Post on 01-Nov-2018
DEVELOPING PERUrsquoS COPPER POTENTIAL
Corporate Presentation July 2017
TSXVPML
FORWARD LOOKING STATEMENTS Information and statements contained in this news release that are not historical facts are ldquoforward-looking informationrdquo within the meaning of applicable Canadian securities legislation and involve risks and uncertainties Examples of forward-looking information and statements contained in this news release include information and statements with respect to bull acceleration of payments by Wheaton Precious Metals to match third party financing by Panoro targeted for exploration at the Cotabambas Project bull payment by Wheaton Precious Metals of US$140 million in installments bull negotiation of a definitive PMPA bull Panoro weathering the current depressed equity and commodity markets minimizing dilution to existing shareholders and making targeted investments into exploration at the
Cotabambas Project bull mineral resource estimates and assumptions bull the PEA including but not limited to base case parameters and assumptions forecasts of net present value internal rate of return and payback bull copper concentrate grade from the Cotabambas Project Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information In some instances material assumptions and factors are presented or discussed in this news release in connection with the statements or disclosure containing the forward-looking information and statements You are cautioned that the following list of material factors and assumptions is not exhaustive The factors and assumptions include but are not limited to assumptions concerning metal prices and by-product credits cut-off grades short and long term power prices processing recovery rates mine plans and production scheduling process and infrastructure design and implementation accuracy of the estimation of operating and capital costs applicable tax and royalty rates open-pit design accuracy of mineral reserve and resource estimates and reserve and resource modeling reliability of sampling and assay data representativeness of mineralization accuracy of metallurgical test work and amenability of upgrading and blending mineralization Forward-looking statements are subject to a variety of known and unknown risks uncertainties and other factors which could cause actual events or results to differ materially from those expressed or implied by the forward-looking statements including without limitation risks relating to metal price fluctuations risks relating to estimates of mineral resources production capital and operating costs decommissioning or reclamation expenses proving to be inaccurate the inherent operational risks associated with mining and mineral exploration development mine construction and operating activities many of which are beyond Panororsquos control risks relating to Panororsquos ability to enforce Panororsquos legal rights under permits or licenses or risk that Panororsquos will become subject to litigation or arbitration that has an adverse outcome bull risks relating to Panororsquos projects being in Peru including political economic and regulatory instability bull risks relating to the uncertainty of applications to obtain extend or renew licenses and permits bull risks relating to potential challenges to Panororsquos right to explore andor develop its projects bull risks relating to mineral resource estimates being based on interpretations and assumptions which may result in less mineral production under actual circumstances bull risks relating to Panororsquos operations being subject to environmental and remediation requirements which may increase the cost of doing business and restrict Panororsquos operations bull risks relating to being adversely affected by environmental safety and regulatory risks including increased regulatory burdens or delays and changes of law bull risks relating to inadequate insurance or inability to obtain insurance bull risks relating to the fact that Panororsquos properties are not yet in commercial production bull risks relating to fluctuations in foreign currency exchange rates interest rates and tax rates and bull risks relating to Panororsquos ability to raise funding to continue its exploration development and mining activities This list is not exhaustive of the factors that may affect the forward-looking information and statements contained in this news release Should one or more of these risks and uncertainties materialize or should underlying assumptions prove incorrect actual results may vary materially from those described in the forward-looking information The forward-looking information contained in this news release is based on beliefs expectations and opinions as of the date of this news release For the reasons set forth above readers are cautioned not to place undue reliance on forward-looking information Panoro does not undertake to update any forward-looking information and statements included herein except in accordance with applicable securities laws
TSXVPML 2
TWO DIVERSIFIED COPPER PROJECTS AT PEA STAGE - FLAGSHIP COTABAMBAS PROJECT
- CU 52 B LB - AU 42 M OZ - AG 557 M OZ - MO 287 M LB
- ANTILLA PROJECT - CU 27 B LB - MO 781 M LB
STRATEGIC LOCATION IN SOUTHERN PERU - FOUR OPEN COPPER MINES
- $15B INVESTMENT COMPLETE
- DEMONSTRATED PERMITTING SUCCESS - INFRASTRUCTURE IN PLACE AND AVAILABLE
- ROAD RAILWAY PORT POWER FRESH WATER
- PRO MINING COUNTRY amp GOVERNMENT - 25 YEARSrsquo SUCCESS
- NATIONAL FOCUS ON GROWING COPPER SECTOR
- MACRO ECONOMIC AND POLITICAL STABILITY
KNOWLEDGEABLE INVESTORS PARTNERS
COPPER SUPPLY SHORTAGE ON HORIZON ndash DECLINING GRADES ndash REDUCED EXPLORATION ndash DEVELOPMENT DELAYS
FUNDED TO 2019 ndash WHEATON PRECIOUS METALS AGREEMENT ndash 2016 PRIVATE PLACEMENT
TSXVPML 3
INVESTMENT HIGHLIGHTS
INVESTORS
BOARD amp MANAGEMENT
CAPITAL STRUCTURE amp SHARE PERFORMANCE
Tickers
TSX-VPML LimaPML
FrankfurtPZM
Share Price 52 Week Low-High
Shares Issued
Warrants Options Fully Diluted
2581M (64 Insiders)
184M 88M
2853M (111 Insiders)
$017 $013 - $022
Market Capitalization $440M
Funded to Dec 2018 $141M
TSXVPML 4
MANAGEMENT amp DIRECTORS ndash PERU EXPERIENCE MANAGEMENT DIRECTORS
Luquman Shaheen PEng PE MBA ndash President amp Chief Executive Officer amp Director Over 27 years experience in mining sector 20 years experience in Peru and Latin America Shannon Ross CPACA ndash Chief Financial Officer Over 25 years experience in accounting and financial management in the public and mining industry Yves Barsimantov ndash Vice President Operations amp Peru General Manager 20 years management experience with Peruvian banking fishing and mining sectors Luis Vela PGeo MScEconGeology ndash Vice President Exploration Over 25 years exploration experience in Peru and Chile mining sectors
William Boden CPACA ndash Chairman Former Chairman of First Coal Corporation
Augusto Baertl ndash Director Over 50 years of experience in the Peruvian and International Mining Sectors
Ronald Hall ndash Director Over 40 years of experience in the management operation evaluation and design of mining projects globally
Anthony Laub ndash Director Partner at Laub amp Quijandria Consultores y Abogados
Christian Pilon ndash Executive Director Peru ndash Director Over 30 years of experience in applied geophysics and mining sector resident in Peru
Christiaan Staargaard MSc PGeo ndash Director Over 40 years experience in exploration including as a Director or Senior Officer of public companies since 1990
Lorne Torjhelm ndash Director President RNJ Ventures TSXVPML 5
MANAGEMENT
PANORO HISTORY
6
2011 2010 2012 2009 2008 2007
bull Cotabambas Drill Program
bull $78M Financing
bull Cotabambas Community Agreement
bull $66 M Financing bull Antilla Infill
Drilling
bull 404 Mt Resource at Cotabambas Project
bull $138M Financing bull Cotabambas Drill
Program
bull 154 Mt Resource Antilla Project
bull Cotabambas Community Agreement
bull Antilla Drill Program
bull Antilla Community Agreement
bull Acquisition of CDLM
bull 90 Mt Resource at Cotabambas
bull $20M Financing
2017 2016 2018 2015 2014 2013
bull Cotabambas Resource Growth Drilling
