Pantoro Limited announced that operations at Norseman are continuing to progress with production activities underway at OK underground mine. In addition, very high grade zones have been encountered in development within the Star of Erin Lode. Following completion of the delayed secondary egress rise at the OK mine during February, Pantoro has moved quickly to commence stoping activities.

The first stope excavated with down holes from the Star of Erin 095 level, has been successful in maintaining design width and excellent fragmentation. Bogging of the stope is underway ahead of backfilling and excavation of the next production panel. Very high-grade development in Star of Erin Lode: Development in the Star of Erin 253 level has driven consistent and very high grade ore, surpassing modelled expectations.

Development has progressed east of the current Ore Reserve boundary with outstanding width and grade consistently reporting from the ore block. High grades have continued to be encountered in the latest development cuts. While vertical continuity of the ore zone is yet to be tested with additional development above and below the 253 level, results to date suggest that there is strong potential to the upside on the current Ore Reserve in the Star of Erin with the OK ore being well documented as being a highly nuggety orebody.

Development of the levels above and below the 253 level are being prioritised, and ore development is expected to be underway in those areas in March/April 2023. Project Progress: Pantoro is pleased to advise that both underground and open pit mining is currently advancing at the rates expected at the time of the equity raising in February 2023. The current focus in the open pits is to rapidly advance mining in the Scotia open pit so that substantial high grade ore is accessed during the June 2023 quarter.

The processing plant is currently being operated at or near nameplate capacity, and improvements works are currently underway to further increase production capacity in the near term. Pantoro currently expects to be in a position to declare commercial production during the June 2023 quarter, coinciding with a step change in available ore from Scotia in May and June 2023.