Slide 1: Site Visit Presentation
For personal use only Site Visit Presentation ASX: PNR November 2025
Slide 2: Important Notes
Important Notes For personal use only 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
Slide 3: Important Notes (Continued)
Important Notes (Continued) For personal use only 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 info
Slide 4: Norseman – Growth Program Progressing Well
Norseman – Growth Program Progressing Well Growing Gold Production Position For personal use only • Processing plant operating above nameplate capacity at 1.2 million tpa and readily expandable. • High grade OK Underground Mine outperforming the Mineral Resource and Ore Reserve. • Scotia Underground
Slide 5: Norseman Gold Project Overview
Norseman Gold Project Overview Position for Growth in one of WA’s highest Grade Goldfields For personal use only • 800km2 tenure position • 70km along strike of one of Australia’s most significant goldfields • Historical production of Approximately 6 million ounces First Systematic Exploration in 30
Slide 6: Current Operations
For personal use only Current Operations Providing Ongoing Growth Opportunity
Slide 7: Processing - Rate, Recovery and Reliability
Processing - Rate, Recovery and Reliability Comfortably running at 1.2MTPA with further increases For personal use only ● up to 1.4MTPA easily achieved WITHOUT any major upgrade costs. ● Excellent recovery: 95% in FY2025. ● Targeting growth through addition of high-grade underground ounces. FY26 tar
Slide 8: Norseman Growth Strategy
Norseman Growth Strategy Aim to add Strategy to replace open For personal use only highest possible grades from new mines. pit feed with higher grade 1,400,000 underground ore. 1,200,000 Growth drilling underway on surface at Mainfield and 1,000,000 underground at Scotia. Scotia Reserve Target Tonne
Slide 9: Scotia Underground Mine
Scotia Underground Mine For personal use only • Scotia is a large system with current mine workings extending over more than 1km of strike. Open to the North and strong potential for underground Mining of development at Green Lantern which hosts another Northern remnant 1.5km of strike. areas underw
Slide 10: Scotia Underground Mine
Scotia Underground Mine For personal use only 10.89g/t 3.18g/t 6.44g/t 23.83g/t 12.62g/t 18.74g/t 20.24g/t 20.32g/t 14.37g/t 6.93g/t 11.66g/t 14.72g/t 36.24g/t 4.20g/t 22.81g/t 0.81g/t Wide HG faces 5066N 500N, average domain width of 10m and average face grade 11.8g/t Au Operational Information Mon
Slide 11: Scotia – Extensional Exploration Drilling
Scotia – Extensional Exploration Drilling • One-year aspirational target +250,000-ounce addition to ore resource; five-year aspirational target +1MOz. For personal use only • Drilling will be conducted from underground platforms and excludes grade control. • Focus of the FY26 drilling is on extensio
Slide 12: Scotia – Revealing the TRUE Potential
Scotia – Revealing the TRUE Potential Panda extensional underway • Scotia south of dyke – 1,000 Extent of resource For personal use only OVM in resource. • Dip-extension program ~350m below base of current resource. • Development on 5145 S ore drive extended 120m beyond reserve, which equates to ~20
Slide 13: OK Underground Mine
OK Undeground Mine For personal use only Star of Erin Lode Main Lode O2 Lo de OK Mine Plan View Since re start , drilling at OK has yielded 3 Ore development underway on 620 consecutive year on year +10% MRE Growth level after Mining depletion. Transitioning from Ore accessed on centre access to 640
Slide 14: OK Underground Mine Operational Information
OK Underground Mine Operational Information Mining contracted to WestAuz Mining. Full schedule of rates contract extending to May 2027. High-grade, narrow vein. Approximately 1.2m average width. For personal use only Developing small (3m wide) ore drives with single boom jumbos. Monthly Output: Capi
Slide 15: OK Underground Mine
OK Underground Mine • Ore Reserve increases after mine For personal use only depletion every year since commencement in 2022. • FY 2025 mined grade 5.83g/t • Large extensional exploration drilling program underway with drilling extensions in both the Star of Erin and O2 lodes. • Latest results suppo
Slide 16: Open Pit Mining
