Pantoro Gold Sets FY2027 Target of 90,000-105,000 Ounces After Strong Q4 EBITDA

Quarterly Production and Financial Performance

Pantoro Gold Limited (ASX:PNR) closed the June 2026 quarter producing 18,028 ounces of gold, generating an EBITDA of A$44.8 million. Sales volume stood at 16,366 ounces, averaging A$6,293 per ounce. However, all-in sustaining costs (AISC) rose to A$4,107 per ounce, reflecting elevated costs linked to a contractor transition and reduced output from the Scotia Underground Mine.

The company’s cash and gold holdings remained robust at A$223.4 million, with no debt on the balance sheet. Pantoro also executed a share buy-back, acquiring 3.14 million shares at an average price of A$3.26, spending A$10.2 million during the quarter.

Operational Developments and Contractor Transition

Operationally, the quarter was marked by the completion of the principal contractor switch at the OK Underground Mine from WestAuz Mining to Redpath Australia in May 2026. While the transition initially disrupted production, May output dipped to 887 ounces, Redpath has since improved development and production rates, with July 2026 figures showing further gains.

Meanwhile, the Scotia Underground Mine advanced with 1,911 metres of development and stoping across three active mining areas, although operator shortages and seismic activity posed challenges. Pantoro is working closely with Redpath to fill personnel gaps, expecting full staffing by the end of the current quarter.

Open Pit Expansion and Mega Resources Partnership

Open pit mining at Gladstone progressed strongly, with Stage 3 approved by the board, extending mining life to August 2028. The Green Lantern open pit received final approvals post-quarter and is set to commence mining in late August 2026, complementing Gladstone operations and targeting 52,000 ounces mined during FY2027.

The partnership with Mega Resources saw its first ore parcel delivered, contributing 21,371 tonnes at 3.05 g/t Au. Operations faced a temporary halt due to unexpected groundwater ingress but resumed in late July. Mega is expected to deliver approximately 16,000 ounces in ore during the first half of FY2027, with Pantoro’s A$15 million advance anticipated to be repaid by February 2027.

Growth Prospects from New Discoveries and Exploration

On the exploration front, Pantoro announced a significant high-grade discovery at the Racetrack Deposit, located just 600 metres north of the OK Underground Mine. Initial drilling revealed multiple intercepts exceeding 20 g/t gold, including standout hits such as 8 metres at 28.68 g/t Au and 1 metre at 189.84 g/t Au. This discovery adds a promising new ore source with potential to materially uplift production at OK.

Additionally, Pantoro commenced its first systematic aircore drilling program at Lake Cowan since 1992, following detailed drone magnetic surveys. The 50,000-metre program aims to unlock further high-grade deposits in this historically underexplored but highly prospective region.

FY2027 Guidance and Capital Allocation

Looking ahead, Pantoro targets production of 90,000 to 105,000 ounces at an improved AISC range of A$2,800 to A$3,400 per ounce for FY2027. Production is expected to be weighted towards the second half of the year as new ore sources, including Green Lantern and O’Briens Lode, come online and underground staffing stabilises.

Capital expenditure remains significant, with approximately A$101 million allocated for major projects, including underground development and open pit mining expansions. Exploration spend is forecast at around A$45 million, supporting ongoing drilling programs across multiple targets.