Pantoro Gold Limited · ASX:PNR
Pantoro Gold — Europe Roadshow and Canaccord USA Conference 2026
27 slides from Pantoro Gold's conference presentation, May 2026
Slide 1: Europe Roadshow and Canaccord USA Conference
ASX:PNR Europe Roadshow and Canaccord USA Conference May 2026
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: Unlocking growth upside at Norseman
Unlocking growth upside at Norseman Norseman is strategically located within an underexplored goldfield and supported by four high grade production zones. The project is well positioned to expand production to +200kozpa, supported by a large pipeline of exploration stage deposits Large, Operations a
Slide 5: Corporate Structure & Board
Corporate Structure & Board As at 7 May 2026 A$ Board of Directors Share price $/sh 3.43 1 Paul Cmrlec • Mining engineer with 30 years of experience in Managing Director the industry Fully-diluted shares on issue # 400 and CEO • Tenure: 14+ years Market Capitalisation A$m 1,371.8 1 Wayne Zekulich •
Slide 6: H1 FY 2026 Key Metrics
H1 FY 2026 Key Metrics Our key focus: 41,623 oz AISC EBITDA ü Maintain strong margins and profitability under Production $2,809/oz $135.5M all conditions. Reduces with increased production ü Responsibly deploying capital to secure long- term growth in Mineral Resources, Ore Reserves and production.
Slide 7: 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 8: Norseman Gold Project Overview
Norseman Gold Project Overview Pantoro is progressing mine development and drilling across the Norseman tenement package • Processing is currently running comfortably at 800 km2 Norseman Processing Processing 1.2Mtpa with excellent recovery of 95%. tenure Facility • Ready to upgrade to 1.4-1.5Mtpa w
Slide 9: Growth Strategy: Target Tonnes Processed
September 2024 Growth Strategy Updated long term plan due July/August 2026. Aim to add highest possible grades from new mines. 1,400,000 Additional high-grade 1,200,000 sources coming on-line for FY2027. 1,000,000 Scotia Reserve Strategy to replace open pit feed with Target Tonnes Processed Grade 4.
Slide 10: Processing - Excellent Recovery and Reliability
Processing - Excellent Recovery and Reliability ● Comfortably running at 1.2MTPA with further increases up to 1.4 – 1.5 MTPA easily achieved WITHOUT any major upgrade costs. ● Upgrades are underway. ● Excellent recovery: 95.1% FY2026 YTD. ● Targeting growth through addition of high-grade underground
Slide 11: OK Underground Mine
OK Underground Mine Ore Reserve has increased every year since mining commenced, despite ongoing depletion Producing in steady state at circa 35,000 - 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 and FY
Slide 12: OK Mine – Plan View
OK Mine – Plan View ace track 0m R x. 80 pr o Ap North Existing Active Lodes tar of Erin § O2 and Star of Erin (SOE) continuing strongly at depth. S § Main Lode strong on 580 and 600 Levels. No development and little data between new development and t? SOE Wes previous base of workings at 330 mRL. A
Slide 13: Significant Discovery at Racetrack
Significant Discovery at Racetrack RXRC26_017 RXRC26_018 RXRCD26_008 4m @ 0.48g/t Au 3m @ 2.16g/t Au 1m @ 0.81g/t Au and 3m @ 3.24g/t Au RXRCD26_009 1m @ 19.43g/t Au RXRC26_021 8m @ 28.64g/t Au incl. 1m @ 189.84g/t Au RXRCD26_012 1.53m @ 40.59g/t Au incl. 0.3m @ 22.47g/t Au Open and 0.45m @ 109.9g/t
Slide 14: Scotia Underground Mine
Scotia Underground Mine • 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 North and Two additional extensions to historic levels
Slide 15: Scotia – Open in all Directions
Scotia – Open in all Directions 15 Refer to ASX release on 28 April 2026 for details.
Slide 16: Gladstone-Daisy Mining Area
Gladstone-Daisy Mining Area • Gladstone lies approximately 8 km East of the Norseman processing plant. • 3.8M BCM to be excavated during stages 1 and 2 of open pit mining. • GEV Stage3 now underwritten with additional infill drilling being undertaken prior to committing to mining stage 4. • 317,000
Slide 17: Gladstone Open Pit – Stage Grade Control
Gladstone Open Pit – Stage 3 Grade Control • Stages 1 and 2 are approved by board and being mined. • Stage 3 infill and grade control drilling returning very strong results with approximately half of results outstanding. • Two years of pit life remaining, with an additional fourth stage under consid
Slide 18: Mainfield – Major Opportunity
Mainfield – Major Opportunity 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-
Slide 19: Mararoa Reef Overview
Mar aroa Ree f No rse ma nR eef Blu Esperanto e Butterfly Zon bird Sh e ear Cr ow nR ee Bu f t Dec terfly line Ex. Bullen Cro w Sou n Bullen West th O’B Re riens ef
Slide 20: 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 20
Slide 21: Mainfield Exploration – Crown South and O'Briens
Mainfield Exploration – Crown South and O’Briens shaping up for next production centre • Drilling has identified a substantial zone of high-grade mineralisation at Crown South with abundant visible gold noted. • Results to date include^: Ø 1.13 m @ 12.36 g/t Au. Ø 0.32 m @ 71.14 g/t Au. Ø 0.7 m @ 8.
Slide 22: O'Briens Lode – Development commencing mid-2026
O’Briens Lode – Development commencing mid-2026 Crown South Bullen Workings Dark blue area completing Take off point dewatering and O’Briens from existing rehabilitation Bullen Decline
Slide 23: Strong Initial Results in Butterfly
Strong Initial Results in Butterfly • Area above target zone extensively mined for approximately 200m vertical. • Excellent strike rate in initial drilling. • Mineralisation only 70m from exploration decline – easy access. • Decline can be extended at any time with known mineralisation extending app
Slide 24: North Royal Underground Target
North Royal Underground Target Opportunities over 2km of strike • North Royal - 1.8Moz produced at an average grade of 17 g/t Au from North Royal Deposits. Underexplored below 300m below surface. Historical mine produced at approximately 5,000 OVM. • Slippers - depth extensions provides a near term
Slide 25: First Regional Exploration in 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 26: Summary
Summary Exceptional • Focused on margins. Cash growth while building new mines and advancing growth position, activities. strong • H1 EBITDA A$135.5 million. Q3 EBITDA $88 million. cashflow • A$250.3 million in cash and gold. $37.8 million (before buy-back) increase last quarter. Leveraged • Debt fr
Slide 27: Mineral Resource & Ore Reserve
Mineral Resource & Ore Reserve 27
Pantoro Gold — Europe Roadshow and Canaccord USA Conference 2026 on 6ix