Pantoro Gold Posts $80M Q4 EBITDA, Produces 25,417oz, Sets Strong FY2026 Guidance
Pantoro Gold capped FY2025 with robust production and cashflow, eliminating debt and setting ambitious growth targets for FY2026 at its Norseman Gold Project.
- Q4 gold production at 25,417 ounces, near top of guidance
- EBITDA hits $80.4 million for the quarter, $196.4 million for FY2025
- Company becomes debt free after early repayment of convertible loan
- FY2026 guidance, 100,000–110,000 ounces at AISC $1,950–$2,250/oz
- Aggressive exploration program planned with 250,000 metres drilling and $67 million capital spend
Strong Finish to FY2025
Pantoro Gold Limited (ASX – PNR) delivered a solid final quarter for FY2025, producing 25,417 ounces of gold at the Norseman Gold Project, comfortably within the upper range of its guidance. This performance was underpinned by steady-state operations at the Scotia and OK Underground Mines, complemented by the ramp-up of open pit mining at Princess Royal.
The company reported an impressive EBITDA of $80.4 million for the quarter, bringing the full-year EBITDA to $196.4 million. All-in Sustaining Costs (AISC) were maintained at $1,991 per ounce, reflecting operational efficiency gains, particularly from increased ore haulage and development metres at Scotia.
Debt-Free and Financially Robust
A significant corporate milestone was achieved with Pantoro becoming debt free during the quarter. Following Nebari Partners' conversion of a portion of the convertible loan to equity, Pantoro prepaid the remaining $9.8 million debt in May 2025. This early repayment triggered the issuance of nearly 5 million options to Nebari, which have since been partially exercised, injecting an additional $6 million in cash.
The company’s cash and gold holdings surged to $175.8 million by quarter-end, providing a strong financial foundation to support its growth ambitions.
Growth and Exploration Drive FY2026 Outlook
Looking ahead, Pantoro has set FY2026 production guidance between 100,000 and 110,000 ounces of gold at an AISC range of $1,950 to $2,250 per ounce. Production will continue to be sourced from underground operations at Scotia and OK, alongside open pit mining at Princess Royal and Gladstone.
The company is embarking on an aggressive exploration and development program, earmarking $55 million for exploration, including a $14 million allocation for rehabilitation and development to facilitate exploration activities. Notably, Pantoro plans to drill approximately 250,000 metres across reverse circulation, diamond core, and air core methods, marking the first large-scale regional exploration in the Norseman area in three decades.
Exploration highlights include promising visible gold intercepts in the Southern Mainfield and Scotia South areas, with ongoing drilling expected to yield further results in the coming quarters. Infrastructure upgrades, such as the installation of a Photon assay unit at the Norseman laboratory, aim to accelerate sample turnaround and support the exploration-intensive period ahead.
Operational Momentum and Expansion
Operationally, the Scotia Underground Mine has increased development metres and ore haulage, while the Princess Royal Open Pit is advancing ahead of schedule, poised to contribute significantly to production in the second half of FY2025. Dewatering efforts at the Gladstone open pit are underway, preparing for mining activities in the latter half of FY2026.
Pantoro’s medium-term strategy targets scaling production beyond 200,000 ounces annually, leveraging the substantial mineral resources and ore reserves at Norseman, which currently stand at 4.8 million ounces and 895,000 ounces respectively.
Bottom Line?
Pantoro’s debt-free status and robust cash position set the stage for an ambitious growth trajectory at Norseman, but execution of its aggressive exploration program will be critical to sustaining momentum.
Questions in the middle?
- How will Pantoro balance capital expenditure with maintaining low AISC amid expansion?
- What impact will the new options issued to Nebari have on shareholder dilution?
- When can investors expect assay results from the ongoing Southern Mainfield and Scotia South drilling?
