Pantoro Gold (PNR) investor relations material

Executive summary

• FY2026 gold production reached 77,408 ounces, with 18,028 ounces produced in the June 2026 quarter.

• Underground production was below expectations due to contractor issues and labour shortages, while open pit operations met targets.

• A comprehensive operational review was initiated to address production challenges and strengthen future performance.

• The Norseman Gold Project continued its transformation into a diversified, multi-source operation, with significant investments in new ore sources and infrastructure.

Financial highlights

• Cash and gold balance increased from $175.8 million to $223.4 million, with the company remaining debt free.

• $14.8 million was used for an on-market share buyback.

• $15 million invested in the Rama Open Pit development and $54 million in exploration activities.

• $67 million allocated to major project capital.

Outlook and guidance

• FY2027 production guidance set at 90,000–105,000 ounces, reflecting a stabilisation phase in H1 and stronger growth in H2.

• AISC guidance for FY2027 is $2,800–$3,400 per ounce.

• H1 FY2027 expected to deliver 40–45% of annual production, with H2 contributing 55–60%.

• Exploration expenditure planned at $45 million and major project/growth capital at $101 million.