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| 1 AIM:PANR | OTCQX:PTHRF
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| 2 Today’s Agenda • Chairman’s Message • Alaska Context • Kodiak Prize - Seismic Reprocessing • Farm-out Update • Mid-year Results • Question & Answer Session Today’s Speakers Michael Spencer Chairman Max Easley Chief Executive Officer Erich Krumanocker Chief Development Officer Monday, September 14, 2026 Tralisa Maraj Chief Financial Officer
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| 3 Disclaimer This document, together with any oral briefing which accompanies it, (the “Presentation”) is being issued solely by Pantheon Resources Plc (the “Company”). The Presentation is being supplied to you solely for information purposes. The Presentation does not constitute or form part of, and should not be construed as, any offer or invitation to sell or issue, or any solicitation of any offer to purchase, subscribe for or otherwise acquire any securities of the Company or any of the business or assets described herein, nor shall it or any part of it nor the fact of its distribution form the basis of, or be relied on in connection with, any contractual commitment or investment decision relating to the securities of the Company, nor does it constitute a recommendation or inducement to enter into any contract or commitment regarding the securities of the Company. In particular, the Presentation and the information contained in the Presentation do not constitute an offer of securities for sale in the United States. Certain statements, beliefs and opinions in the Presentation are forward-looking, which reflect the Company’s or, as appropriate, the Company’s directors’ current expectations and projections about future events. By their nature, forward-looking statements involve a number of risks, uncertainties and assumptions that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. These risks, uncertainties and assumptions could adversely affect the outcome and financial effects of the plans and events described herein. Forward-looking statements contained in the Presentation regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. The Company does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. You should not place undue reliance on forward-looking statements, which speak only as of the date of the Presentation. Nothing in this document or in the documents referred to in it should be considered as a profit forecast. Past performance of the Company or its shares cannot be relied on as a guide to future performance. Cautionary Statement: The estimated quantities of petroleum that may be potentially recovered by the application of a future development project relate to undiscovered accumulations. These estimates have both an associated risk of discovery, appraisal and development. Further exploration, appraisal and evaluation are required to determine the existence of a significant quantity of potentially movable hydrocarbons. The estimates contained within this presentation are only estimates and there can be no guarantees that these estimates will be realised. The information in the Presentation has been provided by the Company or obtained from publicly available sources and has not been independently verified. No liability whatsoever (whether in negligence or otherwise) arising directly or indirectly from the use of this Presentation or its contents is accepted for, and no representation or warranty, express or implied, is or will be made or given by or on behalf of, and no responsibility or liability is or will be accepted by, the Company or by any of its directors, officers, advisers, agents or affiliates or by any other person as to or in relation to, and no reliance should be placed for any purposes on, the accuracy, completeness or fairness of the Presentation or the information or opinions contained herein or supplied herewith or any other written or oral information made available to any party or for any errors, omissions or mis-statements, negligent or otherwise , or for any loss howsoever arising, directly or indirectly, from any use of such information or opinions or otherwise, or for any other communication, written or otherwise, made to anyone in, or supplied with, the Presentation. In particular, no representation or warranty is given as to the achievement or reasonableness of any mineral resource, future projections, management estimates, prospects or returns. Accordingly, neither the Company nor any of its shareholders, directors, advisers, agents or affiliates shall be liable for any direct, indirect or consequential loss or damage suffered by any person as a result of relying on any statement or omission in, or supplied with, the Presentation or in any future communications that are issued by the Company. The Presentation has been delivered to interested parties for information only and upon the express understanding that such information is of a general nature and does not relate to any specific transaction. The Presentation is subject to updating, revision and amendment. The information and opinions contained herein are provided as at the date of this Presentation and are subject to change without notice. The Company undertakes no obligation to provide the recipient with access to any additional information or to correct any inaccuracies or omissions which may become apparent. Neither the Presentation, nor any copy of it, may be redistributed, reproduced, published or passed on to any other person or used in whole or in part for any other purpose. Neither the Presentation nor any oral presentation of the Presentation constitute an offer of securities for sale in the United States of America, its territories or possessions. Any securities mentioned herein have not been and will not be registered under the US Securities Act of 1933 (the “Securities Act”), as amended and may not be offered or sold in the United States, except in reliance on an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. By attending the presentation to which this document relates or by accepting this document in any other way you agree to be bound by the foregoing provisions. Competent Person’s statement: Vance Hazzard has sufficient experience relevant to the style of mineralisation and type of deposit under consideration, and to the activity which he is undertaking to qualify as a Competent Person in accordance with the guidance note for Mining, Oil & Gas Companies issued by the London Stock Exchange in respect of AIM Companies, which outlines standards of disclosure for mineral projects. Vance Hazzard consents to the inclusion in this Presentation of the matters based on his information in the form and context in which it appears.
