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Pantoro Gold Ltd (PNR) outlook?

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Question asked 23/01/2026

Pantoro Gold Ltd (PNR) outlook?

Hi James, Thanks as always for your comprehensive work - so many moving parts to keep track of! Gold had a massive year in 2025, and your morning report last Monday suggests that 2026 is likely to be a year of consolidation for this and other minerals. Wondering about your favourable review of PNR and the outlook for this stock within the gold story in general. Is PNR as a single stock (rather than choosing an ETF with several producers) a good idea given its rosy production outlook? Interested because PNR dropped from $5.79 to $5.15 (-11%) on Thursday. I'm not sure, but the release of the Quarterly figures on this day is likely to explain this outcome. What are your thoughts on PNR around this level? Thanks again!

Answer

Hi G,

PNR did come out with a slightly disappointing quarterly on Thursday, the day after we wrote a favorable note! Come Friday morning it had bounced more than 8% from its initial sharp sell-off. However, as the below chart illustrates medium term PNR historically moves in sync with Gold Miners ETFs and the underlying gold price.

On Friday morning gold was again trading at a new all-time high, around $US4,950, yet many gold stocks were struggling to scale similar heights, but we clarify MM only trimmed our gold exposure this week, we didnt cut it.

We continue to see volatile consolidation for the gold sector through 2026 – note the word volatile!

chart

Pantoro Gold (PNR) v VanEck Gold Miners ETF (GDX)

LAST UPDATED 23/01/2026 10:45

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