Shares of Pantoro (ASX:PNR) surge by as much as 17.7% to A$0.040, marking their most considerable intraday gain since March 20.

The gold producer reported an increase in September quarter gold production to 13,168 ounces at its Norseman Gold Project, compared to 10,345 ounces in the June quarter.

The shares climbed to their highest level since September 26.

Roughly 9.3 million shares were traded, slightly above the 30-day average of 8.6 million shares.

Pantoro’s stock, however, has declined 64.6% Year-to-Date as of its most recent closing.

Pantoro is a gold production company majorly involved in the Norseman Gold Project.