Panoro Minerals Ltd. · TSXV:PML
Panoro Minerals — Investor Presentation (January 2022)
27 slides from Panoro Minerals's investor presentation, January 2022
Slide 1: Peru Focused Copper Explorer – Corporate Presentation January 2022
TSX-V: PML BVL: PML I BORSE: PZM OTC: POROF PERU FOCUSED COPPER EXPLORER Corporate Presentation January 2022
Slide 2: Forward Looking Statements
Forward Looking Statements CAUTION REGARDING FORWARD LOOKING STATEMENTS: Information and statements contained in this presentation that are not historical facts are “forward-looking information” within the meaning of applicable Canadian securities legislation and involve risks and uncertainties. Exa
Slide 3: Cotabambas Project Pre-Feasibility
Cotabambas Project Pre-Feasibility • Timeline: 2022 – 2023 • Enhance Project Economics − Grow Resource ~ 110 Mt − Oxides 20 Mt − Sulfides 90 Mt − Add Heap Leach SX/EW Circuit − Improved Recoveries from Transition Zone Material − Incorporate Higher Cu/Au/Ag • PFS Funding Completed = $26M TSXV-PML Pag
Slide 4: Cotabambas Project PFS Drilling Program
Cotabambas Project PFS Drilling Program Two Stage Drilling Program Infill Drilling Step Out Drilling o Upgrade Inferred resource to Indicated o Include additional Sulfide and Oxide resource o 370 Mt upgrade o 90Mt @ 0.50% Cueq Primary Sulfides, plus o 20Mt @ 0.50% Cu Oxides 2022 Drilling Plan Drilli
Slide 5: Forecasted Five Year Funding, No Share Equity Dilution
Forecasted Five Year Funding No Share Equity Dilution Total HCAC Funding Cotabambas Kusiorcco Antilla Currency Copper-Gold-Silver Copper Copper Stream NSR NSR Milestone Scheduled Contingent US$ CA$1 Advance Royalty Royalty2 Initial Cash 8.5 10.6 2022 1.5 1.5 - 2.4 - - 5.4 6.8 2023 1.0 - 5.6 - - 6.6
Slide 6: Capital Structure & Share Performance
Capital Structure & Share Performance TSX-V:PML Tickers BVL:PML BORSE:PZM OTC:POROF Share Price $0.20 52 Week Low-High $0.11 - $0.23 Shares Issued 263.4M Options 20.1M Fully Diluted 284.4M Market Capitalization Undiluted $52.7M Fully diluted $57.0M TSXV-PML Page 6
Slide 7: Mining in Peru – Three Decades of Growth
Mining in Peru – Three Decades of Growth POLITICAL AND ECONOMIC STABILITY 1990 TO PRESENT • 12 Governments • 10 Political Parties • 10 Presidents GROWING MINING SECTOR • Mining Represents 10% of Peru’s GDP, Copper Mining accounts for 6%, 60% of exports1 • Over 95% of Cu Production is exported • Tota
Slide 8: Recent Peruvian Presidential Elections
Recent Peruvian Presidential Elections Peru’s mining industry is hopeful of Pedro Castillo: “We are avoiding drastic measures that would Peru’s President not Chavistas”, we are stifle investment and future Pedro Castillo sworn-in reshuffles cabinet in not communists” production. According to Victor
Slide 9: Peru’s Southern Copper Cluster
Peru’s Southern Copper Cluster - Chile (#1) and Peru (#2) account for approximately 40% of global copper production - Peru doubled copper production from 2012- 2016 - More than $US20 billion invested into new or expanded copper mines in southern Peru. - Cotabambas Project to be next large-scale proj
Slide 10: Cotabambas Project Resource
Cotabambas Project Resource Drill Company Year Metres Holes Antofagasta 1995 to 200 24 8,538 CDLM 2002 to 2007 10 3,252 Panoro 2007 to 2012 29 17,785 Panoro 2012 to 2013 81 40,467 Panoro 2013 to 2014 11 4,946 Panoro 2017 to 2018 36 8,805 Panoro 2019 5 997 Total 196 84,790 Cutoff Resource Million Cu
Slide 11: Cotabambas PEA Estimates
Cotabambas PEA Estimates COTABAMBAS2 KEY PROJECT PARAMETERS CU/AU/AG (IN USD CURRENCY) PROJECT (GROWTH TARGETS) Mill Feed, life of mine million tonnes 483.1 Mill Feed, daily tonnes 80,000 Strip Ratio, life of mine waste: process feed 1.25 : 1 NPV7.5% million USD 683 After Tax IRR % 16.7 @ PEA Prices
Slide 12: Cotabambas Project Targeting Growth
Cotabambas Project Targeting Growth S E P T E M B E R 2 0 1 5 P E A CASH COSTS, NETS OF BY BEFORE TAX PRODUCTS CREDITS $1,052M NPV C1 $1.22/lb Cu 20.4 % IRR C2 $1.94/lb Cu 3.2 Year Payback AFTER TAX ANNUAL PAYABLE METALS $683M NPV 155 M lbs Cu 16.7 % IRR 95 k oz Au 3.6 Year Payback 1,018 k oz Ag LIF
Slide 13: Cotabambas Project – Growth Levers
Cotabambas Project – Growth Levers 1 2 3 Resource Growth Metallurgy Commodity Price Maria Jose Target Flotation - Transition & Oxide Zones 20 drill holes – 6,097 meters Cu + 47% Petra- David Target 9 drill holes – 1,236 meters Chaupec Target Au 5 drill holes – 993 meters + 42% Leaching - Oxide Zones
