Pantoro Gold (PNR) Q3 2025 TU earnings summary

Executive summary

• Q3 FY25 gold production totaled 18,334 ounces, below guidance due to ramp-up delays at Scotia Underground and reliance on low-grade stockpiles, but operational improvements and mine flexibility are expected to drive stronger results in coming quarters.

• EBITDA reached $46.4 million, with strong cashflow and operational cost control maintained despite lower output.

• Cash and gold holdings increased by $13.4 million, closing at $132.4 million, and debt reduced to US$6.26 million post-quarter.

• Shareholders approved a 1-for-17 share consolidation and company name change to Pantoro Gold Limited, resulting in higher market valuation and reduced volatility.

• Major ramp-up at Scotia mine, with production now exceeding scheduled run rates and expansion into three mining areas planned.

Financial highlights

• 17,397 ounces of gold sold at an average price of A$4,540/oz; 3,991 ounces of silver sold at $50.7/oz.

• All-in sustaining cost (AISC) for the quarter: $2,427/oz; C1 cash cost: $1,811/oz.

• EBITDA for the quarter reached $46.4 million, reflecting higher gold prices and cost control.

• Major capital costs included $10.4 million for exploration, $14.8 million for mine development, and $2.5 million for open pit establishment.

• Cash and gold at quarter end: $132.4 million ($111.9M cash, 4,132 oz gold).

Outlook and guidance

• Q4 guidance set at 23,000–26,000 ounces; annual output expected at the lower end of 85,000–95,000 ounces, with confidence in meeting the lower end of annual guidance.

• Scotia mine now at full run rate, with three independent mining areas expected by end of June 2025 quarter.

• OK Mine in steady state, targeting 3,000–4,000 ounces per month.

• Princess Royal open pit to provide reliable ore supply from FY2026.

• Ongoing growth program targets 100,000 oz per annum, aiming for 200,000+ oz annually through exploration and development.