Pantoro Limited Provided Production Update For The December Quarter

  • Jan 07, 2019 AEDT
  • Team Kalkine
Pantoro Limited Provided Production Update For The December Quarter

Australian gold producer, Pantoro Limited (ASX: PNR) provided its quarterly production update on 7 January 2019. Following this news, the share price of Pantoro Limited decreased by 2.326 percent as on 7 January 2019.

For the December quarter of 2018, the company has reported production of 12,657 ounces which is 33% higher than the September 2018 quarter in which the company reported the production of 9,524 ounces.

The company’s Nicolsons underground mine was the main contributor in the production and Wagtail was the minor contributor. All in sustaining costs for the December quarter are expected to be in between AUD$1,120 – AUD$1,160 per ounce.

The Annualized production rate for the December quarter exceeded 50k ounces and the mining operations returned to expected production levels. The company also reported that the cash and gold position at the end of the December quarter was $21 million. Wagtail development has intersected the ore zone on the 2200 level, and ore development is underway. With the development of additional ore drives and the commencement of production, it is expected that Ore supply from Wagtail will progressively increase throughout the year.

As per the announcement, Adits developed at Wagtail South have identified additional high-grade ore which supports a cutback of the current open pit in advance of establishing the second underground access for the Wagtail Underground. The company has already applied for the approvals which are required to undertake the cutback. Further, the company is expecting to commence mining during the first half of 2019 pending final approvals. The company is currently preparing an upgraded Mineral Resource estimate for the Wagtail/Rowdies deposits, encompassing the high-grade drilling results returned from below the Rowdies deposit during the September quarter.

On 6 September 2018, the Company announced a $15 million capital raising at 20 cents per share comprising a $13 million placement to professional and sophisticated investors and $2 million under a share purchase plan to all existing Pantoro shareholders with a registered address in Australia or New Zealand.  On 12 September 2018, the Company announced the completion of the share placement component of the capital raising with the issue of 65 million ordinary shares.  In FY 2018, the company’s consolidated profit for the financial year after providing for income tax amounted to $13.76 million.

In November 2018, the company provided excellent exploration results from its 100% owned Grants Creek Project which highlights the huge potential of the broader Halls Creek goldfields which are virtually untested by modern exploration.

In the last six months, the share price of the company has witnessed a downfall of 31.75 percent as on 4 January 2019. PNR’s shares traded at $0.210 with a market capitalization of circa $184.62 million as on 7 December 2018 (AEST 4:00 PM).


Disclaimer

This website is a service of Kalkine Media Pty. Ltd. A.C.N. 629 651 672. The website has been prepared for informational purposes only and is not intended to be used as a complete source of information on any particular company. Kalkine Media does not in any way endorse or recommend individuals, products or services that may be discussed on this site. Our publications are NOT a solicitation or recommendation to buy, sell or hold. We are neither licensed nor qualified to provide investment advice.

 

All pictures are copyright to their respective owner(s).Kalkinemedia.com does not claim ownership of any of the pictures displayed on this website unless stated otherwise. Some of the images used on this website are taken from the web and are believed to be in public domain. We have used reasonable efforts to accredit the source (public domain/CC0 status) to where it was found and indicated it below the image.

 

There is no investor left unperturbed with the ongoing trade conflicts between US-China and the devastating bushfire in Australia.

Are you wondering if the year 2020 might not have taken the right start? Dividend stocks could be the answer to that question.

As interest rates in Australia are already at record low levels, find out which dividend stocks are viewed as the most attractive investment opportunity in the current scenario in our report.

CLICK HERE FOR YOUR FREE REPORT!
   
x
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK