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ASX:PNRDIGGERS AND DEALERSAugust 2025 For personal use only
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Important NotesNatureofDocument.ThispresentationhasbeenpreparedandissuedbyPantoroLimited(PantoroorCompany)toprovidegeneralinformationaboutPantoro.SummaryInformation.TheinformationinthisdocumentisinsummaryformandshouldnotberelieduponasacompleteandaccuraterepresentationofanymattersthatareadershouldconsiderinevaluatingPantoro.Whilemanagementhastakeneveryefforttoensuretheaccuracyofthematerialinthispresentation,Pantoroanditsadvisershavenotverifiedtheaccuracyorcompletenessofthematerialcontainedinthispresentation.Notanoffer.Thispresentationanditscontentsarenotaninvitation,offer,solicitationorrecommendationwithrespecttothepurchaseorsaleofanysecuritiesinPantoroinanyjurisdictionandmustnotbedistributed,transmitted,orviewedbyanypersoninanyjurisdictionwherethedistribution,transmissionorviewingofthisdocumentwouldbeunlawfulunderthesecuritiesorotherlawsofthatoranyotherjurisdiction.ThispresentationisnotaprospectusoranyotherofferingdocumentunderAustralianlaw(andwillnotbelodgedwiththeAustralianSecuritiesandInvestmentsCommission)oranyotherlaw.Notfinancialproductadvice.NeitherPantoronoranyofitsrelatedbodiescorporateislicensedtoprovidefinancialproductadviceinrespectofPantoro'ssecuritiesoranyotherfinancialproducts.Youshouldnotactandrefrainfromactinginrelianceonthispresentation.Nothingcontainedinthispresentationconstitutesinvestment,legal,taxorotheradvice.Thispresentationdoesnottakeintoaccounttheindividualinvestmentobjectives,financialsituationandparticularneedsofPantoroshareholders.BeforemakingadecisiontoinvestinPantoroatanytime,youshouldconduct,withtheassistanceofyourbrokerorotherfinancialorprofessionaladviser,yourowninvestigationinlightofyourparticularinvestmentneeds,objectivesandfinancialcircumstancesandperformyourownanalysisofPantorobeforemakinganyinvestmentdecision.Disclaimer.Norepresentationorwarranty,expressorimplied,ismadebyPantorothatthematerialcontainedinthispresentationwillbeachievedorprovedcorrect.Exceptforstatutoryliabilitywhichcannotbeexcluded,eachofPantoro,itsdirectors,officers,employees,advisorsandagentsexpresslydisclaimsanyresponsibilityfortheaccuracy,fairness,sufficiencyorcompletenessofthematerialcontainedinthispresentationandexcludesallliabilitywhatsoever(includinginnegligence)foranylossordamagewhichmaybesufferedbyanypersonasaconsequenceofanyinformationinthispresentationoranyeffortoromissiontherefrom.Pantorowillnotupdateorkeepcurrenttheinformationcontainedinthispresentationortocorrectanyinaccuracyoromissionwhichmaybecomeapparent,ortofurnishanypersonwithanyfurtherinformation.Anyopinionsexpressedinthepresentationaresubjecttochangewithoutnotice.Unlessrequiredbylaworregulation(includingtheASXListingRules),Pantoroandtheirrespectivedirectors,officers,employees,advisers,agentsandotherintermediariesdisclaimanyobligationorundertakingtoprovideanyadditionalorupdatedinformation,whetherasaresultofnewinformation,futureeventsorresultsorotherwise(includingtoreflectanychangeinexpectationsorassumptions).Nothinginthispresentationwill,underanycircumstances(includingbyreasonofthispresentationremainingavailableandnotbeingsupersededorreplacedbyanyotherpresentationorpublicationwithrespecttoPantoroorthesubjectmatterofthispresentation),createanimplicationthattherehasbeennochangeintheaffairsofPantorosincethedateofthispresentation. ForwardLookingStatementsandfutureperformanceThispresentationcontainsforwardlookingstatementsaboutPantoro.Often,butnotalways,forwardlookingstatementscanbeidentifiedbytheuseofforwardlookingwordssuchas“may”,“will”,“expect”,“intend”,“plan”,“estimate”,“anticipate”,“continue”,and“guidance”,orothersimilarwordsandmayinclude,withoutlimitation,statementsinthispresentationregardingintent,belief,expectations,plans,strategiesandobjectivesofmanagement,indicationsofandguidanceonsynergies,futureearningsorfinancialpositionorperformance,futureacquisitions,anticipatedproductionorconstructioncommencementdates,costsorproductionoutputsforPantoro(basedon,amongotherthings,respectiveestimatesofproductionfortheperiodsspecificallyreferredtointhispresentation),andthefutureoperationofPantoro.Pantorodoesnotmakeanyrepresentationorwarrantyastothecurrency,accuracy,reliabilityorcompletenessofanyforwardlookingstatementscontainedinthispresentation.Totheextentthatthispresentationcontainsforwardlookinginformation,theforwardlookinginformationissubjecttoanumberofrisks,includingthosegenerallyassociatedwiththegoldindustryandtheminingindustrymorebroadly.Anysuchforwardlookingstatementinherentlyinvolvesknownandunknownrisks,uncertaintiesandotherfactorsthatmaycauseactualresults,performanceandachievementstobemateriallygreaterorlessthanestimated.Thesemayinclude,butarenotlimitedto,changesincommodityprices,foreignexchangefluctuationsandgeneraleconomicconditions,increasedcostsanddemandforproductioninputs,thespeculativenatureofexplorationandprojectdevelopment(includingtherisksofobtainingnecessarylicensesandpermitsanddiminishingquantitiesorgradesofreserves),politicalandsocialrisks,changestotheregulatoryframeworkwithinwhichPantorooperatesormayinthefutureoperate,environmentalconditionsincludingextremeweatherconditions,geologicalandgeotechnicalevents,andotherenvironmentalissues,therecruitmentandretentionofkeypersonnel,industrialrelationsissues,litigationandoutbreaksofdiseaseorpandemics(includingthecontinuationorescalationoftheglobalCOVID-19pandemic.Anysuchforwardlookingstatementsarebasedonassumptions,qualificationsandcontingencieswhicharesubjecttochangeandwhichmayultimatelyprovetobemateriallyincorrect,asarestatementsaboutmarketandindustrytrends,whicharebasedoninterpretationsofcurrentmarketconditions.Investorsshouldconsideranyforwardlookingstatementscontainedinthispresentationinlightofsuchmatters(andtheirinherentuncertainty)andnotplacerelianceonsuchstatements.Forwardlookingstatementsarenotguaranteesorpredictionsoffutureperformanceandmayinvolvesignificantelementsofsubjectivejudgment,assumptionsastofutureeventsthatmaynotbecorrect,knownandunknownrisks,uncertaintiesandotherfactors,manyofwhichareoutsidethecontrolofPantoro.AnyforwardlookingstatementsarebasedoninformationavailabletoPantoroasatthedateofthispresentation.Exceptas 2 For personal use only
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Important Notes (Continued)Pastperformance.Pastperformancemetricsandfigures(includingpastsharepriceperformanceofPantoro),aswellasproformafinancialinformation,includedinthispresentationaregivenforillustrativepurposesonlyandshouldnotberelieduponas(andisnot)anindicationofPantoro’s,oranyotherparty’sviewsonPantoro’sfuturefinancialperformanceorconditionorprospects.Investorsshouldalsonotethattheproformahistoricalfinancialinformationisforillustrativepurposeonly.InvestorsshouldnotethatpastperformanceofPantoro,includinginrelationtothehistoricaltradingpriceofPantoroshares,production,mineralresourcesandorereserves,costsandotherhistoricalfinancialinformationcannotberelieduponasanindicatorof(andprovidesnoguidance,assuranceorguaranteeasto)futurePantoroperformance,includingthefuturetradingpriceofPantoroshares.Thehistoricalinformationincludedinthispresentationis,orisbasedon,informationthathaspreviouslybeenreleasedtothemarket.ExplorationTargets,ExplorationResults.TheinformationinthisreportthatrelatestoExplorationTargetsandExplorationResultsisbasedoninformationcompiledbyMrScottHuffadine(B.Sc.