Pantoro : Significant Lamboo PGE strike extension

Pantoro Limited

ABN 30 003 207 467

t: [phone] | e: [e-mail] | w: www.pantoro.com.au PO Box 1353 West Perth WA 6872 | 1187 Hay Street, West Perth WA 6005

We eagerly await additional results from the December 2021 drilling campaign. Field mapping and sampling in the ensuing period will ensure that drill targeting is as efficient as possible in the 2022 drill season where Pantoro intends to cover the majority of the system with first pass drilling."

"This result confirms that PGE mineralisation along with coincident nickel and cobalt is widespread throughout the basal contact of the Lamboo Ultramafic System.

Results support the potential for mineralisation over the +20 km basal contact target.

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Pl tinum (Pt) plus palladium (Pd) plus gold (Au) (3E) breakdown for each constituent element is provided in the summary table of assays.

The northern drill section located on the same mining lease as the Wagtail underground mine was targeted following i itial field inspections which confirmed host geology and ease of access for the short program in December. Step ut drilling has been undertaken a further 200 metres south of the new result with assays pending. Additional extensional drilling in the southern zones of the system was also completed during December 2021 with results

pending.

Initial on ground reconnaissance fieldwork is underway to map and sample the outcropping components of the system ahead of drilling in the upcoming field season. The Nicolsons tenements contain approximately 20 kilometres of the prospective basal contact, with only a small proportion evaluated by drilling to date.

Commenting on the results, Managing Director Paul Cmrlec said For

Additional drilling undertaken prior to end of December was highly productive with a further 2,659 metres completed and results pending.

Assays for all previously announced holes have been submitted for Ni + Co assays with results pending.

ASX Announcement

10 January 2022

onlySignificant Lamboo PGE strike extension

Pantoro Limited (ASX:PNR) (Pantoro) is pleased to advise of strong PGE, nickel and coblat assays received from drilling undertaken approximately three kilometres north of existing results on the Lamboo ultramafic basal contact, at the Halls Creek Project (PNR 100%).

Highlights

The new drilling results include nickel and cobalt assays approximately three kilometres north of previous drilling on the West Limb of the Lamboo ultramafic basic contact and include:

use• 30 m @ 1.03 g/t Pt +Pd +Au (3E); 0.54% Ni and 0.033% Co from 3 m.

Results confirm a strong correlation between PGE and Ni + Co mineralisation. The correlation between PGE and Ni + Co has been noted in previous holes where these metals have been assayed for.

•

•

0KM

321000 mE

7956000 mN

E80/5054

Southern Ore Zone

Edison

7958000 mN

West Limb

7960000 mN

Tracks

Pantoro Tenements

Lamboo Intrusion - Ultramafic rock

Sediments

Granite

PGE prospective basal contact

Lamboo Intrusion - Mafic rock

Nicolsons

Processing Plant

5KM

Current Drill Coverage

30m @ 1.03g/t Pt + Pd + Au (3E), 0.54% Ni, 0.033% Co

Lamboo PGEs

The Lamboo PGE project forms part of Pantoro's Halls Creek operations, and is only five kilometres south of Nicolsons gold mine and processing plant, allowing access to substantial mine infrastructure and road networks.

Pantoro announced discovery of a large PGE bearing ultramafic system during September 2021, with follow up drilling since that time confirming that mineralisation is widespread within the basal contact of the unit. Nickel and Cobalt are noted to be coincident with the PGE mineralisation.

Drilling to date has identified mineralisation over approximately two kilometres of strike, with the remainder of the only+20 kilometres still to be tested. Recent reconnaissance drilling has confirmed mineralisation approximately three

kilometres north of the tested zones.

Mineralisation is noted to be consistent over large drill intervals commencing from surface, Mineralisation widths of up to 100 metres have been encountered to date, and Pantoro considers that there is strong potential for a large, bulk tonnage PGE resource to be defined in the near term.