bull Antilla Optimization Study
bull Gold Oxides Targets at Cotabambas
bull Antilla PEA amp 382 Mt
Resource
bull Cotabambas Community Agreement
bull Chaupec Target Cluster at Cotabambas
bull Cotabambas PEA Completed amp Optimized
bull Cu Oxide Target at Cotabambas
bull $65 M Financing bull Maria Jose Zone
at Cotabambas bull Cotabambas Drill
Program Completed
bull 722 Mt Resource at Cotabambas Project
bull 334 Mt Resource Antilla Project
bull Cotabambas Drill Program
AREQUIPA
11
APURIMAC
21
PIURA
6
Source Peru Ministry of Energy amp Mines
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Mining Investment By Region
USA 12
China 22
Canada 21
UK 13
Mexico 9
Australia 7
Country US$ Million
China 10189 22 Canada 9877 21 United Kingdom 6000 13
United States 5535 12 Peru 5029 11 Mexico 4160 9 Australia 3135 7 Brazil 1996 4 Japan 490 1
Total 46411 100
PERU A MINING COUNTRY Projects and Investments
whorsquos funding them
CAJAMARCA
22
More than 10 Between 1 amp 10 Less than 1
MOQUEGUA
13
ANTILLA
CUMO PROJECT
COTABAMBAS
CUAUAG PROJECT
GROWING MINING SECTOR
bull Mining Represents approx 14 of Perursquos GDP and Copper Mining accounts for 6
bull Over 95 of Cu Production is exported bull Total Mining Investments during 2016 reached
US$43 Billion bull Mining Project Portfolio $46 billion
KEY FISCAL REFORMS
bull Reduction of Corporate Income Tax Rate to 295 bull Replaced Top Line Royalty with Scaled Royalty on
Operating Margins bull Tax Stability Agreement allows for accelerated
depreciation
POLITICAL AND ECONOMIC STABILITY 1990 TO PRESENT
bull 6 Governments bull 5 Political Parties bull 5 Presidents
MINING FRIENDLY PERU
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Pedro Pablo Kuczynski President of Peru
Gonzalo Tamayo Flores Minister of Energy and Mines
Maintaining and Modernizing Pro
Mining Framework
PERU
Corocohuayco Xstrata
Trapiche Buenaventura
Haquira First Quantum
Los Chancas Grupo Mexico
Quechua Pan Pacific Copper
Zafranal Teck Mitsubishi
Soc Minera Cerro Verde
Antapacay Glencore
Antamina Teck
Toromocho Chinalco
Constancia Hudbay Minerals
Las Bambas MMG
Cerro Verde Soc Minera Cerro Verde
Toquepala Grupo Mexico
Tia Maria Grupo Mexico
Quellaveco Anglo American
2013 ndash 2014 9000 MW power capacity growth
2018 - 2024 3000 MW power supply excess
Power Costs (centkWhr) Peru ndash 61
Chile ndash 121 Canada ndash 53
Australia ndash 89
Growing Power Supply
Double Cu Production 2011 to 2016
2016 No 2 Worldwide
Towards Worldrsquos Top
Cu Producer
bull 421000 tonnesyear concentrate
bull 108000 tonnesyear refined Cu
bull 56 of Perursquos 2015 Production
Cotabambas Panoro Minerals
Antilla Panoro Minerals
TSXVPML 9
doub
led
A COPPER COUNTRY WITH POWER
PANORO PROJECTSrsquo DISTRICT POTENTIAL
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Acquired 2014 $70B Development
MMG Las Bambas
$15B Development
Glencore Antapacay
$45B Expansion
Freeport-McMoRan Cerro Verde
Acquired 2010
First Quantum Minerals Haquira
Acquired 2011 $17B Development
Hudbay Minerals Constancia
SUMMARY OF COTABAMBAS AND ANTILLA PROJECTS PEA RESULTS
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
TSXVPML 11
KEY PROJECT PARAMETERS
COTABAMBAS CUAUAG
PROJECT
ANTILLA CUMO PROJECT
Mill Feed life of mine million tonnes 4831 3504 Mill Feed daily tonnes 80000 40000 Strip Ratio life of mine 125 1 085 1
Before Tax1
NPV75 million USD 1052 491 IRR 204 221 Payback years 32 33
After Tax1
NPV75 million USD 683 225 IRR 167 151 Payback years 36 41
Annual Average Payable Metals
Cu thousand tonnes 705 368 Au thousand ounces 95 - Ag thousand ounces 1018 - Mo thousand tonnes - 09
Initial Capital Cost million USD 1533 603 Project economics estimated at commodity prices of Cu = $US300lb Au = $US1250oz Ag = $US1850oz Mo = $US12lb
$1052M NPV 204 IRR
32 Year Payback
$683M NPV 167 IRR
36 Year Payback
C1 $122lb Cu C2 $194lb Cu
155 M lbs Cu 95 k oz Au
1018 k oz Ag
26 B lbs Cu 16 M oz Au 17 M oz Ag
COTABAMBAS PROJECT
S E P T E M B E R 2 0 1 5 P E A
AFTER TAX
LIFE OF MINE PAYABLE METALS
CASH COSTS NETS OF BY PRODUCTS CREDITS
ANNUAL PAYABLE METALS
Note Cu = $US300lb Au = $US1250oz Ag = $US1850oz
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
BEFORE TAX
TSXVPML 12
27 Cu 11 gt Au 134 gt Ag
CLEAN CONCENTRATE
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
Add Low Cost
Oxides
Add High Grade Sulphides
Reduce Costs
Improve Metallurgical
Recovery
Increase Margins
2
1
TSXVPML 13
COTABAMBAS PROJECT CAPITAL COST AND ENHANCEMENTS
Grow Resource
COTABAMBAS INITIAL CAPEX (US$ MILLIONS)
Item Cost
Mine Equipment $236
Mine Development $127
Mine Infrastructure $17
Tailings Starter Dams $4
Tailings Disposal System $73
Process Plant $505
Site Infrastructure $67
Off Site Infrastructure $27
Mine Closure $50
Subtotal $1106
Owners Cost $40
Indirect Costs $152
Subtotal $1298
Contingencies $235
Initial Capital Cost $1533
1
COTABAMBAS PROJECT
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
Company Year Drill Holes
Metres
Antofagasta 1995 to 2002 24 8538
CDLM 2002 to 2007 10 3252
Panoro 2007 to 2012 29 17785
Panoro 2012 to 2013 81 40467
Panoro 2013 to 2014 11 4946
Panoro 2017 to 2018 50 14000
Total 155 88988
Resource Category
Zone Million tonnes
Cutoff Grade Cueq
Cu
Au gt
Ag gt
Indicated Hypogene 842 020 037 021 273
Supergene 89 020 073 031 307
Oxide Cu-Au 238 020 049 024 263
Oxide Au 02 020 - 066 374
Total 1171 020 042 023 274
Inferred Hypogene 521 020 029 018 241
Supergene 74 020 073 018 193
Oxide Cu-Au 758 020 041 015 182
Oxide Au 12 020 - 061 327
Total 6053 020 031 017 233 Source April 2015 NI 43-101 Technical Report prepared by Amec Foster Wheeler amp Tetra Tech
CLUSTER 1
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DEPOSIT RESOURCE amp GROWTH POTENTIAL
Maria Jose Targets
Breccia Target
North Pit
South Pit
Petra-David Target
Buenavista Targets
Line Limit of MAG (2011) Line Limit of MAG (2017)
Legend
PEA PIT
Andesite Hornblendic Quartz Monzonite I Hornblendic Quartz Monzonite II Hornblendic Quartz Monzonite III Latite
Colluvial
Lithology
Diorite Main Quartz Monzonite Monzonite Limestone
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
BRECCIA TARGET
2017 SCHEDULE
2
COTABAMBAS PROJECT
Completed January
TSXVPML 15
2017 CLUSTER 1 EXPLORATION PROGRAM
PETRA-DAVID TARGET
3
4
Mapping Sampling
Trenching
Geophysics
BUENAVISTA TARGETS
bull High Grade Sulphides bull Near Surface bull 170 Mt Potential bull 10000 m drilling planned
bull Gold Oxide Announced April 2017 bull Near Surface bull Intersected in 2014 Drilling over
145 gt Au bull 35 Mt Potential 05 Moz Potential bull 1000 m drilling planned
bull Copper Oxides bull Near Surface bull 60 Mt Potential bull 1000 m drilling planned
bull High Grade Sulphides bull Near Surface bull 70 Mt Potential bull 2000 m drilling planned
MARIA JOSE TARGETS
1
Community Agreement
Completed February - March
Completed March - April
Completed April
Drill Program (mobilization Apr) Underway April - December
Metallurgical Testing November
GROWING SCALE POTENTIAL FROM CLUSTER 1
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
COTABAMBAS PROJECT
TSXVPML 16
EXPLORATION TARGET RICH CLUSTER 1
DEFINING POTENTIAL TO INCREASE LOW COST GOLD OXIDE AND COPPER OXIDE COMPONENTS
HIGH GRADE NEAR SURFACE SULPHIDES GROWTH POTENTIAL
COTABAMBAS PROJECT
TSXVPML 17
CHAUPEC TARGET
bull USD $15M BudgetedFinanced for 2017 Drill Program bull 5000 m Drilling BudgetedFinanced
bull Porphyry Skarn type mineralization evidenced with 810 systematic rock samples
bull Anomalies I and II are Skarn and Anomaly III is Porphyry all outcropping at surface
PROJECT SCALE EXPANSION POTENTIAL
CLUSTER 1
1 Ccalla 2 Azulccacca 3 Cochapata 4 Maria Jose 5 Buenavista 6 Guaclle
CLUSTER 2
7 Chaupec 8 Jean Louis 9 Ccarayoc
OTHER TARGETS
10 Antildearqui 11 Cullusayhuas 12 Chuyllullo
2010 2014
2017
2017
2018
2017
CLUSTER 2
CLUSTER 1
Azulccacca Deposit
Buenavista Target
Guaclle Target
Chaupec Target
Ccayrayoc Target
Jean Louis Target
Maria Jose Target
Ccalla Deposit
Cochapata Target Sulfobamba
Ferrobamba
Chalcobamba
Las Bambasrsquo pits overlay Panororsquos targets for scale comparison only
COTABAMBAS PROJECT TARGETS
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
