S&P/ASX 200 Index (ASX: XJO) gold stock Pantoro Gold Ltd (ASX: PNR) is sinking today.
Pantoro Gold shares closed yesterday trading for $3.81. In morning trade on Tuesday, shares are swapping hands for $3.52 each, down 7.6%.
For some context, the ASX 200 is down 0.6% at this same time, while the S&P/ASX All Ordinaries Gold Index (ASX: XGD) is down a steeper 2.1%.
Pantoro is focused on its 100%-owned Norseman Gold Project, located in Western Australia. The project has a current Total Mineral Resource of 4.6 million ounces of gold.
Here's why investors look to be favouring their sell buttons today.
Image source: Getty Images
ASX 200 gold stock slides on weather woes
Pantoro Gold shares are under pressure following the release of the company's third-quarter update (Q3 FY 2026).
For the three months to 31 March, the ASX 200 gold stock produced 17,757 ounces of gold. That's down 19.5% quarter on quarter.
The miner sold 20,016 ounces of gold during the quarter, receiving an average price of $6,916 per ounce.
Investors will also have noted the rising costs.
Pantoro Gold reported an all-in Sustaining Cost (AISC) for the quarter of $3,204 per ounce. That's up 24.5% from the AISC of $2,573 per ounce in Q2 FY 2025.
On the earnings front, the ASX 200 gold stock reported earnings before interest, taxes, depreciation and amortisation (EBITDA) of $88.4 million.
The miner's cash and gold balance increased by $37.7 million over the quarter, after exploration and project capital expenditures of $32.7 million.
Over the three months, Pantoro Gold continued with its exploratory drill campaign, operating four underground diamond drill rigs and three reverse circulation (RC) surface rigs. The miner expects a fifth underground diamond drill at Norseman within the next few weeks.
The March quarter also saw Pantoro Gold announce a share buyback program. The company has since purchased some $4.63 million worth of shares under the buyback program.
What's been hampering Pantoro Gold's operations?
Like many miners in Western Australia, the ASX 200 gold stock was hit with wet weather and low cloud during February and March.
This impacted flights in and out of site, open-pit mining, and ore haulage activities. Pantoro's Scotia mine also suffered flooding from Cyclone Mitchell.
As for impacts from the Middle East conflict, management noted:
To date, Pantoro has not been affected by the nation-wide fuel shortages and has long term supply contracts in place with a major Australian refiner and fuel supplier. The situation is being closely monitored with contingency planning in place should it be required in the future.
Management reaffirmed that Pantoro Gold is on track to achieve its full-year FY 2026 production guidance range of 86,000 to 92,000 ounces of gold.
