Pantoro Sells Halls Creek Gold Mine to Kimberley Minerals for $8 Million

Pantoro has agreed to sell its Halls Creek gold mine in Western Australia to Kimberley Minerals for $8 million, allowing the company to focus on expanding its Norseman gold mine operations.

Under the terms of the binding agreement, the sale payment will be made in tranches over two years. Pantoro will receive $3 million upon finalization, followed by $2 million one year later and another $2 million two years after completion. The company will also retain a one percent royalty capped at $1 million, starting 24 months after the sale is finalized.

Additionally, Pantoro will maintain a 15 percent free carried interest in the nickel and platinum group element tenements at Halls Creek, which will remain in place until the start of production.

The sale follows Pantoro's decision to place Halls Creek, located in the Kimberley region, on care and maintenance in June 2023. Pantoro had operated the mine since 2015.

Pantoro Managing Director Paul Cmrlec said that divesting Halls Creek would enable the company to concentrate on advancing Norseman, which saw a three percent increase in gold production in the September 2024 quarter.

“The Halls Creek project was Pantoro’s first full mine development in 2015 and played a crucial role in the company’s growth,” said Cmrlec. “We believe that now is the right time to focus our efforts and resources on the expansion of Norseman, where we see the most potential for investor returns.”

Cmrlec also expressed well wishes to Kimberley Minerals in furthering the development of Halls Creek and said Pantoro would maintain an interest in its progress through the retained free carry.