TSXVPML 18
HIGHER NPV
HIGHER IRR REDUCED CASH COSTS
REDUCED PAYBACK
REDUCED START-UP CAPITAL
LONGER MINE LIFE
INCREASE HIGH GRADE RESOURCE
ADD LOW COST RESOURCE
IMPROVE METALLURGICAL
RECOVERIES
EXPLORE SCALE CHANGING
POTENTIAL
OXIDE CU HEAP LEACH amp SXEW
OXIDE AUAG HEAP LEACH
MIXED amp OXIDE RESOURCES SKARN DISCOVERY NEAR SURFACE SULPHIDES
ENHANCEMENT OBJECTIVES
INCREASE RESOURCE INCREASE AVERAGE GRADE INCREASE PAYABLE METALS
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
ANTILLA PROJECT
NPV $US 491 M IRR 221
$US 126 B pretax $US 725 after tax
C1 $183lb C2 $ 235lb
NPV $US 225 M IRR 151 $US 603 M $US 324 M 33 year pretax
41 year after tax
NOTE Cu = $US300lb Mo = $US1200lb
TSXVPML 19
Antilla Initial CAPEX (US$ millions)
Item Cost
Mine Equipment $51
Mine Development $55
Process Plant $187
Tailings Storage Facility $18
Infrastructure $85
Subtotal $396
Owners Cost $28
Indirect Costs $82
Subtotal $506
Contingencies $97
Total Initial Capital Cost $603
PEA FINANCIAL METRICS
Initial Capital Pretax After Tax Payback Period Cash Costs LOM Cashflow LOM Sust
Capex
OPEN PIT
TAILINGS AREA
PLANTSITE AREA
WASTEROCK AREA
STOCKPILE
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
081Strip Ratio 297 Mt wasterock
LOM Payable Metal 194 Blbs Cu 44 Mlb Mo
150k dtpa Cu con 255 Cu
Payable Metal 81 Mlbsyear Cu
18 Mlbsyear Mo
350 Mt Mill Feed 40000 tpd
24 year LOM
031 Cu 85 0009 Mo 67
PEA DESIGN PARAMETERS
48 wasterock to build Tails Dam
124k dtpa Mo con 355 Cu
HIGH GRADE NEAR AT SURFACE
HIGH GRADE NEAR AT SURFACE
Note Cu = $US300lb Mo = $US1200lb TSXVPML 20
ANTILLA PROJECT PEA SUMMARY
ANTILLA PROJECT
Optimize Mine Plan Focus on high grade oxides amp secondary sulphides
TSXVPML 21
SCALED DEVELOPMENT
Reduce Throughput Evaluate processing
throughput scenarios between 10-40 ktpd
Lower Capital and Operating Costs
Explore low-cost heap leach amp SXEW facilities
Reduce Sustaining Capital Costs
Eliminate tailings management facility and
mill infrastructure
Maximize Project Cash Flows
Enhance early returns by delaying waste stripping
bull Develop low-cost high-margin leaching operation
bull Reduce development capital requirements to pave the way to financing
bull Focus on higher grade resource to maintain project returns
SCALED STAGED DEVELOPMENT PLAN POTENTIAL JV OPPORTUNITIES
FOCUSED ON REDUCING DEVELOPMENT CAPEX amp ENHANCING PROJECT RETURNS
FUNDED TO DECEMBER 2018 FUNDING IN PLACE 2016 - 2019
Upfront Payment
Wheaton Precious Metals will make an upfront cash payment of US$140 million plus a Production Payment for an amount of silver equal to 100 of silver production and an amount of gold equal to 25 of gold production
Production Payment
Wheaton Precious Metals will make an ongoing payment equal to the lesser of (i) US$450 in the case of delivered gold ounces and US$590 in the case of delivered silver ounces and (ii) the applicable prevailing market price
Early Deposit
US$14 million will be paid by Wheaton Precious Metals as an early deposit US$2 million will be paid in the first year following closing with US$15 million paid annually thereafter
Exploration Matching Provision
Wheaton Precious Metals to match equity proceeds of up to a total of US$35 million raised in the first two years following signing of PMPA to fund exploration at the Cotabambas Project
Wheaton Precious Metals Option
Wheaton Precious Metals will have the option to terminate the PMPA either 90 days following delivery of a Feasibility Study or at any time upon giving Panoro three monthsrsquo notice Wheaton Precious Metals can elect to receive a portion of the early deposit either as cash or shares upon termination with Panoro having
rights to defer cash payments over an up to two year period
BuyBack Option
Following a change of control subject to certain conditions Panoro has a one-time option to repurchase 50 of the precious metals stream with a payout based on the greater of (i) a minimum fixed return (ii) a return based on appreciation of precious metals prices over the term of the PMPA and (iii) a return based on appreciation of the Panoro share price over the term of the PMPA
TRANSACTION OVERVIEW
FUNDING TO DECEMBER 2018 M$CAD
July 1 Cash Position 10
WPM Basic Funding (Jul 2016 ndash Dec 2018) 39
WPM Matching Funds (2016 ) 26
Private Placement (Aug 2016) 66
Total Funding to December 2018 141
POTENTIAL FUNDING M$CAD
Financing (2017) - Contingent 20
WPM Matching Funds (2017) 20
Warrant Exercise (Aug 2018) 50
Total Additional Funding - Contingent 90
TSXVPML 22
PANORO MINERALS VALUATION METRICS
TSXVPML 23
CURRENT RESOURCES AND PEAs
WITH PROJECTED 2017 INVESTMENTS
COTABAMBAS PROJECT
COTA
BAM
BAS
amp A
NTI
LLA
PRO
JECT
S VA
LUAT
ION
(M C
AD)
COTA
BAM
BAS
VALU
ATIO
N (M
CAD
)
PAYMENTS
USD (M)
Advance $140
Gold Delivery $ 180
Silver Delivery $ 100
Total $ 420
COTABAMBAS PROJECT STREAMING AGREEMENT
STREAM AGREEMENT CAPPED POST 90M AGEQ OZ
OPTION CHANGE OF CONTROL
80 53 40
STREAM REDUCTION IN FUTURE CAPTURES EXPLORATION UPSIDE
FLEXIBILITY FOR ACQUIRER OF PROJECT
Exploration Funding
Development Funding
Validation of Project Flexibility Derisked
Financing
Leveraged for 2016 Placement
Valuation Benchmark
Custom Fit Agreement
24
REGIONAL
COTABAMBAS
Cochasayhuas
Kusiorcco
Promesa
El Rosal Chap - Chapi
JV Utupara
JV
Pataypampa Humamantata Morosayhuas Anyo
Checca
Development
Feasibility
Advanced Exploration
Early Exploration
Level 2 Prospects
Level 1 Prospects
INFRASTRUCTURE DEVELOPMENT
TSXVPML 25
ANTILLA
PANORO EXPLORATION STRATEGY
EXPLORATION DEFINING NEW PROJECTS FOR NEXT PHASE OF PANORO
COTABAMBAS PEA COMPLETED amp
UPDATED
ANTILLA PEA COMPLETED
1 PROJECT ENHANCEMENTS
2 PROJECT EXPANSIONS
3 STRATEGIC POSITIONING
2007 ndash 2014 2014 ndash 2016 2017 ndash 2019
PROMESA ANYO HUMAMANTATA KUSIORCCO
bull 4060 ha bull 5 km by 2 km porphyry bull 772 geochem samples bull 40 km IP bull 45 km Mag bull 37 km SP
bull 5000 ha bull Porphyry amp Skarn bull Hydrothermal Breccia bull 235 geochem samples
bull 3962 ha bull 4km by 17 km mineralized bull Two Porphyry zones bull Two Skarn zones bull IP amp Mag correlated
bull 5000 ha bull 1480 ha porphyry bull 772 geochem samples bull 4 drillholes bull 75 km IP bull 76 km Mag
2019 ndash 2020
PARTNER OR DIVEST
TSXVPML 26
1 2 3 4
COPPER FUNDAMENTALS SHORT TERM SURPLUS LONG TERM SUPPLY CHALLENGES
TSXVPML 27
MODEST SHORT TERM SURPLUS DRIVEN BY ECONOMIC REBALANCING IN CHINA
bull Broad macroeconomic slow down bull Chinese switch to consumer-based growth bull Peak in demand from end-use markets
LONG-TERM SUPPLY DEFICIT EXPECTED
bull Declining copper grades at existing operations
bull Inadequate high-quality discoveries bull Geopolitical risks and challenges restricting
development of greenfield projects
CONTINUED GROWTH IN GLOBAL COPPER DEMAND SUPPORT HIGHER LONG-TERM PRICES
bull Continued demand growth from China and developing countries expected
bull Increasing demand for energy efficient technologies requiring copper-intensive solutions
Source International Copper Association Ltd
Copper SupplyDemand (million tonnes)
STRUCTURAL CHANGES TO COPPER MARKET
NEW COPPER CYCLE EMERGING
Supply Pressures Refined Cu
bull Greater Production
Disruptions in Chile amp Indonesia
bull Declining Mine Grades bull Increasing Closures bull Curtailing Production bull Declining Supply of Scrap bull Peak SXEW Capacity
Reached in 2017 bull Chilean Mine Output
Decline Begins 2014
Shift to Cu Concentrates
bull Prone to Disruptions Technical Issues Slow Ramp-ups Declining Grades Strikes amp Protests Natural Disasters Cutbacks bull China Mine Output Set to
Decline bull Declining Availability of
Clean Concentrates
Concentrate Demand Growth
bull China Growing from Larger Base
bull Economic Rebound ex-China bull China Refocused on
Infrastructure Spending bull China Shifting Model away
from Cathode towards Concentrate imports
bull 2015 Chinese Concentrate Imports Exceed Cathodes (First Time)
Forecasted Shortages
bull Macquarie 10 Mt 2018-2020 bull Canaccord 11 Mt 2018-2019 bull RBC 09 Mt 2017-2019 bull Cu Shortfall Increasingly
from Shortage of Concentrate supply
TSXVPML 28
Large scale copper project greater potential strategic
location
TSXVPML 29
COTABAMBAS
ANTILLA
