Pantoro Gold Grows Norseman Reserve 9% to 900Koz for Second Straight Year
Key Takeaways
- Pantoro's total Norseman Mineral Resource now stands at 43.1 million tonnes at 3.4 g/t Au for 4.7 million ounces, growing approximately 2% year-on-year after mining depletion.
- The Ore Reserve grew approximately 9% after depletion to 13.0 million tonnes at 2.2 g/t Au for 0.9 million ounces — the second consecutive year of post-depletion reserve growth.
- Three maiden Ore Reserves were declared in a single period: Crown Reef and Crown South, Phoenix and Butterfly at Mararoa Reef, and Lord Percy at Maybell Mining Centre.
- The Crown Reef and Crown South Mineral Resource surged 89% after historic mining depletion to 1,465,000 tonnes at 10.5 g/t Au for 496,000 ounces, with a maiden reserve of 175,000 ounces at 5.5 g/t Au.
- The Racetrack discovery is flagged as a prospective long-term growth source, with a maiden Mineral Resource and Ore Reserve targeted for 2027.
Pantoro Gold grows Norseman resource base for the second consecutive year
Pantoro Gold Limited (ASX: PNR) has released its annual Mineral Resource and Ore Reserve statement for the Norseman Gold Project (100% Pantoro), dated 29 September 2026, reporting year-on-year growth in both key inventory metrics after accounting for mining depletion.
The total Mineral Resource now stands at 43.1 million tonnes @ 3.4 g/t Au for 4.7 million ounces, while the total Ore Reserve stands at 13.0 million tonnes @ 2.2 g/t Au for 0.9 million ounces. Year-on-year, the Mineral Resource grew by approximately 2% and the Ore Reserve by approximately 9%, both measured after mining depletion. The company’s focused growth drilling programme — now entering its third year — continues to deliver results across the Norseman district.
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FY26 Mineral Resource and Ore Reserve snapshot
The table below summarises the key Mineral Resource and Ore Reserve figures across Norseman’s principal mining centres, as reported in the JORC 2012-compliant appendices released with the announcement.
| Mining Centre | Mineral Resource (oz) | MR Grade (g/t Au) | Ore Reserve (oz) | OR Grade (g/t Au) |
|---|---|---|---|---|
| Mainfield Mining Centre | 1,439,000 | 7.2 | 279,000 | 5.0 |
| OK Underground | 238,000 | 9.8 | 123,000 | 5.7 |
| Scotia Mining Centre | 765,000 (UG: 329,000 @ 5.5 g/t; OP: 436,000 @ 1.5 g/t) | — | 275,000 | — |
| Gladstone Mining Centre | 120,000 | 2.3 | 67,000 | 2.9 |
| Maybell Mining Centre | 65,000 | 1.7 | 32,000 | 2.3 |
During the period, maiden Ore Reserves were declared at three areas within the broader Norseman portfolio:
- Crown Reef and Crown South (Mainfield Mining Centre)
- Phoenix and Butterfly areas of the Mararoa Reef (Mainfield Mining Centre)
- Lord Percy (Maybell Mining Centre)
What is a Mineral Resource and Ore Reserve — and why do they matter?
These two terms sit at the heart of how you should evaluate a gold company’s long-term prospects, but they are not interchangeable.
A Mineral Resource is a concentration of minerals in the Earth’s crust with reasonable prospects for eventual economic extraction. It is classified by confidence level: Inferred (lowest confidence), Indicated, and Measured (highest confidence). A Mineral Resource tells you what is plausibly in the ground, but it is not yet a commitment to mine it.
An Ore Reserve is the economically mineable portion of a Mineral Resource. To convert a Mineral Resource into an Ore Reserve, the company must apply real-world modifying factors including mining method, dilution, cut-off grades, and cost assumptions. The Ore Reserve is the figure that underpins actual mine planning.
All Mineral Resources and Ore Reserves at Norseman are reported in accordance with JORC 2012 — the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. This is the Australian standard that ensures figures are independently verifiable, prepared by a qualified Competent Person, and suitable for market disclosure.
The key signal for investors is reserve growth after depletion. When a company replaces gold faster than it mines it, mine life is extending, not contracting. That is the difference between a mine that is growing its future and one that is running down its inventory.
Mainfield and Racetrack positioned as long-term growth engines
The Mainfield Mining Centre delivered the most significant updates this period, with the Crown Reef and Crown South Mineral Resource receiving a major upgrade.
- Crown Reef and Crown South update: The combined Mineral Resource now stands at 1,465,000 tonnes @ 10.5 g/t Au for 496,000 ounces — an increase of 89% after historic mining depletion. The Crown Reef is a historically mined deposit now being re-drilled and updated under Pantoro’s resource definition programme. Maiden Ore Reserves for these lodes were also declared, totalling 996,000 tonnes @ 5.5 g/t Au for 175,000 ounces.
- Mararoa Reef maiden reserve: Maiden Ore Reserves for the Phoenix and Butterfly lodes at the Mararoa Reef were established at 294,000 tonnes @ 4.0 g/t Au for 38,000 ounces. The combined Phoenix and Butterfly Mineral Resource stands at 792,000 tonnes @ 6.2 g/t Au for 158,000 ounces, a decrease of 2% after historical mining depletion.
- Racetrack discovery — 2027 target: The announcement highlighted the Racetrack discovery as a prospective long-term growth source for the Norseman project. A maiden Mineral Resource and Ore Reserve for Racetrack is expected in 2027. This is a forward-looking target, not a current result.
The announcement also noted that large zones within the Crown, Mararoa and Bullen reefs remain untested by Pantoro, providing further inventory upside over the foreseeable future. The announcement was authorised by Managing Director Paul Cmrlec, though no direct executive quote was included in the announcement text.
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Exploration momentum building across the broader Norseman district
Beyond Mainfield, several additional centres recorded meaningful updates during the period.
Key highlights from the peripheral centres include:
- Hinemoa maiden Mineral Resource (Polar Bear Mining Centre): A maiden open pit Mineral Resource was estimated following additional surface drilling, totalling 603,000 tonnes @ 1.9 g/t Au for 37,000 ounces. The broader Polar Bear Mineral Resource now stands at 862,000 tonnes @ 2.0 g/t Au for 55,000 ounces.
- Lord Percy maiden Ore Reserve (Maybell Mining Centre): A maiden Ore Reserve was declared for the Lord Percy deposit. The combined Maybell Mining Centre Ore Reserve now stands at 440,000 tonnes @ 2.3 g/t Au for 32,000 ounces.
- OK Underground life extension: The updated Ore Reserve for the OK Underground now stands at 674,000 tonnes @ 5.7 g/t Au for 123,000 ounces, representing a 6% increase in ounces after mining depletion, extending the operation’s life of mine.
Looking ahead, the announcement noted that extended zones of mineralisation remain in the Inferred category at the Scotia Mining Centre, with infill drilling planned in conjunction with extensional drilling during FY27 for ongoing conversion to Ore Reserves.
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