ASX:PNR
Pantoro Gold Ltd
Investment Summary
The fund managers believe that Pantoro Gold Ltd presents a compelling investment opportunity, particularly due to its strong performance and growth potential. In their opinion, the Norseman Gold Project is a significant asset, currently producing around 100koz of gold annually with a clear pathway to scale production to 150koz per year and possibly beyond. The fund managers noted multiple high-grade opportunities across prospective tenements witnessed during their visit in March. They emphasize that the company’s valuation is notably attractive, trading at half the enterprise value of similarly sized peers despite having a ~1 million ounce reserve. This anomalous valuation relative to sector peers suggests significant upside potential as the team works to deliver the necessary higher-grade feed.
Commentary From The Managers
Blackwattle Investment Partners
31 Mar 2025
$2.89
- Pantoro Gold has seen a significant rise in position, increasing by 21.4%.
- It is classified as an improving quality investment by Blackwattle Investment Partners.
- The Norseman Gold Project is currently producing approximately 100koz of gold annually.
- A site visit in early March revealed multiple high-grade opportunities with a clear path to scale production to 150koz per year and potentially higher.
- Despite some complexity in Pantoro's deposits, its valuation as a ~1 million ounce reserve and ~100koz per annum producer is notably anomalous within the sector.
- Pantoro is trading at half the enterprise value of similar-sized peers.
- The main focus is for the team to deliver higher grade feed.
Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.