Pantoro : Shallow High Grade PGE Mineralisation at Norseman

ASX Announcement

2 June 2022

Shallow High Grade PGE Mineralisation at Norseman

Pantoro Limited (ASX:PNR) (Pantoro) is pleased to provide an update on the PGE potential on its tenure in the Norseman region. The recent success of Galileo Mining Ltd (ASX:GAL) in identifying PGE mineralisation in the Mt Thirsty Sill adjacent to the Norseman Gold Project has highlighted the regional potential.

Within Pantoro's Norseman tenure, work was previously undertaken by Nickel Australia Ltd in 2005 and 2006 on a

pr spect called Monarch. The Monarch prospect is located on the Mission Sill ultramafic on granted mining leases.
only
Exploration work undertaken included geophysics and drilling programmes. Shallow aircore drilling returned
significant PGE anomalism and shallow high grade PGE mineralisation with results including:
• 27.0 m @ 2.01 g/t (3E)* (1.54 g/t Pd, 0.41 g/t Pt, 0.05 g/t Au, 0.13% Ni and 0.10% Cu) from 28.0 m.
	including 10 m @ 3.19 g/t (3E) (2.48 g/t Pd, 0.65 g/t Pt, 0.06 g/t Au, 0.11% Ni and 0.12% Cu) from 39 m.
• 17.0 m @ 1.62 g/t (3E) (1.24 g/t Pd, 0.35 g/t Pt, 0.03 g/t Au, 0.11% Ni and 0.02% Cu) from 33.0 m.
use	including 5 m @ 4.00 g/t (3E) (3.08 g/t Pd, 0.88 g/t Pt, 0.09 g/t Au, 0.09% Ni and 0.03% Cu) from 33.0 m.
* Palladium (Pd) plus platinum (Pt) plus gold (Au) (3E) breakdown for each constituent element is provided in the summary table of assays.
* Refer to ASX Announcements released by Nickel Australia Limited (ASX:NKL) on 21 November 2005 and 30 November 2005 for further details.

Pantoro is the manager of the Norseman Joint Venture which includes a 50% interest in precious metals (gold, silver, nd PGE's), base metals (nickel, copper, lead, and zinc) and battery minerals.

Following acquisition and assumption of management of the Norseman Project in 2019 , Pantoro implemented a clear strategy for the development of the gold assets and has rapidly executed its development plan with construction due for completion in Q3 2022.

C ntemporaneously, Pantoro undertook a detailed review of all mineral opportunities within its asset base at the pr ject. This work included an immediate on ground lithium assessment at Buldania which led to discovery of high grade outcropping mineralisation, and ultimately the highly accretive farm in and joint venture agreement with Mineral Resources Limited. To date, approximately 8,000 metres of drilling have been completed with results pending.

Commenting on the review and existing results Pantoro Managing Director Paul Cmrlec said:

	"At the present time Pantoro as manager of the Norseman Joint Venture is solely focussed on successful
	completion of construction and transition to profitable gold operations.
personalWe recently demonstrated the value which can be derived from other commodities on the tenure with the
For	potentially high value lithium farm in and joint venture agreed with Mineral Resources Limited. Pantoro
intends to pursue value from other commodities including PGE's and nickel as activities around the gold
projects allow.
Given the immense market interest in PGEs, and Pantoro's large 100% owned Lamboo PGE Project near Halls
Creek already delivering strong results, additional exploration efforts will be directed to the Mission Sill PGE's
in the near term."

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

onlyuse personalMonarch Prospect Background

Nickel Australia Ltd conducted nickel based exploration under a Nickel Rights Agreement with the previous owners f the Norseman Gold Project commencing in 2003. Work on the PGE prospect at Monarch was undertaken in 2005/2006. Work included initial aircore reconnaissance followed by ground based electromagnetic surveys and

diamond drilling.

The Monarch Prospect is a layered mafic-ultramafic package. PGE mineralisation is hosted within a nickel depleted unit that forms part of this ultramafic package located on its eastern margin. The entire package is interrupted by cross-cutting faults likely related to the larger Mission Fault .

Aircore drilling identified zones of anomalous PGE mineralisation including the high grade hits over two southern reconnaissance lines returning results of:

• 27.0 m @ 2.01 g/t (3E)* (1.54 g/t Pd, 0.41 g/t Pt, 0.05 g/t Au, 0.13% Ni and 0.10% Cu) from 28.0 m.

