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Highlights

  • Pantoro is a gold production, exploration and development company with operations in WA
  • During the June 2023 quarter, operating revenue of the company increased by 78.4% QoQ to AUD 28.9 million
  • Tulla Resources PLC has the highest stake in PNR with a shareholding of 16.29%

Pantoro Limited (ASX: PNR) is a gold exploration, production and development company. The company manages the Halls Creek Gold project, the Norseman Gold project and a commercial-scale gold processing facility in the Kimberley region of Western Australia.

For the three months ended 30 June 2023 (4QFY23), the company registered a 78.4% QoQ jump in operating revenue to AUD 28.9 million and a 13.2% QoQ increase in gold production to 14,077 ounces. The surge in gold production was driven by around 56% QoQ surge in gold production at the Norseman project.

PNR's cash and gold balance decreased by 43.9% over the previous quarter to AUD 46.7 million during the latest quarter. The cash and gold balance was underpinned by the outflow of AUD 19 million in NGP operating costs, AUD 11.7 million in HCM operations & closures and AUD 11.2 million towards debt reduction.

Here’s the historical financial trend of PNR.

Top 10 shareholders of PNR

The top 10 shareholders of PNR have around 40.53% shareholding in the company, while the top four shareholders together have nearly 33.60% stake in the company. Tulla Resources PLC and Franklin Advisers, Inc. have the highest shareholding in the company, with a stake of approximately 16.29% and 8.25%, respectively.

Recent business update

In a recent update dated 23 August 2023, the company informed that in reference to the upcoming general meeting of shareholders, its board withdrew resolution two concerning the issue of performance rights.

On 15 August 2023, the company shared that it has allotted 500 million shares at an issue price of AUD 0.060 apiece on 9 August 2023.

Outlook

The company expects to ramp up production to full capacity in the first quarter of 2024 at the Norseman project, following the high-grade material access to the Scotia open pit at the end of the June 2023 quarter.

Progress in the Star of Erin Lode continues to project the significant high-grade zones at the OK Underground mine.

Share performance of PNR

PNR shares closed 5.77% up at AUD 0.055 apiece on 29 August 2023. Including today’s gain, PNR share price dropped by over 72% in the last 12 months and recorded a fall of 31.24% in the last one month.

The 52-week high of PNR is AUD 0.23 apiece, recorded on 13 September 2022 and the 52-week low is AUD 0.048 apiece, recorded on 15 March 2023. The existing share price of PNR is almost 76.09% lower than its 52-week high.

 

Note 1: Past performance is neither an Indicator nor a guarantee of future performance.

 

Note 2: The reference date for all price data, currency, is 29 August 2023. The reference data in this report has been partly sourced from REFINITIV.