CONCLUSIONS
COTABAMBAS PROJECT
ANTILLA PROJECT Moderate scale project potential to monetize
FINANCED $141M to $231M funded to
2018 Wheaton Precious Metals Agreement
COPPER Principal commodity with supply constraints coming and demand
strong
PERU Key copper producing nation with national goal to become
largest copper producer nation
VALUATION POTENTIAL Significant Valuation Growth Potential for New Cycle
TSXVPML 30
TSXVPML FrankfurtPZM
BVLPML
For further information contact Luquman Shaheen President and CEO
Phone 6046844246 Email infopanorocom
wwwpanorocom
FORWARD LOOKING STATEMENTS Information and statements contained in this news release that are not historical facts are ldquoforward-looking informationrdquo within the meaning of applicable Canadian securities legislation and involve risks and uncertainties Examples of forward-looking information and statements contained in this news release include information and statements with respect to bull acceleration of payments by Wheaton Precious Metals to match third party financing by Panoro targeted for exploration at the Cotabambas Project bull payment by Wheaton Precious Metals of US$140 million in installments bull negotiation of a definitive PMPA bull Panoro weathering the current depressed equity and commodity markets minimizing dilution to existing shareholders and making targeted investments into exploration at the
Cotabambas Project bull mineral resource estimates and assumptions bull the PEA including but not limited to base case parameters and assumptions forecasts of net present value internal rate of return and payback bull copper concentrate grade from the Cotabambas Project Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information In some instances material assumptions and factors are presented or discussed in this news release in connection with the statements or disclosure containing the forward-looking information and statements You are cautioned that the following list of material factors and assumptions is not exhaustive The factors and assumptions include but are not limited to assumptions concerning metal prices and by-product credits cut-off grades short and long term power prices processing recovery rates mine plans and production scheduling process and infrastructure design and implementation accuracy of the estimation of operating and capital costs applicable tax and royalty rates open-pit design accuracy of mineral reserve and resource estimates and reserve and resource modeling reliability of sampling and assay data representativeness of mineralization accuracy of metallurgical test work and amenability of upgrading and blending mineralization Forward-looking statements are subject to a variety of known and unknown risks uncertainties and other factors which could cause actual events or results to differ materially from those expressed or implied by the forward-looking statements including without limitation risks relating to metal price fluctuations risks relating to estimates of mineral resources production capital and operating costs decommissioning or reclamation expenses proving to be inaccurate the inherent operational risks associated with mining and mineral exploration development mine construction and operating activities many of which are beyond Panororsquos control risks relating to Panororsquos ability to enforce Panororsquos legal rights under permits or licenses or risk that Panororsquos will become subject to litigation or arbitration that has an adverse outcome bull risks relating to Panororsquos projects being in Peru including political economic and regulatory instability bull risks relating to the uncertainty of applications to obtain extend or renew licenses and permits bull risks relating to potential challenges to Panororsquos right to explore andor develop its projects bull risks relating to mineral resource estimates being based on interpretations and assumptions which may result in less mineral production under actual circumstances bull risks relating to Panororsquos operations being subject to environmental and remediation requirements which may increase the cost of doing business and restrict Panororsquos operations bull risks relating to being adversely affected by environmental safety and regulatory risks including increased regulatory burdens or delays and changes of law bull risks relating to inadequate insurance or inability to obtain insurance bull risks relating to the fact that Panororsquos properties are not yet in commercial production bull risks relating to fluctuations in foreign currency exchange rates interest rates and tax rates and bull risks relating to Panororsquos ability to raise funding to continue its exploration development and mining activities This list is not exhaustive of the factors that may affect the forward-looking information and statements contained in this news release Should one or more of these risks and uncertainties materialize or should underlying assumptions prove incorrect actual results may vary materially from those described in the forward-looking information The forward-looking information contained in this news release is based on beliefs expectations and opinions as of the date of this news release For the reasons set forth above readers are cautioned not to place undue reliance on forward-looking information Panoro does not undertake to update any forward-looking information and statements included herein except in accordance with applicable securities laws
TSXVPML 2
TWO DIVERSIFIED COPPER PROJECTS AT PEA STAGE - FLAGSHIP COTABAMBAS PROJECT
- CU 52 B LB - AU 42 M OZ - AG 557 M OZ - MO 287 M LB
- ANTILLA PROJECT - CU 27 B LB - MO 781 M LB
STRATEGIC LOCATION IN SOUTHERN PERU - FOUR OPEN COPPER MINES
- $15B INVESTMENT COMPLETE
- DEMONSTRATED PERMITTING SUCCESS - INFRASTRUCTURE IN PLACE AND AVAILABLE
- ROAD RAILWAY PORT POWER FRESH WATER
- PRO MINING COUNTRY amp GOVERNMENT - 25 YEARSrsquo SUCCESS
- NATIONAL FOCUS ON GROWING COPPER SECTOR
- MACRO ECONOMIC AND POLITICAL STABILITY
KNOWLEDGEABLE INVESTORS PARTNERS
COPPER SUPPLY SHORTAGE ON HORIZON ndash DECLINING GRADES ndash REDUCED EXPLORATION ndash DEVELOPMENT DELAYS
FUNDED TO 2019 ndash WHEATON PRECIOUS METALS AGREEMENT ndash 2016 PRIVATE PLACEMENT
TSXVPML 3
INVESTMENT HIGHLIGHTS
INVESTORS
BOARD amp MANAGEMENT
CAPITAL STRUCTURE amp SHARE PERFORMANCE
Tickers
TSX-VPML LimaPML
FrankfurtPZM
Share Price 52 Week Low-High
Shares Issued
Warrants Options Fully Diluted
2581M (64 Insiders)
184M 88M
2853M (111 Insiders)
$017 $013 - $022
Market Capitalization $440M
Funded to Dec 2018 $141M
TSXVPML 4
MANAGEMENT amp DIRECTORS ndash PERU EXPERIENCE MANAGEMENT DIRECTORS
Luquman Shaheen PEng PE MBA ndash President amp Chief Executive Officer amp Director Over 27 years experience in mining sector 20 years experience in Peru and Latin America Shannon Ross CPACA ndash Chief Financial Officer Over 25 years experience in accounting and financial management in the public and mining industry Yves Barsimantov ndash Vice President Operations amp Peru General Manager 20 years management experience with Peruvian banking fishing and mining sectors Luis Vela PGeo MScEconGeology ndash Vice President Exploration Over 25 years exploration experience in Peru and Chile mining sectors
William Boden CPACA ndash Chairman Former Chairman of First Coal Corporation
Augusto Baertl ndash Director Over 50 years of experience in the Peruvian and International Mining Sectors
Ronald Hall ndash Director Over 40 years of experience in the management operation evaluation and design of mining projects globally
Anthony Laub ndash Director Partner at Laub amp Quijandria Consultores y Abogados
Christian Pilon ndash Executive Director Peru ndash Director Over 30 years of experience in applied geophysics and mining sector resident in Peru
Christiaan Staargaard MSc PGeo ndash Director Over 40 years experience in exploration including as a Director or Senior Officer of public companies since 1990
Lorne Torjhelm ndash Director President RNJ Ventures TSXVPML 5
MANAGEMENT
PANORO HISTORY
6
2011 2010 2012 2009 2008 2007
bull Cotabambas Drill Program
