Australian gold producer Pantoro's (ASX:PNR) string of positive cashflow quarters and December quarter production guidance of around 20,000 ounces show a strengthening investment case, according to a Monday note from Euroz Hartleys.

Pantoro's around AU$8.5 million in positive cashflow in the September quarter and "strong" balance sheet of AU$112.3 million in cash and $12.5 million in debt allow the gold miner the ability "to fund its almost unrivaled organic growth pipeline," the broker said.

Euroz Hartleys maintained its AU$0.17 price target and speculative buy recommendation, assuming production growth to 170,000 to 200,000 ounces per annum in the medium to long term.