Pantoro Gold (PNR) Noosa Mining Investor Conference summary

Operational and Strategic Highlights

• Owns 100% of Norseman Goldfield with a resource of 44.9 Mt at 3.3 g/t for 4.7 Moz, two operational underground mines, and two open pits, with a third underground mine under rehabilitation.

• Achieved a debt-free balance sheet, with cash and gold holdings of $175.9 million at FY2025 close and a $43.3 million increase in the June quarter.

• Merged with Tulla Resources in 2023, strengthening board experience and stability, with a diversified investor base and major shareholders including Regal FM and Sprott.

• All-in sustaining costs remain below $2,000/oz, with FY2025 AISC at $1,991/oz and FY2026 guidance of $1,950–$2,250/oz for 100,000–110,000 ounces.

• Strategy targets expansion to over 200,000 ounces per annum in the medium term, focusing on underground mining and key milestones expected in FY26.

Exploration and Growth Plans

• Plans to spend $55 million on exploration in FY2026, with significant drilling, mine rehabilitation, and the first major regional exploration in 30 years.

• Current ore reserve is 13.4 Mt at 2.1 g/t for 895 koz, nearly three times larger than historical reserves.

• Less than 30% of 25 resource areas have been drilled, mainly near-surface, indicating substantial growth potential.

• Ongoing drilling aims to expand high-grade underground resources, with Mainfield and Bullen decline rehabilitation advancing rapidly.

• Scotia underground mine ramp-up is a key growth driver, targeting 100,000–120,000 ounces long-term.

Production, Processing, and Financial Performance

• FY2025 gold production reached 84,563 ounces, with Princess Royal open pits to provide 20,000 ounces in 2025 and Gladstone to follow in early 2026.

• Processing plant operates at 1.2 Mtpa, with potential to expand to 1.4–1.5 Mtpa for under $2 million, and recovery rates of 94.5–95.8%.

• Mill feed expected to shift to higher grades (5–7 g/t) as more underground mines come online, supporting 200,000+ ounces annual output.

• Open pit mining can continue for 7–8 years at current rates, but focus is on bringing at least two new underground mines online by 2028.

• FY2025 EBITDA was $196.4 million, with capital and exploration spend set at $67 million for the coming year and strong cash generation anticipated.