bull $78M Financing
bull Cotabambas Community Agreement
bull $66 M Financing bull Antilla Infill
Drilling
bull 404 Mt Resource at Cotabambas Project
bull $138M Financing bull Cotabambas Drill
Program
bull 154 Mt Resource Antilla Project
bull Cotabambas Community Agreement
bull Antilla Drill Program
bull Antilla Community Agreement
bull Acquisition of CDLM
bull 90 Mt Resource at Cotabambas
bull $20M Financing
2017 2016 2018 2015 2014 2013
bull Cotabambas Resource Growth Drilling
bull Antilla Optimization Study
bull Gold Oxides Targets at Cotabambas
bull Antilla PEA amp 382 Mt
Resource
bull Cotabambas Community Agreement
bull Chaupec Target Cluster at Cotabambas
bull Cotabambas PEA Completed amp Optimized
bull Cu Oxide Target at Cotabambas
bull $65 M Financing bull Maria Jose Zone
at Cotabambas bull Cotabambas Drill
Program Completed
bull 722 Mt Resource at Cotabambas Project
bull 334 Mt Resource Antilla Project
bull Cotabambas Drill Program
AREQUIPA
11
APURIMAC
21
PIURA
6
Source Peru Ministry of Energy amp Mines
TSXVPML 7
Mining Investment By Region
USA 12
China 22
Canada 21
UK 13
Mexico 9
Australia 7
Country US$ Million
China 10189 22 Canada 9877 21 United Kingdom 6000 13
United States 5535 12 Peru 5029 11 Mexico 4160 9 Australia 3135 7 Brazil 1996 4 Japan 490 1
Total 46411 100
PERU A MINING COUNTRY Projects and Investments
whorsquos funding them
CAJAMARCA
22
More than 10 Between 1 amp 10 Less than 1
MOQUEGUA
13
ANTILLA
CUMO PROJECT
COTABAMBAS
CUAUAG PROJECT
GROWING MINING SECTOR
bull Mining Represents approx 14 of Perursquos GDP and Copper Mining accounts for 6
bull Over 95 of Cu Production is exported bull Total Mining Investments during 2016 reached
US$43 Billion bull Mining Project Portfolio $46 billion
KEY FISCAL REFORMS
bull Reduction of Corporate Income Tax Rate to 295 bull Replaced Top Line Royalty with Scaled Royalty on
Operating Margins bull Tax Stability Agreement allows for accelerated
depreciation
POLITICAL AND ECONOMIC STABILITY 1990 TO PRESENT
bull 6 Governments bull 5 Political Parties bull 5 Presidents
MINING FRIENDLY PERU
TSXVPML 8
Pedro Pablo Kuczynski President of Peru
Gonzalo Tamayo Flores Minister of Energy and Mines
Maintaining and Modernizing Pro
Mining Framework
PERU
Corocohuayco Xstrata
Trapiche Buenaventura
Haquira First Quantum
Los Chancas Grupo Mexico
Quechua Pan Pacific Copper
Zafranal Teck Mitsubishi
Soc Minera Cerro Verde
Antapacay Glencore
Antamina Teck
Toromocho Chinalco
Constancia Hudbay Minerals
Las Bambas MMG
Cerro Verde Soc Minera Cerro Verde
Toquepala Grupo Mexico
Tia Maria Grupo Mexico
Quellaveco Anglo American
2013 ndash 2014 9000 MW power capacity growth
2018 - 2024 3000 MW power supply excess
Power Costs (centkWhr) Peru ndash 61
Chile ndash 121 Canada ndash 53
Australia ndash 89
Growing Power Supply
Double Cu Production 2011 to 2016
2016 No 2 Worldwide
Towards Worldrsquos Top
Cu Producer
bull 421000 tonnesyear concentrate
bull 108000 tonnesyear refined Cu
bull 56 of Perursquos 2015 Production
Cotabambas Panoro Minerals
Antilla Panoro Minerals
TSXVPML 9
doub
led
A COPPER COUNTRY WITH POWER
PANORO PROJECTSrsquo DISTRICT POTENTIAL
TSXVPML 10
Acquired 2014 $70B Development
MMG Las Bambas
$15B Development
Glencore Antapacay
$45B Expansion
Freeport-McMoRan Cerro Verde
Acquired 2010
First Quantum Minerals Haquira
Acquired 2011 $17B Development
Hudbay Minerals Constancia
SUMMARY OF COTABAMBAS AND ANTILLA PROJECTS PEA RESULTS
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
TSXVPML 11
KEY PROJECT PARAMETERS
COTABAMBAS CUAUAG
PROJECT
ANTILLA CUMO PROJECT
Mill Feed life of mine million tonnes 4831 3504 Mill Feed daily tonnes 80000 40000 Strip Ratio life of mine 125 1 085 1
Before Tax1
NPV75 million USD 1052 491 IRR 204 221 Payback years 32 33
After Tax1
NPV75 million USD 683 225 IRR 167 151 Payback years 36 41
Annual Average Payable Metals
Cu thousand tonnes 705 368 Au thousand ounces 95 - Ag thousand ounces 1018 - Mo thousand tonnes - 09
Initial Capital Cost million USD 1533 603 Project economics estimated at commodity prices of Cu = $US300lb Au = $US1250oz Ag = $US1850oz Mo = $US12lb
$1052M NPV 204 IRR
32 Year Payback
$683M NPV 167 IRR
36 Year Payback
C1 $122lb Cu C2 $194lb Cu
155 M lbs Cu 95 k oz Au
1018 k oz Ag
26 B lbs Cu 16 M oz Au 17 M oz Ag
COTABAMBAS PROJECT
S E P T E M B E R 2 0 1 5 P E A
AFTER TAX
LIFE OF MINE PAYABLE METALS
CASH COSTS NETS OF BY PRODUCTS CREDITS
ANNUAL PAYABLE METALS
Note Cu = $US300lb Au = $US1250oz Ag = $US1850oz
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
BEFORE TAX
TSXVPML 12
27 Cu 11 gt Au 134 gt Ag
CLEAN CONCENTRATE
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
Add Low Cost
Oxides
Add High Grade Sulphides
Reduce Costs
Improve Metallurgical
Recovery
Increase Margins
2
1
TSXVPML 13
COTABAMBAS PROJECT CAPITAL COST AND ENHANCEMENTS
Grow Resource
COTABAMBAS INITIAL CAPEX (US$ MILLIONS)
Item Cost
Mine Equipment $236
Mine Development $127
Mine Infrastructure $17
Tailings Starter Dams $4
Tailings Disposal System $73
Process Plant $505
Site Infrastructure $67
Off Site Infrastructure $27
Mine Closure $50
Subtotal $1106
Owners Cost $40
Indirect Costs $152
Subtotal $1298
Contingencies $235
Initial Capital Cost $1533
1
COTABAMBAS PROJECT
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
Company Year Drill Holes
Metres
Antofagasta 1995 to 2002 24 8538
CDLM 2002 to 2007 10 3252
Panoro 2007 to 2012 29 17785
Panoro 2012 to 2013 81 40467
Panoro 2013 to 2014 11 4946
Panoro 2017 to 2018 50 14000
Total 155 88988
Resource Category
Zone Million tonnes
Cutoff Grade Cueq
Cu
Au gt
Ag gt
Indicated Hypogene 842 020 037 021 273
Supergene 89 020 073 031 307
Oxide Cu-Au 238 020 049 024 263
Oxide Au 02 020 - 066 374
Total 1171 020 042 023 274
Inferred Hypogene 521 020 029 018 241
Supergene 74 020 073 018 193
Oxide Cu-Au 758 020 041 015 182
Oxide Au 12 020 - 061 327
Total 6053 020 031 017 233 Source April 2015 NI 43-101 Technical Report prepared by Amec Foster Wheeler amp Tetra Tech
CLUSTER 1
TSXVPML 14
DEPOSIT RESOURCE amp GROWTH POTENTIAL
Maria Jose Targets
Breccia Target
North Pit
South Pit
Petra-David Target
Buenavista Targets
Line Limit of MAG (2011) Line Limit of MAG (2017)
Legend
PEA PIT
Andesite Hornblendic Quartz Monzonite I Hornblendic Quartz Monzonite II Hornblendic Quartz Monzonite III Latite
Colluvial
Lithology
Diorite Main Quartz Monzonite Monzonite Limestone
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
BRECCIA TARGET
2017 SCHEDULE
2
COTABAMBAS PROJECT
Completed January
TSXVPML 15
2017 CLUSTER 1 EXPLORATION PROGRAM
PETRA-DAVID TARGET
3
4
Mapping Sampling
Trenching
Geophysics
BUENAVISTA TARGETS
bull High Grade Sulphides bull Near Surface bull 170 Mt Potential bull 10000 m drilling planned
bull Gold Oxide Announced April 2017 bull Near Surface bull Intersected in 2014 Drilling over
145 gt Au bull 35 Mt Potential 05 Moz Potential bull 1000 m drilling planned
bull Copper Oxides bull Near Surface bull 60 Mt Potential bull 1000 m drilling planned
bull High Grade Sulphides bull Near Surface bull 70 Mt Potential bull 2000 m drilling planned
MARIA JOSE TARGETS
1
Community Agreement
Completed February - March
Completed March - April
Completed April
Drill Program (mobilization Apr) Underway April - December
Metallurgical Testing November
GROWING SCALE POTENTIAL FROM CLUSTER 1
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
COTABAMBAS PROJECT
TSXVPML 16
EXPLORATION TARGET RICH CLUSTER 1
DEFINING POTENTIAL TO INCREASE LOW COST GOLD OXIDE AND COPPER OXIDE COMPONENTS
HIGH GRADE NEAR SURFACE SULPHIDES GROWTH POTENTIAL
COTABAMBAS PROJECT
TSXVPML 17
CHAUPEC TARGET
bull USD $15M BudgetedFinanced for 2017 Drill Program bull 5000 m Drilling BudgetedFinanced
bull Porphyry Skarn type mineralization evidenced with 810 systematic rock samples
bull Anomalies I and II are Skarn and Anomaly III is Porphyry all outcropping at surface
PROJECT SCALE EXPANSION POTENTIAL
CLUSTER 1
1 Ccalla 2 Azulccacca 3 Cochapata 4 Maria Jose 5 Buenavista 6 Guaclle
CLUSTER 2
7 Chaupec 8 Jean Louis 9 Ccarayoc
OTHER TARGETS
10 Antildearqui 11 Cullusayhuas 12 Chuyllullo
2010 2014
2017
2017
2018
2017
CLUSTER 2
CLUSTER 1
Azulccacca Deposit
Buenavista Target
Guaclle Target
