en.Wedoany.com Report on Mar 21st, Australian mining company Pantoro Gold recently announced operational progress at its Norseman Gold Project in Western Australia. Managing Director Paul Cmrlec noted robust performance in the first half of the year and a continuously improving balance sheet.
According to Cmrlec, Pantoro Gold held nearly US$220 million in cash and gold reserves at the end of the most recent quarter, with a half-year balance of approximately US$135 million. He emphasized, "Our all-in sustaining costs look very good relative to the broader industry, Norseman is in a great position and will continue to move forward."
The company updated its production guidance, revising the annual output forecast from around 100,000 ounces to between 86,000 and 92,000 ounces. This adjustment considers recent operational factors and the planned appointment of Redpath Mining as the sole contractor for the Norseman mine starting in May. Cmrlec stated, "We are going to have Redpath Mining responsible for the entire mine, which I think is a positive change for the future of Norseman." Redpath Mining is already operating at the Scotia and Dimboola mines, and this move aims to enhance operational synergies.
Regarding the Norseman Gold Project, Pantoro Gold is advancing a growth strategy focused on expanding underground mining. The company announced a major drilling campaign in September 2024, completing approximately 40,000 meters of drilling over the past year at the Bullen decline in the Mainfield. Cmrlec said the drilling results have given the company confidence to commence development towards the Bronze and Cramers South lodes. Development is expected to begin mid-year, with the target of producing first ore by year-end to provide higher-grade feed.
Furthermore, Pantoro Gold's all-in sustaining cost last quarter was slightly above US$2,500 per ounce. Cmrlec added that compared to peers engaged in similar narrow-vein underground mining, the company typically has costs US$400 to US$500 lower per ounce, demonstrating competitiveness. Overall, the Norseman Gold Project is in a strong position both operationally and financially, laying the groundwork for future development.
