Pantoro Gold (PNR) Investor presentation summary

Operating profile

• Four producing deposits—Scotia, OK, Gladstone and Green Lantern—are within ~30km of the Norseman mill; Mainfield is in development.

• The 1.2Mtpa mill is running above nameplate, with 95% recovery and flexibility to expand to 1.4–1.5Mtpa without major costs.

• FY27 production guidance is 90–105 koz, with AISC guidance of A$2,800–3,400/oz.

• Q1 production was within guidance; Green Lantern has commenced production and underground staffing is approaching target levels.

Financial position

• Cash and gold totaled A$240m at 30 September 2026, with nil debt.

• At 5 November 2026, market capitalisation was A$1,263.5m and implied enterprise value was A$1,023.5m.

• A$67m (US$94m) is planned for major project capital expenditure, alongside exploration investment and an on-market buyback during the operational transition.

Growth plan

• Long-term ambition is ~200kozpa, supported by mill expansion and feed grades above 4.5g/t from existing ore sources.

• Development of Mainfield underground ore bodies and additional Green Lantern open-pit feed are intended to drive a production step change.

• Green Lantern mining commenced in August 2026; FY27 plan includes 344,000t at 1.8g/t and 385,000t at 0.97g/t.

• Gladstone schedule totals 526,000t at 3.42g/t for 58,000 oz, with ~20,000 oz planned in FY27 and the balance in FY28–FY29.