Pantoro Gold Ltd (ASX: PNR) shares are being smashed on Wednesday after the gold miner released its FY26 result and FY27 guidance.

At the time of writing, the Pantoro share price is down a massive 20.59% to $1.755.

The fall adds to a brutal run for the ASX gold stock. Pantoro shares are now down around 34% over the past month and 64% since the start of 2026.

Here’s what the company revealed.

Production misses the mark

According to the release, Pantoro produced 77,408 ounces of gold in FY26, including 18,028 ounces in the June quarter.

The weaker result mainly came down to the underground operations.

Pantoro said production was below expectations at the OK and Scotia underground mines, with contractor performance and labour shortages both weighing on the result.

The OK mine also had a messy finish to the year.

Production in May was hit by the changeover to a new mining contractor. June was better, but Pantoro said the ramp-up under the new contract is still underway.

The company also had to deal with higher ground pressure and unexpected seismic activity in the deeper parts of OK. As a result, Pantoro had to change access plans and adjust the mining sequence.

FY27 guidance fails to settle nerves

Pantoro’s FY27 guidance probably hasn’t helped sentiment either.

The company is expecting production of 90,000 to 105,000 ounces, with all-in sustaining costs (AISC) of $2,800 to $3,400 an ounce.

Pantoro said the first half of FY27 will be more about stabilising the operation as the recent changes start to flow through.

A stronger finish is expected later in the year, helped by new ore sources coming into the mine plan.

Management expects the first half to deliver 40% to 45% of annual production, with the remaining 55% to 60% coming in the second half.

Balance sheet remains a positive

The update was not all bad, though.

Pantoro said cash and gold bullion grew from $175.8 million to $223.4 million during FY26, and the company remains debt-free.

It also put around $14.8 million into an on-market share buyback, invested $54 million in exploration, and spent around $67 million on major projects capital.

Can Pantoro shares recover?

Pantoro still has a few ways to lift production at Norseman.

Green Lantern is expected to restart from the September 2026 quarter, while O’Brien’s Reef, Gladstone, Daisy South, and the Mega Resources partnership are also expected to add ore through FY27.

The debt-free balance sheet helps, but the market isn’t going to care much about extra ore sources unless production starts to improve.

Until then, Pantoro needs to show that the changes underground are actually making a difference.

The post This ASX gold stock just crashed 20%. Here’s why investors are selling appeared first on The Motley Fool Australia.

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Motley Fool contributor Aaron Teboneras 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.

S&P/ASX 200 Index (ASX: XJO) shares are down 0.7% to 8,726.2 points on Thursday.

Here at The Fool, we’ve been super busy analysing the market’s performance over FY26.

You might like to check out the 13 ASX 200 shares that doubled (or better) in value last year.

Or the best and worst-performing ASX 200 sectors. Or the No. 1 stock for capital growth in each sector.

In this article, we look ahead to FY27.

Experts reckon these ASX 200 shares could be in for an exceptional period of growth in the new financial year.

Here’s why.

Mesoblast Ltd (ASX: MSB) 

The Mesoblast share price rose by a very respectable 18% in FY26 to finish at $1.96 on 30 June. 

Bell Potter reiterated its speculative buy rating last week with an unchanged target of $4.45. 

This implies the Mesoblast share price could more than double over the next 12 months. 

The broker said: 

The key overhang on the stock remains clinical trial risk with three massive valuation events over the next 18 months being adult GvHD, back pain and the BLA approval for the first indication in HF.

None of these are priced in.

The broker added:

The recent clinical trial fail by Cynata and its MSC in adult GvHD highlights yet again the risks involved in drug development.

MSB will shortly enrol the first of 180 patients in its randomised, controlled, double blind label expansion study for Ryoncil, also in adult GvHD, albeit with risk of failure mitigated by numerous factors.

These factors include a tried and tested potency assay, more aggressive dose (up to 300% higher than the Cynata product) and a 2nd line patient population that has progressed following steroid therapy.

Judo Capital Holdings Ltd (ASX: JDO)

The Judo share price fell 40% in FY26 to finish at 94 cents.

