Pantoro Gold (PNR) H2 2026 earnings summary

Executive summary

• FY2026 delivered strong cashflow and a robust balance sheet despite production challenges and industry-wide cost pressures, with 77,408 oz gold produced and revenue of $480.7M.

• No capital raising since June 2024; organic growth funded from operations, with $129.2M invested in exploration and growth projects.

• Major progress in expanding Norseman’s underground operations, including Mainfield rehabilitation and high-grade Racetrack discovery.

• Transition to a single underground mining contractor (Redpath) expected to drive operational efficiencies.

Financial highlights

• Revenue increased to $480.7M (2025: $357.3M); gross profit $167.8M (2025: $96.4M); net profit after tax $113.2M (2025: $56.7M).

• Net cash from operating activities $276.2M (2025: $182.0M); cash and gold on hand at year-end $223.4M.

• All-in sustaining costs (AISC) ranged $2,573–$4,107/oz across quarters; FY2027 AISC guidance: $2,800–$3,400/oz.

• Major capital and exploration spend: $74.7M on growth projects, $54.5M on exploration.

Outlook and guidance

• FY2027 production expected to increase with multiple ore sources ramping up, including new open pits and underground zones.

• Exploration budget of $45.9M for FY2027, targeting rapid resource definition at Racetrack and Mainfield expansion.

• Partnership with Mega Resources over Rama deposit to support production in FY27.