Pantoro Gold says Norseman has produced 19,130 ounces quarter-to-date, keeping FY2027 output within reach of its 90,000 to 105,000-ounce target. A second open pit is now delivering ore while Racetrack drilling continues to build a potential future mine source.
- 19,130 ounces produced quarter-to-date to 19 September
- FY2027 guidance remains 90,000 to 105,000 ounces
- Green Lantern has started mining and producing ore
- Racetrack drilling continues to expand high-grade mineralisation
- Updated five-year plan targeted for the December quarter
Norseman production remains within FY2027 guidance
Pantoro Gold Limited (ASX:PNR) has reported 19,130 ounces of quarter-to-date production from its Norseman Gold Project as at 19 September, a run-rate the company says is in line with its FY2027 guidance of 90,000 to 105,000 ounces. The figure is not yet reconciled and is based on processing plant outputs, leaving the formal quarterly result as the more meaningful test of delivery.
The update gives Pantoro a relatively firm early-period marker after setting its annual target on 9 July. The company expects the first half of FY2027 to contribute 40% to 45% of annual production. Its investor presentation also maintains an all-in sustaining cost guidance range of A$2,800 to A$3,400 an ounce, although that remains a forward-looking target rather than a reported outcome.
Green Lantern adds a second open pit ore source
Green Lantern has now moved from development into production, with mining under way and ore being delivered. Pantoro describes the operation as a long-life, lower-grade pit that can provide higher-volume mill feed and stockpiles, giving the Norseman processing facility more flexibility as underground output ramps up.
The company says underground personnel numbers are approaching target levels, with full engagement expected from October as Pantoro and its mining contractor continue coordinated recruitment. That workforce milestone matters because the FY2027 operating plan depends on multiple ore sources, including Scotia underground, OK underground, Gladstone and the newly producing Green Lantern pit.
Racetrack could alter the mine plan
Racetrack remains the more intriguing piece of the update. Pantoro says drilling continues to expand the deposit’s high-grade mineralised zone and is targeting an updated five-year plan in the December quarter that would allow Racetrack to be included in the mine plan. The presentation reports drilling to date averaging 3.58 metres at 18.59 grams per tonne gold across 43 holes, but the deposit is not yet part of the current resource and reserve inventory.
That distinction is important. Pantoro’s presentation retains a 4.6 million-ounce Mineral Resource and an 859,000-ounce Ore Reserve for Norseman, figures referenced to the 22 September 2025 statement. The company expects to publish its annual Mineral Resource and Ore Reserve statement by the end of September, potentially clarifying how much of the current growth pipeline has become formal mine inventory.
Pantoro also continues to present a longer-term pathway towards roughly 200,000 ounces a year, based on higher feed grades, additional ore sources and potential mill expansion from the current 1.2 million tonnes per annum to 1.4 million to 1.5 million tonnes. That remains an aspirational target. For now, the nearer test is whether Green Lantern, the underground recruitment drive and the existing mining centres can convert a strong opening production read into a consistent FY2027 result.
Bottom Line?
The immediate proof point is reconciled quarterly production; the bigger valuation question is whether Racetrack becomes reserve-backed feed in the planned five-year update.
Questions in the middle?
- Will reconciled quarterly production confirm the 19,130-ounce quarter-to-date figure and keep Pantoro on track for FY2027 guidance?
- Can underground recruitment reach the required level from October and translate into steadier ore supply?
- How much additional mine-plan inventory, if any, will Racetrack contribute in the December-quarter five-year plan?