Pantoro Posts 19,551 Ounces at $3,139 AISC, Holds $181.5M Cash

Quarterly Performance Amid Operational Hurdles

Pantoro Limited’s September quarter results reveal a company balancing short-term production challenges with a clear focus on long-term growth. The company produced 19,551 ounces of gold during the quarter, facing an all-in sustaining cost (AISC) of $3,139 per ounce, reflecting some operational disruptions, particularly at the OK Underground Mine. Despite these setbacks, Pantoro’s financial position remains strong, with $181.5 million in cash and gold holdings and zero debt, underpinning its capacity to fund ongoing development and exploration activities.

Operational Highlights and Mine Developments

The Scotia Underground Mine continues to be a cornerstone of Pantoro’s production, delivering over 10,000 ounces and benefiting from the recent completion of the Northern Link, which now provides access to the Northern Deeps. This development enhances production flexibility and supports the company’s plan to increase mined tonnage to over 500,000 tonnes in FY26, with further growth expected by FY28.

At the OK Underground Mine, production was temporarily impacted by equipment damage and a strategic shift in ore access to manage ground stress at depth. These factors led to a reduction in output below guidance levels, but the mine is on track to rebound in the December quarter, targeting 9,000 to 11,000 ounces.

Princess Royal Open Pit and Exploration Momentum

The Princess Royal Open Pit operation is nearing completion, with approximately 150,000 tonnes of ore remaining to be mined before transitioning to the Gladstone Everlasting pit. Notably, high-grade intersections from grade control drilling suggest promising potential for developing an underground mine in the medium term, aligning with Pantoro’s strategy to expand its underground footprint.

Exploration efforts are intensifying, with seven drill rigs active across multiple fronts, including the Mainfield and Bullen Decline areas. Early drilling results from the Bullen Decline are encouraging, intersecting high-grade lodes consistent with historical production, which supports Pantoro’s ambition to establish two additional underground mines by 2027.

Safety and Community Engagement

Pantoro continues to prioritize safety and community involvement. The company reported a single lost time injury during the quarter and maintains a downward trend in injury frequency rates. Community initiatives include partnerships with local schools and scholarships supporting mining education, reinforcing Pantoro’s commitment to social responsibility alongside operational excellence.

Outlook and Strategic Positioning

Looking ahead, Pantoro reiterates its FY26 production guidance of 100,000 to 110,000 ounces and anticipates strong cash flow generation, with October 2025 expected to deliver $18 to $25 million. The company’s robust balance sheet, combined with an extensive portfolio of drill-ready targets and ongoing exploration success, positions it well to capitalize on growth opportunities within the Norseman Gold Project.