Pantoro Gold (PNR) Diggers & Dealers Mining Forum 2026 summary

Operational overview

• Operating two underground and one open pit mine, with a second open pit coming online by month-end and a third underground mine in development.

• Targeting 90,000–105,000 oz gold production in the coming year, with strong cash flow expected.

• Adopted a low-capital, rapid development approach, enabling quick transition to production and ongoing asset growth.

• Cash and gold holdings at quarter-end were just under AUD 225 million, after share buybacks and funding external projects.

• Significant EBITDA generation (AUD 270 million in the last year) has funded exploration and capital projects.

Exploration and growth strategy

• Spent nearly AUD 50 million on exploration this year, aiming to translate exploration success into new mines.

• Long-term goal to replace lower grade open pit ore with high-grade underground ore, targeting 200,000+ oz annual production by FY 2027.

• Processing plant built for 1.5 million tons per annum, currently operating at 1.2 million, with plans to ramp up as higher grade ore becomes available.

• Only about 30% of 26 known resources have been drilled, with significant upside potential, especially at depth.

• Renewed exploration on historically underexplored salt lake targets, leveraging advanced geophysical surveys.

Key mine developments and discoveries

• OK Mine consistently produces ~30,000 oz/year since 2022, with reserves growing annually despite depletion.

• New Racetrack deposit discovered near OK, showing exceptional grades and widths, with ongoing drilling and rapid development planned.

• Scotia Mine expanded into northern and southern areas, increasing production flexibility and growth.

• Gladstone open pit expected to produce 20,000 oz this year and 30,000 oz next year, with improving grades.

• Green Lantern open pit provides large, lower grade ore stockpiles, supporting processing continuity and long-term supply.