Pantoro Gold Ltd (ASX:PNR, OTC:PNTOF, FRA:RKN) has reported higher revenue and earnings for the first half of FY2026, supported by gold production of 41,623 ounces from its Norseman Gold Project in Western Australia.
The WA-based producer generated revenue of $238.6 million for the six months to December 31, up from $153.4 million in the prior corresponding period, while EBITDA rose to $135.5 million from $63.8 million. Gross profit increased to $85.1 million compared with $15 million a year earlier.
Net cash from operating activities totalled $128.3 million, more than doubling from $56.1 million in the first half of FY2025. Pantoro ended the period with a cash and gold balance of $216.5 million, including $189.4 million in cash and 4,133 ounces of gold in circuit and safe valued at $6,558.27 per ounce. The company remains debt free and fully unhedged.
Norseman development work advances growth plans
Operations during the period centred on mining and development activities across multiple areas of the Norseman project, with open pit mining at the Gladstone Mining Centre starting in November 2025. Mining at Gladstone is currently planned in stages 1 and 2 through to March 2027, although the company expects pit life could be extended through the addition of the Daisy South open pit and a third stage at Gladstone. Grade control drilling for stage 3 is underway.
Pantoro also progressed development work at the Bullen underground mine, where dewatering, rehabilitation and drilling programs have advanced plans for the next underground production area. A final investment decision on mining the O’Briens and Crown South orebodies, accessed via the Bullen decline, is expected soon.
Exploration and extensional drilling also continued across the Norseman tenure, with the company completing 91,962 metres of drilling and investing $63.4 million in exploration and major capital growth projects during the half year. The work forms part of Pantoro’s strategy to establish multiple underground mining centres to support production growth from FY2027.
At the Princess Royal mining area, open pit mining was completed in early February 2026, with exploration work now underway to define a potential underground mining opportunity.
Weather and contractor change prompt guidance revision
Pantoro also updated production guidance for FY2026, lowering expectations following operational disruptions earlier in the year. A significant rainfall event linked to Ex-Tropical Cyclone Mitchell in February 2026 delivered more than 80 millimetres of rain at the Scotia site, temporarily flooding several underground areas and halting open pit and haulage operations for several days.
The event delayed production scheduled for February into March. Operations were also affected by equipment and personnel availability during the January school holiday period.
Pantoro now expects full-year gold production of 86,000 to 92,000 ounces.
Redpath to take over all underground mining
Separately, the company said Redpath Australia Pty Ltd will become the sole underground mining contractor at Norseman from May 1, 2026. Redpath already operates at the Scotia and Bullen underground mines and will take over operations at the OK underground mine when the current contractor, WestAuz Mining Pty Ltd, completes its contract at the end of April.
Pantoro said consolidating underground mining with Redpath is expected to deliver operational synergies, including the ability to redeploy equipment and personnel between mines as required and share site management functions. The company said the contractor’s scale and workforce capacity will support planned growth at Norseman as additional underground mining centres are developed from FY2027.