Open Pit Mining • Open pit operations re-commenced in For personal use only March 2025 at Princess Royal. • Partnered with respected contractor Big Yellow awarded full-service mining contract. Mining progressing at higher than budgeted rates. • Desirables pit commenced late July 2025. • Gladstone op
Slide 17: Growth Focus Areas
For personal use only Growth Focus Areas
Slide 18: Multiple Active Growth Fronts
Multiple Active Growth Fronts • Drilling Focussed – 41,000 metres drilled last quarter. Approximately 200,000 metres planned for full FY2026. For personal use only • Currently operating with 4 underground drill rigs and 3 surface drill rigs. 5th underground rig due March 2026. • Strong initial resul
Slide 19: Mainfield Exploration
Mainfield Exploration Mainfield is the most prolific mining area at Norseman to date use only • First pass drilling completed with focus areas identified. • Drill areas focused on zones easily accessed from existing infrastructure. Crown/ • Large areas unmined previously. Mararoa St Pats Maroroa/Cro
Slide 20: Bullen Rehabilitation and Drilling
Bullen Rehabilitation and Drilling Operational Information Rehabilitation and Exploration development contracted to Redpath For personal use only Mining. Rehabilitation works commenced December 2024. >5,000 m of rehabilitation completed to date. >400 m of new drill drive development completed to dat
Slide 21: Bullen Rehabilitation and Drilling
Bullen Rehabilitation and Drilling Drill access For personal use only Drill access from Q4 FY from Q2 Drill access 2025 FY2026 from Q3 FY 2026 roa BULLEN Bul len Maro Drill access from Q1 FY26 O’Brien Crown Crown South Crown Reef – historical production 1.1 Moz @ 11.2g/t New development to access Bu
Slide 22: Crown Reef – historical production 1.1 Moz @ 11.2g/t
For personal use only 1.6km CROWN REEF – historical production 1.1 Moz @ 11.2g/t 22
Slide 23: Crown Reef – Crown South Core
Crown Reef – Crown South Core For personal use only Refer to Appendix for further details. 225m Visible Gold. Assays Pending 23
Slide 24: Pascoe’s Cross Link - Mainfield
Pascoe’s Cross Link - Mainfield – Accessed from OK or Viking Declines For personal use only • Active exploration target within the footwall of the Mararoa Shear zone. • Located within approximately 400m of OK-mine infrastructure and Viking Decline • Next phase of step-out exploration drilling underw
Slide 25: Princess Royal - Growth Targets
Princess Royal - Growth Targets Opportunities over 2km HIGHLY PROSPECTIVE of strike SIGNIFICANT EXPLORATION UPSIDE For personal use only Pantoro Gold’s Norseman tenure is a significant • North Royal - 1.8Moz produced from North Royal Deposits. Underexplored below proportion of the highly prospective
Slide 26: First Regional Greenfields Exploration in Years
First Regional Greenfields Exploration in 30 Years HIGHLY PROSPECTIVE For personal use only Kambalda • Norseman did not have any Pantoro Gold’s Norseman tenure is effective a significantexploration between the mid-1990’s and Pantoro’s entry in Hinem oa Leeders proportion of the highly prospective re
Slide 27: Greenfields Exploration a Focus to Growth - Foundational Datasets
Greenfields Exploration a Focus to Growth -Foundational Datasets For personal use only
Slide 28: First Regional Exploration in Years
First Regional Exploration in 30 Years • Approximately 50% of the PNR tenement HIGHLY packagePROSPECTIVE is overlain by Lake Cowan, north and SIGNIFICANT EXPLORATION UPSIDE For personal use only west of Norseman, and Lake Dundas, east of Scotia. Pantoro Gold’s Norseman tenure is a significant Nrsema
Slide 29: PhotonAssay Onsite Lab
PhotonAssayᵀᴹ Onsite Lab • Pantoro Gold are first movers in Western Australia to install an onsite Chrysos PhotonAssayᵀᴹ facility in collaboration with Intertek. • PhotonAssayᵀᴹ delivers faster, safer, more accurate HIGHLYand PROSPECTIVE SIGNIFICANT EXPLORATION UPSIDE For personal use only environme
Slide 30: Summary
Summary For personal use only Ø Pantoro is in an exceptional position generating cashflow whilst building new mines and advancing growth activities in multiple areas across the operation. Ø Strong balance sheet with $181 million in cash and gold and no debt at 30 September 2025. Ø Growth strategy is
Slide 31: Appendix
For personal use only Appendix
Slide 32: Mineral Resource & Ore Reserve
Mineral Resource & Ore Reserve For personal use only ● Refer to ASX Announcement dated 22 September 2025 for full details of the Mineral Resource and Ore Reserve. ● All Open Pits (0.5 g/t cut-off applied) excluding Gladstone-Everlasting (0.7 g/t cut-off applied, OK and Scotia Underground Mines (2.0
