Panoro Minerals Ltd. · TSXV:PML
Panoro Minerals — Investor Presentation (April 2026)
25 slides from Panoro Minerals's investor presentation, April 2026
Slide 1: Peru's Next Copper/Gold Mine
TSX-V: PML BVL: PML OTC: POROF FSE: PZM PERU’s NEXT COPPER/GOLD MINE 1.0 Bt Resource with 222 Mt @ 1.2% CuEq Corporate Presentation April 2026
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: The High-Grade Strategy
The High-Grade Strategy Establish the Cotabambas Project scale that Panoro can develop 1. Focus on the High-Grade component of the resource • 222 million tonnes • 1.2% CuEq • Strip ratio less than 1.0 2. Drilling Programs to: • Define extent of high grades along strike and at depth • Upgrade High-Gr
Slide 4: Strategic Project Location
Strategic Project Location Southern Peru Copper Cluster 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 plac
Slide 5: North Pit & South Pit
North Pit & South Pit Contain 100% of 1 Billion Tonne Resource • 1.0 billion tonne resource • Low strip ration of 1.3:1 • High-Grade component - 222 million tonnes at 1.2% CuEq • High-Grade corridor identified - Open along strike - Open to south of South Pit - Open between the pits OPEN TSXV-PML Pag
Slide 6: North Pit & South Pit Sections
North Pit & South Pit Sections Continuity and Growth Potential Conceptual High-Grade NORTH PIT SOUTH PIT Pit Limits Conceptual High-Grade Pit Limits Resource Pit Shell Resource Pit Shell • Continuity of High-Grade • High-Grade Starter Pit Potential • High-Grade at Surface • High-Grade Open Below PIT
Slide 7: Mineral Resource Overview
Mineral Resource Overview Effective 2024 1.0 BILLION TONNE TARGET ACHIEVED HIGH-GRADE COMPONENT OF MINERAL RESOURCE 507.3 Mt @ 0.34% Cu, 0.20 g/t Au, 2.42 g/t Ag, Indicated 129.0 Mt @ 0.70% Cu, 0.44 g/t Au, 4.12 g/t Ag, Indicated • 0.61% CuEq1 • 1.29% CuEq1; or • 3.75 B lbs Cu • 1.07 g/t AuEq • 3.29
Slide 8: 2026 Work Program
2026 Work Program • 15,000 m total at C$8.2 million, Funded • DRILLING PROGRAM PRIORITIES - Stepout Drilling at South Pit / 5,000 m / GROW High-Grade Resource - Infill Drilling at North Pit / 5,000 m / UPGRADE to Indicated Category - Exploration Drilling at Clustered Targets / 5,000 m / TEST for add
Slide 9: Key Priorities - Stepout and Infill Drilling
Key Priorities - Stepout and Infill Drilling Previous High-Grade Intercepts Drillhole From To Intersection Cu Au Ag CuEq2 (m) (m) (m) (%) (g/t) (g/t) (%) CB-205 43.7 122.9 79.2 0.65 0.44 5.19 1.30% CB-206 3.8 345.4 341.7 0.56 0.40 2.75 1.10% 1.0% to 2.5% CuEq @ North Pit CB-207 117.4 207.1 89.7 0.56
Slide 10: Mineral Resource Growth Potential
Mineral Resource Growth Potential Resource and District Scale 17 of 19 Targets yet to test Exploration Drill Targets for 2026 Target 7 – Tamburo Target 13 – Chaupec 12 Skarn at High-Grade Skarn at High-Grade 11 5 10 4 8 6 3 13 7 1 14 9 2 15 18 16 17 19 TSXV-PML Page 10
Slide 11: Target - Chaupec
Target 13 - Chaupec High Grade & Resource Growth Potential • Skarn mapped along 3 km of strike 3km - Three Zones - 15 Anomalies - Surface samples of : • + 7% Cu • + 500 g/t Ag • Geophysical anomalies indicating: - Porphyry stock 50m to 100m from surface • Five shallow drill holes intersected: - Mine
Slide 12: Target - Tamburo
Target 7 - Tamburo High Grade & Resource Growth Potential Four zones of Mineralization sampled at surface: • Zone 1: 19% Cu, 65 g/t Ag, 0.17 g/t Au • Zone 2: 7% Cu, 100 g/t Ag, 0.68 g/t Au • Zone 3: 11% Cu, 27 g/t Ag, 0.21 g/t Au • Zone 4: 10% Cu, 91 g/t Ag, 0.07 g/t Au TSXV-PML Page 12
Slide 13: Strategic Road Map
