Page 1

PANTORO Quarterly Report Ending 31 March 2021 • . • • • Key Highlights Norseman Project ( Pantoro 50 % ) ⋅ Pantoro completed the $ 50 million sole expenditure commitment on the project subsequent to the end of the quarter . JV partner Tulla Resources Plc ( ASX : TUL ) has paid its first cash call and is now required to contribute 50 % of all project expenditure . Pantoro is the manager of the JV and is responsible for defining and executing work programs . Engineering , Procurement and Construction ( EPC ) contract for construction of the new processing plant awarded to GR Engineering Services . The ball mill , which is on the project critical path has been ordered and deconstruction of the old processing plant is underway on site . $ 7.7M spent on project capital works detailed in the DFS as project pre - work and construction costs during the period . Letter of intent for camp construction signed with construction works underway . The camp contractor , Resource Accommodation Management is responsible for all capital costs associated with the camp reducing project capital . Drilling continued with six drill rigs for the majority of the quarter with significant expansion achieved at the Green Lantern discovery . Drilling also commenced in the Mainfield with multiple quartz reef intersections awaiting assays . Close spaced gravity survey completed over the entire ~ 800 km2 Norseman tenement package . Data is to be processed during the current quarter and utilized in conjunction with existing geophysical data sets for ongoing exploration targeting . Halls Creek Project Production of 8,429 ounces with AISC at $ 1,644 / Oz . Production was slightly below guidance , and heavily impacted by over 480 mm of rainfall during the quarter , with the site experiencing the highest rainfall over the wet season since the commencement of current operations . Project cashflow of $ 2.3M inclusive of all capital and exploration costs . Pantoro is unhedged with an average realised gold price of $ 2,316 / Oz . Cashflow guidance was previously stated at $ 2,600 per ounce . Cashflow was slightly below guidance primarily due to the reduced gold price . Pantoro again reduced site costs with a 6.6 % reduction quarter on quarter and 18.1 % reduction compared with the same period last year . Pantoro remains focused on maximization of cashflow from the operation . Initial stoping of the REV Lode at Rowdies commenced began contributing to the Wagtail production profile during the quarter . Corporate Closing cash and gold balance of $ 54.4 million after an accelerated spend of $ 15.0 million at Norseman during the period . Pantoro remains debt free . Enquires Paul Cmrlec - Managing Director | Ph : +61 8 6263 1110 | Email : admin@pantoro.com.au * $ 51.5M cash and metals account , 1,278 ounces in safe and GIC @ $ 2,224.48 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