Does MM think Pantoro Gold (PNR) is a buy after its 20% plunge?
Pantoro Gold (PNR) shares have tumbled the most since 2023 on lower output guidance. The shares were down as much as 23% after the Australian miner lower its forecast gold production for the FY to 86,000 to 92,000 oz.
YEAR FORECAST
- Sees gold production 86,000 to 92,000 oz, below its previous guidance of 100,000 to 110,000
FIRST HALF RESULTS
- Net income $56.4 million vs. $6.62 million YoY.
- Revenue $238.6 million, +56% YoY.
- Ebitda $135 million.
COMMENTARY AND CONTEXT
- Revising Output Guidance for Fy’26
- Operations at Norseman were affected by significant rain in February.
- Production was also impacted by equipment and personnel availability during the January school holiday period.
The ease with which PNR has retreated more than 40% from its late 2025 high illustrates the market was too optimistic toward the miner, as it has been toward much of the sector.
- MM is neutral towards PNR seeing better alternatives when we decide to increase our exposure to precious metals.
MM is neutral towards Pantoro Gold (PNR) around $3.90
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