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Pantoro full steam ahead at Norseman

Scotia open pit, Norseman

Pantoro has locked in a $100 million equity raising for the ramp up of its Norseman gold project in the eastern Goldfields region of Western Australia.

The funds are being raised through the issue of 1.25 billion new shares in two tranches at $0.08 a piece.

In addition to accelerating exploration and drilling at Norseman, the funds are also to be used to close out the $44.8 million term loan facility Pantoro holds with Nebari Partners.

The Norseman Mainfield has a production history of approximately three million ounces, which Pantoro said and was one of the highest grade producing goldfields in Australia.

“The placement puts the company in an outstanding position to accelerate growth of the production profile at Norseman,” Pantoro managing director Paul Cmrlec said.

“Pantoro is focused on growing the size and grade of the ore reserve at Norseman, and the additional funding will accelerate drilling and subsequent mine development works for additional high-grade mines at the project.”

Pantoro is also making strides at its Scotia underground mine within the Norseman project, with the first cuts taken in both the main access portal and the fresh air ventilation portal last week.

Underground and open pit contractors are currently on-site, with development expected to be progressed to independent blasting of the underground drives within the next week.

“We are very pleased with the progress being made on-site,” Cmrlec said.

“The Scotia underground mine will materially increase the amount of high-grade ore feeding the processing plant over the coming months and will be the primary ore source by the end of 2024.

“The level of cooperation between our open pit and underground contractors has been testament to the quality of their organisations and to the commitment of everyone involved to ensure the best possible outcomes for site.”

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