Pantoro Gold (PNR) H2 2025 earnings summary

Executive summary

• Achieved strong operational and financial performance, with gold production ramping up and all debt repaid ahead of schedule, resulting in a robust balance sheet and $176 million in cash and gold, up $72 million year-over-year without new equity or debt capital.

• Major growth initiatives at Norseman included successful transition to underground mining at Scotia, increased production at OK Underground Mine, and commencement of open pit mining at Princess Royal.

• Share price nearly doubled during the year, reflecting improved profitability and operational execution.

Financial highlights

• Gold produced: 84,564 oz (2024: 71,370 oz).

• Revenue: $357.3 million (2024: $229.4 million).

• Gross profit: $96.4 million (2024: $50.8 million loss).

• Profit before income tax: $66.5 million (2024: $49.4 million loss).

• Net cash from operating activities: $182 million (2024: $0.6 million used in).

• Cash on hand at 30 June 2025: $151.6 million; cash and gold on hand: $175.8 million.

• All-in sustaining cost (AISC) reduced to $1,991/oz in June quarter.

Outlook and guidance

• FY2026 to feature project-scale regional exploration at Norseman, the first in over 30 years, with a $55 million exploration budget and 250,000 metres of drilling planned.

• Growth strategy targets development of two additional underground mines by FY2027 and aims to increase annual production to over 200,000 ounces.