Highlights

  • Pantoro produced 21,864 ounces of gold during the September quarter at its Norseman operation in Western Australia.
  • Cash and gold holdings reached AUD 240 million after project and exploration expenditure during the quarter.
  • Norseman Ore Reserves increased 9% to 936,000 ounces as further drilling supported the mineral inventory.
  • Management targeted FY27 gold production of 90,000 to 105,000 ounces alongside further mine development activities.

A higher quarterly production figure and growing gold reserves are defining the next phase at Norseman. Pantoro Gold Limited (ASX:PNR) produced 21,864 ounces during the September 2026 quarter and reported AUD 240 million in cash and gold. Its FY27 plan combines underground and open-pit development, exploration and guidance for higher annual output.

The Norseman Business and Latest Quarter

Pantoro Gold is an Australian gold producer whose sole operating asset is the Norseman Gold Project in Western Australia. Gold has been mined there since 1935, and the company describes more than 5.5 million ounces of historical production. A 1.2 million tonne a year processing plant, built in 2022, treats ore from several sources.

Revenue is driven by two things: ounces sold and the Australian dollar gold price. Pantoro is unhedged, so it receives the spot price. That cuts both ways, because a lower price flows straight through to earnings, while a higher one does the same.

In the September-quarter update, Pantoro produced 21,864 ounces of gold and sold 22,834 ounces at an average of A$6,067 an ounce. All-In Sustaining Cost (AISC) was A$3,860 an ounce, and EBITDA was A$63.1 million.

Ore Reserves and New Mining Fronts

The annual resource update was also reported. Norseman's total Mineral Resources were 4.7 million ounces, up 2% year on year after depletion, while Ore Reserves rose 9% to 936,000 ounces. For comparison, the June 2026 Quarterly Report had cited Ore Reserves of 859,000 ounces and Mineral Resources of 4.6 million ounces.

Several projects feed the plan. Green Lantern open pit was scheduled to restart in the September quarter, with about 30,000 ounces expected in FY2027. The Gladstone and Daisy South open pits are expected to add about 20,000 ounces in FY2027. O'Briens Reef, a new underground mine accessed from the Bullen decline, was due to begin development with modest output this financial year.

FY27 Output and Investment Targets

Management guided on 9 July 2026 to FY2027 production of 90,000 to 105,000 ounces at an AISC of A$2,800 to A$3,400 an ounce. FY2026 production was 77,408 ounces. Output is weighted to the second half, with 40 to 45% expected in the first six months and 55 to 60% in the second.

Planned spending includes about A$101 million of major project and growth Capital and about A$45 million of exploration. The long-term aspiration is up to 200,000 ounces a year, a target rather than a forecast.

Against that guidance, the September quarter's AISC of A$3,860 an ounce is above the full-year range. The company's own guidance points to a stabilisation phase in the first half, but investors will watch whether costs fall as output rises.

Additional Processing and Next Milestones

In April 2026 Pantoro announced a Partnership with Mega Resources, under which third-party ore is processed at Norseman. Pantoro pays Mega 70 to 80% of the reconciled gold value, and guidance includes about 16,000 ounces from this source in the first half of FY2027. Pantoro advanced A$15 million, which is due for repayment in the first half and no later than February 2027. Mega's operations were halted in June and July by groundwater ingress and resumed in late July, according to the June quarterly report.

Pantoro also runs an on-market share buy-back announced on 23 February 2026. In the June quarter it bought 3,139,535 shares at an average of A$3.26, though the company said buy-backs had been temporarily reduced.