Sluggish March quarter production has Pantoro Gold | Australian Markets

Production within the March quarter failed to achieve the heights Pantoro Gold was anticipating, with a large June quarter needed for the company to achieve its revised FY25 output goal at its Norseman operations.

Pantoro informed the Australian Securities Exchange this week it produced 18,334 ounces of gold during the latest quarter, beneath the steerage vary of 20,700oz-25,300oz.

The company mentioned this was as a result of of the Scotia underground mine ramp-up crossing over quarters into April.

It mentioned the ramp-up had been hindered by slower-than-expected onboarding of production drilling personnel.

As a consequence, 15,760 metres have been drilled, in contrast with the deliberate 22,760m, delaying some production blasts.

Pantoro mentioned by the top of the quarter, the contractor was totally manned and had drilling personnel in place for 2 long gap drill rigs working around-the-clock.

The company mentioned its all-in-sustaining value for the total quarter was $2427/oz, and production steerage for the June quarter was 23,000oz-26,000oz.

Pantoro within the 2023-24 financial 12 months produced 71,370oz, and to this point this financial 12 months has churned out 59,146oz, that means it’s going to comfortably surpass final 12 months’s production if the June quarter steerage is achieved.

However, it was initially focusing on 100,000oz for FY25 earlier than revising its steerage to 90,000oz in January.

Even if it achieves the higher finish of its June goal, which can nonetheless be about 5000oz short of the revised full-year ambition.

Despite these points, the company reported a money and gold construct of $13.4 million for the quarter, having $132.4m in money and gold at March 31.

It mentioned the robust cashflow, regardless of decrease production and quickly advancing growth actions, mirrored robust operational value control being maintained at Norseman and the “buoyant” international gold market.