Pantoro : Major drill out at Scotia continues to yield results

Mineral Resource and Ore Reserve update on schedule for release by the end of the March 2022 quarter. 55,800 additional metres drilled since the last update.

Extensional drilling at Scotia and Green Lantern is ongoing with drilling also planned to recommence at Mainfield in the near term.

Results from the Scotia Deeps continue to confirm the continuity of high grade mineralisation outside of the current Ore Reserve giving confidence that mine life extensions will be achieved.

Step out drilling to the North of the currently planned Scotia pit continues to support northern extension potential.

ASX Announcement

7 March 2022

Major drill out at Scotia continues to yield results ahead of upgrade

onlyPantoro Limited (ASX:PNR) (Pantoro) is pleased to provide a further update on high grade drilling results from ongoing growth drilling of the Scotia Deeps, Green Lantern and extension drilling at Scotia North at the Norseman Gold Project (PNR 50%).

The drilling program which has been active since completion of the maiden Mineral Resource and Ore Reserve at Green Lantern in September 2021 is focused on extending the known mineralisation and converting to Indicated Mineral Resource and Probable Ore Reserve. An upgrade of the Mineral Resource Estimate and Ore Reserve for the Norseman Gold Project is imminent.

Scotia Deeps

use• 9 m @ 15.66 g/t Au from 403 m.

• 15.6 m @ 12.15 g/t Au from 476 m.

• 5.2 m @ 17.72 g/t Au from 493.4 m.

• 4.2 m @ 18.16 g/t Au from 367 m.

• 2 m @ 11.69 g/t Au from 238 m.

• 27.65 m @ 3.19 g/t Au from 393.97 m.

• 1.85 m @ 14.09 g/t Au from 381.44 m.

Green Lantern

• 20 m @ 3.20 g/t Au from 96 m.
• 11 m @ 2.71 g/t Au from 36 m.
• 12 m @ 5.37 g/t Au from 21 m.
• 4 m @ 5.81 g/t Au from 105 m.

Scotia Extensions

personal• 2 m @ 10.52 g/t Au from 32 m.

• 4 m @ 4.87 g/t Au from 35 m.

• 3 m @ 6.43 g/t Au from 225.0 m.

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• 3.55 m @ 7.47 g/t Au from 291.85 m.
• 7.2 m @ 5.30 g/t Au from 388 m.
• 2 m @ 11.44 g/t Au from 155 m.
• 16.85 m @ 3.41 g/t Au from 444.15 m.
• 1.6 m @ 14.45 g/t Au from 473.4 m.
• 11.4 m @ 3.31/t Au from 368.6 m.
• 7 m @ 5.61 g/t Au from 166 m.
• 9 m @ 2.37 g/t Au from 24 m.
• 3 m @ 20.08 g/t Au from 57 m.
• 1 m @ 10.20 g/t Au from 64 m.
• 1 m @ 13.90 g/t Au from 259 m.

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Commenting on the results Pantoro Managing Director Paul Cmrlec said: " The Scotia Mining centre was picked as Pantoro's priority target at the time that we acquired our interest in the Norseman Gold Project. Results from the area have been nothing short of spectacular since drilling commenced back in 2019."

"Based on the results received during this major drill out of the Scotia Deeps area, a significant Ore Reserve upgrade is expected when modelling is completed later this month."

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

4 m @ 25.32 g/t Au from 203 m.

1.3 m @ 14.09 g/t Au from 396.7 m.

3.28 m @ 10.15 g/t Au from 303 m.

15.7 m @ 6.8 g/t Au from 332 m.

1 m @ 47.00 g/t Au from 346.7 m.

4 m @ 5.2 g/t Au from 266 m.

2.1 m @ 44.60 g/t Au from 322.9 m.

0.6 m @ 70.65 g/t Au from 472.6 m.

4 m @ 10.83 g/t Au inc. 0.7 m @ 56.20 g/t Au from 437 m.

2.6 m @ 6.51 g/t Au from 451.8 m.

5.25 m @ 5.27 g/t Au from 155.75 m.

9.94 m @ 7.24 g/t Au inc. 1.75 m @ 17.38 g/t Au from 195.06 m.

Figure: Scotia Long Section

Scotia Deeps Results

The continued wide and high grade intercepts achieved at depths approaching 500 metres below surface confirm the view that the Scotia Orebody presents an outstanding high grade underground opportunity which can be substantially larger than currently defined. Additional high grade underground ounces would assist to further improve the robust outcomes of the Phase one Mine Plan, potentially extending mine life and increasing annual gold production.

Drilling results received from Scotia Deeps since announcement of the maiden Ore Reserve in October 2020 include:

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Refer to ASX Announcements entitled'Scotia Mining Centre continues to demonstrate outstanding growth'released on 8 December 2021 and'Scotia Deeps returns wide and very high grade results'dated 4 October 2021 for full details.

