EMAS Positions Pani Gold Mine for Further Growth in 2027 Following 69% Q3 Production Increase - Macau Business

AI desk brief

EMAS reported Pani gold production rose 69% quarter-on-quarter to 26,331 ounces in Q3 2026, while AISC fell 12% to US$1,281/oz. However, it revised 2026 output guidance to 85,000–100,000 ounces because production could shift into early 2027; combined 2026–27 heap-leach output is expected to exceed 250,000 ounces, with 2027 output well above its previous 150,000-ounce estimate conditional on RKAB approval. CIL Phase 1 construction has begun, targeting commissioning in 2028; a second plant remains planned. These company projections depend on execution and approvals; the update does not establish a material near-term bullion-price effect.