Pantoro : Investor Update - February 2022

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INVESTOR UPDATE FEBRUARY 2022

ASX:PNR

IMPORTANT NOTICES

Nature of Document. This presentation has been prepared and issued by Pantoro Limited (Company) to provide general information about the Company. The information in this document is in summary form and should not be relied upon as a complete and accurate representation of any matters that a reader should consider in evaluating the Company. While management has taken every effort to ensure the accuracy of the material in this presentation, the Company and its advisers have not verified the accuracy or completeness of the material contained in this presentation.

onlyNot an offer. This presentation and its contents are not an invitation, offer, solicitation or recommendation with respect to the purchase or sale of any securities in the Company in any jurisdiction and must not be distributed, transmitted, or viewed by any person in

any jurisdiction where the distribution, transmission or viewing of this document would be unlawful under the securities or other laws of that or any other jurisdiction. This presentation is not a prospectus or any other offering document under Australian law (and wi not be lodged with the Australian Securities and Investments Commission) or any other law.

Not financial product advice. Neither the Company nor any of its related bodies corporate is licensed to provide financial product advice in respect of the Company's securities or any other financial products. You should not act and refrain from acting in reliance on this presentation. Nothing contained in this presentation constitutes investment, legal, tax or other advice. This presentation does not take into account the individual investment objectives, financial situation and particular needs of Company shareholders. Before making a decision to invest in the Company at any time, you should conduct, with the assistance of your broker or other financial or professional adviser, your own investigation in light of your particular investment needs, objectives and financial circumstances and perf rm your own analysis of the Company before making any investment decision.

International offer restrictions. This presentation does not constitute an invitation or offer of securities for subscription, purchase or sale in the United States or any other jurisdiction in which such an offer would be illegal. The securities referred to in this presentation have not been, and will not be, registered under the U.S. Securities Act of 1933 as amended (the "Securities Act") or the securities laws of any state or other jurisdiction of the United States and may not be offered or sold in the United States unless the securities have been registered under the Securities Act (which the Company has no obligation to do or procure) or are offered and sold in a transaction exempt from, or not subject to, the registration requirements of the Securities Act and any other applicable

useExploration Targets, Exploration Results. The information in this report that relates to Exploration Targets and Exploration Results is based on information compiled by Mr Scott Huffadine (B.Sc. (Hons)), a Competent Person who is a Member of the Australian Institute of Geoscientists. Mr Huffadine is a Director and full time employee of the 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

s curities laws. The distribution of this presentation in jurisdictions outside Australia may be restricted by law and you should observe any such restrictions. Persons who come into possession of this presentation who are not in Australia should observe any such r strictions. Any non-compliance with such restrictions may contravene applicable securities laws.

Disclaimer. No representation or warranty, express or implied, is made by the Company that the material contained in this presentation will be achieved or proved correct. Except for statutory liability which cannot be excluded, each of the Company, its directors,

officers, employees, advisors and agents expressly disclaims any responsibility for the accuracy, fairness, sufficiency or completeness of the material contained in this presentation and excludes all liability whatsoever (including in negligence) for any loss or damage

which may be suffered by any person as a consequence of any information in this presentation or any effort or omission therefrom. The Company will not update or keep current the information contained in this presentation or to correct any inaccuracy or omission which may become apparent, or to furnish any person with any further information. Any opinions expressed in the presentation are subject to change without notice.

disclosed. Mr Huffadine has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Huffadine consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

ersonalMineral Resources & Ore Reserves. The information relating to Mineral Resources and Ore Reserves is extracted from a report entitled 'Annual Mineral Resource & Ore Reserve Statement' created on 23 September 2021 and available to view on Pantoro's website

(www.pantoro.com.au). The company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and, in the case of estimates of Mineral Resources or Ore Reserves, that all m terial assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcement.

Forward Looking Statements Certain statements in this report relate to the future, including forward looking statements relating to Pantoro's financial position and strategy. These forward looking statements involve known and unknown risks, uncertainties, assumptions and other important factors that could cause the actual results, performance or achievements of Pantoro to be materially different from future results, performance or achievements expressed or implied by such statements. Actual events or results may differ materially from the events or results expressed or implied in any forward looking statement and deviations are both normal and to be expected. Other than required by law, neither Pantoro, their officers nor any other person gives any representation, assurance or guarantee that the occurrence of the events expressed or implied in any forward looking statements will actually occur. You are cautioned not to place undue reliance on those statements.

Authorised for Release

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

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WESTERN AUSTRALIAN FOCUSED MINER

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PANTORO IS A PRECIOUS METALS PRODUCER, DEVELOPER AND EXPLORER WITH TWO

PROVINCE SCALE PROJECTS IN WESTERN AUSTRALIA

STRONG BALANCE SHEET

•	$44 million cash and gold at 31 December 2021	BROOME
• Fully drawn $30 million corporate debt facility	HALLS CREEK
•	Unhedged

LARGE HIGH-GRADE MINERAL RESOURCE

• 22.3 million tonnes @ 3.6g/t for 2.6 million attributable ounces.

