Panoro Minerals Ltd. · TSXV:PML
Panoro Minerals — Investor Presentation (October 2025)
24 slides from Panoro Minerals's investor presentation, October 2025
Slide 1: Developing Peru's Next Copper/Gold Mine
TSX-V: PML BVL: PML OTC: POROF BORSE: PZM DEVELOPING PERU’s NEXT COPPER/GOLD MINE Corporate Presentation October 2025
Slide 2: Forward Looking Statements
Forward Looking Statements CAUTION REGARDING FORWARD LOOKING STATEMENTS: Information and statements contained in this presentation that are not historical facts are “forward-looking information” within the meaning of applicable Canadian securities legislation and involve risks and uncertainties. Exa
Slide 3: Mineral Resource Overview
Mineral Resource Overview January 2024 Update ❑ 1 Billion Tonne Target Achieved ❑ High Grade Component of Mineral ❑ 507.3 Mt @ 0.34% Cu, 0.20 g/t Au, 2.42 g/t Ag Indicated 0.61% Cueq1 Resource 3.75 B lbs Cu 3.29 M oz Au 129.0 Mt @ 0.70% Cu, 0.44 g/t Au, 39.45 M oz Ag 4.12 g/t Ag, 0.0014% @
Slide 4: Continuity and Growth Potential
High Grade Component – Starter Pit Continuity and Growth Potential • Continuity • High Grade Starter North Pit of High High Grade South Pit Pit Potential Grade at surface High Grade • High Grade Below at surface PEA PIT • High Grade • Limited Pre- at Surface stripping • High Grade • Open to South Op
Slide 5: High Grade & Clean Metallurgy
Cotabambas Project High Grade & Clean Metallurgy Indicated Category1 High Grade Component Geometry : • 129.0 Mt @ 1.29% Cueq or 1.07 g/t Aueq • Approaching 50/50 Copper to Precious Metals • Cu 2.0 B lbs (54%) • Near or at surface • Au 1.8 M oz (41%) • Both North and South Pits • Ag 17.1 M oz (5%) •
Slide 6: Resource and Project Scale
Mineral Resource Growth Potential Resource and Project Scale • High Grade • 19 Geologic 12 Targets Corridor 11 10 5 Identified Identified 7 6 4 1 3 • 2 Included • Open Along 13 in Resource 8 1 Strike 9 2 • 6 drilled 14 • High Grade at Block Model 15 • Growing 2 Limits at Project South 18 Potential O
Slide 7: Advancing to Pre-Feasibility Study
Cotabambas Project Advancing to Pre-Feasibility Study 2024 Accomplishments Next Steps – Project Optimizations • Increased M/I/I Resource 43% • Reduce Initial Capital Cost • Increased Indicated Resource 333% o Focus on High Grade Starter Pit • Increased High Grade Zone 247% • Improve Recoveries • Hig
Slide 8: Objectives and Targets
Mine Plan Trade-off Study Objectives and Targets(1) ❑ Start Mine @ 40,000 tpd Reduce Initial Capital Cost Grow to 80,000 tpd after 4+ years ❑ Focus 40,000 tpd Mine Plan on High Grade Maximize Cash Flow in Early Zones Years of Operations (1) INITIAL (1) NPV7.5 (1) IRR (1) PAYBACK (1) NPV/CAPEX CAPE
Slide 9: Multiple Value Added Optimizations
Cotabambas Project Multiple Value Added Optimizations Target: 5.7X $7,000 $6,000 • 2.7 times to 5.7 times increase in After Tax NPV (Million USD) NPV $3,950 $5,000 $4,000 $2,097 PML Current Valuation : $3,000 $1,285 $564 $129 $419 2.7X$1,853 $390 • 15% of 2015 PEA $2,000 $1,000 $684 • 6% of Target L
Slide 10: Towards Pre-Feasibility
Upcoming Milestones Towards Pre-Feasibility ❑ Mine Plan Trade-off Study ❑ Prefeasibility Study High Grade Starter Pit Drilling Lower Capex, Lower Throughput Starter Pit Infill Drilling ~ 5,000 m Self Fund Expansion of Throughput Upgrade ~ 200Mt Inferred to Indicated ❑ New PEA Category
Slide 11: Strategic Project Location: Southern Peru Copper Belt
Strategic Project Location Southern Peru Copper Belt HEART OF PERU MINING CLUSTER ❑ Global copper mining sector heavily invested in southern Peru ❑ 12 large scale open pit copper mines/projects ❑ Panoro only exploration company with 100% control of advanced copper project ❑ Infrastructure in place:
Slide 12: Kutuctay Bridge Completed
Northern Route to Marcona Port Kutuctay Bridge Completed ❑ Derisks Potential Operational and Construction Disruptions ❑ 2nd Corridor for Concentrate Shipments and Construction Access ❑ Public access bridge/road ❑ Funded through ‘Works for Taxes’ Program ❑ Located 10km East of Cotabambas Project TSXV
