Pantoro’s Norseman gold project in Western Australia performed in line with expectations during the December 2024 quarter, producing 19,438 ounces (oz) of gold.
A total of 18,462oz were sold from Norseman during the period, at an average price of $4093/oz, leading to the operation achieving positive cashflows for four consecutive quarters.
Pantoro’s OK underground operation in WA mined 11,292oz alongside exploration and grade control drilling being conducted at the site.
“The OK mine is operating in steady state with no major infrastructure projects required to be undertaken during the forthcoming periods,” Pantoro said.
“One diamond drill rig commenced during the quarter, with initial grade control drilling being undertaken. The focus is now turning to extensional drilling with results of this work expected to continue into the June quarter as previously undrilled areas are assessed.”
The Scotia underground mine in WA continued its ramp-up during the quarter, with 1158m developed and 43,944 tonnes of ore hauled. Production stoping activities and further exploration and grade control drilling are currently underway at the site.
“Commercial production was achieved (at Scotia) in December 2024,” Pantoro said.
“Operations will continue to ramp up during the March 2025 quarter and production is expected to reach steady state by the end of the period.”
Rehabilitation efforts at the Bullen decline at Norseman commenced in mid-December 2024, with Pantoro making substantial progress via activities such as bolting, meshing and reinstatement of underground services.
“Full-time work resumed in January after a short festive break, achieving 35-40 metres per day,” Pantoro said. “Maintaining this rate will allow drilling to start as planned in March 2025.”
Pantoro closed the December quarter with $119.3 million in cash and gold.
The company also adjusted its annualised 2024–25 financial year guidance to 90,000oz (± five per cent) at an all-in sustaining cost of $2200/oz due to stoping activities in certain areas of Scotia being deferred.
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