# Pantoro quarterly activities and Appendix 5B cash flow report

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Original source: https://quoteapi.com/api/v5/symbols/pnr.asx/announcements/6A1307983/document?appID=2fee0049d633f441
Original published: 2026-01-22
EGM generated: 2026-09-04
Company: Pantoro Gold Ltd (PNR)

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# Pantoro quarterly activities and Appendix 5B cash flow report

Source: https://quoteapi.com/api/v5/symbols/pnr.asx/announcements/6A1307983/document?appID=2fee0049d633f441
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# Pantoro quarterly activities and Appendix 5B cash flow report
Source: https://quoteapi.com/api/v5/symbols/pnr.asx/announcements/6A1307983/document?appID=2fee0049d633f441
Published: 2026-01-22
QUARTERLY REPORT
FOR THE PERIOD ENDING 31 DECEMBER 2025
Key Highlights
Pantoro Gold Limited (ASX:PNR) (Pantoro or the Company), a WA-based gold producer focused on unlocking the full
potential of its 100%-owned Norseman Gold Project (Norseman or the Project), is pleased to provide its Quarterly
Report for the period ended 31 December 2025.
OPERATIONS
• Production for the quarter was 22,071 ounces of gold. 22,473 ounces of gold sold at an average gold price of
$6,077 per ounce. All-in Sustaining Cost (AISC) for the quarter was $2,571 per ounce and EBITDA was $83.6
million.
• Pantoro’s cash and gold balance increased by $35.0 million during the quarter while continuing extensive growth
and exploration activities. The Company invested $14.5 million in exploration and an additional $17.7 million was
invested in major project capital for a total spend of $32.1 million.
• Scotia Underground Mine – During the quarter, 2,018 metres of development were completed. A total of 102,291
tonnes @ 3.00 g/t Au was produced.
• Ongoing extensional drilling confirmed high grade extensions to mineralisation in the Southern and Central parts
of the mine and further extensional drilling is ongoing.
• OK Underground Mine – During the quarter OK produced 51,103 tonnes @ 4.31 g/t Au for 7,081 ounces. Works to
transition the O2 Lode to end-access as reported in the September quarter are progressing well.
• Princess Royal Open Pit Mining Centre – Progressed in line with the operational plan despite some minor slips
occurring which caused short disruptions to the production program. Desirables Open Pit was completed during
the quarter with approximately 57,635 tonnes @ 1.65g/t for 3,057 ounces remaining on the ROM pad. Slippers
Open Pit is expected to be completed in January 2026. Approximately 50,000 tonnes @ 2.49 g/t is planned to be
mined from Slippers prior to completion.
• Gladstone Open Pit Mining Centre – Early works commenced at Gladstone in the second half of the December
quarter with 317,835 m3 of stripping completed. First ore deliveries from Gladstone are expected at the end of the
March 2026 quarter.
GROWTH
• During the quarter, Pantoro Gold reported additional drilling in the Mainfield, generated from underground drilling
at Bullen. Drilling in the Crown South Reef has identified a high-grade zone with abundant visible gold and drilling
focused on commencement of Norseman’s next underground mine is continuing.
• Further high-grade results from the Mainfield support near term development of Pantoro’s third producing
underground mine. Mine planning and feasibility work underway.
CORPORATE
• The Company increased its cash and gold position by $35.0 million during the quarter, with the balance standing
at $216.5 million^ as at 31 December 2025.
• Non-executive director Kevin Maloney retired following the Company’s Annual General Meeting in November.
Pantoro intends to continue operating a five-person board of directors for the foreseeable future.
ENQUIRIES
Paul Cmrlec | Managing Director | Ph: +61 8 6263 1110 | Email: admin@pantoro.com.au
Sam Macpherson | Media and Investors | VECTOR Advisors | Ph: +61 401 392 925
^ $197.3 M cash and gold at mint, 2,930 ounces gold in circuit @ $6,558.27.
