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ASX:PNRQuarterly Results PresentationSeptember Quarter 2026
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Important Notes 2 Nature of Document. This presentation has been prepared and issued by Pantoro Limited (Pantoro or Company) toprovide general information about Pantoro.Summary Information. The information in this document is in summary form and should not be relied upon as acomplete and accurate representation of any matters that a reader should consider in evaluating Pantoro. Whilemanagement has taken every effort to ensure the accuracy of the material in this presentation, Pantoro and itsadvisers have not verified the accuracy or completeness of the material contained in this presentation.Not an offer. This presentation and its contents are not an invitation, offer, solicitation or recommendation withrespect to the purchase or sale of any securities in Pantoro in any jurisdiction and must not be distributed,transmitted, or viewed by any person in any jurisdiction where the distribution, transmission or viewing of thisdocument would be unlawful under the securities or other laws of that or any other jurisdiction. This presentation isnot a prospectus or any other offering document under Australian law (and will not be lodged with the AustralianSecurities and Investments Commission) or any other law.Not financial product advice. Neither Pantoro nor any of its related bodies corporate is licensed to provide financialproduct advice in respect of Pantoro's securities or any other financial products. You should not act and refrain fromacting in reliance on this presentation. Nothing contained in this presentation constitutes investment, legal, tax orother advice. This presentation does not take into account the individual investment objectives, financial situationand particular needs of Pantoro shareholders. Before making a decision to invest in Pantoro at any time, you shouldconduct, with the assistance of your broker or other financial or professional adviser, your own investigation in lightof your particular investment needs, objectives and financial circumstances and perform your own analysis ofPantoro before making any investment decision.Disclaimer. No representation or warranty, express or implied, is made by Pantoro that the material contained inthis presentation will be achieved or proved correct. Except for statutory liability which cannot be excluded, each ofPantoro, its directors, officers, employees, advisors and agents expressly disclaims any responsibility for theaccuracy, fairness, sufficiency or completeness of the material contained in this presentation and excludes allliability whatsoever (including in negligence) for any loss or damage which may be suffered by any person as aconsequence of any information in this presentation or any effort or omission therefrom. Pantoro will not update orkeep current the information contained in this presentation or to correct any inaccuracy or omission which maybecome apparent, or to furnish any person with any further information. Any opinions expressed in the presentationare subject to change without notice.Unless required by law or regulation (including the ASX Listing Rules), Pantoro and their respective directors,officers, employees, advisers, agents and other intermediaries disclaim any obligation or undertaking to provide anyadditional or updated information, whether as a result of new information, future events or results or otherwise(including to reflect any change in expectations or assumptions).Nothing in this presentation will, under any circumstances (including by reason of this presentation remainingavailable and not being superseded or replaced by any other presentation or publication with respect to Pantoro orthe subject matter of this presentation), create an implication that there has been no change in the affairs ofPantoro since the date of this presentation. Forward Looking Statements and future performance This presentation contains forward looking statements aboutPantoro. Often, but not always, forward looking statements can be identified by the use of forward looking wordssuch as “may”, “will”, “expect”, “intend”, “plan”, “estimate”, “anticipate”, “continue”, and “guidance”, or othersimilar words and may include, without limitation, statements in this presentation regarding intent, belief,expectations, plans, strategies and objectives of management, indications of and guidance on synergies, futureearnings or financial position or performance, future acquisitions, anticipated production or constructioncommencement dates, costs or production outputs for Pantoro (based on, among other things, respective estimatesof production for the periods specifically referred to in this presentation), and the future operation of Pantoro.Pantoro does not make any representation or warranty as to the currency, accuracy, reliability or completeness ofany forward looking statements contained in this presentation.To the extent that this presentation contains forward looking information, the forward looking information is subjectto a number of risks, including those generally associated with the gold industry and the mining industry morebroadly. Any such forward looking statement inherently involves known and unknown risks, uncertainties and otherfactors that may cause actual results, performance and achievements to be materially greater or less thanestimated. These may include, but are not limited to, changes in commodity prices, foreign exchange fluctuationsand general economic conditions, increased costs and demand for production inputs, the speculative nature ofexploration and project development (including the risks of obtaining necessary licenses and permits anddiminishing quantities or grades of reserves), political and social risks, changes to the regulatory framework withinwhich Pantoro operates or may in the future operate, environmental conditions including extreme weatherconditions, geological and geotechnical events, and other environmental issues, the recruitment and retention ofkey personnel, industrial relations issues, litigation and outbreaks of disease or pandemics (including thecontinuation or escalation of the global COVID-19 pandemic. Any such forward looking statements are based onassumptions, qualifications and contingencies which are subject to change and which may ultimately prove to bematerially incorrect, as are statements about market and industry trends, which are based on interpretations ofcurrent market conditions. Investors should consider any forward looking statements contained in this presentationin light of such matters (and their inherent uncertainty) and not place reliance on such statements. Forward lookingstatements are not guarantees or predictions of future performance and may involve significant elements ofsubjective judgment, assumptions as to future events that may not be correct, known and unknown risks,uncertainties and other factors, many of which are outside the control of Pantoro. Any forward looking statementsare based on information available to Pantoro as at the date of this presentation.