Slide 14: Cluster 1 and Cluster 2 Project Scale Expansion Potential
Cotabambas Project Cluster 1 and Cluster 2 Project Scale Expansion Potential CLUSTER 2 SECTION High Chargeability, ?Porphyry Stock? High Magnetics, ?Skarn? TSXV-PML Page 14
Slide 15: Cotabambas Project Potential Heap Leach SX/EW
Cotabambas Project Potential Table: Mineral Resources, Tetra Tech, October 2013 Heap Leach SX/EW 99.6 Mt @ 0.42 % Cu, 0.21 g/t Au, 2.43 g/t Ag Assuming same cutoff as for flotation Mineral Resources have an effective date of June 20, 2013 and were estimated by Qualified Person Robert Morrison, P.Geo
Slide 16: Cotabambas Project Leverage to Precious Metals
Cotabambas Project Leverage to Precious Metals Average 0.68 % Cueq Average 0.59 USD/lb Cu Average 123,500 t Average 130,900 oz TSXV-PML Page 16
Slide 17: Cotabambas Project Economics Enhanced, May 18, 2021 Spot Prices
Cotabambas Project Economics Enhanced May 18, 2021 Spot Prices Cotabambas Projects Economics Enhanced at May 18, 2021 Spot Prices May 18, 2021 PEA Metal Price Improvement After Tax Metrics Spot Metal Price Assumptions From PEA Net Present Value million USD $2,638 $683 386% IRR % 36.6% 16.7% 219% Pay
Slide 18: Cotabambas Project Valuation Potential
Cotabambas Project Valuation Potential (USD unless indicated otherwise) PEA ADD: IMPROVE: ADD: INCREASE: Oxide Leach Mixed Zone High Grade Commodity SX/EW - 20 Mt Metallurgy Sulphides - 90 Mt Prices3 Net Present Value2 (million USD) $684 $1,224 $1,395 $1,970 $2,504 3.7 X IRR2 (%) 16.7% 23.5% 25.9% 2
Slide 19: Cotabambas Infill Drilling – Inferred to Indicated
Cotabambas Infill Drilling – Inferred to Indicated Ccalla Target Meters: 12,000 Legend Ccalla East Target PEA Pit Resources Pit Community bundary Drillholes: 44 Infill Indicated Drill hole Executed Azulccacca Target TSXV-PML Page 19
Slide 20: Cotabambas Step-Out Drilling Plan
Cotabambas Step-Out Drilling Plan Maria Jose 1 Maria Jose 2 Target Target David Target Meters: 11,000 Guaclle Ccalla Target Target Legend Petra PEA Pit Target Resources Pit Community bundary Drillholes: 45 Step Out 1 Step Out 2 Drill hole Executed Ccalla East Target Azulccacca Target TSXV-PML Page 2
Slide 21: Cotabambas Exploratory Drilling Plan
Cotabambas Exploratory Drilling Plan Guaclle Target Zone 1 Meters: 2,000 Chaupec Target Legend PEA Pit Zone 2 Resources Pit Zone 3 Community bundary Drillholes: 8 Cayracyoc Target Exploratory Drillholes Drill hole Executed TSXV-PML Page 21
Slide 22: Cotabambas Project M&A Targets
Cotabambas Project M&A Targets Deutsche Bank Copper Outlook Top Projects to Look out for Spot Prices Well above the 2020 C1 plus Sustaining Luquman Shaheen; President & CEO, and Luis Vela, Vice President of Exploration for Panoro and a "qualified person" under National Instrument 43-101, have review
Slide 23: Cotabambas Project Focus for PML
Cotabambas Project Focus for PML PML NAV - Current Cotabambas NAV Growth Potential PML Net Asset Value Cotabambas Project Net Asset Value $2.00 Benchmarked to Antilla Transaction $1.50 to $1.84 $7.00 Growth Potential Target $5.81 $1.80 per share $6.00 per share $1.60 NAV Leveraged to: DFS $0.97 to $
Slide 24: PML Benchmark Cotabambas PML Benchmark
Panoro Minerals vs. Peer Group Enterprise Value / lb Cueq 30.0 27.5 26.1 Significant Valuation Rerating Potential from: 25.0 1. Antilla Transaction Benchmark 6 times 21.8 2. Cotabambas Project Growth Funding Uplift 20.0 17.3 15.0 6 times 10.0 Uplift 9.5 8.2 5.1 4.4 5.0 3.0 3.2 3.6 2.8 3.0 1.2 1.4 1.
Slide 25: Management & Directors – Peru Experience
Management & Directors – Peru Experience MANAGEMENT DIRECTORS LUQUMAN SHAHEEN, PENG, PE, MBA – PRESIDENT & CHIEF EXECUTIVE AUGUSTO BAERTL – CHAIRMAN OFFICER & DIRECTOR Over 50 years of experience in the Peruvian and International Mining Over 27 years experience in mining sector, 20 years Sector expe
Slide 26: Panoro Minerals Focused on Cotabambas Project
Panoro Minerals Focused on Cotabambas Project Strategic Partners Commencing Q1 2022 Pre Fully funded feasibility 2022 Milestones study 97 Drillholes, 25,000 m Metallurgical Optimization TSXV-PML Page 26
Slide 27: TSXV-PML
FORO MINERALS LTD 38 [in] — = TSXV: PML ie _~ For further information, contact: “BORSE:PZM Luquman Shaheen, President and CEO OTCQB:POROF Phone: 604.684.4246 Email: [email protected] BVL:PML www.panoro.com
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