Pantoro Gold (ASX:PNR) headlined the laggards on the ASX 200 during March 10’s early session, with shares cratering over 16% after the miner slashed its full-year production guidance.
By 10:45 am AEDT, the stock had tumbled 16.4% to $4.09, though it maintains a robust 66% gain over the past year.
The sell-off followed a March 9 evening update where Pantoro downgraded its FY26 output targets by 15% at the mid-point.
Previously aiming for 110,000 ounces, the company now expects between 86,000 and 92,000 ounces for the financial year.
While EBITDA of $135.5 million slightly exceeded analyst forecasts of $130 million, the first-half net profit after tax of $56 million fell well short of the $75 million anticipated.
Management attributed the operational setback primarily to external disruptions, most notably a severe rain event linked to Ex-Tropical Cyclone Mitchell.
The resulting floods temporarily shuttered underground areas and hindered haulage operations throughout February.
Compounding these weather woes were labour and equipment shortages experienced during the January school holiday period.
Despite the immediate production crunch, Pantoro is attempting to pivot toward long-term growth.
In a simultaneous announcement, the company confirmed it will greenlight a third underground mine at its flagship Norseman Gold Project in Western Australia.
Development is scheduled for early FY27, with the first ore extraction slated for the December quarter, as the miner looks to stabilise its output profile.
At the time of reporting, Pantoro Gold's share price was $3.93.