Pantoro Gold Limited · ASX:PNR
Pantoro Gold — Investor Presentation (November 2026)
27 slides from Pantoro Gold's investor presentation, Nov 9, 2026
Slide 1: November 2026 Investor Presentation
personal use only ASX:PNR November 2026 Investor Presentation
Slide 2: Important Notes
Important Notes personal use only Nature of Document. This presentation has been prepared and issued by Pantoro Limited (Pantoro or Company) to Forward Looking Statements and future performance This presentation contains forward looking statements about provide general information about Pantoro. Pan
Slide 3: Important Notes (Continued)
Important Notes (Continued) personal use only Past performance. Past performance metrics and figures (including past share price performance of Pantoro), as For the purposes of ASX Listing Rule 5.19, Pantoro confirms that all material assumptions underpinning the well as pro forma financial informat
Slide 4: Norseman is a simple production story
Norseman is a simple production story personal use only A single processing facility, supported by high grade ore sources forming a large 4.7Moz Mineral Resource High grade ore sources processed at a central production facility Production underpinned by a large Resource base 90-105 koz1 A$2,800-3,40
Slide 5: A differentiated, high-grade gold producer
A differentiated, high-grade gold producer personal use only Norseman is one of the highest-grade operations in Australia and has significant exploration upside Disciplined, cash flow-focused model Large and prospective land package Strong emphasis on capital discipline and free cash flow Substantia
Slide 6: Corporate overview
Corporate overview personal use only A highly experienced Board and Executive Leadership Team, coupled with a simple capital structure Corporate Profile Capital Structure Board of Directors As at 5 November 2026 Share price $/sh 3.27 1 Paul Cmrlec Managing Director and CEO Fully-diluted shares on is
Slide 7: Dominant Regional Position
Dominant Regional Position personal use only Focused on maintaining operational discipline with a goal to constantly improve and grow output Operating King of the Hills Laverton Granny Smith High grade mining fronts • Four producing deposits in Scotia, OK, Gladstone and Green Lantern. Kalgoorlie • A
Slide 8: Three producing areas feed the Norseman mill
Three producing areas feed the Norseman mill personal use only Pantoro is progressing mine development and drilling across the Norseman tenement package • Processing is currently running comfortably above 800 km2 Hinemoa Norseman Processing Processing 1.2Mtpa nameplate with excellent recovery of 95%
Slide 9: 6Moz Au produced from Norseman tenure to date
6Moz Au produced from Norseman tenure to date personal use only WORLD-CLASS GREENSTONE BELT HIGHLY PROSPECTIVE GEOGRAPHY SIGNIFICANT EXPLORATION UPSIDE Pantoro Gold’s tenure is situated in the southern end The area south of Kambalda is highly prospective, Pantoro Gold’s Norseman tenure is a signific
Slide 10: Pathway to 200koz production
Pathway to 200koz production personal use only Through organic development of existing ore sources, unlocking higher feed grades and prioritising cash flow, Pantoro remains on track to deliver its long-term aspirational targets 2026 2027 Long-term Deliver on guidance Optimise mill capacity Become a
Slide 11: Processing plant recoveries remain very strong
Processing plant recoveries remain very strong personal use only Norseman annual production (koz, recovered) Sensitivity on grade and processing rate Power Station CIL Tanks Crushing Circuit 1.2Mtpa 1.5Mtpa ~200kozpa target achieved 367 321 293 275 257 229 220 206 Mill 183 183 160 165 137 128 147 11
Slide 12: Operations
personal use only Operations x
Slide 13: OK Underground Mine
OK Underground Mine personal use only • Ore Reserve has increased every year since mining commenced, despite ongoing depletion • Producing in steady state • Large extensional exploration drilling program underway and set to continue OK for all of FY26 and FY27 • Drilling extensions in both the Star
