Pantoro Gold (PNR) Conference Transcript

Summary of Pantoro Gold (PNR) Conference Call - July 23, 2025 Company Overview - Pantoro Gold is a Western Australian gold producer owning 100% of the Norseman gold field, with a mineral resource of just under 5,000,000 ounces of gold [1] - The company operates two underground mines and two open pits, with a third underground mine under rehabilitation [1] Financial Position - The company has a strong balance sheet with over $175,000,000 in cash and no debt [2] - Pantoro is unhedged, with only 6,000 ounces of call options remaining for the year [3] Production and Cost Guidance - The all-in sustaining cost is projected to remain below $2,000 per ounce, with an expected production of 210,000 ounces of gold next year [4] - The company aims to double its production rate from 100,000 ounces to 200,000 ounces per year, with an exploration budget of $55,000,000 for the upcoming year [5] Exploration and Resource Development - The current ore reserve is just under 1,000,000 ounces, significantly larger than the historical reserves of the Norseman field [6] - There are 25 different resource areas within the Norseman package, with only 30% drilled to date, indicating substantial growth potential [7][8] - The Scotia Underground Mine is a key growth center, with plans to ramp up production significantly [11][12] Future Mining Plans - The company plans to phase out open pit mining while increasing underground mining operations, targeting full operational status for at least two additional underground mines by 2028 [16][17] - The Crown Reef area has historical production of 1,100,000 ounces, with ongoing drilling expected to convert known high-grade material into reserves [19][20] Regional Exploration Potential - This year marks the first significant regional exploration in the Norseman area in 30 years, with previous operators having conducted minimal drilling [22] - The company sees potential in areas previously explored by Western Mining, which had successful operations in similar terrains [23] Financial Performance - Pantoro reported an EBITDA of just under $200,000,000 in the last year, with expectations for significant increases in the coming year as production stabilizes [25] - The company plans to invest $67,000,000 in exploration and capital growth projects while adding cash to its balance sheet [25] Conclusion - Pantoro Gold is positioned strongly in the gold mining sector with a robust financial standing, significant exploration potential, and a clear strategy for growth in production and resource development [24][25]