Summary of Pantoro Gold (PNR) Conference Call - July 23, 2025 Company Overview - Pantoro Gold is a Western Australian gold producer owning 100% of the Norseman gold field, with a mineral resource of just under 5,000,000 ounces of gold [1] - The company operates two underground mines and two open pits, with a third underground mine under rehabilitation [1] Financial Position - The company has a strong balance sheet with over $175,000,000 in cash and no debt [2] - Pantoro is unhedged, with only 6,000 ounces of call options remaining for the year [3] Production and Cost Guidance - The all-in sustaining cost is projected to remain below $2,000 per ounce, with an expected production of 210,000 ounces of gold next year [4] - The company aims to double its production rate from 100,000 ounces to 200,000 ounces per year, with an exploration budget of $55,000,000 for the upcoming year [5] Exploration and Resource Development - The current ore reserve is just under 1,000,000 ounces, significantly larger than the historical reserves of the Norseman field [6] - There are 25 different resource areas within the Norseman package, with only 30% drilled to date, indicating substantial growth potential [7][8] - The Scotia Underground Mine is a key growth center, with plans to ramp up production significantly [11][12] Future Mining Plans - The company plans to phase out open pit mining while increasing underground mining operations, targeting full operational status for at least two additional underground mines by 2028 [16][17] - The Crown Reef area has historical production of 1,100,000 ounces, with ongoing drilling expected to convert known high-grade material into reserves [19][20] Regional Exploration Potential - This year marks the first significant regional exploration in the Norseman area in 30 years, with previous operators having conducted minimal drilling [22] - The company sees potential in areas previously explored by Western Mining, which had successful operations in similar terrains [23] Financial Performance - Pantoro reported an EBITDA of just under $200,000,000 in the last year, with expectations for significant increases in the coming year as production stabilizes [25] - The company plans to invest $67,000,000 in exploration and capital growth projects while adding cash to its balance sheet [25] Conclusion - Pantoro Gold is positioned strongly in the gold mining sector with a robust financial standing, significant exploration potential, and a clear strategy for growth in production and resource development [24][25]

Core Insights - LaFleur Minerals has initiated a diamond drilling program at the Swanson Gold Project in Québec, having received all necessary permits for a fully funded 5,000-meter drilling campaign [1][6] - An independent valuation of the Beacon Gold Mill has been completed, confirming its excellent condition and estimating rehabilitation costs at C$4.1 million, with a full replacement cost exceeding C$71.5 million [1][2] - The company has expanded its land position at the Swanson Gold Project to over 18,300 hectares, enhancing its exploration potential [1][7] Independent Valuation of Beacon Gold Mill - The valuation by Bumigeme Inc. indicates the Beacon Mill is in excellent condition, with rehabilitation and re-commissioning costs estimated at C$4.1 million [2][4] - The estimated replacement cost for a new similar gold mill is C$49.5 million, excluding additional costs for a new tailings storage facility and permitting [2][4] - The mill's valuation suggests a significant opportunity for future milling of gold deposits in the Abitibi region [2][4] Drilling and Exploration Activities - The diamond drilling program will focus on priority target areas, including the Swanson Gold Deposit and other high-potential zones identified through historical data and recent exploration work [6][8] - The company has staked an additional 32 mineral claims, increasing the project’s coverage to over 33 kilometers of strike length, which enhances exploration potential [7][8] Strategic Positioning - LaFleur Minerals is positioned as a leading gold development company in Québec, controlling both an advanced gold project and a fully-permitted mill, which provides a pathway to near-term gold production [4][8] - The company’s assets are valued significantly higher than its current market capitalization, indicating strong potential for future growth [4][8]

Core Viewpoint - LaFleur Minerals is advancing its Swanson Gold Project and the Beacon Gold Mill restart, aiming for cash flow generation by early 2026 through extensive exploration and development efforts [1][2][5]. Exploration and Development Plans - The company plans to complete at least 5,000 meters of diamond drilling at the Swanson Gold Project starting in June, with over 50 promising drilling targets identified [5][21]. - Recent exploration has yielded high-grade gold assay results, including 11.7 g/t Au from a grab sample at Jolin, and several new potential gold targets have been identified [5][6][18]. - A bulk sampling program is being planned to extract up to 100,000 tonnes of surface material for processing at the Beacon Mill once operational [5][37]. Beacon Gold Mill Restart - The estimated cost to restart the Beacon Gold Mill is between C$5-6 million, with a timeline of 6 to 8 months for repairs and maintenance [5][7]. - The company anticipates achieving full production at the Beacon Mill by early 2026, with initial production expected by the end of 2025 [5][7]. - LaFleur Minerals is in advanced discussions with institutional and private equity groups for funding the mill's restart and exploring non-dilutive funding options [5][7]. Strategic Developments - Peter Espig has joined LaFleur Minerals as a Strategic Advisor, bringing extensive experience in capital markets and project funding [8][9]. - The company is planning a site visit for prospective investors and will host a management update call on June 5, 2025 [12]. Resource Estimates - The Swanson Gold Deposit hosts an indicated mineral resource estimate of 2,113,000 tonnes at an average grade of 1.8 g/t gold, containing approximately 123,400 ounces of gold [38]. - An inferred mineral resource estimate is 872,000 tonnes at an average grade of 2.3 g/t gold, containing approximately 64,500 ounces of gold [38]. Geological and Technical Insights - Geological reconnaissance and soil sampling have identified gold-enriched areas, with significant results from various sampling methods [14][15][16]. - An Induced Polarization (IP) geophysics survey has identified several anomalies that may indicate gold-rich mineralization, with plans for follow-up drilling on selected targets [17][19]. Project Overview - The Swanson Gold Project spans approximately 16,600 hectares and includes several gold-rich prospects, enhancing its development potential due to its proximity to the Beacon Gold Mill [37][40].