Pantoro : Rhodium and Iridium identified in Lamboo Nickel-PGE drilling

Drilling at Lamboo continues to extend mineralisation north and south of previously drilled areas. All areas drilled to date remain open in all directions.

ASX Announcement

21 July 2022

onlyRhodium and Iridium identified in Lamboo Nickel-PGE drilling

Pantoro Limited (ASX:PNR) (Pantoro) is pleased to advise that the initial 2022 step out drilling at the Lamboo Nickel-PGE Prospect has continued to return strong PGE, nickel and cobalt assays. In addition, significant coincident rhodium and iridium grades have been returned in the northern extensions of the Pt+Pd+Au zones drilled to date.

Highlights

•

• Occurrence of coincident rhodium and iridium with the highest grade Pt+Pd +Au(3E) assays returned to date. Previously released results in northern parts of the West Limb of the Lamboo Prospect have also been confirmed to hold significant rhodium and iridium values.

• Rhodium and iridium are high value elements, currently priced at approximately A$21,400/oz and A$6,900/oz

use	respectively.1
• Fourteen holes drilled in the northern zones await return of rhodium and iridium analysis.

• Broad zones of strong nickel and cobalt mineralisation have been encountered separate to the high grade PGE

	mineralisation identified.
• Drilling is ongoing with a number of additional assay results expected in the near term.
Results include:
personal
			High Grade PGE Zone
		Interval (m)	3E (Pt+Pd+Au) (g/t)2	Rh (g/t)	Ir (g/t)
		4	2.76	0.143	0.134
	including	1	6.94	0.205	0.180
		9	0.93	0.049	0.042
	including	7	1.04	0.051	0.043
		30	1.38	0.081	0.075
	including	3	1.56	0.15	0.132
		11	0.91	0.078	0.073
	including	4	1.27	0.098	0.093
For
		5	1.91	^	^
	including	2	3.71	^	^
		5	1.37	^	^
	including	2	2.42	^	^
		6	1.22	^	^
		11	1.11	^	^
		including	3	2.17	^	^

^ Rhodium and iridium results outstanding, awaiting nickel sulphide collection fire assay.

1 Rhodium and iridium prices quoted from Metals Daily (www.metalsdaily.com). Prices converted at current AUD:USD exchange and rounded. 2 Platinum (Pt) plus palladium (Pd) plus gold (Au) (3E) breakdown for each constituent element is provided in the summary table of assays.

Pantoro Limited

ABN 30 003 207 467

1. [phone] | e: [e-mail] | w: www.pantoro.com.au PO Box 1353 West Perth WA 6872 | Level 2, 46 Ventnor Ave, West Perth WA 6005

"The latest drilling at Lamboo continues to indicate a very large system with all targets drilled in the prospective zone to date returning strong zones of PGE, nickel and cobalt intersections. The identification of significant Rhodium and iridium in the northern zones of the prospect is an exciting development. Drilling is ongoing at Lamboo with a large number of assays yet to be returned."

	Nickel Dominant Zone
	Interval (m)	Ni %	Co %
	25	0.70	0.045
	19	0.61	0.099
	20	0.46	0.018
	41	0.56	0.052
	20	0.62	0.026
	28	0.47	0.024
Commenting on the results, Managing Director Paul Cmrlec said:
only

Platinum Group Elements

Pantoro has continued to advance its evaluation of the basal portion of the folded Lamboo ultramafic complex. Initial step out drilling in 2022 has focussed on the West Limb where wide PGE intersections were reported in releases on 10 January 2022 titled 'Significant Lamboo PGE strike extension' and 1 March 2022 titled 'Lamboo PGE continues to grow ahead of planned 2022 drill campaign'.

Based on results returned to date, drilling has extended the northern portion by 700 metres and the southern
useportion by 250 metres. Mineralisation remains open along strike to the north and south.
personal	WestLimb			Wagtail
			South Pit
	Current Drill Coverage	Northern Ore Zone	~700m
	Extended Drill Coverage
			Nicolsons
	PGE prospective		M80/503
		Processing Plant
	basal contact
	Lamboo Intrusion -			5KM
	Mafic rock			7960000 mN
	Granite
	Sediments
	Lamboo Intrusion -
	Ultramafic rock
	Pantoro Tenements
	Tracks			E80/2601
For				7958000 mN
	Edison
~250m
		Southern
		Ore Zone
	E80/5054			7956000 mN

321000 mE

323000 mE

0KM1KM

325000 mE

327000 mE

Figure: Geological plan showing drill programme coverage.

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The nature of the mineralisation defined in the northern area differs to that seen in the central zone around Edison and the central zones of the West Limb. Mineralised PGE intervals include a number of narrower higher grade zones as well as broad zones of nickel and cobalt mineralisation.

As part of the ongoing evaluation of the system, five holes were submitted to assess for other PGEs, including rhodium, iridium and ruthenium within PGE rich zones utilising fire assay with nickel sulphide collection. Initial results have returned significant rhodium and iridium values.

