Panoro Minerals Ltd. · TSXV:PML
Panoro Minerals — Investor Presentation (September 2026)
31 slides from Panoro Minerals's investor presentation, September 2026
Slide 1: Peru's Next Copper/Gold Mine
TSX-V: PML BVL: PML OTC: POROF FSE: PZM PERU’s NEXT COPPER/GOLD MINE LARGE SCALE DEPOSIT WITH A HIGH-GRADE CORE Corporate Presentation September 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 Cotabambas Project at a Glance
The Cotabambas Project at a Glance What the deposit is, where it sits, who is building it, why communities back it, and what comes next Panoro Minerals — Cotabambas Project 1 THE PROJECT — what we own 2 THE REGION — where it sits 3 THE TEAM — who builds it • Billion-tonne copper-gold deposit in Peru
Slide 4: Mineral Resource Overview
Mineral Resource Overview Effective 2024 1.0 BILLION TONNE TARGET ACHIEVED HIGH-GRADE COMPONENT OF MINERAL RESOURCE 507.3 Mt @ 0.33% 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 • 1.10 g/t AuEq • 3.29
Slide 5: The High-Grade Strategy
The High-Grade Strategy Design the Cotabambas Project scale for Panoro to develop 1. Focus on the High-Grade component of the resource 4. Unfold the District Scale Potential • 222 million tonnes • 1.2% CuEq • Strip ratio less than 1.0 2. Drilling Programs to: • Define extent of high grades along str
Slide 6: North Pit & South Pit
North Pit & South Pit Contain 100% of 1 Billion Tonne Resource • 1.0 billion tonne resource • Low strip ratio of 1.3:1 • High-Grade component along 1 km - 222 million tonnes at 1.2% CuEq • High-Grade corridor of 3 km - Open along strike - Open to south of South Pit OPEN - Open between the pits TSXV-
Slide 7: North Pit & South Pit Sections
North Pit & South Pit Sections Continuity and Growth Potential Conceptual High Grade High-Grade NORTH PIT at Surface SOUTH PIT Pit Limits High Grade at Surface Conceptual High-Grade Pit Limits Resource Pit Shell Resource Pit Shell Gaps in High Grade OPEN OPEN • Continuity of High-Grade • High-Grade
Slide 8: Cotabambas South Pit Cross Section
Cotabambas South Pit Cross Section Drillhole 228, Results June 2026 TSXV-PML Page 9
Slide 9: 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 10: Infrastructure Improvements
Infrastructure Improvements Two Access Roads & Two Ports Existing Southern Route to Port New Northern Route to Port Public Bridge / Road Matarani Port New Bridge and Alternate Access Road • Derisks Potential Operational and Construction Disruptions • 2nd Corridor for Concentrate Shipments and Constr
Slide 11: 2026 Work Program
2026 Work Program ❶ Stepout Drilling along 3 km of strike / 15,000 m / GROW High-Grade ❷ Infill Drilling at North Pit / 15,000 m / UPGRADE to Indicated Category ❸ Exploration Drilling at New Targets / 15,000 m / TEST for High-Grade ❹ Metallurgical Testing of High-Grade ❺ Ground Geophysics at new ska
Slide 12: 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 13: Mineral Resource Growth Potential
Mineral Resource Growth Potential Resource and District Scale over 165 Km2 17 of 19 Targets yet to test 165 Km2 of Exploration Drill Targets for 2026 Concessions 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 Pa
Slide 14: Target 13 - 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 15: Target 7 - Tamburo
Target 7 - Tamburo High-Grade & Resource Growth Potential Porphyry & Skarn at Surface HIGH GRADE SKARN POTENTIAL TO DEPTH 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
Slide 16: Cotabambas Project Design Concept