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Green Lantern

Resource development drilling has continued over the Green Lantern deposit, primarily focussed on the conversion of Inferred Mineral Resources to the Indicated Mineral Resource category to support further Ore Reserve upgrades.

In addition to infilling the existing Mineral Resource, drilling is continuing to target mineralisation south of the current Open Pit design, where drilling in 2021 identified mineralisation 300 metres to the south with results including:

• 3 m @ 11.58 g/t Au from 61.0 m.
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•	2 m @ 4.19 g/t Au from 16.0 m.
•	10 m @ 2.62 g/t Au from 94.0 m inc. 2 m @ 9.97 g/t Au from 99.0 m.

Refer to ASX Announcementsentitled 'Scotia Mining Centre continues to demonstrate outstanding growth' released on 8 December 2021 for full details.

personal	Figure: Green Lantern Long Section

Scotia North Extensions

Following the detailed drone magnetic survey which was completed over the entire Scotia Mining Centre, drilling has recommenced in extensions to the north of the Scotia open pit. Results continue to support the potential to

extend the mineralisation to the North both at surface and at depth.. For

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Scotia Mining Centre

The Scotia mining centre is located approximately 25 kilometres south of Norseman and was discovered in 1893. The historic production recorded from the Scotia mine via open pit and underground mining was 811,000 tonnes @ 5.9 g/t Au for 155,000 ounces. Scotia was actively mined from 1987 until 1996.

Scotia hosts a number of Mineral Resource areas in close proximity, and several zones where high grade mineral occurrences have not yet been classified. Pantoro has been very successful in demonstrating the value of the Scotia Mining Centre, with a current Mineral Resource of 10,618,000 tonnes @ 2.2 g/t Au for 753,000 ounces and Ore onlyReserve of 4,216,000 tonnes @ 2.2 g/t Au for 298,000 ounces (Refer to ASX release on 23 September 2021 titled 'Annual Mineral Resource & Ore Reserve Statement'). Several new zones of prospective mineralisation have been

identified by Pantoro to date.

The mineralisation at Scotia is hosted by a shear zone that transects the Woolyeenyer Formation. The geological environment differs from that at Norseman, in that the stratigraphy has been subjected to higher metamorphic grades. Primary gold is located in shear zones with quartz sulphide veins predominantly pyrrhotite and is structurally c ntrolled by closely spaced brittle faults of varying orientations.

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385000E	387000E	389000E

609000N

SCOTIA SIF DISCOVERY

607000N

SCOTIA PIT DESIGN

Salt Pan

GREEN LANTERN

605000N

Section 6404745N

LEGEND

Basalt

603000N	Sedimentary Iron Formation

Dolerite

Granite

Felsic Intrusive

Figure: Plan of Scotia Mining Centre

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Norseman Gold Project

Pantoro Limited announced the acquisition of 50% of the Norseman Gold Project in May 2019 and completion occurred on 9 July 2019. Pantoro is the manager of the unincorporated joint venture, and is responsible for defining and implementing work programs, and the day to day management of the operation. Pantoro's interest in the Norseman Gold Project is secured through industry standard security arrangements over the entire project tenure as well as a priority deed ranking Pantoro's security interest first.

The Norseman Gold Project is located in the Eastern Goldfields of Western Australia, at the southern end of the onlyhighly productive Norseman-Wiluna greenstone belt. The project lies approximately 725 km east of Perth, 200 km

south of Kalgoorlie, and 200 km north of Esperance.

The current Mineral Resource is 4.5 million ounces of gold with an Ore Reserve of 713,000 ounces.

Many of the Mineral Resources defined to date remain open along strike and at depth, and many of the Mineral Resources have only been tested to shallow depths. In addition, there are numerous anomalies and mineralisation ccurrences which are yet to be tested adequately to be placed into Mineral Resources, with a number of highly

prospective targets already identified.

useThe project comprises a number of near-contiguous mining tenements, most of which are pre-1994 Mining Leases. The tenure includes approximately 70 lineal kilometres of the highly prospective Norseman - Wiluna greenstone belt covering approximately 800 square kilometres.

Hi torically, the Norseman Gold Project areas have produced over 5.5 million ounces of gold since operations began in 1935, and is one of, if not the highest grade fields within the Yilgarn Craton.

The project is serviced by first class infrastructure at the project, local shire, and national infrastructure levels with everything required to commence mining already in place. Infrastructure is generally in good condition, and a new

1 MTPa processing plant is being constructed.

personalP ntoro has focused initial project planning on six initial mining areas containing multiple deposits which are menable to both open pit and underground mining. A Phase 1 DFS was completed in October 2020 detailing an

i itial seven year mine plan with a centralised processing facility and combination of open pit and underground mining producing approximately 108,000 ounces per annum. Approvals for the project were received in October 2021, and construction of the project is underway with first production expected in the third quarter of 2022.

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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