EMAS Positions Pani Gold Mine for Further Growth in 2027 Following 69% Q3 Production Increase - The Manila Times

AI desk brief

EMAS reported Pani gold output rose 69% quarter-on-quarter to 26,331 ounces in Q3 2026, while AISC fell 12% to $1,281/oz. However, it revised 2026 production guidance to 85,000–100,000 ounces because output could shift into early 2027; management expects 2027 production well above its previous 150,000-ounce estimate, conditional on RKAB approval. Combined 2026–27 heap-leach output is forecast above 250,000 ounces, with annual cost guidance unchanged. CIL Phase 1 construction has begun, targeting commissioning in 2028; further capacity depends on successful development and commissioning. These company-level developments do not establish a near-term directional bullion effect.