Pantoro boosts capital raise to $100 million for Norseman Project expansion

Cloud PRWire

May 15, 2024
by Cloud PR Wire

–News Direct–

Pantoro Ltd (ASX:PNR) managing director Paul Cmrlec sits down with Proactives Jonathan Jackson to chat about the increase of its institutional placement by 13.64% to $100 million due to high demand from new and existing, domestic and international institutional investors. This financial backing will support Pantoro's growth initiatives, including the development of the Scotia Underground Mine at the Norseman Project in Western Australia. Originally planned at $88 million, the increase will specifically help restructure the company's balance sheet and accelerate growth operations at the Norseman Project. The raised funds will be used to close out a US$29.6 million Term Loan Facility with Nebari Partners LLC, saving approximately A$18.5 million in principal and interest payments during FY25. Additionally, the funds will support accelerated exploration and drilling to establish a third high-grade underground mine and commence studies for the Norseman Mainfield's mining reactivation. This site historically produced about 3 million ounces and was among Australias highest-grade goldfields. Development at the Scotia Underground Mine is advancing, with significant progress in site integration and operational efficiencies. This development is poised to make the Scotia mine the primary ore source by end of 2024.