Pantoro Gold (PNR) Noosa Mining Conference 2026 summary

Operational overview

• Currently operating two underground mines (Scotia and OK) and one open pit (Gladstone), with a second open pit (Green Lantern) starting next month; all ore sources are within 30km of the mill.

• Annual gold production is projected between 90,000 and 105,000 ounces, with a long-term target of 200,000 ounces, supported by mill expansion to 1.5Mtpa and new ore sources like Green Lantern and O'Briens Lode coming online in FY27.

• The operation is underpinned by a 4.6Moz resource and 0.9Moz reserve, with a central processing facility running at 1.2Mtpa and recoveries of 95%.

• The senior management team is stable, with a strong balance sheet (A$223.4m in cash and gold, no debt), and an on-market share buyback program during operational transition.

• Strategic partnerships and exploration-led reserve growth, with eight drill rigs active and systematic drilling targeting both resource conversion and new discoveries.

Growth strategy and exploration

• Initial development focused on areas with the quickest and least capital-intensive path to production, with profitable operations since late 2022.

• Aggressive drilling and development are underway in Main Field and Princess Royal, with Main Field recently rehabilitated and dewatered for ore development after 15 years.

• Norseman is positioned on a prolific gold belt, with significant exploration upside compared to nearby mature assets, and is considered one of Australia’s highest-grade gold systems.

• A new resource and reserve estimate, along with a five-year growth plan, will be released in September, outlining the path to 200,000 ounces per year.

• Growth is driven by transitioning from lower-grade open pits to high-grade underground mines, supported by processing plant upgrades and mill expansion.

Production, development, and exploration updates

• Production guidance for FY27 is 90,000–105,000 ounces at an AISC of A$2,800–3,400/oz.

• Ongoing development at OK and Scotia underground mines, with reserves increasing annually and significant extensional drilling underway.

• Gladstone open pit is projected to produce 50,000 ounces over two years, with life extended to August 2028 and further expansion drilling underway.

• Green Lantern open pit mining to commence August 2026, building stockpiles and supporting increased mill capacity.

• Mainfield, the most prolific mining area, is being redeveloped with high-grade intercepts and new underground mining centers such as O’Briens Lode starting mid-2026.