Quarterly Activities/Appendix 5B Cash Flow Report

• Production impacted by operational challenges, but returned to expected levels by September
• Reaffirmed full year guidance of 100,000 - 110,000 ounces at AISC of $1,950 - $2,250 per ounce
• Significant ramp-up in growth and exploration activities, with $31.3 million invested

Pantoro Ltd, a WA-based gold producer focused on its 100%-owned Norseman Gold Project, reported its Quarterly Activities and Appendix 5B Cash Flow Report for the period ended 30 September 2025. Production for the Quarter was 19,551 ounces of gold, with All-in Sustaining Cost (AISC) of $3,139 per ounce and EBITDA of $53.9 million. The production was impacted by unforeseen operational challenges, resulting in lower grades at both the Scotia and OK mines, which have since been addressed. Pantoro reaffirmed its full year guidance of 100,000 - 110,000 ounces at an AISC of $1,950 - $2,250 per ounce, with production from Scotia expected to continue increasing as the northern areas of the mine are brought into production. The company invested $15.5 million in exploration and an additional $15.8 million in major project capital, for a total spend of $31.3 million. Drilling at the OK Underground Mine and the Princess Royal Open Pit Mining Centre continued to yield high-grade results, further supporting the growth potential of the Norseman Gold Project. Pantoro also reported that its cash and gold balance increased by $5.6 million during the Quarter, standing at $181.5 million as of 30 September 2025.

Pantoro reaffirms its full year guidance of 100,000 - 110,000 ounces at an AISC of $1,950 - $2,250 per ounce for the 2026 financial year.