Previously announced results from recent drilling by Pantoro include:

• 100 m @ 1.10 g/t Pt +Pd +Au (3E) from surface inc. 66 m@ 1.34 g/t Pt +Pd +Au(3E) from surface. use• 120 m @ 0.96 g/t Pt +Pd +Au (3E) from surface inc. 31 m@ 1.24 g/t Pt +Pd +Au(3E) from 89 metres.

• 118 m @ 0.89 g/t Pt +Pd +Au (3E) from surface inc. 46 m@ 0.96 g/t Pt +Pd +Au(3E) from 10 metres.

• 46 m @ 1.11 g/t Pt +Pd +Au (3E) from surface.

• 22 m @ 1.11 g/t Pt +Pd +Au (3E) from surface.

• 31 m @ 0.90 g/t Pt +Pd +Au (3E) from 36 metres.

• 37 m @ 0.90 g/t Pt +Pd +Au (3E) from 14 metres.

• 71 m @ 0.59 g/t Pt +Pd +Au (3E) from 120 metres.

• 90 m @ 0.69 g/t Pt + Pd + Au (3E) from surface.

Refer to ASX announcement "Drilling Confirms Large Scale Lamboo PGE Deposit" dated 15 November 2021 for full details.

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M80/503

E80/2601

For

323000 mE

1KM

325000 mE

327000 mE

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Section A

only

30m @ 1.03g/t

(3E),

OPEN

Pt + Pd + Au

0.54% Ni, 0.033% Co

use

350mRL

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Pt+Pd+Au (3E) > 0.5 g/t,

Ni%, Co%

Pantoro Hole

Lamboo Intrusion -

Ultramafic rock

0 M

25 M

324800E

324850E

300mRL

Further Work

Assays for nickel, cobalt and the other PGEs (osmium, rhodium, ruthenium and iridium) from the recent drilling is currently being completed and results will be released once returned.

Pantoro plans to undertake on ground contact mapping and sampling over the wet season in preparation for a large Forstep out drill program designed to test an additional 10 km of strike immediately after the end of the wet season in early 2022. Pantoro expects to undertake approximately 20,000 metres of drilling commencing immediately after

the wet season subsides.

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Regional Potential

Within Pantoro's broader regional tenement package at the Halls Creek Project of 1,000 km2, the northern Grants Creek tenements host a large area of ultramafics, including a number of intrusives of the McIntosh suite which are associated with Ni + Cu and PGE mineralisation elsewhere in the region.

One of these zones within Pantoro's tenure is the Big Ben intrusive which has been interpreted to be the faulted offset of the Panton Sill which has a current Mineral Resource of 2.4 Moz @ 5.2 g/t PGM & Au. Big Ben has previously returned anomalous palladium and platinum rock chips from historic exploration work conducted by Thundelarra. onlyInitial on ground evaluation of these prospects was completed during November 2021 with surface sample results

outstanding.

* Reported by Future Metals (ASX:FME) on 22 June 2021 in a release titled 'Presentation-Panton PGM Project June 2021 (Appendix 1).

Enquiries

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

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Appendix 1 - Table of Drill Results

	Hole ID	Northing	Easting	RL	Dip	Azimuth	End of Hole	Downhole	Downhole	Intersection	Pt+Pd+Au	Pt g/t	Pd g/t	Au g/t	Ni %	Co %
					(Degrees)	(Degrees)	Depth (m)	From (m)	To (m)	(m)	g/t (3E)
	BBRC21001	7960730	324784	400	-60	307.47	54	3	33	30	1.03	0.48	0.52	0.03	0.54	0.033
	BBRC21002	7960707	324816	400	-60	306.39	102	57	58	1	0.74	0.10	0.59	0.05	0.35	0.014
	BBRC21002	7960707	324816	400	-60	306.39	102	84	85	1	0.55	0.34	0.20	0.01	0.17	0.010
useonly	7960707	324816	400	-60	306.39	102	99	101	2	0.66	0.29	0.33	0.03	0.26	0.009
	BBRC21002
	BBRC21003	7960684	324849	400	-61	306.34	150				NSA

Note: Drilling is calculated using a 0.5 g/t (3E) cut-off and 3 m of internal dilution.

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