Continued Expansion at Norseman Gold Project Underscores Future Production Uplift

Pantoro Limited (ASX: PNR) has issued an extensive investor presentation detailing current operations and future plans, particularly focusing on its Norseman Gold Project. The document outlined a suite of operational improvements, exploration updates, and financial insights that highlight Pantoro’s strategic growth trajectory in the gold mining sector.

Pantoro’s Norseman Gold Project is demonstrating significant advancements with its new 1 million tonne per annum processing plant operating above its designed capacity, signalling enhanced production efficiencies. The project, situated in one of Western Australia’s most renowned high-grade goldfields, has reported four consecutive quarters of production growth, showcasing a robust operational framework that led to positive cashflow in the March 2024 quarter.

Key highlights from the operational update include:

  • The commencement of underground development at the Scotia mining center, expected to contribute 60-70,000 ounces per annum once it reaches steady state by March 2025.
  • Strong performance from the high-grade OK underground mine, which continues to outperform expectations with excellent drilling results, including notable high-grade intercepts like 1.1m at 739 g/t gold.
  • Record production of 8,298 ounces in the month of March 2024 at an AISC of $1,850. Positive cashflow from operations of $6.9M for the month of March 2024.
  • A total of 19,235 ounces of gold were produced during the quarter.

Exploration efforts have been particularly promising, with less than 30% of known Mineral Resource areas currently drilled for Ore Reserve conversion. This under-drilled status represents a significant upside for resource expansion. The presentation also noted the re-commencement of surface exploration aimed at further developing high-grade underground mining operations and extending the project’s Ore Reserve.

Management’s commentary, provided by Managing Director Paul Cmrlec, reflected confidence in the ongoing strategy to enhance production capacity and resource base. “We are seeing excellent progress across our operations and, with substantial exploration potential yet to be tapped, Pantoro is well-positioned for continued growth,” stated Cmrlec.

As Pantoro looks to the future, the company is targeting an increase in production to between 170,000 to 200,000 ounces per annum in the medium to long term. This ambitious target is supported by a large pipeline of ore sources and the historic production pedigree of the Norseman field.

Investors are encouraged to view the full presentation on Pantoro’s website, along with the latest quarterly report to gain a deeper understanding of the company’s strategic initiatives and operational progress.


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