Pantoro Gold Limited · ASX:PNR
Pantoro Gold — Non-Deal Roadshow (September 2025)
22 slides from Pantoro Gold's roadshow presentation, September 2025
Slide 1: North American Roadshow
ASX:PNR NORTH AMERICAN ROADSHOW September 2025
Slide 2: Important Notes
Important Notes Nature of Document. This presentation has been prepared and issued by Pantoro Limited (Pantoro or Forward Looking Statements and future performance This presentation contains forward looking statements Company) to provide general information about Pantoro. about Pantoro. Often, but n
Slide 3: Important Notes (Continued)
Important Notes (Continued) Past performance. Past performance metrics and figures (including past share price performance of For the purposes of ASX Listing Rule 5.19, Pantoro confirms that all material assumptions underpinning the Pantoro), as well as pro forma financial information, included in t
Slide 4: Norseman PRIMED for Growth
Norseman PRIMED for Growth Resource Growing Gold Production Position Positioned For Growth & Reserves New, fully operational gold mining operation In One Of WA’s Highest Grade Goldfields New processing plant operating above Large Pipeline Large, nameplate capacity at 1.2 million tpa and of Ore Sourc
Slide 5: Corporate Structure
Corporate Structure 25 Share Price1 A$5.24 $5.0 Ordinary Shares 394 million $4.0 20 Options and rights 6.9 million 15 $3.0 Cash and gold 1,2 A$176 million $2.0 10 Market Capitalisation1 A$2.07 billion Debt Nil $1.0 5 Zero premium collars $0.0 0 Hedging/options 8,000 Put @ A$3,500/Oz 4 5 5 5 5 5 5 5
Slide 6: Strong, Experienced Team
Strong, Experienced Team BOARD Wayne Zekulich § Financial management, banking and accounting background Paul Cmrlec § Mining Engineering background with >25 years experience Chair § Extensive public company experience at CFO and director level Managing § Extensive experience in feasibility, project
Slide 7: Norseman FY 2026 Guidance
NORSEMAN FY 2026 GUIDANCE Increasing Annual guidance of 100,000 to 110,000 ounces Production of gold production. and Profitability Expected AISC in the range of $1950 to $2250/Oz. $55 million exploration budget. Driven By Near Term Focused on achieving on growth at existing Scotia Growth and OK mine
Slide 8: 100% ownership of a gold province
100% ownership of a gold province WORLD-CLASS GREENSTONE BELT HIGHLY PROSPECTIVE SIGNIFICANT EXPLORATION UPSIDE Pantoro Gold’s tenure is situated in the The area south of Kambalda is highly Pantoro Gold’s Norseman tenure is a significant southern end of the most gold-endowed prospective, with 6Moz A
Slide 9: Norseman Gold Project Overview
Norseman Gold Project Overview 800 km2 Current Operations tenure 1.2MTPA processing plant. position Two active underground mines. Rehabilitating Bullen decline to enable re-entry to the high-grade Mainfield. 70 km along Open pits recommenced at Princess Royal in March 2025. strike of one of Australi
Slide 10: OK Underground Mine
OK Underground Mine Ore 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/t Large extensional exploration drilling program underway and set to continue for all of FY2026. Drilling extensions
Slide 11: OK Underground Mine
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. Refer to ASX release on 30 July 2025. 11
Slide 12: Scotia, Grade Control Revealing the TRUE Potential
Scotia, Grade Control Revealing the TRUE Potential • Underground mining 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 annum at current planned mining Growt
Slide 13: Princess Royal Mining Area
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
Slide 14: Rate, Recovery and Reliability
Rate, Recovery and Reliability • 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. FY25 approx. guidance FY25 expected grad
Slide 15: Norseman Growth Pathway
Norseman Growth Pathway Pantoro’s growth strategy aims to add high grade mill feed to expand to +200Kozpa in medium term. Aim to add highest possible grades from new mines. 1,400,000 • Replacing open pit feed 1,200,000 with higher grade underground ore. @ Scotia 1,000,000 Reserve Grade Target Tonnes
Slide 16: Mainfield – the BIG Prize
Mainfield – the BIG Prize Mainfield is the most prolific mining area at Norseman to date Crown/ Mararoa • First pass drilling completed with focus areas identified. St Pats • Drill areas focused on zones easily accessed from existing infrastructure. • Large areas unmined previously. • Very high-grad
Slide 17: Bullen Rehabilitation and Drilling
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. Drill access Drill access from Q4 FY from Q2 Drill access
Slide 18: Crown Reef – historical production 1.1 Moz @ 11.2g/t
Refer to ASX release on 13 July 2021 for details. Crown Reef – historical production 1.1 Moz @ 11.2g/t 18
Slide 19: Southern Mainfield – multiple HIGH-GRADE lodes
Southern Mainfield – multiple HIGH-GRADE lodes Maroroa Reef Royal Standard Reef Major historical producer with >1MOz mined Historical small scale ,high-grade mine. to date. Results from Pantoro drilling include: Results from Pantoro drilling include: o 3m @ 485.43g/t Au inc. 1m @1420 g/t Au. o 1m @
Slide 20: First Regional Exploration in 30 Years
First Regional Exploration in 30 Years HIGHLY PROSPECTIVE SIGNIFICANT EXPLORATION UPSIDE Pantoro Gold’s Norseman tenure is a significant Kambalda Norseman proportion of the highly prospective did not have any region, effective exploration including Lake Cowan which has had minimal between the mid-19
Slide 21: Summary
Summary Exceptional • Cash growth while building new mines and advancing growth activities. position, • FY25 EBITDA A$196.4 million. strong • FY25 cash and gold increase of $72 million. cashflow • A$176 million in cash and gold. Leveraged • Debt free. to the gold • Only 1,000 ounces per month capped
Slide 22: Mineral Resource & Ore Reserve
Mineral Resource & Ore Reserve ● 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-