Chaupec Target
Ccayrayoc Target
Jean Louis Target
Maria Jose Target
Ccalla Deposit
Cochapata Target Sulfobamba
Ferrobamba
Chalcobamba
Las Bambasrsquo pits overlay Panororsquos targets for scale comparison only
COTABAMBAS PROJECT TARGETS
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
TSXVPML 18
HIGHER NPV
HIGHER IRR REDUCED CASH COSTS
REDUCED PAYBACK
REDUCED START-UP CAPITAL
LONGER MINE LIFE
INCREASE HIGH GRADE RESOURCE
ADD LOW COST RESOURCE
IMPROVE METALLURGICAL
RECOVERIES
EXPLORE SCALE CHANGING
POTENTIAL
OXIDE CU HEAP LEACH amp SXEW
OXIDE AUAG HEAP LEACH
MIXED amp OXIDE RESOURCES SKARN DISCOVERY NEAR SURFACE SULPHIDES
ENHANCEMENT OBJECTIVES
INCREASE RESOURCE INCREASE AVERAGE GRADE INCREASE PAYABLE METALS
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
ANTILLA PROJECT
NPV $US 491 M IRR 221
$US 126 B pretax $US 725 after tax
C1 $183lb C2 $ 235lb
NPV $US 225 M IRR 151 $US 603 M $US 324 M 33 year pretax
41 year after tax
NOTE Cu = $US300lb Mo = $US1200lb
TSXVPML 19
Antilla Initial CAPEX (US$ millions)
Item Cost
Mine Equipment $51
Mine Development $55
Process Plant $187
Tailings Storage Facility $18
Infrastructure $85
Subtotal $396
Owners Cost $28
Indirect Costs $82
Subtotal $506
Contingencies $97
Total Initial Capital Cost $603
PEA FINANCIAL METRICS
Initial Capital Pretax After Tax Payback Period Cash Costs LOM Cashflow LOM Sust
Capex
OPEN PIT
TAILINGS AREA
PLANTSITE AREA
WASTEROCK AREA
STOCKPILE
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
081Strip Ratio 297 Mt wasterock
LOM Payable Metal 194 Blbs Cu 44 Mlb Mo
150k dtpa Cu con 255 Cu
Payable Metal 81 Mlbsyear Cu
18 Mlbsyear Mo
350 Mt Mill Feed 40000 tpd
24 year LOM
031 Cu 85 0009 Mo 67
PEA DESIGN PARAMETERS
48 wasterock to build Tails Dam
124k dtpa Mo con 355 Cu
HIGH GRADE NEAR AT SURFACE
HIGH GRADE NEAR AT SURFACE
Note Cu = $US300lb Mo = $US1200lb TSXVPML 20
ANTILLA PROJECT PEA SUMMARY
ANTILLA PROJECT
Optimize Mine Plan Focus on high grade oxides amp secondary sulphides
TSXVPML 21
SCALED DEVELOPMENT
Reduce Throughput Evaluate processing
throughput scenarios between 10-40 ktpd
Lower Capital and Operating Costs
Explore low-cost heap leach amp SXEW facilities
Reduce Sustaining Capital Costs
Eliminate tailings management facility and
mill infrastructure
Maximize Project Cash Flows
Enhance early returns by delaying waste stripping
bull Develop low-cost high-margin leaching operation
bull Reduce development capital requirements to pave the way to financing
bull Focus on higher grade resource to maintain project returns
SCALED STAGED DEVELOPMENT PLAN POTENTIAL JV OPPORTUNITIES
FOCUSED ON REDUCING DEVELOPMENT CAPEX amp ENHANCING PROJECT RETURNS
FUNDED TO DECEMBER 2018 FUNDING IN PLACE 2016 - 2019
Upfront Payment
Wheaton Precious Metals will make an upfront cash payment of US$140 million plus a Production Payment for an amount of silver equal to 100 of silver production and an amount of gold equal to 25 of gold production
Production Payment
Wheaton Precious Metals will make an ongoing payment equal to the lesser of (i) US$450 in the case of delivered gold ounces and US$590 in the case of delivered silver ounces and (ii) the applicable prevailing market price
Early Deposit
US$14 million will be paid by Wheaton Precious Metals as an early deposit US$2 million will be paid in the first year following closing with US$15 million paid annually thereafter
Exploration Matching Provision
Wheaton Precious Metals to match equity proceeds of up to a total of US$35 million raised in the first two years following signing of PMPA to fund exploration at the Cotabambas Project
Wheaton Precious Metals Option
Wheaton Precious Metals will have the option to terminate the PMPA either 90 days following delivery of a Feasibility Study or at any time upon giving Panoro three monthsrsquo notice Wheaton Precious Metals can elect to receive a portion of the early deposit either as cash or shares upon termination with Panoro having
rights to defer cash payments over an up to two year period
BuyBack Option
Following a change of control subject to certain conditions Panoro has a one-time option to repurchase 50 of the precious metals stream with a payout based on the greater of (i) a minimum fixed return (ii) a return based on appreciation of precious metals prices over the term of the PMPA and (iii) a return based on appreciation of the Panoro share price over the term of the PMPA
TRANSACTION OVERVIEW
FUNDING TO DECEMBER 2018 M$CAD
July 1 Cash Position 10
WPM Basic Funding (Jul 2016 ndash Dec 2018) 39
WPM Matching Funds (2016 ) 26
Private Placement (Aug 2016) 66
Total Funding to December 2018 141
POTENTIAL FUNDING M$CAD
Financing (2017) - Contingent 20
WPM Matching Funds (2017) 20
Warrant Exercise (Aug 2018) 50
Total Additional Funding - Contingent 90
TSXVPML 22
PANORO MINERALS VALUATION METRICS
TSXVPML 23
CURRENT RESOURCES AND PEAs
WITH PROJECTED 2017 INVESTMENTS
COTABAMBAS PROJECT
COTA
BAM
BAS
amp A
NTI
LLA
PRO
JECT
S VA
LUAT
ION
(M C
AD)
COTA
BAM
BAS
VALU
ATIO
N (M
CAD
)
PAYMENTS
USD (M)
Advance $140
Gold Delivery $ 180
Silver Delivery $ 100
Total $ 420
COTABAMBAS PROJECT STREAMING AGREEMENT
STREAM AGREEMENT CAPPED POST 90M AGEQ OZ
OPTION CHANGE OF CONTROL
80 53 40
STREAM REDUCTION IN FUTURE CAPTURES EXPLORATION UPSIDE
FLEXIBILITY FOR ACQUIRER OF PROJECT
Exploration Funding
Development Funding
Validation of Project Flexibility Derisked
Financing
Leveraged for 2016 Placement
Valuation Benchmark
Custom Fit Agreement
24
REGIONAL
COTABAMBAS
Cochasayhuas
Kusiorcco
Promesa
El Rosal Chap - Chapi
JV Utupara
JV
Pataypampa Humamantata Morosayhuas Anyo
Checca
Development
Feasibility
Advanced Exploration
Early Exploration
Level 2 Prospects
Level 1 Prospects
INFRASTRUCTURE DEVELOPMENT
TSXVPML 25
ANTILLA
PANORO EXPLORATION STRATEGY
EXPLORATION DEFINING NEW PROJECTS FOR NEXT PHASE OF PANORO
COTABAMBAS PEA COMPLETED amp
UPDATED
ANTILLA PEA COMPLETED
1 PROJECT ENHANCEMENTS
2 PROJECT EXPANSIONS
3 STRATEGIC POSITIONING
2007 ndash 2014 2014 ndash 2016 2017 ndash 2019
PROMESA ANYO HUMAMANTATA KUSIORCCO
bull 4060 ha bull 5 km by 2 km porphyry bull 772 geochem samples bull 40 km IP bull 45 km Mag bull 37 km SP
bull 5000 ha bull Porphyry amp Skarn bull Hydrothermal Breccia bull 235 geochem samples
bull 3962 ha bull 4km by 17 km mineralized bull Two Porphyry zones bull Two Skarn zones bull IP amp Mag correlated
bull 5000 ha bull 1480 ha porphyry bull 772 geochem samples bull 4 drillholes bull 75 km IP bull 76 km Mag
2019 ndash 2020
PARTNER OR DIVEST
TSXVPML 26
1 2 3 4
COPPER FUNDAMENTALS SHORT TERM SURPLUS LONG TERM SUPPLY CHALLENGES
TSXVPML 27
MODEST SHORT TERM SURPLUS DRIVEN BY ECONOMIC REBALANCING IN CHINA
bull Broad macroeconomic slow down bull Chinese switch to consumer-based growth bull Peak in demand from end-use markets
LONG-TERM SUPPLY DEFICIT EXPECTED
bull Declining copper grades at existing operations
bull Inadequate high-quality discoveries bull Geopolitical risks and challenges restricting
development of greenfield projects
CONTINUED GROWTH IN GLOBAL COPPER DEMAND SUPPORT HIGHER LONG-TERM PRICES
bull Continued demand growth from China and developing countries expected
bull Increasing demand for energy efficient technologies requiring copper-intensive solutions
Source International Copper Association Ltd
Copper SupplyDemand (million tonnes)
STRUCTURAL CHANGES TO COPPER MARKET
NEW COPPER CYCLE EMERGING
Supply Pressures Refined Cu
bull Greater Production
Disruptions in Chile amp Indonesia
bull Declining Mine Grades bull Increasing Closures bull Curtailing Production bull Declining Supply of Scrap bull Peak SXEW Capacity
Reached in 2017 bull Chilean Mine Output
Decline Begins 2014
Shift to Cu Concentrates
bull Prone to Disruptions Technical Issues Slow Ramp-ups Declining Grades Strikes amp Protests Natural Disasters Cutbacks bull China Mine Output Set to
Decline bull Declining Availability of
Clean Concentrates
Concentrate Demand Growth
bull China Growing from Larger Base
bull Economic Rebound ex-China bull China Refocused on
Infrastructure Spending bull China Shifting Model away
from Cathode towards Concentrate imports
bull 2015 Chinese Concentrate Imports Exceed Cathodes (First Time)
