Patronus Resources (PTN) Q3 2025 TU earnings summary

Executive summary

• Updated Mineral Resource Estimate (MRE) for Mertondale Project delivered, increasing total contained ounces and grade, with 480,000oz now defined at 1.4g/t Au; CGP MRE totals 955,000oz.

• Scoping Study for Mertondale on track for completion in Q2 2025, underpinned by recent high-grade drill results and a new Exploration Target at the Koi Prospect.

• Cardinia East and VMS exploration programs identified strong anomalies and significant zinc and copper intersections, supporting VMS potential.

• Northern Territory projects advanced, with geophysical reprocessing, structural studies, and a 1,500m uranium drill program at Thunderball planned.

• Strategic investments made in Geopacific Resources and Emmerson Resources; well-funded with $81 million in cash and liquid assets at quarter-end.

Financial highlights

• Cash and liquid investments at 31 March 2025 totaled $81 million, including $11 million cash, $41 million in term deposits, and $29 million in listed shares.

• Market capitalisation at quarter-end was $103 million, with 1,637 million shares on issue.

• Related party payments for the quarter were $0.187 million, covering director and consulting fees.

Outlook and guidance

• Mertondale Scoping Study remains on track for delivery in Q2 2025, with ongoing drilling at the Koi Prospect to further define high-grade gold potential.

• Broad-scale geochemical survey in the NT scheduled for June 2025 quarter, with follow-up drilling of priority targets planned.

• Initial 1,500m diamond drill program at Thunderball uranium prospect to commence in the current quarter.