Patronus Resources (PTN) Noosa Mining Investor Conference summary

Strategic direction and company evolution

• Completed a merger with PNX Metals, rebranding and expanding scale in the Northern Territory.

• Transitioned to a multi-commodity, multi-project strategy focused on gold, uranium, silver, and base metals.

• Maintains a strong balance sheet with AUD 78 million in cash and liquid investments as of 30 September 2025.

• Pursues value through disciplined execution, strategic investments, and proactive exploration.

• Assembled an experienced board and management team with deep technical and commercial expertise.

Financial position and capital structure

• Market capitalization of $108 million and enterprise value of $30 million as of 11 November 2025.

• Trading below asset value, indicating strong re-rate potential.

• Disciplined capital management and an aligned shareholder base, with Delphi holding 47%.

• Well-funded to deliver on exploration, development, and M&A outcomes without further capital raising.

Project portfolio and exploration highlights

• Cardinia Gold Project in WA features a one-million-ounce open pittable resource, recently upgraded with a 20% increase in grade and 30% more indicated ounces.

• Exploration at Mertondale and Cardinia East continues to expand resources, with significant new targets at Koi, Merlin, and Guppy.

• Pine Creek Belt in NT offers long-term scale with gold, uranium, and base metals, supported by modern exploration and geochemical programs.

• Hayes Creek VMS Project contains 177kt Zn, 16Moz Ag, and 0.2Moz Au, with over 40km of prospective stratigraphy.

• Thunderball uranium project shows high-grade results and is being positioned for partnerships or transactions.