Slide 14: Off to the Races……
Off to the Races…… personal use only High-grade zone expanded by ongoing drilling Discovery of high-grade ore at Racetrack • 4.94 m @ 349.14 g/t inc. 0.91 @ 1,737.37 g/t and 0.43 m @ 80.67 g/t. • 20.36 m @ 15.55 g/t inc. 5.94 m @ 43.1 g/t. • 8.00 m @ 28.68 g/t Au inc. 1.00 m @ 189.84 g/t Au. • 5.00
Slide 15: Off to the Races……
Off to the Races…… personal use only High-grade zone expanded by ongoing drilling Bullen Mine produced approximately 500,000 Oz @ 10g/t Long section of Racetrack drilling with Bullen development overlaid for scale • Racetrack is a cross-linking structure with analogues to the Bullen deposit. Plan vi
Slide 16: Scotia Underground Mine
Scotia Underground Mine personal use only • Development of the South decline commenced May 2024 • Historic decline now rehabilitated providing two mine accesses • Now actively developing and producing ore from 3 areas for the first time – Central Scotia, Scotia Additional development Scotia and prod
Slide 17: Gladstone – Daisy Mining Area
Gladstone – Daisy Mining Area personal use only • Gladstone lies approximately 8 km East of the Norseman processing plant • GEV mining area Schedule now 526,000t @ 3.42 g/t Au for 58,000 oz with inclusion of Stage 3. Gladstone • Approximately 20,000 ounces in FY27 with remainder in FY28 and FY29. •
Slide 18: Green Lantern Open Pit
Green Lantern Open Pit personal use only • Clearing completed and grade control drilling well under-way. • Mining commenced during August 2026. • Long-life lower grade open pit providing high volume mill feed and ore stockpiles to secure Scotia Pit production profile. Green Lantern Stage 1 (Complete
Slide 19: Growth
personal use only Growth Exploration and upside x
Slide 20: Mainfield – Major Opportunity
Mainfield – Major Opportunity personal use only Mainfield is the most prolific mining area at Norseman Crown/ to date Mararoa St Pats • Initial mining areas focused on zones easily accessed from existing infrastructure. Mainfield • Very high-grade mineralisation encountered by 6km Crown Pantoro. Sou
Slide 21: Mainfield Plan View
Mainfield Plan View personal use only 1 ,7 50m O pen 350m 300m Open 1700m 21
Slide 22: Crown Reef – historical production 1.1 Moz @ 11.2g/t
Crown Reef – historical production 1.1 Moz @ 11.2g/t personal use only Longview of Crown Reef Refer to ASX release on 31 July 2021 for further details. 22
Slide 23: Strong Initial Results in Butterfly
Strong Initial Results in Butterfly personal use only • Ore development planned during FY27. • Excellent strike rate in initial drilling Mainfield • Mineralisation only 70m from exploration decline – easy access • Decline can be extended at any time with known mineralisation extending approximately
Slide 24: Greenfield Exploration Underway
Greenfield Exploration Underway personal use only Opportunities over 2km of strike • On Lake exploration has been extremely limited in Norseman with a short Hinem oa campaign by Western mining Between Leeders 1990 and 1992. Killahoe Hill Snapper Davros Tuna • Resulted in the discovery of Harlequin D
Slide 25: Production delivery and Racetrack definition are the major short term focus
Production delivery and Racetrack definition are the major short term focus personal use only Setting up FY27 for success with a strong first quarter: Production is tracking well: Q1 produced well within guidance with a strong line of sight for the remainder of the year. Green Lantern now producing:
Slide 26: Investor Enquiries
personal use only Investor Enquiries: Paul Cmrlec Managing Director admin@pantoro.com.au +61 8 6263 1000 Media Enquiries: Sam Macpherson Vector Advisors smacpherson@vectoradvisors.au +61 401 392 925 www.pantoro.com.au ASX: PNR
Slide 27: Mineral Resource & Ore Reserve
Mineral Resource & Ore Reserve personal use only Pantoro Global Mineral Resource Measured Indicated Inferred Total kt Grade koz kt Grade koz kt Grade koz kt Grade koz Norseman Gold Project 5,211 2.2 365 17,878 3.6 2,063 20,066 3.5 2,257 43,155 3.4 4,685 Total 5,211 2.2 365 17,878 3.6 2,063 20,066 3.