quarter with $216.5 million in cash and gold and no debt, providing significant financial flexibility to fund ongoing drilling and mine development.
For FY26, the company expects production to trend toward the lower end of its previously guided 100,000–110,000 ounces as it continues to balance output with accelerated growth activity across Norseman.
With multiple underground and open pit sources advancing in parallel and extensive drilling programs planned through the remainder of the financial year, Pantoro said it remains focused on scaling production towards its longer-term target of more than 200,000 ounces per annum.