Judo was smashed in the final month of FY26 after downgrading its profit guidance.

Morgans renewed its buy rating on the ASX 200 bank share with a drastic cut to its price target, which is now $1.47.

This implies the broker is confident of a strong bounce back of at least 55% over the next year.

Morgans said:

The share price drawdown was vicious (particularly considering the decline that had already occurred since February).

While the earnings growth outlook has moderated, we still forecast c.30% EPS growth across both FY26 and FY27 with the stock now trading on a c.6.8x PER (FY27F) and 0.6x P:BV (end-FY26).

A significant risk premium or probability of failure has been priced into the stock. BUY.

Zip Co Ltd (ASX: ZIP)

The Zip share price rose 5.5% to close out FY26 at $3.24 on 30 June.  

Jonathon Higgins from United Capital Partners (UCPS) says Zip shares are a buy for FY27.

Higgins is impressed with the buy now, pay later company’s turnaround.

In a note, Higgins said Zip was on track to report annual cash earnings of more than $260 million just three years after a $50 million loss. 

Higgins says the market is underappreciating Zip’s cost discipline and its growth prospects in the US.

UCPS has a 12-month target of $4.85. This implies a possible 50% upside over the next year.

Higgins said:

Sustainable earnings momentum against structural growth is hard to find on the ASX currently. 

The post 3 ASX 200 shares with 50% to 100% upside in FY27 appeared first on The Motley Fool Australia.

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Motley Fool contributor Bronwyn Allen has positions in Zip Co. 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.

After a huge 12-month run, Cobre Ltd (ASX: CBE) shareholders are seeing some selling pressure on Wednesday.

The ASX copper stock has returned from a trading halt, and investors have not exactly rushed back in.

At the time of writing, the Cobre share price is down 10.61% to 29.5 cents.

Even after today’s fall, Cobre shares are still up 195% since the start of 2026 and around 640% over the past year.

Here’s what the company revealed.

$90 million placement completed

According to the release, Cobre has received firm commitments to raise $90 million before costs through a two-tranche placement.

The company will issue around 300 million new shares at 30 cents each to institutional, sophisticated, and professional investors.

The first tranche is expected to raise about $72 million, while the second tranche is expected to raise a further $18 million.

However, the second tranche will need shareholder approval at an extraordinary general meeting, which is expected to be held in late August or early September.

Cobre said the raising was strongly supported by new and existing shareholders, including global resources specialists and domestic and offshore investors.

Two of its major shareholders, Tribeca Investment Partners and Strata Investment Holdings, helped cornerstone the raising.

Cobre directors are also planning to take part, with board members committing a combined $200,000, subject to shareholder approval.

Where the money is going

A big chunk of the raising is being directed towards Cobre’s Sierra Atacama Copper Project in Chile.

Cobre said the money will go towards increasing its stake in the project, repaying debt, upgrading the plant, and funding more drilling.

The company has set aside $29 million for plant upgrades and other development costs at Sierra Atacama.

Another $26 million is expected to go towards debt repayment, while $17 million will be used to increase Cobre’s ownership in the project.

Cobre also plans to spend $17 million on Sierra Atacama exploration, including resource, near-mine, and high-grade sulphide drilling.

Why are Cobre shares falling?

The selling pressure appears to be coming from the terms of the capital raising.

Cobre priced the placement at 30 cents per share, which is a 9.1% discount to its last close of 33 cents on 6 July. It is also below the 10-day volume weighted average price of 32.8 cents.

Furthermore, the raising will add a large number of new shares.

If both tranches are completed, Cobre will issue around 300 million new shares, adding to the 966 million shares it already has on issue.

After such a strong run over the past year, the discounted placement and extra shares were always going to weigh on the stock.

The next things to watch are the shareholder vote on the second tranche and the next round of work at Sierra Atacama.

The post This ASX stock is tumbling 10% after huge 640% run. Here’s why appeared first on The Motley Fool Australia.

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Motley Fool contributor Aaron Teboneras 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.