Pantoro produced 18,185 ounces of gold during the December 2023 quarter, with 18,074 of these gold ounces sold at an average gold price of $3054.
December alone saw a production increase of 6113 ounces from November. Overall, Pantoro’s gold production in the December quarter increased by 275 per cent since the first quarter of 2023.
The production update comes after Pantoro sold the lithium, nickel, copper and cobalt rights at its flagship Norseman gold project to Mineral Resources in November. Pantoro managing director Paul Cmrlec said at the time the sale “allows Pantoro to continue to concentrate on production and exploration of its gold assets”.
The sale was said to strengthen Pantoro’s balance sheet, with the company having $49.7 million in cash and gold at the end of the December quarter.
“We are pleased with the progress that the Norseman project is now making,” Pantoro managing director Paul Cmrlec said.
“Importantly, we are seeing expected grades in the Scotia open pit now that it is advancing beneath the old voids. Access to this area should see production and cash flow meet expectations and place Pantoro in a strong position for the coming year.”
Pantoro currently has large ore stockpiles available at the Scotia open pit, part of the Norseman project, for haulage to the processing plant.
The Norseman processing plant is operating above nameplate capacity, with a quarterly throughput of 271,893 tonnes at 2.24 grams per tonne and 92.8 per cent recovery.
The company expects grades to continue increasing at the Scotia open pit as depth increases during the 2024 calendar year.
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