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Australian gold miner developing the historic Norseman goldfield in Western Australia.
Australian gold miner developing the historic Norseman goldfield in Western Australia.
Sells gold at the market price to refiners, so income is ounces poured times the gold price. It runs the historic Norseman goldfield in Western Australia as its only site, so one set of mines and one plant set the company's output.
In one line: A small-cap US junior gold miner.
Moat: none. Single-asset gold producer/developer; no scale or cost advantage over other junior miners.
Headquarters: West Perth, Australia
Size Pantoro Gold (PNR.AX) is an Australia Materials company (Precious Metals) with a market value of $826M, the 201st largest of 316 Australia companies the cockpit tracks. Shares closed at A$3.06 on 6 Nov 2026.
Performance Over six months the shares fell 9.2%, against -18.1% for the median peer and +4.1% for the Australia market (cap-weighted) — 8th highest of 19 in its peer set.
Growth Revenue grew 34.5% over the last twelve months (peer median +64.6%); the operating margin is 33.8% (peer median 20.6%).
Valuation It trades at 12.2× forward earnings against a peer median of 12.8× (6th cheapest of 11).
Price implies For today's price to make sense, revenue must grow about 0% a year for seven years (Req g). Recent delivered growth is +41%, so the hurdle is -41 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 11.0 points above its cost of capital (12.8% WACC).
Next results Next results expected around 15 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|---|
| Revenue | A$481M | A$481M | A$357M | A$229M | A$98.5M |
| Revenue growth | — | +35% | +56% | +133% | — |
| Gross profit | A$166M | A$166M | A$95.1M | -A$52.6M | -A$55.0M |
| EBITDA | A$267M | A$267M | A$184M | A$22.8M | -A$28.8M |
| Net income | A$113M | A$113M | A$56.7M | -A$49.3M | -A$74.6M |
| Free cash flow | A$157M | A$157M | A$96.3M | -A$37.4M | -A$73.7M |
| Capital expenditure | A$173M | A$173M | A$107M | A$40.7M | A$63.9M |
| Total debt | n/a | A$70.1M | A$78.4M | A$56.1M | A$79.6M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Pantoro Gold PNR.AX | $826M | -9% | +35% | 34% | 12.2× | -0.5% |
| Genesis Minerals GMD.AX | $5.73B | +6% | +89% | 45% | 15.1× | 7.2% |
| Northern Star Resources NST.AX | $25.3B | +19% | +19% | 35% | 17.8× | 17.5% |
| Regis Resources RRL.AX | $3.49B | -3% | +43% | 43% | 8.5× | -9.5% |
| Ramelius Resources RMS.AX | $4.78B | +3% | -14% | 42% | 19.0× | 13.7% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | PNR.AX | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +2.7% | -10.8% | 2nd highest of 21 |
| 6-month return | -9.2% | -18.1% | 8th highest of 19 |
| Distance from 52-week high | -48.8% | -42.1% | 5th lowest of 21 |
| Revenue growth (TTM) | +34.5% | +64.6% | 3rd lowest of 11 |
| Operating margin | 33.8% | 20.6% | 5th highest of 13 |
| Forward P/E | 12.2× | 12.8× | 6th cheapest of 11 |
| Growth the price implies (Req g, 7 yrs) | -0.5% | 7.1% | 3rd least demanding of 8 |
| Growth delivered (Del g) | +40.5% | +59.3% | 3rd lowest of 8 |
| Hurdle (Req g minus delivered) | -41.0 pp | -52.3 pp | 4th most demanding of 8 |
| ROIC minus cost of capital | +11.0 pp | -13.8 pp | 5th highest of 20 |
| EV / EBITDA | 4.0× | 8.7× | 3rd cheapest of 9 |
| Net debt / EBITDA | -0.5× | -0.4× | 5th least indebted of 9 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Pantoro Gold PNR.AX | Australia | $826M | -9% | +35% | 34% | 12.2× | -0.5% | +40.5% |
| Liberty Gold LGD.TO | Canada | $819M | +50% | n/a | n/a | n/a | n/a | n/a |
| Cadillac Mines CADY.TO | Canada | $815M | n/a | n/a | n/a | n/a | n/a | n/a |
| Osisko Gold OGG.V | Canada | $814M | -18% | +805% | -51% | n/a | n/a | n/a |
| Avino Silver & Gold Mines ASM.TO | Canada | $799M | -30% | +54% | 44% | 14.0× | 23.6% | +42.1% |
| Dakota Gold DC | United States | $798M | -1% | n/a | n/a | n/a | n/a | n/a |
| FireFly Metals FFM.AX | Australia | $798M | -31% | n/a | n/a | n/a | n/a | n/a |
| Critical Metals CRML | United States | $864M | -58% | n/a | n/a | n/a | n/a | n/a |
| Kingsgate Consolidated KCN.AX | Australia | $779M | -39% | +77% | 38% | 11.5× | -6.9% | +117.2% |
| Omai Gold Mines OMG.V | Canada | $879M | -23% | n/a | n/a | n/a | n/a | n/a |
| Highlander Silver HSLV.TO | Canada | $906M | -23% | n/a | -60% | n/a | n/a | n/a |
| Catalyst Metals CYL.AX | Australia | $746M | -28% | +75% | 45% | 9.5× | -15.5% | +85.8% |
| Founders Metals FDR.V | Canada | $734M | +42% | n/a | n/a | n/a | n/a | n/a |
| McEwen MUX.TO | Canada | $954M | -31% | +54% | -3% | 31.8× | 59.7% | +15.2% |
| Mako Mining MKO.V | Canada | $712M | +7% | +79% | 41% | 10.5× | 1.5% | +156.3% |
| Yunding Technology 000409.SZ | China | $960M | -18% | +6% | 6% | 69.8× | n/a | n/a |
| Griffin Mining GFM.L | United Kingdom | $711M | -4% | +29% | 30% | 20.3× | 13.2% | +12.2% |
| Santacruz Silver Mining SCZ.TO | Canada | $707M | n/a | +38% | 30% | 9.8× | 7.1% | +59.3% |
| Tungsten West TUN.L | United Kingdom | $694M | -18% | n/a | -1,558% | 106.7× | n/a | n/a |
| EQ Resources EQR.AX | Australia | $1.01B | +6% | +150% | 11% | 4.3× | n/a | n/a |
| First Mining Gold FF.TO | Canada | $670M | +33% | n/a | n/a | n/a | n/a | n/a |