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Important Notes (Continued) 3 Past performance. Past performance metrics and figures (including past share price performance of Pantoro), aswell as pro forma financial information, included in this presentation are given for illustrative purposes only andshould not be relied upon as (and is not) an indication of Pantoro’s, or any other party’s views on Pantoro’s futurefinancial performance or condition or prospects. Investors should also note that the pro forma historical financialinformation is for illustrative purpose only. Investors should note that past performance of Pantoro, including inrelation to the historical trading price of Pantoro shares, production, mineral resources and ore reserves, costs andother historical financial information cannot be relied upon as an indicator of (and provides no guidance, assuranceor guarantee as to) future Pantoro performance, including the future trading price of Pantoro shares. The historicalinformation included in this presentation is, or is based on, information that has previously been released to themarket.Exploration Targets, Exploration Results. The information in this report that relates to Exploration Targets andExploration Results is based on information compiled by Mr Scott Huffadine (B.Sc. (Hons)), a Competent Personwho is a Member of the Australian Institute of Geoscientists. Mr Huffadine is a Director and full time employee ofthe Company. Mr Huffadine is eligible to participate in short and long term incentive plans of and holds shares,options and performance rights in the Company as has been previously disclosed. Mr Huffadine has sufficientexperience that is relevant to the style of mineralisation and type of deposit under consideration and to the activitybeing undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code forReporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Huffadine consents to the inclusion inthe report of the matters based on his information in the form and context in which it appears.ASX Listing Rule 5.23 Mineral Resources & Ore Reserves. This presentation contains estimates of Pantoro’s orereserves and mineral resources, as well as estimates of the Norseman Gold Project’s ore reserves and mineralresources. The information in this presentation that relates to the ore reserves and mineral resources of Pantorohas been extracted from a report entitled ‘Annual Mineral Resource & Ore Reserve Statement’ announced on 29September 2026 and is available to view on the Company’s website (www.pantoro.com.au)and www.asx.com (Pantoro Announcement).For the purposes of ASX Listing Rule 5.23, Pantoro confirms that it is not aware of any new information or data thatmaterially affects the information included in the Pantoro Announcement and, in relation to the estimates ofPantoro's ore reserves and mineral resources, that all material assumptions and technical parametersunderpinning the estimates in the Pantoro Announcement continue to apply and have not materially changed.Pantoro confirms that the form and context in which the Competent Person's findings are presented have not beenmaterially modified from that announcement.ASX Listing Rule 5.19 Production Targets. The information in this presentation that relates to production targets ofPantoro has been extracted from reports entitled ‘DFS for the Norseman Gold Project’, ‘Underground Developmentto Commence at Scotia’ announced on 17 January 2024, ‘Annual Mineral Resource & Ore Reserve Statement’announced on 29 September 2026 and ‘FY2026 Result and FY2027 Guidance’ announced on 9 July 2026 and areavailable to view on the Company’s website (www.pantoro.com.au) and www.asx.com (Pantoro ProductionAnnouncements). For the purposes of ASX Listing Rule 5.19, Pantoro confirms that all material assumptions underpinning theproduction target, or the forecast financial information derived from the production target, in the PantoroProduction Announcements continue to apply and have not materially changed.JORC Code. It is a requirement of the ASX Listing Rules that the reporting of ore reserves and mineralresources in Australia comply with the Joint Ore Reserves