GROWING GOLD PRODUCTION POSITION

• Producing gold at Halls Creek since 2015.
• Production at Norseman to commence in August 2022.

IMMEDIATE PROJECT UPSIDE OPPORTUNITY

• First systematic exploration program at Norseman for 25 years
• Less than 1/3 of Norseman Mineral Resource areas advanced to date.
• Grade streaming as additional ore sources are defined.		KALGOORLIE
FUTURE FACING STRATEGY AND METALS EXPOSURE
•	ESG focus being implemented to across Pantoro's activities.	PERTH	NORSEMAN
•	PGE Discovery at Halls Creek.

• Lithium JV with Mineral Resources.

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CORPORATE OVERVIEW OF PANTORO

SHARE PRICE

$0.50						25
$0.40						20
						15	Vol. (m)
$0.30
						10
$0.20						5
$0.10						-
onlyA$	Feb 21 Mar 21 Apr 21 May 21 Jun 21 Jul 21 Aug 21 Sep 21	Oct 21	Nov 21	Dec 21	Jan 22
CAPITAL STRUCTURE

BOARD

WAYNE ZEKULICH - NON EXECUTIVE CHAIRMAN

• Financial management, banking and accounting background.
• Extensive public company experience at CFO and director level.

SCOTT HUFFADINE - OPERATIONS DIRECTOR

• Geologist with strong operational and project development background and 28 years experience.
• Extensive site general management and corporate experience

KYLE EDWARDS - NON-EXECUTIVE DIRECTOR

PAUL CMRLEC - MANAGING DIRECTOR

• Mining Engineering background with 25 years experience.
• Extensive experience in feasibility, project development, operations and corporate management.

FIONA VAN MAANEN - NON-EXECUTIVE DIRECTOR

• Certified Practicing Accountant and holds a Bachelor of Business (Accounting).
• 28 years experience in corporate governance, financial management, and accounting in the mining industry.

	Share Price1	30 cps
	Ordinary Shares	1,409 million
	Options and rights	58.7 million
	Cost and Gold2	44 million
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	Market Capitalisation	A$423 million

• Lawyer specializing in resources law.
• Legal adviser to numerous ASX companies through his private legal practice.

KEY MANAGEMENT - EXCELLENT RELEVANT EXPERIENCE

	Debt	$30 million
	SHAREHOLDERS
	Robmar Investments	15.1%
	Tulla Group	7.0%
	Franklin Advisors	4.1%
	SSI Wealth Management	3.8%
	First Sentier	3.4%
	Top 20 total	60%
	Average Daily Volume (90 day)	3 Million
1.		Closing Price 31 January 2022.
ersonal2.	As at 31 December 2021.

SCOTT BALLOCH - CFO

• Highly experienced CFO and financial controller with approximately 25 years experience with ASX listed mining companies.

DAVID OKEBY - COMPANY SECRETARY

• Approximately 20 years working in mining companies and experienced in all areas of company legal and secretarial matters.

KAREN DE ROER - ENVIRONMENTAL AND PERMITTING MANAGER

• Approximately 24 years experience is mining environmental and and statutory permitting. BSc Geology (honours) and Master of Environmenal Management.

ANDREW FINCH - GROUP GEOLOGIST

• Geologist with 22 years experience in production, exploration and resource management.

COREY FREEMAN- GROUP MINING ENGINEER

• Approximately 25 years experience in all areas of mine operations and management.

KEVIN DOCKERY - PROJECT MANAGER

• Over twenty years experience of surface mine and

project management. Strong experience in
commencement of greenfields and	4
recommencement of brownfields operations.

ESG HIGHLIGHTS

Pantoro is making ESG outcomes a priority

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Building on a strong base of existing ESG achievements reflecting our Core Values.

Moving to formalise reporting.

Over 10 works approvals/licence amendments, mining proposals and mine closure plans submitted during the year to relevant Government Departments.

Fully compliant with the ASX Corporate Governance Principles and

Recommendations (4th Edition).

Strong diversity outcomes with 20% of the Board, 20% of Senior Management and 18% of the overall direct workforce being female employees (FY21). Executive remuneration linked to key safety and environmental outcomes.

Strong and growing Aboriginal employment across the company's operations with

a highlight being 11% employment in key operational roles at the Halls Creek

Project (FY21). Local Aboriginal employment a key goal at Halls Creek and

Norseman.

Renewable power and fuel source projects in final assessment phases for the

Norseman Gold Project to reduce environmental footprint when in operation.

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