PNR -11.29%: reported a weaker March-quarter operational update, with gold production falling and costs rising, though development work continues to underpin the longer-term growth profile.
- Gold production: 17,757oz, -20% q/q
- All-in sustaining costs: $3,204/oz, +25% q/q
- EBITDA: $88.4m
- FY26 production guidance: 86–92koz (unchanged)
The softer quarter reflects operational timing rather than structural issues, with the Gladstone open pit expected to begin contributing production from late April. Pantoro also approved development of a third underground mine targeting the O’Briens and Crown South reefs.
While the quarter was operationally weaker, the pipeline of new mining areas should help lift production into FY27 as development progresses.
MM remains neutral PNR ~$3.40, preferring others
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