(Hons)),aCompetentPersonwhoisaMemberoftheAustralianInstituteofGeoscientists.MrHuffadineisaDirectorandfulltimeemployeeoftheCompany.MrHuffadineiseligibletoparticipateinshortandlongtermincentiveplansofandholdsshares,optionsandperformancerightsintheCompanyashasbeenpreviouslydisclosed.MrHuffadinehassufficientexperiencethatisrelevanttothestyleofmineralisationandtypeofdepositunderconsiderationandtotheactivitybeingundertakentoqualifyasaCompetentPersonasdefinedinthe2012Editionofthe‘AustralasianCodeforReportingofExplorationResults,MineralResourcesandOreReserves’.MrHuffadineconsentstotheinclusioninthereportofthemattersbasedonhisinformationintheformandcontextinwhichitappears.ASXListingRule5.23MineralResources&OreReserves.ThispresentationcontainsestimatesofPantoro’sorereservesandmineralresources,aswellasestimatesoftheNorsemanGoldProject’sorereservesandmineralresources.TheinformationinthispresentationthatrelatestotheorereservesandmineralresourcesofPantorohasbeenextractedfromareportentitled‘AnnualMineralResource&OreReserveStatement’announcedon26September2024andisavailabletoviewontheCompany’swebsite(www.pantoro.com.au)andwww.asx.com(PantoroAnnouncement).ForthepurposesofASXListingRule5.23,PantoroconfirmsthatitisnotawareofanynewinformationordatathatmateriallyaffectstheinformationincludedinthePantoroAnnouncementand,inrelationtotheestimatesofPantoro'sorereservesandmineralresources,thatallmaterialassumptionsandtechnicalparametersunderpinningtheestimatesinthePantoroAnnouncementcontinuetoapplyandhavenotmateriallychanged.PantoroconfirmsthattheformandcontextinwhichtheCompetentPerson'sfindingsarepresentedhavenotbeenmateriallymodifiedfromthatannouncement.ASXListingRule5.19ProductionTargets.TheinformationinthisannouncementthatrelatestoproductiontargetsofPantorohasbeenextractedfromreportsentitled‘DFSfortheNorsemanGoldProject’announcedon12October2020,‘AnnualMineralResource&OreReserveStatement’announcedon26September2022,‘AnnualMineralResource&OreReserveStatement’announcedon29September2023,‘UndergroundDevelopmenttoCommenceatScotia’announcedon17January2024and‘QuarterlyActivities/Appendix5BCashFlowReport’announcedon21July2025andareavailabletoviewontheCompany’swebsite(www.pantoro.com.au)andwww.asx.com(PantoroProductionAnnouncements). ForthepurposesofASXListingRule5.19,Pantoroconfirmsthatallmaterialassumptionsunderpinningtheproductiontarget,ortheforecastfinancialinformationderivedfromtheproductiontarget,inthePantoroProductionAnnouncementscontinuetoapplyandhavenotmateriallychanged.JORCCode.ItisarequirementoftheASXListingRulesthatthereportingoforereservesandmineralresourcesinAustraliacomplywiththeJointOreReservesCommittee’sAustralasianCodeforReportingofMineralResourcesandOreReserves("JORCCode").InvestorsoutsideAustraliashouldnotethatwhileorereserveandmineralresourceestimatesoftheCompanyinthisdocumentcomplywiththeJORCCode(suchJORCCode-compliantorereservesandmineralresourcesbeing"OreReserves"and"MineralResources"respectively),theymaynotcomplywiththerelevantguidelinesinothercountriesand,inparticular,donotcomplywith(i)NationalInstrument43-101(StandardsofDisclosureforMineralProjects)oftheCanadianSecuritiesAdministrators(the"CanadianNI43-101Standards");or(ii)Item1300ofRegulationS-K,whichgovernsdisclosuresofmineralreservesinregistrationstatementsfiledwiththeSEC.InformationcontainedinthisdocumentdescribingmineraldepositsmaynotbecomparabletosimilarinformationmadepublicbycompaniessubjecttothereportinganddisclosurerequirementsofCanadianorUSsecuritieslaws.Previouslyreporteddrillresults–Theinformationisextractedfromthereportsentitled'MainfieldReturnsNumerousHighGradeResults'createdon31July2021,'GrowthprogramofftoastrongstartintheMainfield'createdon17February2025and'HighGradeExtensionsatOKUndergroundMine'createdon30July2025andareavailabletoviewonPantoro’swebsite(www.pantoro.com.au)andtheASX(www.asx.com.au).Thecompanyconfirmsthatitisnotawareofanynewinformationordatathatmateriallyaffectstheinformationincludedintheoriginalmarketannouncements. 3 For personal use only
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4 Notes:1.Refer to page 3 for cautionary statements regarding production targets.2.Refer to page 24 for full details of Mineral Resource & Ore Reserve. Large, High-Grade Mineral Resource Norseman PRIMED for GrowthGrowing Gold Production PositionPositioned For Growth In One Of WA’s Highest Grade Goldfields Large Pipeline of Ore Sources 44.9 Mt @ 3.3 g/t for 4.7 million ounces gold New, fully operational gold mining operationResource& Reserves WANew processing plant operating above nameplate capacityat 1.2 million tpaand readily expandable.High grade OK Underground Mine outperformingthe Mineral Resource and Ore Reserve.Scotia Underground Mine in production and continuing to ramp up.Open pits operationalat Princess Royal.Rehabilitatingthe Bullen Mine in the Mainfield. Growth strategy aims to add high grade mill feed to expand to +200Kozpa in medium term.Programme underwayand ramping up in FY26. For personal use only
