Pantoro Gold delivered 21,864 ounces from Norseman in the September quarter, while cash and gold rose to $240 million despite $36.3 million of project and exploration spending. Underground staffing recovered, Green Lantern began mining and Racetrack drilling returned further high-grade results.
- 21,864 ounces produced against FY2027 guidance of 90,000 to 105,000 ounces
- $63.1 million EBITDA and $240.0 million in cash and gold
- AISC of $3,860 per ounce, excluding purchased ore
- Green Lantern open-pit mining commenced and Gladstone Stage 3 advanced
- Racetrack drilling returned a 4.94-metre intercept at 349.14 g/t gold
Norseman delivers guidance-aligned quarter
Pantoro Gold Limited (ASX:PNR) produced 21,864 ounces of gold at its Norseman operation in the September 2026 quarter, keeping the company on track with its FY2027 target of 90,000 to 105,000 ounces. It sold 22,834 ounces at a reported average price of $6,067 per ounce and generated EBITDA of $63.1 million.
The quarter also strengthened the balance sheet. Cash and gold increased by $16.6 million to $240.0 million after $36.3 million of major project and exploration expenditure, leaving Pantoro debt free and unhedged. The figure includes $224.9 million of cash at mint and 2,542 ounces of gold in circuit valued at $5,963.04 per ounce.
Underground staffing improves while costs remain elevated
All-in sustaining cost was $3,860 per ounce, in line with the company’s expectations for the first half of FY2027 but above the FY2027 guidance range of $2,800 to $3,400 per ounce reported earlier in the year. Pantoro’s AISC calculation excludes gold produced from purchased ore, including 580 ounces from the Mega Resources partnership.
Operationally, the recovery in underground staffing was the quarter’s clearest improvement. Scotia mined 98,638 tonnes at 3.22 g/t gold, while OK mined 42,413 tonnes at 4.76 g/t. Pantoro said workforce numbers were approaching budget levels by period-end, allowing production at Scotia and OK to take priority over new Bullen development when required. Fuel costs, however, were about 8% above internal budgets during the quarter and stood 31% over budget in October.
Green Lantern adds flexibility to ore supply
Open-pit mining broadened during the quarter, with Green Lantern Stage 2 starting in August and producing 4,872 tonnes of high-grade ore at 2.03 g/t alongside 5,828 tonnes of low-grade material at 0.93 g/t. At Gladstone, mining shifted towards the Stage 3 cutback, with high-grade ore production expected to resume late in the December quarter. Pantoro expects Stage 3 to continue through FY2028 and produce about 18,000 ounces during the balance of FY2027.
The update arrives after Norseman reserves rose 9% after mining depletion. Pantoro’s total Mineral Resource now stands at 4.7 million ounces, while Ore Reserves total 936,000 ounces. The company also recommenced Mega Resources ore haulage, with higher-grade processing expected to resume in November and deliveries continuing into early in the March 2027 quarter.
Racetrack drilling sharpens the growth case
Racetrack remains the most striking exploration feature in the quarter. New results included 4.94 metres at 349.14 g/t gold, including 0.91 metres at 1,737.37 g/t, along with 20.36 metres at 15.55 g/t and 7.05 metres at 8.82 g/t. The results extend a program that has now identified high-grade mineralisation over a 900-metre strike length.
Three diamond rigs are operating at Racetrack, while an access decline from the OK underground mine has started and is targeted for completion by the end of the March 2027 quarter. The development follows Racetrack drilling extended 900 metres, but the discovery remains an exploration result rather than an Ore Reserve or established production source. Bullen development also progressed, with 427 metres of rehabilitation and 204 metres of new development completed, while aircore drilling at Lake Cowan reached about half of its initial program.
Bottom Line?
The next quarter must show whether improved staffing and new ore sources can lower AISC while Pantoro funds an increasingly ambitious growth program.
Questions in the middle?
- Can Scotia and OK sustain their improved staffing levels as Bullen development accelerates?
- Will Green Lantern and Gladstone Stage 3 deliver the planned contribution to FY2027 production?
- How quickly can Racetrack’s high-grade drilling be converted into a defined resource and eventual mine plan?