Pantoro Gold Ltd (ASX:PNR, OTC:PNTOF, FRA:RKN) has delivered a solid March quarter, generating strong cash flow from its Norseman Gold Project operations while continuing to advance multiple growth fronts across the asset.
Quarterly gold production came in at 17,757 ounces, with 20,016 ounces sold at an average price of $6,916 per ounce, underpinning EBITDA of $88.4 million.
The company also lifted its cash and gold position by $37.8 million before buybacks, closing the quarter with $250.3 million on hand, maintaining a debt-free balance sheet.
Operations were partly disrupted by wet weather and a cyclone-related flooding event at Scotia, but Pantoro remains on track to meet full-year guidance of 86,000–92,000 ounces.
Scotia Underground Mine showing development to date and stopes.
Strong cash generation despite operational headwinds
Pantoro’s Norseman project continued to generate robust margins, although costs rose during the quarter, with all-in sustaining costs (AISC) of $3,204 per ounce.
Underground mining remained the backbone of production:
- Scotia Underground: 84,347 tonnes mined at 2.49 g/t for 6,752 ounces
- OK Underground: 5,052 ounces produced at 3.83 g/t
- Princess Royal Open Pit: mining completed, with stockpiles remaining for processing
- Gladstone open pit: progressing towards first ore in April
Wet weather and contractor transitions weighed on productivity, but development continued across key areas, including deeper access at OK and multiple active ore sources at Scotia.
OK Underground Mine showing development to date and stopes.
Growth pipeline expands across Norseman
Pantoro used the quarter to push forward its broader growth strategy, centred on expanding underground production and extending mine life.
Key developments included:
- Approval of a third underground mine targeting the O’Brien’s and Crown South reefs
- Continued high-grade drilling results at Scotia and across the Mainfield
- Strong early results from the Butterfly area, with hits including 1.5 metres at 81.23 g/t gold
- Ongoing drilling across multiple targets, including Gladstone-Everlasting and near-mine prospects
Development of the new underground mine is expected to begin following rehabilitation of the Bullen decline, with first production targeted from late 2026.
Norseman Mainfield showing known mineralised reefs and immediate target areas.
Capital management and outlook
Pantoro also continued returning capital to shareholders, buying back 1.32 million shares at an average price of $3.50 during March.
The result underscores the strength of current operations alongside a growing pipeline of development and exploration opportunities at Norseman, with the company tracking towards its FY2026 production guidance and advancing new mining fronts.
With multiple underground and open pit sources coming online and a significant drilling program under way, Pantoro is positioning the project to scale beyond its initial 100,000-ounce annual target.
Looking ahead, the company expects a stronger finish to FY2026 and is preparing a new five-year operational plan to incorporate its expanding resource base and development pipeline.