Pantoro Gold Uncovers High-Grade Extensions Amid Strong Q2 Production

Quarterly Performance and Financial Health

Pantoro Gold Limited (ASX – PNR) has reported a strong quarterly performance for the three months ending 31 December 2025, producing 22,071 ounces of gold and selling 22,473 ounces at an average price of $6,077 per ounce. The company generated an EBITDA of $83.6 million, underpinning a healthy cash flow position despite ongoing capital investments. Pantoro’s cash and gold holdings increased by $35 million during the quarter, reaching a robust $216.5 million, reflecting solid operational cash generation and prudent financial management.

Operational Highlights – Underground and Open Pit Mining

Underground mining activity remained a key focus, with the Scotia Underground Mine delivering 102,291 tonnes at 3.00 grams per tonne (g/t) gold, yielding 9,869 ounces. Development progressed by 2,018 metres, with encouraging high-grade extensions confirmed in the southern and central zones, and new mineralisation identified near historical workings in the northern area. Similarly, the OK Underground Mine produced 7,081 ounces from 51,103 tonnes at 4.31 g/t, with ongoing development into deeper Main Lode areas suggesting potential for further resource expansion.

On the open pit front, the Princess Royal mining centre advanced largely in line with plans despite minor slips causing short-term disruptions. The Desirables Open Pit was completed, leaving residual ore on the ROM pad, while mining at the Slippers Open Pit is expected to conclude in January 2026. Early stripping works commenced at the Gladstone Open Pit, with first ore deliveries anticipated by the end of March 2026, marking a significant step in expanding surface mining operations.

Exploration and Growth Initiatives

Pantoro’s exploration program continues to underpin its growth strategy, with $14.5 million invested during the quarter. Drilling in the Mainfield area, particularly at the Bullen Underground Mine, has returned high-grade results, including spectacular assays such as 0.68 metres at 137.19 g/t gold and 2.4 metres at 43.19 g/t with visible gold. These findings support the near-term development of a third underground mine, with mine planning and feasibility studies underway.

Additional drilling at Crown South Reef and Daisy South deposit has identified new high-grade zones and extensions, reinforcing the potential to increase mineral resources. The company plans to drill approximately 250,000 metres across various methods in FY2026, signalling an aggressive exploration agenda aimed at sustaining and growing production profiles.

Corporate and Governance Update

During the quarter, non-executive director Kevin Maloney retired following the Annual General Meeting, with Pantoro maintaining a five-person board. The company’s capital structure remains strong, with no debt and a substantial cash and gold position. Remuneration payments to directors totaled $361,000 for the period, reflecting ongoing governance costs.

Looking ahead, Pantoro expects FY2026 production to be at the lower end of its guidance range of 100,000 to 110,000 ounces, reflecting the impact of operational timing and exploration ramp-up. The company’s focus remains on unlocking the full potential of the Norseman Gold Project, one of Western Australia’s highest-grade goldfields.