Slide 1: Equity Raising Presentation
Click to edit Master title style For personal use only EQUITY RAISING PRESENTATION August 2023 ASX:PNR Not for release to US wire services or distribution in the United States
Slide 2: Important Notices
IMPORTANT Click NOTICES to edit Master title style Nature of Document. This presentation has been prepared and issued by Pantoro Limited (Pantoro or Company) to provide general information about Pantoro. For personal use only Summary Information. The information in this document is in summary form a
Slide 3: Important Notices Continued
IMPORTANT Click NOTICES to edit Master titleCONTINUED style Forward Looking Statements and future performance For personal use only This presentation contains forward looking statements about Pantoro. Often, but not always, forward looking statements can be identified by the use of forward looking w
Slide 4: Reserves, Resources & Production Targets
IMPORTANT Click NOTICES to edit Master titleCONTINUED style Reserves, Resources & production targets: For personal use only Exploration Targets, Exploration Results. The information in this report that relates to Exploration Targets and Exploration Results is based on information compiled by Mr Scot
Slide 5: Company Overview
Click to edit Master title style For personal use only COMPANY OVERVIEW 5
Slide 6: Pantoro Company Summary
PANTORO Click to editCOMPANY Master titleSUMMARY style NORSEMAN - HIGH GRADE & DE-RISKED MAJOR WA GOLD FIELD For personal use only LARGE, HIGH-GRADE MINERAL RESOURCE § 46.4 Mt @ 3.2g/t for 4.8 million ounces gold BROOME GROWING GOLD PRODUCTION POSITION § New, fully operational gold mining operation
Slide 7: Pantoro 100% Owner of Norseman Gold Project
PANTORO Click to edit100% OWNER Master OF NORESMAN GOLD PROJECT title style Simplified structure for a strengthened operation For personal use only ü Simplified structure removes competing JV priorities 1 100% Project Ownership ü Management focus on Norseman Gold Project ramp-up and future, expected
Slide 8: Corporate Overview
CORPORATE Click OVERVIEW to edit Master title style SHARE PRICE BOARD SENIOR MANAGEMENT For personal use only $0.25 60 $0.20 50 Wayne Zekulich § Financial management, banking and Scott Huffadine § Geologist with strong 40 Chair accounting background Chief Operating operational and project Vol. (m) $
Slide 9: Operational Update
Click to edit Master title style For personal use only OPERATIONAL UPDATE 9
Slide 10: Norseman Update: Production Ramp-Up Underway
NORSEMAN Click UPDATE to edit Master title style PRODUCTION RAMP-UP UNDERWAY Head Grade and Gold Produced For personal use only § OK underground mine revealing bonanza grades in Star of Erin Lode, and the mine is 2.00 4,500 achieving expected production. 1.80 4,000 1.60 3,500 § Majority or work to d
Slide 11: Norseman Update - Underground
NORSEMAN Click UPDATE to edit Master - UNDERGROUND title style UNDERGROUND MINING For personal use only § OK underground producing gold ounces in line with schedule. § Works currently focused in the Star of Erin lode between 105mRl and 260mRl levels. Very high grade zones have been encountered in de
Slide 12: Norseman Update - Star of Erin Progress
NORSEMAN Click UPDATE to edit Master - STAR title styleOF ERIN PROGRESS Legend 105 <0.5 g/t Au Level For personal use only 0.5-1 g/t Au 1-3 g/t Au 3-5 g/t Au 5-10 g/t Au 10-30 g/t 30-50 g/t Au Au 75m >50 g/t Au Levels Available 127 Decline Link Near for Development Level Completion 253 Level 237 Lev
Slide 13: Norseman Update - Open Pit Challenges
NORSEMAN Click UPDATE to edit Master – OPEN title style PIT CHALLENGES For personal use only § Open pit contractor continue to face challenges related to the WA skills shortage. The primary impact has been delays in the vertical advance rate of Scotia open pit, impacting volume and grade of high gra
Slide 14: Equity Raising Overview
Click to edit Master title style For personal use only EQUITY RAISING OVERVIEW 14
Slide 15: Equity Raising Summary
EQUITY Click RAISING to edit SUMMARY Master title style For personal use only OFFER SIZE AND § Single tranche placement of new fully paid ordinary shares in Pantoro (Shares), to sophisticated and professional investors, STRUCTURE to raise A$30 m (the Offer or Placement). § Approx. 500 M New Shares t
Slide 16: Sources & Uses of Funds