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Corporate Structure Share Price1 A$3.66Ordinary Shares393 millionOptions and rights8.5 millionCash and gold1,2 A$176 millionMarket Capitalisation1 A$1.4 billionDebt NilHedging/optionsZero premium collars12,000 Put @ A$3,500/Oz6,000 Call at A$4,200/Oz MAJOR SHAREHOLDERS3Tulla Resources12.7%Regal FM12.3%Sprott 7.2%Scotiabank6.1%Franklin Advisors4.7%1.Share price and market capitalisation as at 31 July 2025.2.Cash and gold as at 30 June 2025.3.Major shareholders as at 31 July 2025 as notified to the Company.4.Investor composition and domicile as at 30 June 2025. Investor DomicileInvestor Composition4 5 Vol (M) Instituti onalCorp.Ret ailOtherAus traliaN. Ame ricaUKAs iaROW 0 5 10 15 20 25 $0.0$0.5$1.0$1.5$2.0$2.5$3.0$3.5$4.0 31/7/202431/8/202430/9/202431/10/202430/11/202431/12/202431/1/202528/2/202531/3/202530/4/202531/5/202530/6/202531/7/2025 For personal use only
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Strong, Experienced TeamWayne ZekulichChair§Financial management, banking and accounting background§Extensive public company experience at CFO and director levelPaul CmrlecManaging Director§Mining Engineering background with >25 years experience§Extensive experience in feasibility, project development, operations and corporate managementFiona Van MaanenIndependent Non-executive Director §CPA and holds a Bachelor of Business (Accounting)§>30 years experience in corporate governance, financial management, and accounting in the mining industryStuart MathewsIndependent Non-executive Director §Previously the Executive Vice President –Australasia and VP Operations for Gold Fields Limited. Instrumental in setting the strategy pathway, operational improvement, and significant growth of Life of Mine for the St. Ives operation, approximately 100 km north of Norseman.Kevin MaloneyNon-executive Director§Chairman and founder of Tulla Resources Group and Chairman of THEMAC Resources.§Extensive experience in corporate banking, finance and the resources industry Mark MaloneyNon-executive Director§Managing Partner of Tulla Resources, previously CEO of The MAC Services.§>15 years experience in investment markets.§Bachelor of Business (Hons). Scott HuffadineChief Operating Officer§Geologist with strong operational and project development background and >30 years experience.§Extensive site general management and corporate experience. Scott BallochChief Financial Officer§Highly experienced CFO and financial controller with > 25 years experience with ASX listed mining companies. David OkebyCompany Secretary§More than 20 years working in mining companies and experienced in all areas of company legal and secretarial matters. Paul AndrovicGeneral Manager -Norseman§Geologist with strong operational and project development background and >30 years experience.§Extensive geological and site management experience. BOARD SENIOR MANAGEMENT 6 For personal use only
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NORSEMAN JUNE 2025 QUARTER SUMMARY•AISC of $1,991 resulting in EBITDA of $80.4 million and cash and gold increase of $43.3 million. EBITDA for the full year was 196.4 million.•Cash and gold increase of $43.3 million, closing at $175.9 million. Full year cash and gold increase of $72 million.•Nebariloan facilities completely pre-paid approximately 2 years early and Pantoro Gold is now debt free.•Transition to majority underground feed sources continues.•Processing recoveryof 95.8%. For personal use only
