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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 companyâs 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 â 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 companyâs 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. PNRâs shares traded at $0.210 with a market capitalization of circa $184.62 million as on 7 December 2018 (AEST 4:00 PM).
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