• Pantoro achieves strong quarter with increased production and positive cash flow

  • Jul 12 2024
  • Duración: 6 m
  • Podcast

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Pantoro achieves strong quarter with increased production and positive cash flow

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  • Pantoro Ltd (ASX: PNR) managing director Paul Cmrlec joins Jonathan Jackson in the Proactive studio to discuss the significant progress the company has made in the last quarter in various areas, including production, financials and development projects. During the quarter, production from the Norseman Gold Project reached 20,805 ounces, marking continued growth in both production and cash flow. By the end of the quarter, Pantoro’s cash and gold position stood at $103.9 million. After accounting for the equity raise and debt repayment, the company's cash and gold position increased by $6.7 million. Including these factors, the increase was $57.1 million. A notable achievement for the quarter was the full repayment of the Nebari term loan facility in June, amounting to $44.45 million. This repayment is expected to save Pantoro approximately $11.4 million in interest over the next three years. Additionally, an equity placement completed in May 2024 raised $95 million, net of fees. The quarter also saw substantial development at the Scotia Underground Mine. The portal was cut on May 9, 2024, and approximately 314 metres were developed during May and June. The Scotia Underground Mine is anticipated to begin ore production in the current quarter. Looking ahead, Pantoro has outlined a major growth program for FY2025, with planned expenditure of $25 million focused on high-grade underground feed for the Norseman processing plant. Moreover, work has commenced to re-enter the Bullen Underground Mine at the Norseman Mainfield. Cmrlec commented on the quarter's achievements, noting that it saw another solid production improvement and substantial re-capitalisation of the company. This financial position now allows Pantoro to accelerate the growth of the Norseman asset, leveraging resources at a level rarely seen in the project's long history. #ProactiveInvestors #PantoroLimited #ASX #NorsemanGoldProject, #GoldProduction, #QuarterlyUpdate, #MiningIndustry, #FinancialGrowth, #EquityPlacement, #ScotiaUndergroundMine, #DebtRepayment, #MiningDevelopment, #GoldMining, #MiningNews, #FinancialReport, #ResourceSector, #MiningInvestment, #ASX, #AustralianMining, #GoldMarket, #UndergroundMining, #FY2025 #invest #investing #investment #investor #stockmarket #stocks #stock #stockmarketnews
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