Pantoro Gold (PNR) Diggers & Dealers Mining Forum 2025 summary

Strategic Position and Financial Strength

• Owns 100% of Norseman Goldfield, historically the highest grade in Western Australia, with over 6 million oz produced and 5 million oz in resource.

• Norseman operation features a large, high-grade resource of 44.9Mt @ 3.3g/t for 4.7Moz gold, with a new processing plant running above nameplate capacity at 1.2Mtpa and expandable to 1.4Mtpa.

• Maintains a strong balance sheet with over $175 million in cash and gold, and no debt, with $176M as of June 2025.

• Shareholder base is largely institutional and diversified, with major investors including Tulla Resources, Regal FM, Sprott, Scotiabank, and Franklin Advisors.

• Leadership team and board have extensive experience, with most members working together for 20 years and key roles held by individuals with over 25–30 years in the industry.

Operational Performance and Cost Management

• FY2025 EBITDA reached $196.4M, with a full-year cash and gold increase of $72M; AISC for the June 2025 quarter was $1,991/oz, among the best in the industry.

• Over $10 million per quarter spent on exploration, with a $55 million exploration budget set for next year, including the first major regional exploration in 30 years.

• Production guidance for the coming year is 100,000–110,000 oz of gold, with a focus on starting additional underground mines.

• Processing recovery averaged 95.8% for the June 2025 quarter, with the plant operating at 1.2Mtpa and potential to increase to 1.4Mtpa without major upgrades.

• Hedging is minimal, with only 1,000oz/month capped at A$4,200/oz for the remainder of 2025 and no hedging from January 2026.

Mining Operations and Exploration

• OK Underground Mine is in steady-state production at ~40,000oz/year, with ongoing extensional drilling and consistent reserve increases since 2022.

• Scotia Underground Mine commenced production in May 2024, ramped to full rate, and is expected to produce ~60,000oz/year, with high potential for further resource growth.

• Princess Royal and Gladstone open pits provide near-term production, with Princess Royal targeting 20,000oz @ 2.1g/t in 2025 and Gladstone to follow in early 2026.

• Mainfield and Southern Mainfield areas are key growth targets, with high-grade drilling results and rapid rehabilitation of Bullen decline.

• Less than 30% of known resource areas have been drilled for reserve conversion, with a major regional exploration program commencing in FY2026.