SOURCES Click to edit&Master USES OF FUNDS title style § Capital raising to re-build mid-month cash buffer eroded due to: For personal use only § Cash flow losses from delay in advancing to higher grade material; and § Higher than expected merger transaction costs and acquired creditor balances USES
Slide 17: Norseman Gold Project
Click to edit Master title style For personal use only NORSEMAN GOLD PROJECT 17
Slide 18: Norseman Gold Project Overview
NORSEMAN Click GOLD PROJECT to edit Master title style OVERVIEW MULTIPLE MINING CENTRES For personal use only § 800km2 position with 70 km along strike of one of Australia’s most significant goldfields. § Strong Ore Reserve growth since acquisition ongoing. § Production from two key mining centres f
Slide 19: Norseman - Two Active Mining Centres
NORSEMAN Click - TWO title to edit Master ACTIVE styleMINING CENTRES SCOTIA OK MINE For personal use only Mineral Resource 3.9Mt @ 3.6g/t Mineral Resource 0.6Mt @ 10.2g/t Historic Mined Grade 5.9g/t1 Historic Mined Grade 9.1g/t Type OP & UG Type Underground Open pit years 1 – 5+ Underground Year 1 –
Slide 20: Norseman Update: Production Ramp-Up Underway
NORSEMAN Click UPDATE to edit Master title style PRODUCTION RAMP-UP UNDERWAY For personal use only § Project de-risked, with the 1 Mtpa processing plant and supporting infrastructure completed. § Operating at nameplate capacity. § Targeting production of 100 Koz in FY24 at average AISC of A$1,900/oz
Slide 21: One of Western Australia's Premier Goldfields
ONEto Click OFedit WESTERN Master AUSTRALIA’S title style PREMIER GOLDFIELDS For personal use only MINE PLAN CURRENTLY UNDERPINNED BY <30% OF MINERAL RESOURCE AREAS § Work programs to date focussed on 6 initial Mining Areas: § Scotia § Gladstone § Cobbler § OK § Princess Royal § Princess Royal § Sub
Slide 22: Scotia - Summary
SCOTIA Click - SUMMARY to edit Master title style SCOTIA & GREEN LANTERN HAVE GROWN RAPIDLY WITH DRILL SUCCESS For personal use only § Pantoro inherited a Mineral Resource of 410,000 Oz in 2019 with no Ore Reserve. § Mineral Resource has been expanded to 1,000,000 Oz and Ore Reserve is 535,000 Oz. §
Slide 23: Scotia - Open System
SCOTIA Click – OPEN to edit SYSTEM Master title style For personal use only See ASX releases dated 9/6/20, 15/4/2020 and 21/5/2020 23
Slide 24: Scotia - Deep Drilling Reveals Exciting Future
SCOTIA Click – DEEP to edit DRILLING Master REVEALS EXCITING FUTURE title style UPGRADED SCOTIA For personal use only RESERVE & LOM PLAN § Underground Ore Reserve now 184,000 and Mining Inventory including Inferred Resource blocks 214,000 Oz1. § Opportunity to increase mill grade and annual producti
Slide 25: OK Mine - Underground
OK MINE Click to edit- UNDERGROUND Master title style OK UNDERGROUND MINE OK MINE LONG SECTION For personal use only § Mining Star of Erin and O2 Lodes § Dewatering complete to base of mine § Stoping to commence March 2023 quarter § 33,000 Oz @ 4.7g/t planned in FY24 § Reserve 87,000 Oz @ 5.1g/t § M
Slide 26: Star of Erin Progress
STAR OF Click ERINMaster to edit PROGRESS title style Legend 105 <0.5 g/t Au Level For personal use only 0.5-1 g/t Au 1-3 g/t Au 3-5 g/t Au 5-10 g/t Au 10-30 g/t Au 30-50 g/t Au 75m >50 g/t Au Levels Available 127 Decline Link Near for Development Level Completion 253 Level 237 Level 120m 260 Level
Slide 27: OK Mine - Example High Grade Faces
OKtoMINE Click edit –Master EXAMPLE titleHIGH styleGRADE FACES For personal use only 1. See ASX releases dated 17/04/2020 and 16/6/20 27
Slide 28: Excellent Stope Control
EXCELLENT Click to editSTOPE MasterCONTROL title style For personal use only 127W 345 Level 127W 28
Slide 29: Norseman - Prolific Field with Massive Growth Potential
NORSEMAN Click – PROLIFIC to edit Master title FIELD style WITH MASSIVE GROWTH POTENTIAL A HIGH SCALE, TOP TIER ASSET WORLD-CLASS GREENSTONE BELT HIGHLY PROSPECTIVE AREA SIGNIFICANT EXPLORATION UPSIDE For personal use only Norseman produced ~6Moz historically Pantoro’s tenure is situated in the sout
Slide 30: Norseman - Mainfield
NORSEMAN Click - MAINFIELD to edit Master title style Mainfield is the most prolific mining area at Norseman to date For personal use only u Crown/ and one of the highest grade gold fields in WA. Mararo St Pats u First pass drilling completed with focus areas identified. a u Drill areas focussed on