For	including 10 m @ 3.19 g/t (3E) (2.48 g/t Pd, 0.65 g/t Pt, 0.06 g/t Au, 0.11% Ni and 0.12% Cu) from 39 m.
• 17.0 m @ 1.62 g/t (3E) (1.24 g/t Pd, 0.35 g/t Pt, 0.03 g/t Au, 0.11% Ni and 0.02% Cu) from 33.0 m.
	including 5m @ 4.00 g/t (3E)	(3.08 g/t Pd, 0.88 g/t Pt, 0.09 g/t Au, 0.09% Ni and 0.03% Cu) from 33.0 m.
• 3 m @ 1.09 g/t (3E) (0.69 g/t Pd, 0.39 g/t Pt, 0.02 g/t Au, 0.21% Ni and 0.04% Cu) from 67 m.
	including 1 m @ 1.91 g/t (3E)	(1.18 g/t Pd, 0.70 g/t Pt, 0.03 g/t Au, 0.20% Ni and 0.05% Cu) from 68 m.
• 4 m @ 0.94 g/t (3E) (0.79 g/t Pd, 0.10 g/t Pt, 0.06 g/t Au, 0.18% Ni and 0.12% Cu) from 50 m.
	including 1 m @ 1.25 g/t (3E)	(1.05 g/t Pd, 0.12 g/t Pt, 0.08 g/t Au, 0.19% Ni and 0.14% Cu) from 50 m.
* Palladium (Pd) plus platinum (Pt) plus	gold (Au) (3E) breakdown for each constituent element is provided in the summary table of assays.

* Refer to ASX Announcements released by Nickel Australia Limited (ASX:NKL) on 21 November 2005 and 30 November 2005 for further details.

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Deep diamond drilling was completed beneath these hits, however a review of the ground based EM indicates shallow dipping conductors, which is consistent with the mineralised setting presented in the recent Galileo Mining drilling and suggests that this deeper drilling beneath the high grade results may have been ineffective.

The prospect is considered to be open with shallow aircore drilling unlikely to have intersected a shallow plunging mineralised zone in either direction. Nickel Australia reports suggest that there are a number of additional EM targets which remain untested. Only palladium and platinum were assayed for whilst other PGEs including rhodium were not assayed as part of the Nickel Australia work.

Monarch 644700N

only	200mRL	NNA671		NNA672		NNA673	NNA674
use			27m @ 2 g/t (3E)		17m @ 1.62 g/t (3E)
		inc. 10m @ 3.19 g/t (3E)	inc. 5m @ 4 g/t (3E)
150mRL						Reported Interval
					Pt + Pd + Au (3E)
						Included interval
						Pt + Pd + Au (3E)
						Historic Diamond Tail
						Historic Hole
						PGE Mineralisation
personal							Cover
						Ultramafic rock
100mRL			379700E
	6449000mN	Monarch Prospect
	6449000mN	Historic Drilling
		Faults
		Banded Iron
		Gabbro
	6448000mN	Ultramafic rock
	379650E				M63/49	379800E
For		6447000mN		NNA672	NNA673
			NNA723	NNA721
	6446000mN
	6445000mN
						0 M	1000 M
		378000mE	379000mE	M63/46	380000mE	381000mE	382000mE

Figures: Section and Plan View of historic shallow air core drilling by Nickel Australia.

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About the 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.

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

onlysouth of Kalgoorlie, and 200 km north of Esperance.

The current Mineral Resource is 4.7 million ounces of gold with an Ore Reserve of 900,000 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

pr spective targets already identified.

The 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

useb lt covering approximately 800 square kilometres.

Historically, 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.

Pantoro has focused initial project planning on six initial mining areas containing multiple deposits which are personalmenable to both open pit and underground mining. A Phase One DFS was completed in October 2020 detailing n initial 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.

For

Page 4

Appendix 1 - Table of Drill Results

	Hole ID	Northing	Easting	RL	Dip	Azimuth	End of		Downhole	Downhole	Downhole	Pd g/t	Pt g/t	Au g/t	3E g/t	Ni %	Cu %
						(Degrees)	(Degrees)	Hole		From (m)	To (m)	Intersection
								Depth (m)				(m)
	NNA672	6447000	379700	250	-60	270	60		28	55	27	1.54	0.41	0.05	2.01	0.13	0.10
	incl.	39	49	10	2.48	0.65	0.06	3.19	0.11	0.12
only									33	50	17	1.24	0.35	0.03	1.62	0.11	0.02
	NNA673	6447000	379750	250	-60	270	60	incl.	33	38	5	3.08	0.88	0.04	4.00	0.09	0.03
										50	54	4	0.79	0.10	0.06	0.94	0.18	0.12
	NNA721	6446900	379600	250	-60	90	60	incl.	50	51	1	1.05	0.12	0.08	1.25	0.19	0.14
									incl.	52	53	1	0.91	0.09	0.04	1.04	0.21	0.15
	NNA723	6446900	379500	250	-60	90	88		67	70	3	0.69	0.39	0.02	1.09	0.21	0.04
	incl.	68	69	1	1.18	0.70	0.03	1.91	0.20	0.05
	Notes: All significant intersections are reported with a lower cut off of 0.5 g/t	Pt+Pd+Au (3E) including a maximum of 2 m consecutive and 5 m total of internal dilution.
use	Refer to ASX Announcements released by Nickel Australia Limited (ASX:NKL) on 21 November 2005 and 30 November 2005 for further details.
personalr															Appendix 1: Page 5