Pantoro Gold Ltd.

Pantoro Gold Ltd. is a junior gold producer headquartered in West Perth, Australia, operating primarily in Australia. The company's portfolio consists of 1 operating mine. Key assets include Norseman. The company's operational model is centered on a recently constructed processing plant that consistently operates above its nameplate capacity, achieving high recoveries. The plant's design, which includes large coarse and fine ore stockpiles, facilitates uninterrupted milling operations. A key operational characteristic is the strategic flexibility in mining methods, demonstrated by a decisive shift from open-pit to underground extraction to optimize economic outcomes in response to evolving cost environments. This transition is supported by ongoing optimization work that has led to substantial reductions in key consumables. The operational approach leverages integrated infrastructure, including a dedicated power station and workshops, to support both current and future mining centers. The easing of labor issues, coinciding with pull-backs in adjacent industries, has further stabilized operations and assisted in attracting high-quality personnel.

The entity's strategy centers on operational re-optimization and aggressive, funded growth. A pivotal change in the mining strategy was executed to prioritize higher-grade underground feed over open-pit material, enhancing economic viability. This was enabled by the strategic divestment of non-core mineral rights, which provided the financial flexibility to implement the revised mine plan. A subsequent transformational capital raise at a premium strengthened the balance sheet, allowing for the complete repayment of a major term loan, thereby reducing debt service costs. The organization is now executing a clear growth strategy, fully funded by its strong cash position, which aims to develop an additional 2 underground mines over the coming 2 years. This growth is underpinned by a significant exploration budget focused on extensional and resource definition drilling from both surface and underground platforms to increase the production profile.

The board of directors consists of 6 members, of whom 4 are independent, ensuring strong oversight. Governance is structured through an Audit and Risk Committee and a Remuneration Committee, with defined memberships and chairpersons. The Managing Director is a qualified mining engineer with over 25 years of industry experience in production, planning, and corporate roles. The Remuneration Committee engages external consultants, such as The Reward Practice, to benchmark executive remuneration and incentive structures against market peers, ensuring alignment with shareholder interests. The company has adopted a formal shareholding policy encouraging non-executive directors to build a significant equity position. Executive remuneration is structured with a substantial "at risk" component, linking compensation directly to performance through short-term and long-term incentive plans with specific, measurable key performance indicators.

The organization acknowledges climate change as a material business risk and is integrating climate-related risk management into its governance frameworks and reporting systems. The board actively considers these risks in its decision-making processes. The group reports its emissions and energy consumption performance annually under Australia’s National Pollutant Inventory (NPI) and the National Greenhouse and Energy Reporting Act 2007 (NGER Act). Management has implemented extensive health and safety initiatives and control measures to manage the well-being of employees and contractors. The company also maintains active community relations programs at both corporate and site levels to manage stakeholder expectations and maintain its social license to operate, including engagement with First Nation People’s communities. The group is not aware of any matter that requires disclosure with respect to any significant environmental regulation in respect of its activities.

A significant structural change occurred in June 2023 with the completion of a merger with Tulla Resources Plc, consolidating 100% ownership of the primary operating asset. This was followed by a strategic divestment in November 2023, where the rights to a specific suite of minerals were sold to Mineral Resources Limited. The company's capital structure was significantly altered by 2 major placements to institutional and sophisticated investors in August 2023 and May 2024. As of September 2024, the shareholder base is concentrated, with the top 5 holders, including J P MORGAN NOMINEES AUSTRALIA PTY LIMITED, TULLA RESOURCES GROUP PTY LIMITED, and CITICORP NOMINEES PTY LIMITED, controlling a significant portion of the equity. The company maintains a number of wholly-owned operational subsidiaries, including Halls Creek Mining Pty Ltd and Pantoro South Pty Ltd, which are party to a deed of cross guarantee.