Pantoro Gold Achieves Record Production Surge
Tajha Pritchard
During the December 2023 quarter, Pantoro achieved a gold production of 18,185 ounces, of which 18,074 ounces were sold at an average gold price of $3054.
Notably, December witnessed a production surge of 6113 ounces compared to November. Overall, Pantoro's gold production for the December quarter soared by 275%, marking significant growth since the first quarter of 2023.
This production update follows Pantoro's strategic decision to sell the lithium, nickel, copper, and cobalt rights at its flagship Norseman gold project to Mineral Resources in November. Paul Cmrlec, the Managing Director of Pantoro, emphasized that this sale enables the company to focus on the production and exploration of its gold assets, reinforcing the balance sheet with $49.7 million in cash and gold by the end of the December quarter.
Expressing satisfaction with the Norseman project's progress, Paul Cmrlec stated, "We are pleased with the progress that the Norseman project is now making." He highlighted the expected grades in the Scotia open pit, emphasizing the positive impact on production, cash flow, and positioning Pantoro strongly for the upcoming year.
Currently, Pantoro has substantial ore stockpiles available at the Scotia open pit, a crucial component of the Norseman project, ready for transportation to the processing plant.
The Norseman processing plant is operating above its nameplate capacity, achieving a quarterly throughput of 271,893 tonnes at 2.24 grams per tonne and an impressive 92.8% recovery rate.
Looking ahead to the 2024 calendar year, Pantoro anticipates a continued increase in grades at the Scotia open pit as depth progresses, further enhancing its production outlook.