Strategic Road Map Delineate and Upgrade High Grade Resource • High Grade Resource • Delineate limits of High-Grade at South Pit • Upgrade High-Grade to Indicated and Measured • Advance Engineering Studies • PEA after high grade limits delineated at South Pit - High-Grade mine plan at low strip rati
Slide 14: Cotabambas Project Design Concept
Cotabambas Project Design Concept Design a High Grade Mine Panoro can Build • Target 20 ktpd to 30 ktpd High Grade mine plan • Capital efficient, targeting $500M to $700M Initial Capital Cost • Produce a single concentrate - No Arsenic, no penalty elements - Improve 27% Cu, 10 g/t Au, 100 g/t Ag con
Slide 15: Mining in Peru
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 December 2009 matching periods mining has been o
Slide 16: Environmental Permits Expanded September 2024
Environmental Permits Expanded September 2024 16 Years of Continuity Environmental Licensing – Growth and Stability 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, Ap
Slide 17: Social Licence
Social Licence Community Support for Future Relocations COCHAPPATTA COMMUNITY CONVENIO 9th Community Convenio at Project LANDS ACQUIRED AND TRANSFERRED TO COMMUNITIES Anta • 23,500 m2 • Ccalla Community • 2013 Poroy Land Purchase Local Labor • 41,000 m2 • Cochapata Community • 2018 Proximity to Cusc
Slide 18: Infrastructure Improvements
Infrastructure Improvements Two Access Roads & Two Ports Existing Southern Route to Port New Northern Route to Port Matarani Port New Bridge and Alternate Access Road • Derisks Potential Operational and Construction Disruptions • 2nd Corridor for Concentrate Shipments and Construction Access • Publi
Slide 19: High-Grade Distinguishes Cotabambas
High-Grade Distinguishes Cotabambas • High-Grade Component stands out • Demonstrates the important role High-Grade will play in making the mine profitable - High IRR - Short payback • Total Resource grade also demonstrates long life potential • 17 of 19 targets are yet to be drilled, indicating sign
Slide 20: Copper Developers Valuation Comparison
Copper Developers Valuation Comparison Peers Trading at up to 13X Panoro Minerals Copper Developers Valuation Comparison 1,600 ATEX In-situ 1,400 Faraday Company Value M&I (%) (cents CAD/lb 1,200 Northisle Western CuEq) 13X Faraday 26.2 84 Market Cap (C$M) 1,000 Osisko 800 7X Northisle 10.3 81 Regul
Slide 21: Appendix
Appendix TSXV-PML Page 21
Slide 22: Capital Structure & Share Performance
Capital Structure & Share Performance Tickers TSX-V:PML BVL:PML FSE:PZM OTC:POROF Share Price $0.90 52 Week Low-High $0.91 - $0.28 Shares Issued 284.3M Options 15.8M Warrants 19.3M Fully Diluted 319.6M Market Capitalization Undiluted $255.8M Source: https://money.tmx.com/en/quote/PML Fully diluted $
Slide 23: Management & Directors – Peru Focused
Management & Directors – Peru Focused LUQUMAN SHAHEEN, PENG, PE, MBA – PRESIDENT & CHIEF EXECUTIVE OFFICER & KEITH PECK– CHAIRMAN DIRECTOR Over 40 years of Sr. Investment Banking experience, advising both public 35 years experience in mining sector, 30 years experience in Peru and private companies
Slide 24: Other Assets of Panoro Minerals
Other Assets of Panoro Minerals Financing Options & Future Potential ANTILLA PROJECT, PERU COPPER PORPHYRY PROJECTS, PERU • Payment #3 - $CA 7 M, June 2026 • Humamantata Project • Payment #4 – up to $50 M • Promesa Project • 10% Equity in Antilla Project • Anyo Project • NSR Royalty • All project lo
Slide 25: Contact
Logo, icon Icon Icon Description automatically generated Description automatically generated Description automatically generated TSXV:PML For further information, contact: OTCQB:POROF Luquman Shaheen, President and CEO Phone: 604.684.4246 BVL:PML Email: info@panoro.com BORSE:PZM www.panoro.com TSXV-