Pantoro Gold's (ASX:PNR) medium to long-term target of 170,000 ounces to 200,000 ounces of gold per annum is unaffected despite weaker than expected December 2025 quarter production, according to a Thursday report by Euroz Hartleys.

On Thursday, the company said production for the quarter ended Dec. 31, 2025, came in at 22,071 ounces of gold and 22,473 ounces of gold sold at an average gold price of AU$6,077 per ounce.

The company also said it expects fiscal 2026 production to be at the lower end of the previously provided production guidance of 100,000 ounces of gold to 110,000 ounces of gold.

Euroz Hartleys expected the company to produce 25,000 ounces of gold in the quarter and said the miss was due to lower processed tonnes through the mill.

It believes the biggest challenge for the company is to fill the processing plant with higher grade material.

The investment advisory firm also continues to expect shareholder returns from the company.

Euroz Hartleys maintained Pantoro Gold's speculative buy rating and raised its price target to AU$8.18 from AU$6.16.

Shares of Pantoro Gold rose 6% in recent Friday trade.