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NORSEMAN FY 2026 GUIDANCEIncreasing Production and ProfitabilityAnnual guidance of 100,000 to 110,000 ounces of gold production.Expected AISC in the range of $1950 to $2250/Oz. Driven By Near Term Growth$55 million exploration budget.Focused on achieving on growth at existing Scotia and OK mines and new developments in the Mainfield.Securing the FutureMajor project capital of $67 million budgeted.First major regional exploration program at Norseman in 30 years. For personal use only
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Kambalda Norseman 30-50 (t)50-100 (t)100-500 (t)500-1000 (t)1000-3000 (t) MAJOR WA GOLD DEPOSITS1 Norseman Kambalda Invincible discovery 1.Adapted from Rush Australia’s 21stCentury Gold Industry (2016)2.WA Department of Mines, Industry Regulation and Safety 2019 Major Commodities Resources Data. Cumulative Gold Production fromthe following mineral fields: Broad Arrow, Coolgardie, Dundas, East Coolgardie, East Murchison, Mt Margaret, North Coolgardie, North East Coolgardie. HIGHLY PROSPECTIVEThe area south of Kambalda is highly prospective, with 6MozAu produced from Norseman tenure to date. Much of the region is covered by lakes with minimal exploration WORLD-CLASS GREENSTONE BELT Pantoro Gold’s tenure is situated in the southern end of the most gold-endowed Greenstone Belt of the Yilgarn Craton. The Norseman-Wiluna Greenstone Belt has seen >195Moz2Au produced to date. SIGNIFICANT EXPLORATION UPSIDEPantoro Gold’s Norseman tenure is a significant proportion of the highly prospective region, including Lake Cowan which has had minimal modern exploration 9 Dhufish Snapper LeedersHinemoa Killahoe HillDavros BuldaniaTuna Sailfish Golden DragonPrincess RoyalJubilation CobblerCrownSt PatricksPhoenixButterfly GladstoneDaisyOKAndronicusRed White BlueLady MillerPerkins Lord PercyMaybell TaurusScotiaGreen Lantern Harlequin 100% ownership of a gold province For personal use only
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Norseman Gold Project Overview Processing Facility 10 800 km2 tenure positionCurrent Operations1.2MTPA processing plant.Two active underground mines.Rehabilitating Bullen decline to enable re-entry to the high-grade Mainfield.Open pits recommenced at Princess Royal in March 2025. First systematic exploration in three decadesExploration drilling from surface and underground re-commenced in September 2024 –yielding high-grade results.Less than 30% of known Mineral Resource areas drilled for Ore Reserve conversion to date.New regional exploration program in greenfield areas in FY2026. 70 km along strike of one of Australia’s most significant goldfields. Historical production of approximately 6 million ounces. For personal use only
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OK Underground MineOre Reserve increases after mine depletion every year since commencement in 2022.Producing in steady state at circa 40,000 Oz per annum.FY 2025 mined grade 5.83g/tLarge extensional exploration drilling program underway and set to continue for all of FY2026.Drilling extensions in both the Star of Erin and O2 lodes for the forseeable future. 11 For personal use only
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OK Underground Mine•Strong extensional drilling results returned during the quarter indicating that the ore bodies remain open in all directions.•OK is in steady state and is expected to continue producing at approximately 40,000 ounces per annum. 12 Refer to ASX release on 30 July 2025. For personal use only
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Scotia, Grade Control Revealing the TRUE Potential 13 •Undergroundmining commenced May 2024.•Production underway and now at full rate.•Wide high-grade zones in grade control drilling correlating well with development.•Expected to produce circa 60,000 Oz per annumat current planned mining rates.•High potential for additional mineralisation to increase production rates –Scotia is a key growth target for Norseman. 13Refer to ASX release on 21 July 2025. Growth Target For personal use only