PERTH OFFICE
A LEVEL 2, 46 VENTNOR AVE WEST PERTH WA 6005
PO BOX 1535, WEST PERTH WA 6872 ASX: PNR
E ADMIN@PANTORO.COM.AU WWW.PANTORO.COM.AU
P +61 8 6263 1110
About the Norseman Gold Project (PNR 100%)
Pantoro Gold is focused on unlocking the full potential of
its 100%-owned Norseman Gold Project (Norseman or
the Project).
The Project is located in the Eastern Goldfields of Western
Australia, at the southern end of the highly productive
Norseman-Wiluna greenstone belt, and is one of the
highest-grade goldfields within the Yilgarn Craton. The
Project lies approximately 725 kilometres east of Perth
and 200 kilometres south of Kalgoorlie.
Pantoro Gold has Ore Reserves which currently stand at
859,000 ounces. The company completed construction of
a new 1.2 million tonnes per annum gold processing plant
in 2022 and is undertaking production mining activities
across its open pit and underground operations.
The current Total Mineral Resource is 4.6 million ounces
of gold. Refer to Appendix 2 for full details of Pantoro’s
Mineral Resource and Ore Reserve.
Many of the Mineral Resources defined to date remain
open along strike and at depth, and in most cases the
Mineral Resources have only been tested to shallow
depths. In addition, there are numerous anomalies and
mineralisation occurrences which are yet to be tested
adequately to be placed into Mineral Resources, with
several highly prospective targets already identified.
The Project comprises a number of near-contiguous
mining tenements, most of which are pre-1994 Mining
Leases. The tenure includes approximately 70 lineal
kilometres of the highly prospective Norseman-Wiluna
greenstone belt covering approximately 800 square
kilometres in total.
Historically, Norseman has produced more than 5.5
million ounces of gold since operations began in 1935.
Pantoro Gold’s growth strategy, as announced in June
2024, is centred on expanding its underground mining
operations and scaling production at Norseman, initially
targeting 100,000 ounces per annum and aiming to grow
to over 200,000 ounces annually. With an active growth
program and significant untapped potential, Pantoro
Gold is poised for substantial growth in the coming years.
Pantoro Gold expects to drill approximately 250,000
metres of combined RC, diamond and air core during
FY2026.
Norseman Gold Project Activities Update
Production during the quarter saw a total of 22,071 ounces produced generating an EBITDA of $83.6 million and
cashflow of $39.2 million after exploration and project capital expenditure of $32.1 million.
Exploration activities continued throughout the Quarter with four underground diamond drill rigs and three surface rigs
drilling a combination of RC and diamond core. Both surface and underground exploration ceased in Mid-December
2025 for an approximate two week break over the festive season. Exploration spend during the period was $14.5
million.
The on-site PhotonTM laboratory has performed well throughout the quarter and continues to reduce the sample
backlog which resulted in multiple significant assay reports to the ASX during the quarter.
Summary physicals and cost metrics for the Quarter are set out below.
FY 2025 FY 2026
Physical Summary Q3 Q4 Q1 Q2
UG Ore Mined 113,061 169,327 194,464 160,950
UG Grade Mined 3.91 4.15 2.67 3.35
OP BCM Mined 162,407 981,742 848,049 684,663
OP Ore Mined 1,613 30,523 93,741 103,662
OP Grade Mined 1.57 1.79 1.50 1.79
Ore Processed 305,876 291,335 288,768 268,718
Head Grade 1.98 2.83 2.21 2.68
Recovery 94.2% 95.8% 95.5% 95.3%
Gold Produced 18,334 25,417 19,551 22,071
Cost Summary ($/Oz) ($/Oz) ($/Oz) ($/Oz)
Production costs $1,834 $1,682 $2,556 $1,859
Stockpile Adjustments -$23 -$178 -$63 $101
C1 Cash Cost $1,811 $1,504 $2,493 $1,959
Royalties $152 $165 $156 $213
Marketing/Cost of sales $2 $2 $2 $2
Sustaining Capital $430 $301 $462 $368
Rehabilitation Costs - - - $6
Corporate Costs $25 $19 $25 $23
All-in Sustaining Costs $2,420 $1,991 $3,139 $2,571
$M $M $M $M
Major Project Capital $13.80M $15.76M $15.78M $17.65M
Exploration Cost $10.41M $11.58M $15.53M $14.47M
Project Capital $24.21M $27.34M $31.31M $32.12M
Page 3
FY 2026 Guidance
Pantoro Gold expects production to continue to improve over the balance of the financial year and expects production
to be at the lower end of the previously provided production guidance which was 100,000 – 110,000 ounces of gold.