Slide 31: Norseman - Butterfly Area
NORSEMAN Click – BUTTERFLY to edit Master AREA title style For personal use only Plan View Showing relationship with Section view showing sub-vertical dominant Maroroa Reef and Norseman mineralisation relative to flatter Reef Mararoa Reef 31
Slide 32: Appendix A: Reserves and Resources
Click to edit Master title style For personal use only APPENDIX A: RESERVES AND RESOURCES 32
Slide 33: Reserves and Resources Statements
RESERVES Click to editAND RESOURCES Master title styleSTATEMENTS Mineral Resource Statement For personal use only Measured Indicated Inferred Total Resource kt Grade koz kt Grade koz kt Grade koz kt Grade koz Total Underground 267 14.4 124 3,218 10.7 1,110 2,534 11.1 901 6,019 11.0 2,134 Total Surfa
Slide 34: Reserves and Resources Statements
RESERVES Click to editAND RESOURCES Master title styleSTATEMENTS Norseman Gold Project Ore Reserve For personal use only Proven Probable Total Reserves kt Grade koz kt Grade koz kt Grade koz Underground - - - 2,048 4.9 319 2,048 4.9 319 Open Pit - Northern Mining Centres - - - 2,058 2.4 161 2,058 2.
Slide 35: Appendix B: Key Risks
Click to edit Master title style For personal use only APPENDIX B: KEY RISKS 35
Slide 36: Key Risks
KEY to Click RISKS edit Master title style Set out in this section are potential risks associated with Pantoro, the Placement, the industry in which Pantoro operates and an investment in Pantoro shares. It is not an exhaustive list of every risk faced by Pantoro now or in the future. For personal us
Slide 37: Key Risks Continued
KEY to Click RISKS editCONTINUED Master title style KEY RISKS For personal use only Exchange rate risk A portion of mine operation expenditures and future project equipment expenditures are denominated in foreign currency which exposes the Company to exchange rate risk. Key personnel The Company’s s
Slide 38: Key Risks Continued
KEY to Click RISKS editCONTINUED Master title style KEY RISKS For personal use only Land access Utilisation of land for exploration and development purposes can be adversely affected by land ownership, including private (freehold) land, pastoral lease and native title land or claims under arrangemen
Slide 39: Key Risks Continued
KEY to Click RISKS editCONTINUED Master title style KEY RISKS For personal use only Environmental National and local environmental laws and regulations in jurisdictions in which the Company operates affect the Company. These laws and regulations set various standards regulating certain regulations a
Slide 40: Key Risks Continued
KEY to Click RISKS editCONTINUED Master title style KEY RISKS For personal use only Community and The Company’s relationship with the communities in which it operates is important to ensure the future success of its existing operations and the construction and development of its social social risks
Slide 41: Appendix C: Offer Jurisdictions
Click to edit Master title style For personal use only APPENDIX C: OFFER JURISDICTIONS 41
Slide 42: Offer Jurisdictions
OFFER Click JURISDICTIONS to edit Master title style This document does not constitute an offer of new ordinary shares (“Placement Shares") of the Company in any jurisdiction in which it would be unlawful. In particular, this document may not be distributed to any person, and the Placement Shares ma
Slide 43: Offer Jurisdictions Continued
OFFER Click JURISDICTIONS to edit Master title CONTINUED style For personal use only United Kingdom Neither this document nor any other document relating to the offer has been delivered for approval to the Financial Conduct Authority in the United Kingdom and no prospectus (within the meaning of sec
Slide 44: Offer Jurisdictions Continued
OFFER Click JURISDICTIONS to edit Master title CONTINUED style For personal use only New Zealand This document has not been registered, filed with or approved by any New Zealand regulatory authority under the Financial Markets Conduct Act 2013 (the "FMC Act"). The Placement Shares are not being offe
Slide 45: Offer Jurisdictions Continued
OFFER Click JURISDICTIONS to edit Master title CONTINUED style KEY RISKS For personal use only Canada (British This document constitutes an offering of Placement Shares only in the Provinces of British Columbia, Ontario and Quebec (the "Provinces"), only to persons to whom Placement Shares may be Co