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Pantoro Gold (ASX:PNR): Unlocking the full potential of the historic Norseman Gold Project in WA

Transcription of The Stock Network Interview with Pantoro Gold (ASX:PNR) Managing Director, Gan-Ochir Zunduisuren

Lel Smits: Shares in Pantoro Gold are up around 130% over the last year as the Western Australian-based gold producer ramps up operations in one of the state’s highest-grade gold fields. The miner is also debt-free and boasts cash growth while building new mines and advancing growth activities. Ahead of appearing at the Noosa Mining Conference, Managing Director, Paul Cmrlec joins me. Paul, welcome to the Stock Network.

Paul Cmrlec: Hi, Lel, great to see you.

Lel Smits: Now, Pantoro states that its wholly-owned Norseman Gold project sits in the world-class greenstone belt, is highly prospective and with significant exploration upside. Can you outline how you’re advancing this asset?

Paul Cmrlec: Yeah, sure. We’ve got a huge amount of work going on on site. We currently have two active underground mines and a third one being rehabilitated as we speak, as well as open-pit mining. So there’s a lot of production activities going on and we’re currently producing at about 100,000 ounces per annum. But we’ve announced to the market that we have a very large growth program going on. We expect to spend in the order of $40 million to $50 million on exploration during the next financial year. So a huge amount of work for not only the production, but also advancing that exploration. And that’s really focused on defining additional underground, high-grade underground mines to replace the low-grade open-pit material. And that in turn should see a head-grade rise in the process plan and take our production to 200,000 ounces plus per year.

Lel Smits: Now, if we can look more at these longer-term ambitions on the back of a strong financial position, you’ve recently announced that you’ve become debt-free last month. In addition to generating EBITDA of around $117 million in the first three quarters of FY25, how do you plan to use this financial position to fund growth really over the longer term?

Paul Cmrlec: Yeah, sure. So as you just heard, we have a really large exploration budget going forward into the next year and we expect that to continue on. But I think it’s worth noting that we’re also generating really strong positive cashflow. So not only EBITDA, but after that exploration spend, we’re delivering some great cashflow. So we have great leverage to development of new mines without needing any external funding at all. We intend to continue to maintain that position and then we’ll look at how we give shareholders additional upside from that cashflow that we’re generating.

Lel Smits: Well, all the best on the progress today and I look forward to following your updates.

Paul Cmrlec: Thanks very much, Lel. Great to see you today.

Ends