Guess which high-flying ASX 200 gold stock is crashing 22% today on weather woes

S&P/ASX 200 Index (ASX: XJO) gold stock Pantoro Gold Ltd (ASX: PNR) is having a day to forget.

Pantoro shares closed yesterday trading for $4.89 each. In early morning trade on Tuesday, shares crashed to $3.83, down 21.7%. After some likely bargain hunting, in later morning trade shares are changing hands for $4.04 apiece, down 17.4%.

For some context, the ASX 200 is up 1.6% at this same time.

Despite today’s big sell-off, Pantoro shares remain up 64% since this time last year. And investors who bought the ASX 200 gold stock in early March two years ago will still be sitting on gains of 366%.

Now, here’s what’s got investors reaching for their sell buttons on Tuesday.

Pantoro Gold more than doubles half-year earnings

After market close on Monday, Pantoro Gold released its half-year results (H1 FY 2026).

The ASX 200 gold stock is focused on its Norseman Gold Project, located in Western Australia.

And it’s not the past half-year results that are putting the stock under pressure today.

Over the six-month period, Pantoro reported gold production of 41,623 ounces.

Revenue came in at $238.6 million, up 55.5% from H1 FY 2025. And earnings before interest, taxes, depreciation and amortisation (EBITDA) of $135.5 million increased by 112.4%.

Net cash from operating activities also increased sharply, up 128.7% to $128.3 million.

And on the bottom line, Pantoro reported a gross profit of $85.1 million, up 467% year on year.

Turning to the balance sheet, the ASX 200 gold stock held a cash and gold balance of $216.5 million at the end of the half year, up from $119.3 million at the end of H1 FY 2025.

Pantoro Gold is debt-free and remains completely unhedged.

The half year also saw Pantoro continue exploration and extensional drilling as part of its strategy to develop multiple underground mines and drive production growth in FY 2027 and FY 2028. H1 FY 2026 saw Pantoro drill 91,962 metres and spend $63.4 million on exploration and major capital growth projects.

Which brings us back to…

ASX 200 gold stock hammered on guidance reduction

The reason Pantoro Gold shares look to be under heavy selling pressure today is management’s reduced full-year production guidance.

When the ASX 200 gold stock released its December quarterly update on 22 January, management said they expected full-year gold production to be at the lower end of the previously provided production guidance of 100,000 to 110,000 ounces of gold.

After market close yesterday, management noted:

Operations at Norseman were affected by a significant rain event associated with Ex-Tropical Cyclone Mitchell in February 2026… The event resulted in temporary flooding of multiple underground areas, and interrupted open pit and haulage operations for several days, delaying production scheduled for February until March…

The planned transition to a new underground mining contractor at the OK Underground Mine during the final quarter of the year is expected to cause some short-term interruptions…

As a result, Pantoro has cut its full-year gold production guidance to the range of 86,000 ounces to 92,000 ounces.

The post Guess which high-flying ASX 200 gold stock is crashing 22% today on weather woes appeared first on The Motley Fool Australia.

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Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.