Pantoro (ASX:PNR) is still likely to generate decent cashflows of AU$30 million to AU$40 million per quarter even at its this lower run rate of around 90,000 ounces per annum, Euroz Hartleys said in a Tuesday note.

It has declined around 50% year-to-date, making it the worst-performing gold producer on the ASX. This is because it downgraded its fiscal year 2026 guidance in March to 86,000 ounces to 96,000 ounces, weak gold equity sentiment on the ASX, and because the market is expecting another weak quarter of production.

Euroz Hartleys is expecting June quarter production of 24,000 ounces at an all-in sustaining cost of around AU$2,800 per ounce. It forecast fiscal year 2027 production at 103,000 ounces at AU$2,850 per ounce.

The firm getting a takeover offer would not come as a surprise, the note added.

The investment firm maintained its speculative buy recommendation and its AU$6.52 per share price target.