Slide 13: Road and Port Alternatives
Critical Infrastructure In Place & Growing Road and Port Alternatives Southern Route to Matarani Port Northern Route to Marcona Port • Existing • Alternate Road in access to place port in future • Used by • New bridge existing complete operating mines • Approach roads to • Access to north and Matara
Slide 14: A Decade in the Making: Strong Community Support
Strong Community Support A Decade in the Making COCHAPPATTA COMMUNITY CONVENIO 9th Community Convenio at Project Land Purchase Local Labor Economic Support to Seniors Scholarships TSXV-PML Page 14
Slide 15: Open to Southwest – Away from Developed Areas
Project Growth Areas Open to Southwest – Away from Developed Areas ENHANCED PERMITTING OUTLOOK • Pits constrained to avoid developed areas • Growth to southwest • no developed areas • Facilitate permitting of startup of project with high grade starter South Pit • Reduce initial Capital Cost • Self f
Slide 16: Long Term Strategy: Community Relocations Plan
Community Relocations Plan Long Term Strategy Lands Acquired and Transferred to Communities : • Anta • 23,500 m2 • Ccalla Community • 2013 • Poroy • 41,000 m2 • Cochapata Community • 2018 • Proximity to Cusco City • 140 km from Cotabambas Project • Closer to Schools, Healthcare, Employment Options T
Slide 17: 14 Years of Continuity: Environmental Licensing
Environmental Permits Expanded September 2024 14 Years of Continuity Environmental Licensing – Historical 1. Cotabambas-Ccalla - Constancia de Aprobación 4. Cotabambas - Resolución Directoral N° 194-2012-MEM- Automática N° 062-2010-MEM-AAM del 4 de octubre AAM, del 12 de junio del 2012, Aprueba el E
Slide 18: Environmental Permit Expansion Approved
Environmental Permit Expansion Approved September 2024 • 3,076 ha under permit expanded by 3,512 ha • Total hectares: 6,588 • Covers 14 of 19 targets TSXV-PML Page 18
Slide 19: Strategic Relationships
9 Years without Equity Financing Strategic Relationships 2016 ‘17 ‘18 ‘19 ‘20 ‘21 ‘22 ‘23 ‘24 ‘25 ‘26 Future Share $ 6.0 M1 Equity $3.5 M $1.5 M $1.5 M $1.5 M $1.5 M $1.5 M $1.5 M $1.5 M $1262 $3.4 M $1.5 M $2.0 M $10.0 M1 $0.3 M1 $2.7 M1 $7.0 M1 $501,3 $1.0 M $1.0 M $1.0 M $0.5 M Other ❑ No Share E
Slide 20: Financing Options & Future Potential
Other Assets of Panoro Minerals Financing Options & Future Potential Antilla Project, Peru Copper Porphyry Projects, Peru ❑ Payment #3 - $CA 7 M ❑ Humamantata ❑ Promesa Project ❑ Payment #4 – up to $50 M ❑ Anyo Project Due when Study complete 13% of NPV less $CA 20 M ❑ All project located in Sou
Slide 21: Capital Structure & Share Performance
Capital Structure & Share Performance Tickers TSX-V:PML BVL:PML BORSE:PZM OTC:POROF Share Price $0.60 52 Week Low-High $0.65 - $0.27 Shares Issued 264.4 M Options 11.3 M Fully Diluted 275.6 M Market Capitalization Undiluted $148 M $154 M Source: https://www.stockwatch.com/Quote/Detail?C:PML Fully di
Slide 22: Mining in Peru: Road Map to Development and Stability
Mining in Peru Road Map to Development and Stability • A country of 33.4 million • Peru maintains investment- • From pre-Inca times through • Peru is a global leader in the people grade credit rating since Inca, colonial and republican mining industry • One of Latin America fastest December 2009 mat
Slide 23: Management & Directors – Peru Experience
Management & Directors – Peru Experience MANAGEMENT DIRECTORS LUQUMAN SHAHEEN, PENG, PE, MBA – PRESIDENT & CHIEF EXECUTIVE OFFICER AUGUSTO BAERTL – CHAIRMAN & DIRECTOR Over 50 years of experience in the Peruvian and International Over 27 years experience in mining sector, 20 years Mining Sector expe
Slide 24: Contact
PAN@RO MeN Eke ES, Er D COTABAMBAS PROJECT 9.0-0 — ~TSXV:PM ML. = = __ For further information, contact: OTCQB: POROF Z Luquman Shaheen, President and CEO BVL: PML Phone: 604.684.4246 Email: info@panoro.com BORSE:PZM e WWW.panoro.com="
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