Pantoro Limited (ASX:PNR) Quarterly Report Highlights Production and Financial Stability
Production and Financial Performance
Pantoro Limited (ASX:PNR) reported gold production of 19,438 ounces for the quarter ended 31 December 2024, staying within the guidance range of 18,000 to 22,000 ounces. The company achieved a cash and gold build of $13.8 million, excluding a one-off stamp duty payment of $6.9 million tied to the Tulla Resources merger. This marks the fourth consecutive quarter of positive cash flows from the Norseman Gold Project.
The company’s EBITDA for the quarter stood at $37.5 million, with an all-in sustaining cost (AISC) of $2,356 per ounce. Pantoro’s annual production guidance has been adjusted to 90,000 ounces, with an expected AISC of $2,200 per ounce. This revision is a response to deferred stoping activities at the Scotia Underground Mine due to extended ore drives.
Mine Development and Operations
The Scotia Underground Mine ramped up significantly, developing 1,558 metres and hauling 43,944 tonnes of ore during the quarter. The OK Underground Mine performed strongly, yielding 11,292 ounces of gold. Rehabilitation activities are on track for future expansion, including drilling key targets in the Mainfield area by the end of the March 2025 quarter.
Corporate Developments
Pantoro successfully concluded the sale of the Halls Creek Project, realising $8 million in cash, with staged payments set for one and two years post-completion. The company retains a 15% free carried interest in nickel and Platinum Group Elements until commercial production. Pantoro’s strong cash position at the end of the quarter was reported at $119.3 million, with outstanding debt of approximately $20 million in convertible notes.
Motley Fool contributor Lianne Eastty has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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