Pantoro Gold (PNR) H2 2025 earnings summary

Executive summary

• Achieved strong operational and financial performance in FY2025, with gold production ramping up and all debt fully repaid, resulting in a robust balance sheet and $176 million in cash and gold, up $72 million year-over-year without new equity or debt capital.

• Major growth initiatives at Norseman included successful transition to underground mining at Scotia, increased production at OK Underground Mine, and commencement of open pit mining at Princess Royal.

• Share price nearly doubled during the year, reflecting improved profitability and operational execution.

Financial highlights

• Gold produced: 84,564 oz (2024: 71,370 oz); Revenue: $357.3M (2024: $229.4M); Gross profit: $96.4M (2024: $50.8M loss); Net profit after tax: $56.7M (2024: $49.3M loss).

• Net cash from operating activities: $182M (2024: $0.6M used); Cash on hand at year-end: $151.6M; Total cash and gold: $175.8M.

• All debt repaid two years ahead of schedule; no new equity placements during the period.

Outlook and guidance

• FY2026 will see project-scale regional exploration at Norseman for the first time in 30 years, with a $55M exploration budget and 250,000m of drilling planned.

• Growth strategy targets development of two additional underground mines by FY2027 and aims to increase annual production to over 200,000 ounces.