Pantoro Gold (PNR) Mining Forum Americas 2026 summary

Growth strategy and production outlook

• Annual gold production guidance is 90,000–105,000 ounces for the current year, with a target to double output to 200,000 ounces per year by bringing additional underground mines online and optimizing the mill to 1.4–1.5 million tons per annum.

• Exploration spending remains robust at AUD 50 million per year, with a strong reserve base of 900,000 ounces and a resource base of 4.7 million ounces, both expected to grow.

• New discoveries, notably the Racetrack lode, are showing high grades and widths, with development underway and first production levels expected within 12 months.

• Multiple mining areas are being developed, including OK, Scotia, Gladstone, and Main Field, each contributing to the production ramp-up.

• Stockpiling strategies and flexible pit operations are designed to ensure consistent mill feed and operational resilience.

Financial position and capital allocation

• Maintains a debt-free balance sheet with approximately AUD 230 million in cash and a policy to keep at least AUD 250 million for ongoing exploration and mine development.

• Active share buyback program in place, with plans to initiate franked dividends as tax credits are utilized.

• Strong institutional shareholder base and broad broker coverage support financial stability.

• Self-sustaining operations have enabled cash accumulation while funding growth initiatives.

• Evaluating acquisition opportunities to further expand the asset base.

Exploration and resource expansion

• Aggressive exploration program includes large-scale drilling and advanced geophysical surveys, targeting both brownfields and greenfields areas.

• Racetrack lode drilling results indicate potential for a million-ounce deposit, with grades and widths exceeding historical benchmarks.

• Main Field and Crown Reef developments are underway, with significant reserve growth potential and ongoing drilling to extend known ore bodies.

• Greenfields prospects, such as the lake areas, are being advanced with air core and planned RC/diamond drilling, leveraging new geophysical data.

• Historical high-grade discoveries like Harlequin demonstrate the district's untapped potential.