Pantoro Gold Limited · ASX:PNR
Pantoro Gold — Investor Presentation (May 2025)
24 slides from Pantoro Gold's investor presentation, May 12, 2025
Slide 1: May 2025 Investor Update
For personal use only ASX:PNR May 2025 Investor Update
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 PRIMED for Growth
Norseman PRIMED for Growth For personal use only 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 millio
Slide 5: Corporate Structure
Corporate Structure $3.5 14 For personal use only Share Price1 A$3.31 12 Ordinary Shares 389 million $3.0 10 Options and rights 12.1 million $2.5 Cash and gold2 A$132 million 8 Market Capitalisation1 A$1.3 billion $2.0 6 Debt5 Nil 4 Zero premium collars $1.5 2 Hedging/options 16,000 Put @ A$3,500/Oz
Slide 6: Strong, Experienced Team
Strong, Experienced Team For personal use only 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
Slide 7: Norseman Gold Project Overview
Norseman Gold Project Overview For personal use only 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. str
Slide 8: March 2025 Quarter
March 2025 Quarter For personal use only • AISC of $2,427 resulting in EBITDA of $46.4 million and cash and gold increase of $13.4 million. • Significant increase in exploration expenditure to $10.4 million, in line with growth program planning. • Further growth expected from Scotia this quarter >40
Slide 9: OK Underground Mine
OK Underground Mine For personal use only Ore Reserve increases after mine depletion every year since commencement in 2022. Producing in steady state at circa 40,000 Oz per annum. FY year to date mined grade ~5.9g/t Now undertaking extensional drilling for the first time since commencement. Drilling
Slide 10: OK Underground Mine
OK Underground Mine For personal use only • 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. 10
Slide 11: Scotia, Grade Control Revealing the TRUE Potential
Scotia, Grade Control Revealing the TRUE Potential For personal use only • 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 curren
Slide 12: Scotia Ramp Up
Scotia Ramp Up Rehabilitation of old decline underway and additional ore block being developed. Ore intersected in April 2025. For personal use only Link drive between Central and Link Drive North nearing completion. Access to new Scotia North Levels in June 2025 Quarter Scotia underground developme
Slide 13: Princess Royal Mining Area
Princess Royal Mining Area For personal use only • 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
Slide 14: Rate, Recovery and Reliability
Rate, Recovery and Reliability For personal use only • 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. guida
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. For personal use only 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 Reser
Slide 16: Scotia, Open in ALL Directions
Scotia, Open in ALL Directions For personal use only • Underground drilling commenced in September 2024 primarily focussed on grade control. • Initially targeting depth extensions in the Southern Zone. Good validation from limited expansion drilling to date. • Extensional drilling operations to acce
Slide 17: Mainfield – the BIG Prize
Mainfield – the BIG Prize For personal use only 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 previo
Slide 18: Bullen Rehabilitation and Drilling
Bullen Rehabilitation and Drilling For personal use only • 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 Drill access Drill access from
Slide 19: Crown Reef – historical production 1.1 Moz @ 11.2g/t
For personal use only Crown Reef – historical production 1.1 Moz @ 11.2g/t 19
Slide 20: Southern Mainfield – multiple HIGH-GRADE lodes
Southern Mainfield – multiple HIGH-GRADE lodes Maroroa Reef Royal Standard Reef For personal use only 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
Slide 21: Regional Program to Commence in FY26
Regional Program to Commence in FY26 A HIGH SCALE, TOP TIER ASSET WORLD-CLASS GREENSTONE BELT HIGHLY PROSPECTIVE SIGNIFICANT EXPLORATION UPSIDE For personal use only Norseman produced ~6Moz historically Pantoro Gold’s tenure is situated in the The area between Norseman and Pantoro Gold’s Norseman te
Slide 22: Polar Bear
Polar Bear For personal use only • Hinemoa and the wider Polar Bear Peninsula has had limited modern day exploration. • Pantoro Gold acquired a small Mining Lease from prospectors during 2022. This lease hosts an old shaft and now allows access to the entire strike length for the first time. • Consi
Slide 23: Summary
Summary For personal use only Exceptional • Cash growth while building new mines and advancing growth activities. position, • FY25 to date (3 quarters) EBITDA $117.5 million. strong cashflow • $132.4 million in cash and gold and building. Leveraged • Debt free. to the gold • Only 1,000 ounces per mo
Slide 24: Mineral Resource & Ore Reserve
Mineral Resource & Ore Reserve For personal use only ● 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 Und