Pantoro Gold (PNR) 2024 Precious Metals Summit Zurich + Energy Transition summary

Financial performance and stability

• Achieved consistent quarterly production growth, with last quarter EBITDA over AUD 32 million and free cash flow of AUD 8.5 million after AUD 15 million spent on new underground development.

• Maintains strong profitability and a stable, long-term management and board team.

• Holds AUD 112 million in cash and gold, with only AUD 18 million in convertible note debt maturing in 2027.

• Institutional shareholders own 46%, with a broad geographic spread.

• Strong ESG commitment, including local community education programs.

Operations and production capacity

• Processing plant operates at 1.2 million tonnes per annum, tested up to 1.4 million, with potential to reach 1.5 million tonnes for under AUD 2 million in upgrades.

• Recovery rates are high, just below 95%.

• Transitioned from open pit to underground mining at Scotia, with first production stopes fired and full production expected at 65,000 ounces per annum from Q1 next year.

• OK Mine delivers about 40,000 ounces per annum, with reserves increasing year on year.

• Combined underground mines expected to achieve 100,000 ounces per annum at AUD 1,900 per ounce.

Growth strategy and resource development

• Focused on developing additional high-grade underground mines, targeting at least two more within two years to replace lower-grade open pit feed.

• Main Field, North Royal, and Harlequin centers each have around 500,000 ounces in resource, with limited historical exploration.

• Production mix shifting from open pit to higher-grade underground ore, aiming to increase plant feed grade from under 2g/t to 5–6g/t.

• If 4.5g/t is achieved, annual production could exceed 200,000 ounces.

• Scotia mine expansion could increase output from 65,000 to over 120,000 ounces per year, with additional lodes (Panda, Eastern) offering further upside.