USD $4,127.96
Goldman FY2024 financials demonstrate a solid base for future growth and resource expansion.
Pantoro Limited (ASX:PNR) has reported a strong set of financial results for FY2024, highlighted by a turnaround in EBITDA and an increase in operating cash flow during the second half of the year. The company has made significant progress at its Norseman Gold Project (NGP) and remains focused on ramping up its production capacity.
The Scotia underground (u/g) mine has reached steady state production, contributing significantly to overall output. Meanwhile, Pantoro has begun a 35,000-metre drill program in the historically prolific Mainfield region, where it aims to add (at least) two additional underground mines to the operation. The company is targeting a production capacity of 1.5Mtpa at the NGP, with an ultimate goal of achieving over 200,000 ounces per annum.
During FY2024, Pantoro posted a full-year revenue of A$229 million, supported by a marked increase in gold production and stronger gold prices. The company achieved an EBITDA of A$23 million, a notable improvement compared to the previous year. Production for FY2024 reached 71koz, and Pantoro is targeting a 37% increase in FY2025 output, aiming for 98koz at an all-in sustaining cost (AISC) of A$2,980/oz. This production uplift is expected to be driven by the continued development of the Scotia u/g mine and the commencement of open pit mining at the Princess Royal site in March quarter 2025.
Management has provided guidance for strong free cash flow (FCF) of A$97 million for FY2025, supported by a robust gold price outlook and operational efficiencies. The company also revised its FY2025 production estimate to 98koz, reflecting a more conservative ramp-up at Scotia and reduced feed from the lower-grade stockpile ore, which is expected to be depleted by December quarter 2024. FY2026 output is forecasted to climb to 116koz, demonstrating Pantoro’s steady growth trajectory.
Pantoro’s 2024 Annual Resource and Reserve Update reported a total resource of 1.487Moz at 1.9g/t with a reserve of 0.95Moz at 1.7g/t, indicating strong resource potential for future expansion.
The company’s guidance for the coming years reflects an ambition to build on its recent success and continue unlocking value at the NGP.
