• Development toward the high-grade O'Briens Reef to commence in early FY27
• First ore development expected during the December 2026 quarter
• Ore from O'Briens is expected to deliver average diluted mill grades exceeding 6g/t

Pantoro Gold Limited (ASX:PNR), a WA-based gold producer focused on unlocking the full potential of its 100%-owned Norseman Gold Project, is pleased to advise its intention to commence development of its third producing underground mine at Norseman early in FY27. Development toward the high-grade O'Briens Reef will commence in early FY27 following completion of dewatering and rehabilitation of the Bullen Decline, with first ore development expected during the December 2026 quarter. Ore from O'Briens is expected to deliver average diluted mill grades exceeding 6g/t over the life of the current Mineral Resource. Development of the Crown South ore zone is also expected to commence in the March 2027 quarter. Both ore zones remain open in all directions with drilling ongoing to test extensions. A fifth underground drill rig is scheduled to arrive at Norseman during April 2026 and will be deployed to accelerate exploration across the Mainfield. Drilling in the main Crown Reef area is underway with a view to commencing additional decline development into the zone during the coming 12 months. Resource modelling across the Crown, Crown South and expanded O'Briens areas is underway with an updated Mineral Resource and Ore Reserve expected during the September 2026 quarter.

Development of the O'Briens Reef is expected to deliver average diluted mill grades exceeding 6g/t over the life of the current Mineral Resource.

Pantoro Gold remains confident that the production growth forecasts for the Norseman Gold Project will be met, with plans to commence at least two additional underground declines during FY2027 to facilitate production growth with an aspirational target of 200,000 ounces of gold per annum.