Cotabambas Project Design Concept Design a High Grade Mine Panoro can Build (< $1B Capex) • Target 20 ktpd to 30 ktpd High Grade mine plan Revisit Project Scale as High-Grade Component is Expanded • Capital efficient, targeting US$500 M to US$700 M Initial Capital Cost • Produce a single concentrate
Slide 17: Mining in Peru
Mining in Peru Road Map to Development and Stability • A country of 33.4 million • Peru maintains investment- • From pre-Inca times through • Peru is a global leader in the people grade credit rating since Inca, colonial and republican mining industry December 2009 matching periods mining has been o
Slide 18: Environmental Permits Expanded September 2024
Environmental Permits Expanded September 2024 16 Years of Continuity Environmental Licensing – Growth and Stability 1. Cotabambas-Ccalla - Constancia de Aprobación 4. Cotabambas - Resolución Directoral N° 194-2012-MEM- Automática N° 062-2010-MEM-AAM del 4 de octubre AAM, del 12 de junio del 2012, Ap
Slide 19: Social License
Social License Community Support for Future Relocations COCHAPPATTA COMMUNITY CONVENIO 9th Community Convenio at Project LANDS ACQUIRED AND TRANSFERRED TO COMMUNITIES Anta • 23,500 m2 • Ccalla Community • 2013 Land Purchase Additional Purchase Poroy Scheduled for 2026 Local Labor • 41,000 m2 • Cocha
Slide 20: High-Grade Distinguishes Cotabambas
High-Grade Distinguishes Cotabambas • High-Grade Component stands out • Demonstrates the important role High-Grade will play in making the mine profitable - High IRR - Short payback • Total Resource grade also demonstrates long life potential • 17 of 19 targets are yet to be drilled, indicating sign
Slide 21: Strip-Adjusted Grade Benchmarking
Strip-Adjusted Grade Benchmarking Adapted from Solaris Corporate Presentation Cotabambas figures shown in red — early-mine (Yr 1-15) and later-mine (Yr 20+) scenarios. TSXV-PML Page 22
Slide 22: Copper Developers Valuation Comparison
Copper Developers Valuation Comparison Peers Trading at up to 7X Panoro Valuation 1,800 Osisko Faraday In-situ 1,500 Company Value M&I (%) (cents CAD/lb Northisle CuEq) 1,200 7X Market Cap (C$M) Faraday 31.6 83 Atex 900 Northisle 10.7 82 Osisko 8.1 88 600 Regulus Panoro Panoro HG Western Cu/Au Regul
Slide 23: Summary
Summary No fatal flaws. Strong community support. Funded to the next milestones. Present High Value Cu/Au Project $30M CASH ON HAND Secure Mining District 45,000m DRILLING PROGRAM Strong Local Team PEA & PFS TO COME Exceptional Community Relationships Design A Mine FOR PANORO TO FINANCE & BUILD Road
Slide 24: Appendix
Appendix Supporting Detail & Additional Disclosures TSXV-PML Page 25
Slide 25: Capital Structure & Share Performance
Capital Structure & Share Performance* Tickers TSX-V:PML I BVL:PML I FSE:PZM I OTC:POROF Share Price (August 31) C$1.86 52 Week Low-High C$0.28 - C$2.03 Shares Issued 309.2 M Options 19.6 M Warrants 17.7 M Compensation Options 1.3M Fully Diluted 347.8 M Market Capitalization Source: money.tmx.com/en
Slide 26: 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 27: SOUTH a
SOUTH a iy, we x Mi) CB-230-26 ) ) Saal ©) Legend © ___Drillhole Executed © _ Drillhole 2026 @ __ Drilling in Progress [1 Resources pit 2023 [ ] High-Grade Pit Lithology [__] Overbuden HB Quartz Monzonite Early (HN Quartz Monzonite intermineral [HE Quartz Monzonte Late HR oQuartz Porphyry L] tatite
Slide 28: HG HG 157 m @ 0.64% CuEq
150 m HG 1,100 m HG 300 m 157 m @ 0.64% CuEq 550 m OPEN HG
Slide 29: 69 m @ 0.62% CuEq HG OPEN
120 m 69 m @ 0.62% CuEq 200 m HG OPEN 300 m
Slide 30: Long Section
1100 m OPEN OPEN 600m Long Section
Slide 31: Contact
Icon Icon 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-PML
Panoro Minerals — Investor Presentation (September 2026) on 6ix