Pantoro Limited (ASX: PNR) is a gold-focused production and development company operating in the Norseman region of Western Australia. The company owns and operates underground and open pit mining assets and continues to expand its gold resource base through strategic exploration and development initiatives. Pantoro Limited was listed on the ASX on 21 May 1987 at an issue price of AUD 3.42 per share.
Financial Performance
Pantoro’s financial performance for the March 2025 quarter was strong, with an increase of AUD 13.4 million in cash and gold holdings, driven by the sale of 17,397 ounces of gold at an impressive average price of AUD 4,540/oz. Debt has been significantly reduced to AUD 9.8 million following the partial conversion of the Nebari convertible note. Despite lower production output due to ramp-up activities, the company maintained solid cost control, reporting EBITDA of AUD 46.4 million and maintaining budget discipline across operations.
Growth Pipeline
Pantoro’s operations are undergoing a substantial growth phase. The Scotia Underground Mine has reached its intended production rate, with over 35,000 tonnes mined at an estimated grade of 4.1 g/t up to late April 2025. The mine now benefits from three independent mining areas, which are expected to support consistent production in future quarters.
Development activities at the Bullen Decline have also made considerable progress. 2,758 metres have been rehabilitated, and underground drilling has commenced targeting new mineralised zones such as the Esperanto Reef. This rehabilitation will enable additional drilling access points at Crown South and other high-potential areas, supporting Pantoro’s medium to long-term growth strategy.
At the surface, open pit mining has commenced at Princess Royal, with 162,400 BCM excavated. Early ore production is ramping up, with consistent ore supply expected from the September 2025 quarter onwards. Pantoro is also advancing exploration at the Hinemoa prospect on the Polar Bear Peninsula, targeting both open pit and underground mining opportunities through a follow-up drilling campaign planned for FY2026.
Strategic Development
The March quarter marked a significant strategic milestone for Pantoro with the successful rebranding to Pantoro Gold and a 1-for-17 share consolidation. This move was designed to reflect the company’s scale and maturity and reduce short-term trading volatility. Following the consolidation, Pantoro’s market capitalisation is better aligned with its production profile, cash flow strength, and balance sheet improvements.
Operationally, the company has made significant strides in ramping production at key underground assets, while preparing its open pit operations to deliver future ore supply. The strategic decision to balance underground and open pit mining activities provides operational flexibility and enhances long-term production stability.
Community engagement also remains a core focus. Pantoro continues to work collaboratively with the Ngadju people under the Native Title Agreement, advancing heritage clearances, employment initiatives, and community support programs.
Industry Context
The global gold market continues to trade at elevated levels, supported by macroeconomic uncertainty and strong investor demand for safe-haven assets. Pantoro’s low hedging exposure, with only 1,000 ounces per month capped at AUD 4,200/oz for the remainder of 2025 and no hedging beyond that, leaves it strongly leveraged to spot gold prices.
Within the competitive Australian gold mining sector, Pantoro’s strategic positioning is notable. The company combines operational cash flow generation with a clear pipeline of growth opportunities and a strengthened financial foundation. In an environment where production scalability and balance sheet resilience are critical, Pantoro is well placed to deliver shareholder value.
