Pantoro Gold lifts cash, advances third underground mine at Norseman

An update from Pantoro Gold Limited ( (AU:PNR) ) is now available.

Pantoro Gold reported quarterly production of 17,757 ounces of gold and sales of 20,016 ounces at a strong realised price and an all-in sustaining cost of $3,204 per ounce, delivering EBITDA of $88.4 million and boosting its cash and gold balance to $250.3 million. Operationally, underground output from the Scotia and OK mines remained solid, Princess Royal open-pit mining was completed, Gladstone open pit is set to contribute from late April, and grade control at Gladstone and drilling at Mainfield continue to demonstrate high-grade potential.

The company advanced its growth strategy by approving a third underground mine at the O’Briens and Crown South reefs, to be accessed from the Bullen Decline once dewatering and rehabilitation are complete, and by planning further drilling in the Butterfly area of the Maroroa Reef ahead of possible production development. Pantoro also initiated an on-market share buy-back, acquiring over 1.3 million shares in March, underscoring management’s confidence in the company’s financial position and long-term expansion plans at Norseman.

The most recent analyst rating on (AU:PNR) stock is a Buy with a A$4.90 price target. To see the full list of analyst forecasts on Pantoro Gold Limited stock, see the AU:PNR Stock Forecast page.

More about Pantoro Gold Limited

Pantoro Gold Limited is a Western Australia-based gold producer focused on its 100%-owned Norseman Gold Project in the Eastern Goldfields. The project hosts a 1.2 million tonne per annum processing plant, Ore Reserves of 859,000 ounces and a total Mineral Resource of 4.6 million ounces, with many deposits remaining open along strike and at depth.

YTD Price Performance: -22.90%

Average Trading Volume: 2,972,640

Technical Sentiment Signal: Buy

Current Market Cap: A$1.48B

Learn more about PNR stock on TipRanks’ Stock Analysis page.