Committee’s Australasian Code for Reporting ofMineral Resources and Ore Reserves ("JORC Code"). Investors outside Australia should note that while orereserve and mineral resource estimates of the Company in this document comply with the JORC Code (suchJORC Code-compliant ore reserves and mineral resources being "Ore Reserves" and "Mineral Resources"respectively), they may not comply with the relevant guidelines in other countries and, in particular, do notcomply with (i) National Instrument 43-101 (Standards of Disclosure for Mineral Projects) of the CanadianSecurities Administrators (the "Canadian NI 43-101 Standards"); or (ii) Item 1300 of Regulation S-K, whichgoverns disclosures of mineral reserves in registration statements filed with the SEC. Information containedin this document describing mineral deposits may not be comparable to similar information made public bycompanies subject to the reporting and disclosure requirements of Canadian or US securities laws.
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Production on Guidance, Growth Progressing 4 AISC $xx/oz •Strong balance sheet – $240.0M cash and gold at 30 September. •Debt free. No hedging. •Operational cashflow – $63.1M EBITDA.•Cash and Gold increased $16.6M during the quarter, after major project and exploration expenditure.•Production increases in line with guidance. •Mining commenced at Green Lantern as planned and production is underway.•Annual Mineral Resource and Ore Reserve updates add to project life with a 9% increase in Ore Reserves after mining depletion.•Ongoing high-grade results from Racetrack – positioning to be a significant growth source.•Air core drilling on Lake Cowan progressing well. 50% complete at 30 September.•Strong ore zones developed in Mainfield.•Met production guidance of 90,000 to 105,000 ounces for FY2027 weighted 40 – 45% in H1 and 55 – 60% in H2.
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Taking advantage of our strong position 5 Production 21,164 ozAISC $3,860/ozEBITDA $63.1M Cash and Gold at end of quarter $240.0M Exploration and major projects spend $36.3M Our key focus: Maintain strong margins and profitability under all conditions.Responsibly deploying capital to secure long-term growth in Mineral Resources, Ore Reserves and production.Developing additional underground mines to increase mill head grade and gold production.Focus on long term growth objective. Debt NilUnchanged 43%8%21% 7.5%11.5%
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Safety and Community in Focus 6 Safety Performance Community Initiatives•Annual visit by Carmel Adventist College students as part of their high school mining elective program exposing the next generation of students to real world mining applications.•Upgraded Norseman mining museum safety rails and carpark and donated old furnace equipment for display.•Provision of football boots and trophies for the Esperance football carnival. Safety Statistics•LTIFR reduced to zero, 15 months LTI free.•Downward trend on all injury statistics.•Ongoing site focus on zero harm. Introducing Carmel College students to the Norseman Processing Plant
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Norseman June Quarter Operations Summary•Improved production quarter on quarter in line with guidance.•22,834 ounce sold at an average price of $6,067 per ounce.•Higher grades from both underground and open pit sources. Further grade improvement expected as stopes in Scotia North are progressed and Gladstone Stage 3 accesses high grade ore blocks.•Processing plant throughput expected to increase for remainder of the year with elution circuit upgrades completed and additional ore from Green Lantern coming on line.•Minor contribution of 580 ounces from third party ore following recommencement of mining by Mega Resources at the Rama Open Pit.•Strong operating profit and cashflow with $63.1 million EBITDA and cash and gold increase of $16.6 million after capital and exploration expenditure.•Increased exploration spend with 10 drill rigs now operating across site. Pantoro Gold board has approved an additional 3 drill rigs for the second half of FY2027 for Racetrack Discovery drill out.
