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We've finally begun the Q2 earnings season for the Gold Miners Index (GDX), while the majority of the Australian gold producers are reporting their fiscal Q4 results and getting ready to move into FY-2021. The most recent name to report among the Australian gold producers is Pantoro (PNTOF), a junior gold producer whose investment thesis has been reinvigorated by acquiring a 50% stake in the past-producing Norseman Gold Project. The company had a solid year in FY-2020 with quarterly gold production of over 38,000 ounces, and now has no hedges left,