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Princess Royal Mining Area•Open pit operations re-commenced on 6 March 2025 at Princess Royal.•Well known and respected contractor Big Yellow awarded full-service mining contract. Mining progressing at budgeted rates.•Gladstone open pit to commence following completion of Princess Royal early in 2026.•Open pits expected to deliver 20,000 ounces @ 2.1 g/t during calendar year 2025.•Future growth target –provides ideal access point for future underground works around North Royal and Princess Royal. North Royal mine produced approximately 1.8 million ounces of gold @ 17g/t and has only been mined to a depth of 350 metres. 14 North Royal For personal use only
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•Comfortably running at 1.2MTPA with further increases up to 1.4MTPA easily achieved WITHOUT any major upgrade costs.•Excellent recovery: 94.5% FY to date.•Targeting growth through addition of high-grade underground ounces. Norseman processing plant comfortably operating at 1.2Mt per annum Rate, Recovery and Reliability 15 FY25 expected grade Scotia Ore ReserveOK YTD Grade FY25 approx. guidance For personal use only
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Norseman Growth Pathway •Replacing open pit feed with higher grade underground ore.•Growth drilling underway on surface at Mainfield and underground at Scotia.•Bullen decline rehabilitation well progressedto access Mainfield.•Underground diamond drilling commencedat Bullen in March 2025.0 200 ,000 400 ,000 600 ,000 800 ,000 1,00 0,000 1,20 0,000 1,40 0,000 FY24 (Actual)FY25 (Gui dance)FY26FY27FY28FY29FY30 Target Tonnes Processed StockpilesScotia O PPrinces s Royal OPGla dstone Everl asti ng O POK U GScotia UGMa infie ld U GGrade @ Scotia Reserve Grade 4.5g/t =Aspirational production level of 190KOz pa. Aim to add highest possible grades from new mines. 16 Pantoro’s growth strategy aims to add high grade mill feed to expand to +200Kozpa in medium term. For personal use only
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Mainfield –the BIG PrizeMainfield is the most prolific mining area at Norseman to date•First pass drilling completed with focus areas identified.•Drill areas focused on zones easily accessed from existing infrastructure.•Large areas unmined previously. 6km Crown/Mararoa Crown South Butterfly St Pats 17 •Very high-grade mineralisation encountered in Pantoro drilling:5.7 m @ 35.85 g/t Au inc. 1.4 m @ 141.57 g/t Au. 4 m @ 6.86 g/t Au.1 m @ 23.5 g/t Au. 2 m @ 6.21 g/t Au.0.45 m @ 21.9 g/t Au. 2 m @ 5.8 g/t Au. 2 m @ 20.61 g/t Au. 4 m @ 5.68 g/t Au. 2 m @ 15.87 g/t Au. 3 m @ 5.35 g/t Au. 6 m @ 14.94 g/t Au. 4 m @ 4.33 g/t Au. 1 m @ 10.3 g/t Au. 5 m @ 3.99 g/t Au. 2 m @ 10.8 g/t Au. 4 m @ 3.53 g/t Au. 1.15 m @ 8.47 g/t Au. 3 m @ 3.24 g/t Au. 3 m @ 7.72 g/t Au. 5 m @ 3.20 g/t Au. Refer to ASX release on 13 July 2021 for details. For personal use only
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BULLEN Maroroa Crown Bullen O’Brien Crown South Drill access from Q1 FY26 Drill access from Q2 FY2026Drill access from Q4 FY 2025 Early mining opportunity. 130,000t @ 9.5 g/t for 40,000 Oz Drill access from Q3 FY 2026 Bullen Rehabilitation and Drilling•Contract awarded to RedPath Australia.•Rehabilitation works are progressing well with excellent ground conditions noted. Approx 900m advance being achieved per month.•Drilling commenced in March 2025. 18 For personal use only
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Crown Reef –historical production 1.1 Moz @ 11.2g/t 19 Refer to ASX release on 13 July 2021 for details. For personal use only