An additional fourteen intervals from this area have now been submitted for fire assay with nickel sulphide collection onlyin order to achieve accurate rhodium and iridium values with results outstanding. Assessment for rhodium and

iridium will be ongoing for new drilling in the northern zone and other step out areas within the system. New PGE (3E) results from the recent step out drilling include:

• 11 m @ 1.11 g/t Pt +Pd +Au(3E) from 120 metres inc. 3 metres @ 2.17 g/t Pt +Pd +Au(3E);

• 5m @ 1.91 g/t Pt + Pd + Au (3E) from 190 metres inc. 2 metres @ 3.71 g/t Pt +Pd +Au(3E);

• 5 m @ 1.37 g/t Pt +Pd +Au(3E) from 36 metres inc. 2 metres @ 2.42 g/t Pt +Pd +Au(3E);

• 6 m @ 1.22 g/t Pt +Pd +Au(3E) from 1 metre;

• 23 m @ 0.92 g/t Pt +Pd +Au(3E) from surface;

use* Platinum (Pt) plus palladium (Pd) plus gold (Au) (3E) breakdown for each constituent element is provided in the summary table of assays. ^ Rhodium and Iridium assay results by Nis FA are still outstanding for these holes.

personalFor

Figure: Location plan showing drill programme coverage.

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Nickel and Cobalt

Significant widths and grades of near surface nickel and cobalt have also been identified as part of the current step out drilling in the northern area of the West Limb. The nickel and cobalt mineralisation has been observed over wide intervals and does not necessarily correlate to the PGE mineralisation as it has in previous drilling to the south.

New results include:

• 19 m @ 0.61% Ni and 0.099% Co from surface;
• 25 m @ 0.70% Ni and 0.044% Co from surface; only• 20 m @ 0.46% Ni and 0.018% Co from surface;
• 41 m @ 0.56% Ni and 0.052% Co from surface;
• 20 m @ 0.62% Ni and 0.026% Co from surface;
• 28 m @ 0.47% Ni and 0.024% Co from surface;

use	Section A	BBRC22021			BBRC22026	BBRC22027	BBRC22028	BBBRC22029
BBRC22023	BBRC22020	BBRC22024	BBRC22025
400Z	4m @ 2.76 g/t PGE (3E)	20m @ 0.26% Ni
41m@ 0.56% Ni	0.143 ppm Rh & 0.134 ppm Ir
Inc 1m @ 6.94 g/t PGE (3E)	& 0.016% Co
& 0.052% Co	20m @ 0.62% Ni	28m @ 0.47% Ni
	& 0.026% Co
personal			& 0.024% Co
350Z	9m @ 0.93 g/t PGE (3E)
		0.049 ppm Rh & 0.042 ppm Ir
								> 10 gxm PGE (3E)
								5-10 gxm PGE (3E)
								1-5 gxm PGE (3E)
	300Z							> 0.2% Ni%
								Pantoro Hole
								PGE Mineralisation
								Lamboo Intrusion
								- Ultramafic rock
For	250Z						0 M	25 M
	324900E	5m @ 1.91 g/t PGE (3E)		325000E			325050E
	Inc 2m @ 3.71 g/t PGE (3E)

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Section B

only

400ZBBRC22005

BBRC22014

BBRC22006

BBRC22007

BBRC22008

BBRC22009

BBRC22010

BBRC22011

BBRC22012

12m @ 0.27% Ni

13m @ 0.4% Ni

& 0.016% Co

6m @ 1.22 g/t PGE (3E)

& 0.019% Co

20m @ 0.46% Ni

19m @ 0.61% Ni

18m @ 0.38% Ni

& 0.099% Co

25m @ 0.7% Ni

& 0.018% Co

& 0.020% Co

& 0.045% Co

5m @ 1.37 g/t PGE (3E)

13m @ 0.34% Ni

Inc 2m @ 2.42 g/t PGE (3E)

& 0.015% Co

use

350Z

> 10 gxm PGE (3E)

5-10 gxm PGE (3E)

11m @

1.11g/t PGE (3E)

1-5 gxm PGE (3E)

Inc 3m @ 2.17 g/t PGE (3E)

300Z

> 0.2% Ni%

Pantoro Hole

personalEnquiries

PGE Mineralisation

Lamboo Intrusion

- Ultramafic rock

7m @ 0.94 g/t PGE (3E)

0 M

25 M

250Z

324500E

324550E

324600E

324650E

324700E

Sections A & B: Rhodium and iridium assays not reported where assays remain outstanding.

F rward Program

Pantoro has drilled a total of 12,500 metres in the current program with drilling ongoing and a number of results still outstanding. Outstanding holes include northern extensions and growth drilling in the Edison area.

Ongoing work is planned in the coming months ahead of the next wet season. At present drilling rates, it is expected that a further 7,500 metres will be achieved during the September 2022 quarter. Focus will continue to be on id ntification of mineralisation over a wide area of the prospective basal contact.

Paul Cmrlec | Managing Director I Ph: [phone] I Email: [e-mail] ForThis announcement was authorised for release by Paul Cmrlec, Managing Director.

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