Pantoro Gold Limited · ASX:PNR
Pantoro Gold — Shareholder Meeting (November 2025)
26 slides from Pantoro Gold's shareholder meeting presentation, Nov 26, 2025
Slide 1: 2025 Annual General Meeting
For personal use only 2025 Annual General Meeting ASX:PNR
Slide 2: Important Notes
Important Notes For personal use only Nature of Document. This presentation has been prepared and issued by Pantoro Gold Limited (Pantoro or Forward Looking Statements and future performance This presentation contains forward looking statements Company) to provide general information about Pantoro.
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 Activities Accelerating
Norseman GROWTH Activities Accelerating 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 Processing plant operating above nameplate Large Pipeline Large, capacity at 1
Slide 5: Corporate Structure
Corporate Structure 25 Share Price1 A$5.10 For personal use only $6.0 Ordinary Shares 394 million $5.0 20 Options and rights 6.9 million $4.0 15 Cash and gold2 A$181 million $3.0 10 Market Capitalisation1 A$2.01 billion $2.0 5 Debt Nil $1.0 Zero premium collars $0.0 0 Hedging/options 4,000 Put @ A$3
Slide 6: A Period of Key Milestone Achievements
A Period of Key Milestone Achievements • Significant cash growth while building new mines and advancing growth activities. Operations For personal use only growing with a • Large investment in exploration and growth – $29.4 million spent FY 2025, $50m budget FY large growth 2026. program in play • 8
Slide 7: 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 8: Norseman Growth Strategy
Norseman Growth Strategy Aim to add For personal use only highest possible grades from new 1,400,000 mines. Strategy to replace open pit feed with higher grade 1,200,000 underground ore. 1,000,000 Growth drilling underway Target Tonnes Processed Scotia Reserve on surface at Mainfield and 800,000 Gra
Slide 9: 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 10: 100% Ownership of a Gold Province
100% Ownership of a Gold Province WORLD-CLASS GREENSTONE BELT HIGHLY PROSPECTIVE For personal use only 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 pr
Slide 11: Processing - Excellent Recovery and Reliability
Processing - Excellent Recovery and Reliability Modern processing facility built by Pantoro Gold. 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: 95% in FY2025. ● Targeting growth thr
Slide 12: 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 2025 mined grade 5.83g/t. Large extensional exploration drilling program underway and set to continue for all of FY20
Slide 13: 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. Refer to ASX release on 30
Slide 14: 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 Mining of Northern North and strong potential for underground remnant areas development at Green Lantern which hosts another underway 1.5km of strik
Slide 15: 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 16: Mainfield – Major Growth Opportunity
Mainfield – Major Growth Opportunity use only Mainfield is hisotrically the most prolific mining area at Norseman 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 pre
Slide 17: 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 BULLEN Bul len • Completed >5,000m of decline roa Maro rehabilitation and >800m of new Drill access from development. Q1 FY26 O’Brien • Drilled approximately
Slide 18: Crown Reef – Historical Production
Refer to ASX release on 13 July 2021 for details. For personal use only Crown Reef – Historical Production 1.1 Moz @ 11.2g/t 18
Slide 19: Crown Reef – Crown South Core
Crown Reef – Crown South Core For personal use only 225m Visible Gold. Assays Pending Refer to ASX release on 17 November 2025 for details. 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: 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 underwa
Slide 22: Princess Royal - Growth Targets
Princess Royal - Growth Targets Opportunities SIGNIFICANT HIGHLY PROSPECTIVE over 2kmEXPLORATION of strike UPSIDE For personal use only Pantoro Gold’s Norseman tenure is a significant • North Royal - 1.8Moz produced from North Royal Deposits. proportion of the highly prospective region, Underexplore
Slide 23: First Regional Exploration in Years
First Regional Exploration in 30 Years HIGHLY PROSPECTIVE For personal use only 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 mini
Slide 24: 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. HIGHLY PROSPECTIVE For personal use only • PhotonAssayᵀᴹ delivers faster, safer, more accurate and SIGNIFICANT EXPLORATION UPSIDE environm
Slide 25: Summary
Summary For personal use only Exceptional • Significant cash growth while building new mines and advancing growth position, activities. strong • FY25 EBITDA A$196.4 million. cashflow • A$181 million in cash and gold. Leveraged • Debt free. to the gold • Only 2,000 ounces capped at A$4,200 per ounce
Slide 26: 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