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OK Underground Mine•Produced 6,497 ounces compared with 4,890 ounces during the previous quarter.•Mineral Resource and Ore Reserve replaced all mining depletion with approximately 4 years production in the Ore Reserve (123,000 ounces).•Redpath workforce now at full capacity.•Drilling ongoing with two drill rigs. Continuing to infill and extend resources at depth and laterally.•Development of the Racetrack Discovery exploration decline has commenced.
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Racetrack Discovery – Rapidly gaining momentum 9 More outstanding results from Racetrack•High-grade results at Racetrack, just 600m north of Star of Erin (OK Decline)*. •4.94 m @ 349.14 g/t from 603.02 m•20.36 m @ 15.55 g/t from 576.29 m. •7.05 m @ 8.82 g/t from 388.2 m •3.53 m @ 34.44 g/t from 496.72 m •11.12 m @ 5.48 g/t from 488.6 m •2.0 m @ 24.11 g/t Au from 236.66 m•2.11 m @ 13.07 g/t from 650.08 m•1.29 m @ 51.46 g/t from 497.91 m•Drilling is ongoing with 3 diamond drill rigs currently operating.•Exploration decline development underway. More outstanding results from Racetrack•High-grade results at Racetrack, just 600m north of Star of Erin (OK Decline)*. •4.94 m @ 349.14 g/t from 603.02 m•20.36 m @ 15.55 g/t from 576.29 m. •7.05 m @ 8.82 g/t from 388.2 m •3.53 m @ 34.44 g/t from 496.72 m •11.12 m @ 5.48 g/t from 488.6 m •2.0 m @ 24.11 g/t Au from 236.66 m•2.11 m @ 13.07 g/t from 650.08 m•1.29 m @ 51.46 g/t from 497.91 m•Drilling is ongoing with 3 diamond drill rigs currently operating.•Exploration decline development underway. High-grade zone discovered at RacetrackOK UG Structure 900m600mApproved Racetrack Exploration Decline•Racetrack is a cross-linking structure with analogues to the Bullen deposit (500,000 Oz @ 10g/t produced).•Bullen drilling averaged 1.37m width at an average grade of 10.34g/t Au from 90 holes. Remains open at depth.•Racetrack drilling to date has returned average 3.58m width at an average grade of 18.59 g/t Au from 43 holes.Racetrack long section with historical Bullen mine development overlaid for comparison•Pantoro has approved an exploration decline for Racetrack and development has commenced.•Complete development and commence underground drilling late in the March 2027 qtr. •Level development to commence late September 2027 quarter subject to ongoing results.Plan view of OK mine with Racetrack prospect shown*Refer to ASX announcements on 4 August and 16 September 2026
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Scotia Underground Mine•Scotia produced 10,211 ounces during the quarter, improving on the previous quarter production.•Production underway in Scotia North Deeps and in historical workings extensions.•Redpath workforce now at full capacity.•Ongoing production increases expected as additional levels come online in Scotia North.Additional level advanced in Scotia SouthStoping uadvancing in Northern Deeps and Historical Mining extension areasStoping continuing to advance in Scotia Central
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Open Pit Mining 11 •Mining at Green Lantern is well underway with ore being delivered to the mill.•Second fleet to mobilise during December 2026 quarter. Short campaign before transferring to Gladstone when the Stage 3 is further advanced.•Gladstone Stage 3 cutback progressing well with ore production recommencing from late in the December 2026 quarter.•Significant ore stockpiles expected to be accumulated from late in the December 2026 quarter for the remainder of the financial year underwriting processing plant feed.•Both Gladstone and Green Lantern open pits are multi-year operations.•Open pit mines produced 43,569t @ 2.36 g/t for 3,303 ounces of ore and 21,504t @ 0.94 g/t for 653 ounces of low grade during the quarter. •Mining at Green Lantern is well underway with ore being delivered to the mill.•Second fleet to mobilise during December 2026 quarter. Short campaign before transferring to Gladstone when the Stage 3 is further advanced.•Gladstone Stage 3 cutback progressing well with ore production recommencing from late in the December 2026 quarter.•Significant ore stockpiles expected to be accumulated from late in the December 2026 quarter for the remainder of the financial year underwriting processing plant feed.•Both Gladstone and Green Lantern open pits are multi-year operations.•Open pit mines produced 43,569t @ 2.36 g/t for 3,303 ounces of ore and 21,504t @ 0.94 g/t for 653 ounces of low grade during the quarter. Green Lantern Green Lantern Stage 1Scotia GladstoneMining underway at Green Lantern
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Mainfield – New underground development underway•In-ore ramp being developed in Phoenix area of the Mararoa Reef, approximately 300m long x 90m high with high grade development above, below and in the middle of the block.•Level access in the Butterfly area has commenced.•Dewatering and rehabilitation for O’Briens lode continuing. Priority has been reduced with the Phoenix and Butterfly areas coming online.•Strong Mineral Resource and Ore Reserve update in September 2026. Mineral Resource stands at 6,242,000 tonnes @ 7.2 g/t for 1,439,000 ounces.Ore Reserve stands at 1,740,000 tonnes @ 5.0 g/t for 279,000 ounces Plan view of Mainfield with rehabilitation and development to date shown in dark blue and first production areas circled in red.