OPERATIONS HIGHLIGHTS
Scotia Underground Mine
The Scotia Underground Mine progressed well during the quarter with 2,018 metres developed and 102,291 tonnes @
3.00 g/t for 9,869 ounces mined.
Development to the Northern Deeps part of the mine has continued and the Northern part of the mine is expected to
become a primary ore source for Scotia during the coming six months.
Figure: Scotia Underground Mine showing development to date and stopes.
Pantoro reported high grade depth extensions to mineralisation in the Southern and Central parts of the mine and the
definition of a high-grade zone of remnant mineralisation in the Northern part of the mine in a release to the ASX on 4
December 2025 titled “Scotia Underground Depth Extensions Confirmed”.
The initial results from drilling beneath the current Mineral Resource provides encouragement for further extensions
to the mine plan, particularly in the Southern part of the mine. While the surface drilling component of the extension
program in Scotia South is completed, a number of assays remain outstanding and additional drilling from underground
platforms is planned during the current financial year.
In addition to the reported depth extensions, Pantoro identified high grade zones adjacent to historical workings in the
northern part of the mine. This additional mineralisation is under development and will contribute to production during
the current financial year providing additional independent work areas in the mine, giving production flexibility.
Page 4
Figure: Scotia South and Central orebodies in long-section showing depth extensions.
Page 5
Figure: Drilling results in mineralisation adjacent to historical workings.
Page 6
OK Underground Mine
Production from the OK Underground Mine was 7,081 ounces mined during the quarter with operations ongoing in the
Star of Erin (SOE) and O2 Lodes. During the quarter the underground contractor developed 1,168 metres, and mined
51,103 tonnes @ 4.31 g/t Au.
In addition to the main SOE and O2 mining fronts, initial development has commenced on the Main Lode from the 580
and 600 levels. This is the first development on the Main Lode in the deeper parts of the mine following drilling and
Mineral Resource definition during the past twelve months. The Main Lode was last mined on the 230 level, and there
is virtually no drilling data between the 580 level and the last production horizon. Pantoro believes that there is strong
potential for the Main Lode to extend both up and down dip of the current development horizon on the 580 level and
has planned additional drilling.
Figure: OK Underground Mine showing development to date and stopes.
Open Pit Mining
Princess Royal Open Pit progressed in line with the operational plan despite some minor slips occurring which caused
short disruptions to the production program. As a result, open pit mining at Princess Royal is expected to be completed
in January 2026, approximately one month later than originally scheduled. Minimal ore loss occurred as a result of the
minor failures.
Desirables Open Pit was completed during the quarter with approximately 57,635 tonnes @ 1.65 g/t for 3,057 ounces
remaining on the ROM pad. Approximately 50,000 tonnes @ 2.49 g/t for 4,000 ounces is planned to be mined from
Slippers prior to completion.
Drilling beneath the Slippers Open Pit, along with drilling beneath historic workings at North Royal is ongoing with
encouraging visual mineralisation in drill core noted. Additional results from this drilling are expected during the March
2026 quarter.
Page 7
Norseman Growth Program
Mainfield
The Mainfield has historically produced more than half of the approximately six million ounces of gold mined from
Norseman and includes several highly prospective areas along the six kilometres of strike which remain un-mined.
Activities continue to adva

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