Pantoro Gold Ltd (ASX:PNR, OTC:PNTOF, FRA:RKN) produced 18,028 ounces of gold from its Norseman Gold Project during the June 2026 quarter, generating EBITDA of $44.8 million as the company advanced new underground, open-pit and exploration opportunities across the Western Australian operation.
The company sold 16,366 ounces at an average gold price of A$6,293 per ounce, while all-in sustaining costs were A$4,107 per ounce.
Costs were elevated by the transition to a new contractor at the OK Underground Mine, lower Scotia production and the ramp-up of open-pit mining. However, average AISC across April and June was lower at A$3,540 per ounce, excluding gold produced from purchased ore.
Pantoro ended the quarter with A$223.4 million in cash and gold and no debt, providing a strong financial base for its planned development and exploration programs.
Underground operations rebuilding momentum
At the Scotia Underground Mine, Pantoro completed 1,911 metres of development and mined 109,200 tonnes grading 2.69 g/t gold.
Stoping is now underway across the historical extensions, Central and Northern Deeps areas, marking the first time all three active mining zones have been in production simultaneously.
Operations were constrained by shortages of underground operators and maintenance personnel. Pantoro is working with principal contractor Redpath Australia to rebuild staffing levels, with the Scotia, OK and Bullen underground mines expected to be fully staffed by the end of the September quarter.
At OK, the transition from WestAuz Mining to Redpath was completed in May. The mine produced 4,890 ounces during the quarter, with productivity recovering in June and improving further in July.
Pantoro said the move to a single principal contractor across Norseman’s underground operations was already delivering operational synergies.
Open-pit mine life extended
Open-pit activity focused on the Gladstone mining centre, where 955,000 bank cubic metres were mined during the quarter.
Following encouraging grade-control drilling, the Pantoro board approved Gladstone Stage 3 and the Daisy South open pit, extending mining at the centre into 2028.
The company is also preparing to restart mining at the Green Lantern open pit in late August 2026.
Pantoro expects Green Lantern and Gladstone to contribute around 972,000 tonnes grading 1.66 g/t gold during FY2027, building ore stockpiles to support higher plant throughput in future periods.
Racetrack discovery strengthens growth pipeline
Exploration delivered a high-grade discovery at Racetrack, around 600 metres north of the OK Underground Mine and existing infrastructure.
Wide-spaced drilling has outlined a high-grade zone over approximately 400 metres of strike and from near surface to a depth of about 600 metres.
Results included 8 metres at 28.68 g/t gold, including 1 metre at 189.84 g/t, and 5 metres at 28.73 g/t, including 2 metres at 68.05 g/t.
Pantoro considers Racetrack a potential source of substantial production growth for OK. Two surface diamond rigs are continuing follow-up drilling, with the program expected to be completed during the current quarter.
The company also started a 50,000-metre aircore drilling program at Lake Cowan, the first systematic exploration campaign across the area since Western Mining discovered the Harlequin deposit in 1992.
The 950-hole program will test numerous targets generated from geological interpretation and a 130,000-line-kilometre drone magnetic survey.
FY2027 production guidance
Pantoro has guided to FY2027 production of between 90,000 and 105,000 ounces at an AISC of A$2,800 to A$3,400 per ounce.
Production is expected to be weighted towards the second half as staffing levels improve and new ore sources are established at Green Lantern and within the Norseman Mainfield.
Development work will include access to O’Briens Lode through the Bullen decline, alongside continued evaluation of the Phoenix and Butterfly areas.
Pantoro expects major project capital expenditure of about A$101 million and exploration spending of approximately A$45 million during FY2027.