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Greenfield Exploration Underway 13 •On Lake exploration has been extremely limited in Norseman with a short campaign by Western mining Between 1990 and 1992.•Resulted in the discovery of Harlequin mine which went on to produce approximately 800,000 Oz @ 10g/t.•Multiple early stage targets already identified by Western Mining programs.•80,000 metre air core program covering Lake Cowan and Polar Bear Peninsula is underway.•Lake Cowan program 50% completed at30 September 2026.Air core drilling progressing well DhufishSnapperLeedersHinemoaKillahoe HillDavrosBuldaniaTunaSailfishGolden DragonPrincess RoyalJubilationCobblerCrownSt PatricksPhoenixButterflyGladstoneDaisyOKAndronicusRed White BlueLady MillerPerkinsLord PercyMaybellTaurusScotiaGreen Lantern Harlequin
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Mineral Resource and Ore Reserve Update 14 AISC $xx/oz Annual Mineral Resource and Ore Reserve Update• Year on year, the total Mineral Resource and Ore Reserve have increased by approximately 2% and 9% respectively after mining depletion. • Total Mineral Resource now stands at 43.1 million tonnes @ 3.4 g/t Au for 4.7 million ounces. • Total Ore Reserve now stands at 13.0 million tonnes @ 2.2 g/t Au for 0.9 million ounces.•Continued extension of OK and Scotia Mineral Resources underwrite ongoing mine life extensions.•Large increases in the Mainfield with 1.4 million ounces in Mineral Resource and 279,000 ounces in Ore Reserve. Ongoing growth expected as the Mainfield exploration and development program progresses.•High grade Racetrack Discovery not yet included in Mineral Resources or Ore Reserves. Pantoro aiming for a maiden Mineral Resource in H1CY2027 and for level development to commence in the second half of the year.
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Summary 15Media and Retail Investors:Sam MacphersonVector Advisorssmacpherson@vectoradvisors.au+61 401 392 925Institutional and Professional investors:Paul CmrlecManaging Directoradmin@pantoro.com.au+61 8 6263 1000 Pantoro Gold continues to be in a very strong position with growth activities expanding and a strong, debt free balance sheet funded by ongoing production. Cash and gold of A$240.0 million as at September 30 2026.Strong start to the year with production in line with guidance.The growth drilling program has been highly successful:•Racetrack Discovery going from strength to strength, presenting a significant near-term production growth opportunity.•Mainfield interim Ore Reserve of 1,740,000 tonnes @ 5.0 g/t for 279,000 ounces. Drilling is ongoing and threeareas for production are being developed in FY2027. Mainfield Mineral Resource stands at 6,242,000 tonnes @ 7.2 g/t for 1,439,000 ounces.•9% growth in Ore Reserve after mining depletion.Underground workforce numbers largely addressed with ongoing initiatives to attract highly skilled operators.Additional open pit at Green Lantern in production. Two underground mines and two open pits in operation and the Mainfield under development via the Bullen decline.Enquiries: