Pantoro Ltd is a mid-tier producer in Australia. They are producing around 100,000 oz (Norseman). The Norseman project has a 2 million oz underground (5+ gpt) and 2 million oz open pit (2 gpt) project. Both are currently in production.They have a good balance sheet with about $34 million in cash and only $42 million in debt. They will be able to pay off their debt quickly with a $1200 AISC and solid FCF.They have numerous drill targets at Halls Creek and they have high expectations. They are drilling under 7 open pits (Darcy, Mother, Bobby, Johnstone, Halls Creek, Anderson), and have found 3 new open pits (Rowdies, Wagtail North, Wagtail South).This is a company with a lot of potential. Right now it is a company with a lot of confidence with a good balance sheet. One red flag is their high share dilution of 6 billion shares, but if high dilution does not bother you, it has a good story. It is pricey, but could be a growth story.Note: Currently does not trade in North America.7/25/2024: Gave guidance that they plan to build two more underground mines and reach 200K oz of annual production. This could be a growth story.4/11/2025: 44M at 10 gpt AU at Norseman.DD
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