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Southern Mainfield –multiple HIGH-GRADE lodes 20 o1m @ 12.6 g/t Au. o1.7 @ 18.66 g/t Au.o0.4m @ 37.4 g/t Au.o0.3 m @ 20.8 g/t Au from 262.8 m.o5 m @ 9.82 g/t Au from 203 m, including 1 m @ 35.8 g/t Au from 204 m.o1 m @ 22.7 g/t Au from 108 m.o1.63m @ 11.4 g/t Au from297.6mo2.0m @ 11.69 g/t Au from 284mo0.63m @ 16.2 g/t Au from 183.82 m o2m @ 9.49 g/t Au o2m @ 5.06 g/t Au.o2m @15.44 g/t Au.o2 m @ 13.25 g/t Au. o3 m @ 11.05 g/t Au. o6m @ 31.0 g/t Au including 2m @ 81.50 g/t Au. o2m @ 20.66 g/t Au from 125m.o0.64m @91.62 g/t Au. o5.0 m @ 5.67 g/t Au.o2.0 m @ 6.96 g/t Au.o1.0 m @ 58.60 g/t Au.o2.0m @ 12.43 g/t Au. o3m @ 485.43g/t Au inc. 1m @1420 g/t Au. o3m @ 26.63 g/t Au inc. 1m @ 68.4 g/t o5m@ 8.61 g/t Au. o2 m @ 20.61 g/t Au.o2 m @ 10.8 g/t Au.o1.15 m @ 8.47 g/t Au.o0.45 m @ 21.9 g/t Au.o4 m @ 5.68 g/t Au.o5 m @ 3.99 g/t Au.o0.4 m @ 14.0 g/t Au. o2m @ 41.6 g/t Au inc. 1m @ 82.5 g/t Auo1m @ 12.2 g/t Au Maroroa ReefRoyal Standard Reef NW -StructuresPascoe’s Cross Link Major historical producer with >1MOz mined to date. Results from Pantoro drilling include: New discovery by Pantoro. Results include: Historical small scale ,high-grade mine. Results from Pantoro drilling include: Potential cross linking structure analogous to Bullen. Results from Pantoro drilling include: 20Refer to ASX release on 17 February 2025 for details. For personal use only
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Norseman Gold Fields St Ives Tenure Kambalda Invincible discovery HIGHLY PROSPECTIVESIGNIFICANT EXPLORATION UPSIDEPantoro Gold’s Norseman tenure is a significant proportion of the highly prospective region, including Lake Cowan which has had minimal modern exploration 21 Dhufish Snapper LeedersHinemoa Killahoe Hill Davros BuldaniaTuna Sailfish Golden DragonPrincess RoyalJubilation CobblerCrownSt Patricks PhoenixButterfly GladstoneDaisy OKAndronicusRed White BlueLady MillerPerkins Lord PercyMaybell TaurusScotiaGreen Lantern Harlequin First Regional Exploration in 30 Years FY26 will see Pantoro embark on a project scale regional exploration program –the first for Norseman in three decades. Norseman did not have any effective exploration between the mid-1990’s and Pantoro’s entry in 2019. Norseman salt lakes have had little historical attention other than a brief period between 1990 and 1992.Harlequin was discovered during that short period and produced 800KOz at 10g/t. For personal use only
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Summary 22 Exceptional position, strong cashflow•Cash growth while building new mines and advancing growth activities. •FY25 EBITDA A$196.4 million.•FY25 cash and gold increase of $72 million•A$176 million in cash and goldand building.•Debt free.•Only 1,000 ounces per month capped at A$4,200 per ounce for the remainder of 2025 and no hedging from January 2026.Leveraged to the gold price•Growth activities progressing to plan with Bullen Decline rehabilitation advancing rapidlyand additional drill rigs mobilised to site.•Few, if any, Western Australian long-term production centres with known existing high-grade resources and a major paucity of drilling. Positioned for growth Media Enquiries: Paul CmrlecManaging Directoradmin@pantoro.com.au+61 8 6263 1000 Sam MacphersonVector Advisorssmacpherson@vectoradvisors.au+61 401 392 925 Investor Enquiries: For personal use only
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Mineral Resource & Ore Reserve 24 ●Refer to ASX Announcement dated 26 September 2024 for full details of the Mineral Resource and Ore Reserve.●Scotia and Green Lantern Open Pits (0.5 g/t cut-off applied), OK and Scotia Underground Mines (2.0 g/t cut-off applied).●Norseman Underground (2.5 g/t cut-off grade applied to stoping, 1.0 g/t cut-off grade applied to development necessarily mined to access stope block). Open Pits (0.6 g/t cut-off grade applied).●Measured and Indicated Mineral Resources are inclusive of those Mineral Resources modified to produce the Ore Reserves.●Mineral Resource and Ore Reserve statements have been rounded for reporting.●Rounding may result in apparent summation differences between tonnes, grade and contained metal content. For personal use only