Slide 33: CSDD25_025
For personal use only CSDD25_025 33
Slide 34: CSDD25_021
For personal use only CSDD25_021 34
Slide 35: CSDD25_022
For personal use only CSDD25_022 35
Slide 36: CSDD25_029
For personal use only CSDD25_029 36
Slide 37: For personal use only
Depth from Depth to Interval Hole ID (m) (m) (m) Geological Description/Summary CSDD25_021 331.45 331.75 0.3 small narrow laminated quartz vein (VQL), with specks of visible gold. 331.75 332.14 0.39 Felsic Porphyry 332.14 333.42 1.28 "Crown Dyke" fine to medium grained Ultramafic For personal use on
Slide 38: For personal use only
Azimuth Hole_ID Northing Easting RL Dip (Degrees) (Degrees) End of Hole Depth Comments CSDD25_011 6437062.198 385923.507 104.554 -29 290.03 425 Assays Pending CSDD25_012 6437062.198 385923.507 104.554 -38.11 289.56 385 Assays Pending CSDD25_013 6437062.198 385923.507 104.554 -36.4 282.15 400 Assays
Slide 39: Appendix – JORC Code 2012 Edition – Table Section 1
Appendix – JORC Code 2012 Edition – Table 1 Section 1: Sampling Techniques and Data Criteria JORC Code explanation Commentary Sampling techniques • Nature and quality of sampling (eg cut channels, random chips, or specific • This release relates to grade control face sampling results from ongoing sp
Slide 40: For personal use only
Criteria JORC Code explanation Commentary Drill sample recovery • Method of recording and assessing core and chip sample recoveries and results • Face chip samples are nominally chipped to attain a consistent sample assessed. perpendicular to mineralisation across the face from left to right. Sample
Slide 41: For personal use only
Criteria JORC Code explanation Commentary Sub-sampling techniques • Prior to May 2025, face chip samples were analysed using the PAL LeachWELL and sample preparation assay method at an onsite laboratory in Norseman which was managed under (continued) agreement with BVA. Samples of approximately 2.0
Slide 42: For personal use only
Criteria JORC Code explanation Commentary Quality of assay data and • The nature, quality and appropriateness of the assaying and laboratory • The assay methods used, including fire assay with 40g charge, and PAL using a laboratory tests procedures used and whether the technique is considered partia
Slide 43: For personal use only
Criteria JORC Code explanation Commentary Location of data points • Accuracy and quality of surveys used to locate drill holes (collar and down-hole • The project lies in MGA94, Zone 51. surveys), trenches, mine workings and other locations used in Mineral Resource • For underground face samples all
Slide 44: For personal use only
Criteria JORC Code explanation Commentary Sample security • The measures taken to ensure sample security. • The chain of custody is managed by Pantoro Gold employees and contractors. Samples are stored on site in a secured area and delivered in sealed bags to both the onsite and external laboratorie
Slide 45: For personal use only
Criteria JORC Code explanation Commentary Exploration done by other • Acknowledgment and appraisal of exploration by other parties. • Gold was discovered in the area 1894 and mining undertaken by small parties Syndicates. • In 1935 Western Mining established a presence in the region and operated the
Slide 46: For personal use only
Criteria JORC Code explanation Commentary • The mineralisation is hosted in quartz reefs in steeper shears and flatter linking sections, more recently significant production has been sourced from NNW striking reefs known as cross structures (Bullen). Whilst several vein types are categorised, the go
Slide 47: For personal use only
Criteria JORC Code explanation Commentary Drill hole Information • A summary of all information material to the understanding of the exploration • A table of face sampling data pertaining to this release is attached. results including a tabulation of the following information for all Material drill
Slide 48: For personal use only
Criteria JORC Code explanation Commentary Other substantive • Other exploration data, if meaningful and material, should be reported including • No other meaningful data to report. exploration data (but not limited to): geological observations; geophysical survey results; geochemical survey results;