Pantoro : Encouraging initial mineralogical evaluation on Lamboo PGE

Plates 1 and 2: Bright phase TIMA images for Platinum and Palladium provided by AMI.

ASX Announcement

2 December 2021

Encouraging initial mineralogical evaluation on Lamboo PGE

onlyPantoro Limited (ASX:PNR) (Pantoro) is pleased to advise that it has the results of initial TIMA, Scanning Electron Microscopy (SEM), on diamond core samples from the Lamboo PGE prospect at its Halls Creek Project (PNR 100%).

The work was conducted by specialist group, Automated Mineralogy Incubator (AMI), at their Bentley laboratory in Perth. The work has successfully identified the occurrence and mineralogical association for a number of platinum gr up metals (PGM) and gold. The samples were all of oxide and transitional material. Fresh ore diamond core samples were not available for this work but fresh ore samples will be included in future geo-metallurgy studies.

The key aspect of this work was aimed at identifying minerals of the PGM group at a high resolution using the TIMA useinstruments bright phase tool, which allows the reflectance of these minerals by electron backscatter.

The most common platinum group minerals found were, palladium, as native palladium, often with Fe and Cu; or as (Sb-Te)-palladinite,platinum and irarsite-ruarsite(iridium+rhodium and ruthenium sulphides). (Plates 1 and 2).

This geo-metallurgical work is preliminary in nature, and represents the first stage of Pantoro's systematic approach to characterisation of the PGM material to guide future metallurgical test work programs.

personalForollowing the outstanding drill results reported in September and November 2021, the company has now prepared composite samples of both oxide/transitional and fresh PGM bearing material for submission to AMI. The next phase of work will entail pre-concentration and geo-metallurgical characterisation using the TIMA Scanning Electron Microscopy in order to provide further insight into the mineral speciation and deportment of the PGMs especially in the fresh material.

Pantoro Limited

ABN 30 003 207 467

1. [phone] | e: [e-mail] | w: www.pantoro.com.au PO Box 1353 West Perth WA 6872 | 1187 Hay Street, West Perth WA 6005

Technical Background

Half core samples from diamond drill hole EDD18001 were submitted to specialist group AMI for preliminary mineralogical scanning utilising the TIMA scanning electron microscope. Eleven samples of interest were selected. The samples were of oxide and transitional material, requiring the core to be resin impregnated and plugs extracted for mounting, polishing and carbon coating prior to the TIMA scan. Scanning comprised a bright phase search targeting the platinum group minerals at a high resolution with a 1 µm pixel size and 10 µm neighbourhood search. In addition to this, a broader scan to establish modal mineral abundance was also conducted.

onlyDue to nature of the sample locations and sizes being selective, the results of this work are considered to be indicative only in terms of the potential suite of PGM minerals identified. The PGM's identified by this work were: platinum; palladium; palladium (Cu); palladanite (Sb-Te); irarsite; ruarsite and laurite. The last three minerals are arsenides of iridium+rhodium and ruthenium, which are other members of the platinum group. Assaying of these elements as well as osmium are currently being undertaken on a selection of the recent drill samples from the Lamboo drill pr gram. (TIMA images in Appendix 1).

Most PGM particles identified as part of this work are less than 8 µm in size, with the exception of a few palladium particles which reach a top size of 12 µm. Some palladium minerals were found where manganese oxides with usechrome and nickel mineralisation were also present. Other minerals such as ruarsite and irarsite were found next to chromites within titanium rich chlorite laminations. Additionally gold, monazite, (Cr,Ni) Fe oxides, and galena seem

to be the predominant phases identified with this tool.

Further Work

Separate composite samples of both fresh and oxide/transitional material have now been prepared for submission to AMI for an advanced mineralogy study, including a bulk mineralogy and deportment study of PGE's and gold. This work will be on pulverised samples with grind establishment at P80 75 µm, and will involve pre concentration of the

primary samples prior to the TIMA SEM scan.

personalIn addition to this geo-metallurgical work, samples of fresh material have been submitted for petrography which will form part of the lithological modelling for the Lamboo layered ultramafic. Oxide/transitional and fresh ore samples

have also been submitted for full metal suite assays.

As announced on 22 November 2021 a rig was secured and has been able to drill unaffected by weather so far. The rig will continue to drill in advance of the pending wet season.

About the Automated Mineralogy Incubator and TIMA SEM

The Automated Mineralogy Incubator (AMI) is an AXT initiative established in Perth. The AMI provides access to the most advanced instrumentation not otherwise available outside large research groups. It brings together best-in-class instrumentation with a world class mineralogical and metallurgical team. The AMI offers a rapid mineral characterisation service using some of the most advanced instrumentation currently available. The AMI t am provides a stepwise pathway for the integration of the technologies into your mining value chain. From comprehensive reporting on a single sample through to large scale projects with access to raw data deliverables and software training.

The TIMA is the most advanced Scanning Electron Microscope for Automated Mineralogy giving the fastest analysis combined with highest resolution possible. The electron density and chemistry are used to determine the mineral Forchemistry. A polished cross section of the sample is scanned with up to 0.5 µm step size (resolution) and the reporting

s ftware gives details such as quantitative mineralogy with mineral chemistry, grain size and mineral association.

Enquiries

Paul Cmrlec | Managing Director I Ph: [phone] I Email: [e-mail]

This announcement was authorised for release by Paul Cmrlec, Managing Director.

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Appendix 1

All images are courtesy AMI.

For personal use only

Plate A: BSE Scan 30mm Resin Block.

Plate B. BSE of Au particle

Plate C: BSE Scan Palladinite

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For personal use only

Plate D: BSE Scan Irarsite-Ruarsite and Laurite

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Appendix 2 - JORC Code 2012 Edition - Table 1

SECTION 1: SAMPLING TECHNIQUES AND DATA

Criteria

Sampling techniques

onlyuseDrilling techniques

Drill sample recovery

personalLogging r

JORC Code explanation	Commentary
•	Nature and quality of sampling (eg cut channels, random chips, or specific	•	This information in this	technical report relates to a summary of results from a
	specialised industry standard measurement tools appropriate to the minerals		preliminary mineralogical evaluation of selected oxide and transitional samples
	under investigation, such as down hole gamma sondes, or handheld XRF		by TIMA Scanning Electron Microscopy, from diamond hole EDD18001 at the
	instruments, etc). These examples should not be taken as limiting the broad		Company's PGE prospect at the Nicolsons gold project.
	meaning of sampling.	•	Samples are selective	and of oxide and transitional material and are not
•	Include reference to measures taken to ensure sample representivity and the		considered to be representative of the broader mineralisation and are only
	appropriate calibration of any measurement tools or systems used.		indicative as to the mineralogy of the sampled areas and are intended to guide
•	Aspects of the determination of mineralisation that are Material to the Public		further work
	Report.	•	Samples are scanned from 30mm diameter resin impregnated discs cut buy a drill
•	In cases where 'industry standard' work has been done this would be relatively		press into the surface of half NQ2 diamond core
	simple (eg'reverse circulation drilling was used to obtain 1 m samples from which
	3 kg was pulverised to produce a 30 g charge for fire assay'). In other cases more
	explanation may be required, such as where there is coarse gold that has inherent
	sampling problems. Unusual commodities or mineralisation types (eg submarine
	nodules) may warrant disclosure of detailed information.
•	Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger,	•	N/A: samples taken from existing drill core
	Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth
	of diamond tails, face-sampling bit or other type, whether core is oriented and if
	so, by what method, etc).
•	Method of recording and assessing core and chip sample recoveries and results	•	N/A sample is selective
	assessed.	•	N/A samples are selective and should not be considered representative.
•	Measures taken to maximise sample recovery and ensure representative nature	•	Recovery of primary core not applicable in this instance
	of the samples.

• Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.

•	Whether core and chip samples have been geologically and geotechnically •	Geological logging of EDD18001 was completed by a qualified geologist and
	logged to a level of detail to support appropriate Mineral Resource estimation,		logging parameters include: depth from, depth to, condition, weathering,
	mining studies and metallurgical studies.		oxidation, lithology, texture, colour, alteration style, alteration intensity, alteration
•	Whether logging is qualitative or quantitative in nature. Core (or costean, channel,		mineralogy, sulphide content and composition, quartz content, veining, and
	general comments.
	etc) photography.
•	The total length and percentage of the relevant intersections logged.	•	100% of the hole used for selective mineralogy work was logged

Appendix 2: Page 5