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• • ⋅ PANTORO Quarterly Report Ending 31 December 2020 • • • Key Highlights Excellent free cashflow of $ 7.6 million at Halls Creek fully funds development activities at Norseman . Norseman Project ( Pantoro 50 % ) DFS for recommencement of operations completed and all key regulatory approvals submitted and expected to be received during March 2021 Quarter . Engineering , Procurement and Construction ( EPC ) tenders for plant construction were received during December , and contract award is expected by the end of January . Detailed design and subsequent construction activities are expected to commence immediately after being awarded . Phase Two drilling underway with 100,000 metre drilling campaign to recommence early January 2021. 6-7 drill rigs scheduled to be on site initially with a focus on the objective of doubling project mining inventory . Drilling within the prolific Mainfield has commenced . Ongoing drilling at the Green Lantern and Sailfish discoveries continue to return strong results . Halls Creek Project • Strong free cashflow of $ 7.6 million exceeding guidance . Production of 10,143 ounces with AISC at $ 1,435 / Oz both outperforming guidance . Pantoro remains unhedged with an average realised gold price of $ 2,540 / Oz for the quarter . Development of the REV lode at Rowdies on multiple levels has mirrored strong drilling results which continue to extend and define the splay and parallel lode system . Drilling results during the quarter included : >>> 2.75 m @ 118.6 g / t Au . >>> 3.60 m @ 28.09 g / t Au . >>> 4.10 m @ 12.33 g / t Au . >>> 1.0 m @ 50.06 g / t Au . >>> 2.45 m @ 25.04 g / t Au . Regional exploration drilling programs undertaken at Grants Creek and Mary River . Corporate • Closing cash and gold balance of $ 64.9 million * maintaining cash position quarter on quarter . Pantoro remains debt free . Pantoro's strong balance sheet positions the company well to develop the Norseman Gold Project over the coming year . Enquires Paul Cmrlec - Managing Director | Ph : +61 8 6263 1110 | Email : admin@pantoro.com.au * $ 60.6M cash and metals account , 1,747 ounces in safe and GIC @ $ 2,455.34 Pantoro Limited ABN 30 003 207 467 T : +61 8 6263 1110 | E : admin@pantoro.com.au | W : www.pantoro.com.au PO Box 1353 West Perth WA 6872 | 1187 Hay Street , West Perth WA 6005