Gold Rush: Pantoro's Norseman Project Shines with Record March Quarter Performance

Pantoro Limited is celebrating a historic performance in the March quarter, with a remarkable 8,298 ounces of gold produced solely from its Norseman project in Western Australia.

Throughout the entire March quarter, Norseman yielded a total of 19,235 ounces of gold, contributing to positive cash flow for Pantoro in both February and March. The Norseman processing plant surpassed expectations, processing 284,535 tonnes with an impressive recovery rate of 94.7%.

The company underwent significant transformations over the past three months, including a complete contractor transition in open pit operations, now managed by APS Mining and Civil. Additionally, RUC Mining Contractors secured the underground mining contract for the Scotia open pit, set to commence operations in May 2024.

Pantoro anticipates that the Scotia underground mine will become the primary production source by late 2024. The accelerated development of Scotia will lead to the pit opening four months ahead of schedule, aiming for an annual production of 100,000–110,000 ounces.

Taking over the Norseman project in February 2023 through a merger with former partner Tulla Resources, Pantoro has made significant strides. Since 2019, they've completed over 300,000 meters of RC and diamond drilling, defined ore reserves exceeding 958,000 ounces, constructed a new one million tonne per annum gold processing plant, and resumed production. Presently, the mineral resource stands at 4.8 million ounces of gold.