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Highlights

  • Bell Potter Securities assigns SELL rating with AUD 3.15 price target, implying ~18% downside.
  • Pantoro has guided for 100,000–110,000 ounces of gold production in FY26, with an All-in Sustaining Cost (AISC) between AUD 1,950 and AUD 2,250 per ounce.
  • The company plans a substantial AUD 55 million exploration program.

Pantoro Gold Limited (ASX:PNR), a mid-tier Australian gold producer, has received a SELL rating from Bell Potter Securities, raising caution over its current market valuation despite its recent operational momentum. Analyst David Coates from Bell Potter issued the rating on 28 April 2025, assigning a price target of AUD 3.15, which reflects a -17.97% potential downside from the current trading level of AUD 3.84.

This bearish stance stands in contrast to the overall analyst consensus (Source: Refinitiv), which currently shows BUY ratings and a mean price target of AUD 3.72, suggesting modest upside in the medium term. 

Q4 FY25 Operational Results 

Pantoro recently reported Q4 FY25 gold production of 25,417 ounces, reaching the upper end of its quarterly guidance. This performance was supported by consistent output from the Scotia Underground Mine, which completed 2,300 metres of development and hauled 112,758 tonnes to surface, nearly double the volume in the March quarter.

The OK Underground Mine maintained steady operations, contributing 10,504 ounces, while the Princess Royal Open Pit added 1,759 ounces.

Financially, the company reported AUD 196.4 million in FY25 EBITDA, including AUD 80.4 million in Q4 alone. The company also retired its remaining debt, ending the period with AUD 175.8 million in combined cash and gold reserves.

FY26 Outlook

Looking ahead, Pantoro has guided for 100,000–110,000 ounces of gold production in FY26, with an All-in Sustaining Cost (AISC) between AUD 1,950 and AUD 2,250 per ounce. The company has also planned a substantial AUD 55 million exploration program, aiming to increase mine life and uncover new high-grade zones across its tenement package. The company plans aggressive 250,000-metre drilling campaign and expects AUD 67 million in project development costs.

Notably, PNR stock price has surged more than 100% over the past six months and over 160% in a year. Today (24 July 2025), it has dropped by 3.65%to AUD 3.70 per share.