Pantoro Ltd (PNR) is a gold producer with its flagship project near Halls Creek in the Kimberley Region of Western Australia. PNR acquired the Halls Creek Project in 2014 and poured first gold in late 2015. The project currently has a Mineral Resource of 1.5Mt at 8.3g/t Au containing approximately ~400koz Au. Organic growth is a key value driver with recent exploration success at Nicolsons, a second production centre at Wagtail and near-term development at Grants Creek highlighting the potential to increase mine life and production. We see near term value uplift from increased production and exploration success from both in-mine and regional assets. In addition, PNR’s appeal as an M&A predator/prey increases in a high gold price environment. Argonaut initiates coverage on PNR with a BUY recommendation and target price of $0.34ps.

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