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| 4 Chairman’s Message Disciplined Creation of Shareholder Value Michael Spencer Chairman
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| 5 Max Easley Chief Executive Officer Alaska Context 2026 - Back on the Map
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| 6(1) https://www.blm.gov 2026 - Back on the Map Record Setting NPRA-A Lease Sale(1) Pikka Start-up(3) Alaska LNG Project Approaching FID(2) (2) https://agdc.us/ (3) https://drillingcontractor.org Alaska Context
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| 7 Erich Krumanocker Chief Development Officer Seismic Reprocessing Illuminating the Kodiak Prize and Beyond
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| 8 New Seismic Illuminating the Kodiak Asset Prize and Beyond • Project commenced February 2026, now fully in hand on schedule and budget • Higher resolution and quality than previous data • Very clear image of target reservoir and additional prospects above and below • Amplitude vs Offset (AVO) Analysis gives strong hydrocarbon indicator • Increased the Company's confidence in the extent and continuity of the Kodiak Asset resource such that an increase of at least 25% of 2C recoverable resources is expected(1) (1) Based on management’s preliminary interpretation. Evaluation remains ongoing and the uplift has not been estimated in acc ordance with PRMS
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| 9 Pantheon Contingent Resources Growth Possible 2C resource adds based on seismic results and up-dip Kodiak well results 0 1000 2000 3000 4000 2020 2021 2022 2023 2024 2025 2026 2027 2028 NSAI 3C Resources (millions of barrels) Ahpun Kodiak Kodiak adds Kodiak Discovery Well (2022) Independent Assessments Acreage acquisition Dubhe-1 Results 2026 Seismic (est)(1) Follow-on Appraisal Drilling (possible)Alkaid Discovery (1) Based on management’s preliminary interpretation. Evaluation remains ongoing and the uplift has not been estimated in accordance with PRMS
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| 10 The Kodiak Prize Illustrative image – Source: Company seismic data Commentary Appraising the largest worldwide onshore discovery of 2022 Field covers 200,000 acres Theta West-1 discovery well - 955 feet thick and high net to gross Observed increasing reservoir quality moving up- dip in the structure Successful flow test to surface confirming presence of mobile oil NSAI evaluation (2024) resulted in P50 (2C) estimate of 1.2 bn bbls of recoverable liquids & 5.4 TCF of gas NSAI High Estimate (3C) of 2.8 bn bbls of liquids and 11.7 TCF of gas Future well up- dip to confirm best location for initial development Future Well Talitha- A Pipeline St #1W Depth Below Sea Level, ft 10.5 Miles 4.4 Miles~4-7 Miles -9000 -10000 Tested Oil Log Pay Core 665 ft 300 ft Theta West -1 955 ft 690 ft
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| 11 Up-dip Kodiak Area Seismic Before and After Significant Improvement of Reservoir Image NE SW NE SWTheta West-1Theta West-1
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| 12 Recent Seismic Reprocessing of Kodiak AVO Lithology Consistent with Kodiak Up-dip Presence in Reprocessed Seismic 2016 Shale Hydrocarbon filled reservoir Future Well
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| 13 Recent Seismic Reprocessing of Kodiak AVO Lithology Consistent with Kodiak Up-dip Presence in Reprocessed Seismic 2026 Shale Hydrocarbon filled reservoir Future Well
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| 14 Recent Seismic Reprocessing of Kodiak AVO Lithology Consist with Kodiak Up-dip Presence in Reprocessed Seismic 2016 2026 Shale Hydrocarbon filled reservoir
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| 15 Farm-Out Update Selecting the Right Partner Max Easley Chief Executive Officer
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| 16 Farm-Out Update • High degree of industry interest from major, intermediate and independent energy companies, as well as financial investors, and the process continues at pace Imminent delivery of seismic reprocessing results led to a dynamic process timeline, as many counterparties had been anticipating the data Alaska Gas Line Legislative debate during the summer also had brought complexity to the process timeline • One firm deal offered, not to boards satisfaction, proceeding with wider farmout process • Ten companies currently active in VDR at various stages of evaluation and negotiation • Pantheon is strategic to an Alaska LNG project due to gas quantity, quality and asset location • We want to find the right partner and remain focused on securing a transaction that maximises shareholder value
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| 17 Tralisa Maraj Chief Financial Officer Interim Results Financial Prudence
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| 18 Interim Results Financial Prudence • Interim results in line with expectations • Operating loss $6.1m vs $7.9 m in 1H 2025 • Administrative expenses reduced by 22% vs 1H 2025 • As per prior guidance, no field activity thus far in 1H 2026, minimal maintenance cost • Cash runway expected through year-end 2026. Considering liquidity options to complete farm-out process and continue development planning
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Question & Answer Session Ursa Major The Great Bear