Forecasted Shortages
bull Macquarie 10 Mt 2018-2020 bull Canaccord 11 Mt 2018-2019 bull RBC 09 Mt 2017-2019 bull Cu Shortfall Increasingly
from Shortage of Concentrate supply
TSXVPML 28
Large scale copper project greater potential strategic
location
TSXVPML 29
COTABAMBAS
ANTILLA
CONCLUSIONS
COTABAMBAS PROJECT
ANTILLA PROJECT Moderate scale project potential to monetize
FINANCED $141M to $231M funded to
2018 Wheaton Precious Metals Agreement
COPPER Principal commodity with supply constraints coming and demand
strong
PERU Key copper producing nation with national goal to become
largest copper producer nation
VALUATION POTENTIAL Significant Valuation Growth Potential for New Cycle
TSXVPML 30
TSXVPML FrankfurtPZM
BVLPML
For further information contact Luquman Shaheen President and CEO
Phone 6046844246 Email infopanorocom
wwwpanorocom
TWO DIVERSIFIED COPPER PROJECTS AT PEA STAGE - FLAGSHIP COTABAMBAS PROJECT
- CU 52 B LB - AU 42 M OZ - AG 557 M OZ - MO 287 M LB
- ANTILLA PROJECT - CU 27 B LB - MO 781 M LB
STRATEGIC LOCATION IN SOUTHERN PERU - FOUR OPEN COPPER MINES
- $15B INVESTMENT COMPLETE
- DEMONSTRATED PERMITTING SUCCESS - INFRASTRUCTURE IN PLACE AND AVAILABLE
- ROAD RAILWAY PORT POWER FRESH WATER
- PRO MINING COUNTRY amp GOVERNMENT - 25 YEARSrsquo SUCCESS
- NATIONAL FOCUS ON GROWING COPPER SECTOR
- MACRO ECONOMIC AND POLITICAL STABILITY
KNOWLEDGEABLE INVESTORS PARTNERS
COPPER SUPPLY SHORTAGE ON HORIZON ndash DECLINING GRADES ndash REDUCED EXPLORATION ndash DEVELOPMENT DELAYS
FUNDED TO 2019 ndash WHEATON PRECIOUS METALS AGREEMENT ndash 2016 PRIVATE PLACEMENT
TSXVPML 3
INVESTMENT HIGHLIGHTS
INVESTORS
BOARD amp MANAGEMENT
CAPITAL STRUCTURE amp SHARE PERFORMANCE
Tickers
TSX-VPML LimaPML
FrankfurtPZM
Share Price 52 Week Low-High
Shares Issued
Warrants Options Fully Diluted
2581M (64 Insiders)
184M 88M
2853M (111 Insiders)
$017 $013 - $022
Market Capitalization $440M
Funded to Dec 2018 $141M
TSXVPML 4
MANAGEMENT amp DIRECTORS ndash PERU EXPERIENCE MANAGEMENT DIRECTORS
Luquman Shaheen PEng PE MBA ndash President amp Chief Executive Officer amp Director Over 27 years experience in mining sector 20 years experience in Peru and Latin America Shannon Ross CPACA ndash Chief Financial Officer Over 25 years experience in accounting and financial management in the public and mining industry Yves Barsimantov ndash Vice President Operations amp Peru General Manager 20 years management experience with Peruvian banking fishing and mining sectors Luis Vela PGeo MScEconGeology ndash Vice President Exploration Over 25 years exploration experience in Peru and Chile mining sectors
William Boden CPACA ndash Chairman Former Chairman of First Coal Corporation
Augusto Baertl ndash Director Over 50 years of experience in the Peruvian and International Mining Sectors
Ronald Hall ndash Director Over 40 years of experience in the management operation evaluation and design of mining projects globally
Anthony Laub ndash Director Partner at Laub amp Quijandria Consultores y Abogados
Christian Pilon ndash Executive Director Peru ndash Director Over 30 years of experience in applied geophysics and mining sector resident in Peru
Christiaan Staargaard MSc PGeo ndash Director Over 40 years experience in exploration including as a Director or Senior Officer of public companies since 1990
Lorne Torjhelm ndash Director President RNJ Ventures TSXVPML 5
MANAGEMENT
PANORO HISTORY
6
2011 2010 2012 2009 2008 2007
bull Cotabambas Drill Program
bull $78M Financing
bull Cotabambas Community Agreement
bull $66 M Financing bull Antilla Infill
Drilling
bull 404 Mt Resource at Cotabambas Project
bull $138M Financing bull Cotabambas Drill
Program
bull 154 Mt Resource Antilla Project
bull Cotabambas Community Agreement
bull Antilla Drill Program
bull Antilla Community Agreement
bull Acquisition of CDLM
bull 90 Mt Resource at Cotabambas
bull $20M Financing
2017 2016 2018 2015 2014 2013
bull Cotabambas Resource Growth Drilling
bull Antilla Optimization Study
bull Gold Oxides Targets at Cotabambas
bull Antilla PEA amp 382 Mt
Resource
bull Cotabambas Community Agreement
bull Chaupec Target Cluster at Cotabambas
bull Cotabambas PEA Completed amp Optimized
bull Cu Oxide Target at Cotabambas
bull $65 M Financing bull Maria Jose Zone
at Cotabambas bull Cotabambas Drill
Program Completed
bull 722 Mt Resource at Cotabambas Project
bull 334 Mt Resource Antilla Project
bull Cotabambas Drill Program
AREQUIPA
11
APURIMAC
21
PIURA
6
Source Peru Ministry of Energy amp Mines
TSXVPML 7
Mining Investment By Region
USA 12
China 22
Canada 21
UK 13
Mexico 9
Australia 7
Country US$ Million
China 10189 22 Canada 9877 21 United Kingdom 6000 13
United States 5535 12 Peru 5029 11 Mexico 4160 9 Australia 3135 7 Brazil 1996 4 Japan 490 1
Total 46411 100
PERU A MINING COUNTRY Projects and Investments
whorsquos funding them
CAJAMARCA
22
More than 10 Between 1 amp 10 Less than 1
MOQUEGUA
13
ANTILLA
CUMO PROJECT
COTABAMBAS
CUAUAG PROJECT
GROWING MINING SECTOR
bull Mining Represents approx 14 of Perursquos GDP and Copper Mining accounts for 6
bull Over 95 of Cu Production is exported bull Total Mining Investments during 2016 reached
US$43 Billion bull Mining Project Portfolio $46 billion
KEY FISCAL REFORMS
bull Reduction of Corporate Income Tax Rate to 295 bull Replaced Top Line Royalty with Scaled Royalty on
Operating Margins bull Tax Stability Agreement allows for accelerated
depreciation
POLITICAL AND ECONOMIC STABILITY 1990 TO PRESENT
bull 6 Governments bull 5 Political Parties bull 5 Presidents
MINING FRIENDLY PERU
TSXVPML 8
Pedro Pablo Kuczynski President of Peru
Gonzalo Tamayo Flores Minister of Energy and Mines
Maintaining and Modernizing Pro
Mining Framework
PERU
Corocohuayco Xstrata
Trapiche Buenaventura
Haquira First Quantum
Los Chancas Grupo Mexico
Quechua Pan Pacific Copper
Zafranal Teck Mitsubishi
Soc Minera Cerro Verde
Antapacay Glencore
Antamina Teck
Toromocho Chinalco
Constancia Hudbay Minerals
Las Bambas MMG
Cerro Verde Soc Minera Cerro Verde
Toquepala Grupo Mexico
Tia Maria Grupo Mexico
Quellaveco Anglo American
2013 ndash 2014 9000 MW power capacity growth
2018 - 2024 3000 MW power supply excess
Power Costs (centkWhr) Peru ndash 61
Chile ndash 121 Canada ndash 53
Australia ndash 89
Growing Power Supply
Double Cu Production 2011 to 2016
2016 No 2 Worldwide
Towards Worldrsquos Top
Cu Producer
bull 421000 tonnesyear concentrate
bull 108000 tonnesyear refined Cu
bull 56 of Perursquos 2015 Production
Cotabambas Panoro Minerals
Antilla Panoro Minerals
TSXVPML 9
doub
led
A COPPER COUNTRY WITH POWER
PANORO PROJECTSrsquo DISTRICT POTENTIAL
TSXVPML 10
Acquired 2014 $70B Development
MMG Las Bambas
$15B Development
Glencore Antapacay
$45B Expansion
Freeport-McMoRan Cerro Verde
Acquired 2010
First Quantum Minerals Haquira
Acquired 2011 $17B Development
Hudbay Minerals Constancia
SUMMARY OF COTABAMBAS AND ANTILLA PROJECTS PEA RESULTS
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
TSXVPML 11
KEY PROJECT PARAMETERS
COTABAMBAS CUAUAG
PROJECT
ANTILLA CUMO PROJECT
Mill Feed life of mine million tonnes 4831 3504 Mill Feed daily tonnes 80000 40000 Strip Ratio life of mine 125 1 085 1
Before Tax1
NPV75 million USD 1052 491 IRR 204 221 Payback years 32 33
After Tax1
NPV75 million USD 683 225 IRR 167 151 Payback years 36 41
Annual Average Payable Metals
Cu thousand tonnes 705 368 Au thousand ounces 95 - Ag thousand ounces 1018 - Mo thousand tonnes - 09
Initial Capital Cost million USD 1533 603 Project economics estimated at commodity prices of Cu = $US300lb Au = $US1250oz Ag = $US1850oz Mo = $US12lb
$1052M NPV 204 IRR
32 Year Payback
$683M NPV 167 IRR
36 Year Payback
C1 $122lb Cu C2 $194lb Cu
155 M lbs Cu 95 k oz Au
1018 k oz Ag
26 B lbs Cu 16 M oz Au 17 M oz Ag
COTABAMBAS PROJECT
S E P T E M B E R 2 0 1 5 P E A
AFTER TAX
LIFE OF MINE PAYABLE METALS
CASH COSTS NETS OF BY PRODUCTS CREDITS
ANNUAL PAYABLE METALS
Note Cu = $US300lb Au = $US1250oz Ag = $US1850oz
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
BEFORE TAX
TSXVPML 12
27 Cu 11 gt Au 134 gt Ag
CLEAN CONCENTRATE
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
Add Low Cost
Oxides
Add High Grade Sulphides
Reduce Costs
Improve Metallurgical
Recovery
Increase Margins
2
1
TSXVPML 13
COTABAMBAS PROJECT CAPITAL COST AND ENHANCEMENTS
Grow Resource
COTABAMBAS INITIAL CAPEX (US$ MILLIONS)
Item Cost
Mine Equipment $236
Mine Development $127
Mine Infrastructure $17
Tailings Starter Dams $4
Tailings Disposal System $73
Process Plant $505
Site Infrastructure $67
Off Site Infrastructure $27
Mine Closure $50
Subtotal $1106
Owners Cost $40
Indirect Costs $152
Subtotal $1298
Contingencies $235
Initial Capital Cost $1533
1
COTABAMBAS PROJECT
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
Company Year Drill Holes
Metres
Antofagasta 1995 to 2002 24 8538
CDLM 2002 to 2007 10 3252
Panoro 2007 to 2012 29 17785
Panoro 2012 to 2013 81 40467
Panoro 2013 to 2014 11 4946
Panoro 2017 to 2018 50 14000
Total 155 88988
Resource Category
Zone Million tonnes
Cutoff Grade Cueq
Cu
Au gt
Ag gt
Indicated Hypogene 842 020 037 021 273
Supergene 89 020 073 031 307
Oxide Cu-Au 238 020 049 024 263
Oxide Au 02 020 - 066 374
Total 1171 020 042 023 274
Inferred Hypogene 521 020 029 018 241
Supergene 74 020 073 018 193
Oxide Cu-Au 758 020 041 015 182
Oxide Au 12 020 - 061 327
Total 6053 020 031 017 233 Source April 2015 NI 43-101 Technical Report prepared by Amec Foster Wheeler amp Tetra Tech
CLUSTER 1
TSXVPML 14
DEPOSIT RESOURCE amp GROWTH POTENTIAL
Maria Jose Targets
Breccia Target
North Pit
South Pit
Petra-David Target
Buenavista Targets
Line Limit of MAG (2011) Line Limit of MAG (2017)
Legend
PEA PIT
Andesite Hornblendic Quartz Monzonite I Hornblendic Quartz Monzonite II Hornblendic Quartz Monzonite III Latite
Colluvial
Lithology
Diorite Main Quartz Monzonite Monzonite Limestone
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
BRECCIA TARGET
2017 SCHEDULE
2
COTABAMBAS PROJECT
Completed January
TSXVPML 15
2017 CLUSTER 1 EXPLORATION PROGRAM
PETRA-DAVID TARGET
3
4
Mapping Sampling
Trenching
Geophysics
BUENAVISTA TARGETS
bull High Grade Sulphides bull Near Surface bull 170 Mt Potential bull 10000 m drilling planned
bull Gold Oxide Announced April 2017 bull Near Surface bull Intersected in 2014 Drilling over
145 gt Au bull 35 Mt Potential 05 Moz Potential bull 1000 m drilling planned
bull Copper Oxides bull Near Surface bull 60 Mt Potential bull 1000 m drilling planned
bull High Grade Sulphides bull Near Surface bull 70 Mt Potential bull 2000 m drilling planned
MARIA JOSE TARGETS
1
Community Agreement
Completed February - March
Completed March - April
Completed April
Drill Program (mobilization Apr) Underway April - December
Metallurgical Testing November
GROWING SCALE POTENTIAL FROM CLUSTER 1
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
COTABAMBAS PROJECT
TSXVPML 16
EXPLORATION TARGET RICH CLUSTER 1
DEFINING POTENTIAL TO INCREASE LOW COST GOLD OXIDE AND COPPER OXIDE COMPONENTS
HIGH GRADE NEAR SURFACE SULPHIDES GROWTH POTENTIAL
COTABAMBAS PROJECT
TSXVPML 17
CHAUPEC TARGET
bull USD $15M BudgetedFinanced for 2017 Drill Program bull 5000 m Drilling BudgetedFinanced
bull Porphyry Skarn type mineralization evidenced with 810 systematic rock samples
bull Anomalies I and II are Skarn and Anomaly III is Porphyry all outcropping at surface
PROJECT SCALE EXPANSION POTENTIAL
CLUSTER 1
1 Ccalla 2 Azulccacca 3 Cochapata 4 Maria Jose 5 Buenavista 6 Guaclle
CLUSTER 2
7 Chaupec 8 Jean Louis 9 Ccarayoc
OTHER TARGETS
10 Antildearqui 11 Cullusayhuas 12 Chuyllullo
2010 2014
2017
2017
2018
2017
CLUSTER 2
CLUSTER 1
Azulccacca Deposit
Buenavista Target
Guaclle Target
Chaupec Target
Ccayrayoc Target
Jean Louis Target
Maria Jose Target
Ccalla Deposit
Cochapata Target Sulfobamba
Ferrobamba
Chalcobamba
Las Bambasrsquo pits overlay Panororsquos targets for scale comparison only
COTABAMBAS PROJECT TARGETS
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
TSXVPML 18
HIGHER NPV
HIGHER IRR REDUCED CASH COSTS
REDUCED PAYBACK
REDUCED START-UP CAPITAL
LONGER MINE LIFE
INCREASE HIGH GRADE RESOURCE
ADD LOW COST RESOURCE
IMPROVE METALLURGICAL
RECOVERIES
EXPLORE SCALE CHANGING
POTENTIAL
OXIDE CU HEAP LEACH amp SXEW
OXIDE AUAG HEAP LEACH
MIXED amp OXIDE RESOURCES SKARN DISCOVERY NEAR SURFACE SULPHIDES
ENHANCEMENT OBJECTIVES
INCREASE RESOURCE INCREASE AVERAGE GRADE INCREASE PAYABLE METALS
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
ANTILLA PROJECT
NPV $US 491 M IRR 221
$US 126 B pretax $US 725 after tax
C1 $183lb C2 $ 235lb
NPV $US 225 M IRR 151 $US 603 M $US 324 M 33 year pretax
41 year after tax
NOTE Cu = $US300lb Mo = $US1200lb
TSXVPML 19
Antilla Initial CAPEX (US$ millions)
Item Cost
Mine Equipment $51
Mine Development $55
Process Plant $187
Tailings Storage Facility $18
Infrastructure $85
Subtotal $396
Owners Cost $28
Indirect Costs $82
Subtotal $506
Contingencies $97
Total Initial Capital Cost $603
PEA FINANCIAL METRICS
Initial Capital Pretax After Tax Payback Period Cash Costs LOM Cashflow LOM Sust
Capex
OPEN PIT
TAILINGS AREA
PLANTSITE AREA
WASTEROCK AREA
STOCKPILE
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
081Strip Ratio 297 Mt wasterock
LOM Payable Metal 194 Blbs Cu 44 Mlb Mo
150k dtpa Cu con 255 Cu
Payable Metal 81 Mlbsyear Cu
18 Mlbsyear Mo
350 Mt Mill Feed 40000 tpd
24 year LOM
031 Cu 85 0009 Mo 67
PEA DESIGN PARAMETERS
48 wasterock to build Tails Dam
124k dtpa Mo con 355 Cu
HIGH GRADE NEAR AT SURFACE
HIGH GRADE NEAR AT SURFACE
Note Cu = $US300lb Mo = $US1200lb TSXVPML 20
ANTILLA PROJECT PEA SUMMARY
ANTILLA PROJECT
Optimize Mine Plan Focus on high grade oxides amp secondary sulphides
TSXVPML 21
SCALED DEVELOPMENT
Reduce Throughput Evaluate processing
throughput scenarios between 10-40 ktpd
Lower Capital and Operating Costs
Explore low-cost heap leach amp SXEW facilities
Reduce Sustaining Capital Costs
Eliminate tailings management facility and
mill infrastructure
Maximize Project Cash Flows
Enhance early returns by delaying waste stripping
bull Develop low-cost high-margin leaching operation
bull Reduce development capital requirements to pave the way to financing
bull Focus on higher grade resource to maintain project returns
SCALED STAGED DEVELOPMENT PLAN POTENTIAL JV OPPORTUNITIES
FOCUSED ON REDUCING DEVELOPMENT CAPEX amp ENHANCING PROJECT RETURNS
FUNDED TO DECEMBER 2018 FUNDING IN PLACE 2016 - 2019
Upfront Payment
Wheaton Precious Metals will make an upfront cash payment of US$140 million plus a Production Payment for an amount of silver equal to 100 of silver production and an amount of gold equal to 25 of gold production
Production Payment
Wheaton Precious Metals will make an ongoing payment equal to the lesser of (i) US$450 in the case of delivered gold ounces and US$590 in the case of delivered silver ounces and (ii) the applicable prevailing market price
Early Deposit
US$14 million will be paid by Wheaton Precious Metals as an early deposit US$2 million will be paid in the first year following closing with US$15 million paid annually thereafter
Exploration Matching Provision
Wheaton Precious Metals to match equity proceeds of up to a total of US$35 million raised in the first two years following signing of PMPA to fund exploration at the Cotabambas Project
Wheaton Precious Metals Option
Wheaton Precious Metals will have the option to terminate the PMPA either 90 days following delivery of a Feasibility Study or at any time upon giving Panoro three monthsrsquo notice Wheaton Precious Metals can elect to receive a portion of the early deposit either as cash or shares upon termination with Panoro having
rights to defer cash payments over an up to two year period
BuyBack Option
Following a change of control subject to certain conditions Panoro has a one-time option to repurchase 50 of the precious metals stream with a payout based on the greater of (i) a minimum fixed return (ii) a return based on appreciation of precious metals prices over the term of the PMPA and (iii) a return based on appreciation of the Panoro share price over the term of the PMPA
TRANSACTION OVERVIEW
FUNDING TO DECEMBER 2018 M$CAD
July 1 Cash Position 10
WPM Basic Funding (Jul 2016 ndash Dec 2018) 39
WPM Matching Funds (2016 ) 26
Private Placement (Aug 2016) 66
Total Funding to December 2018 141
POTENTIAL FUNDING M$CAD
Financing (2017) - Contingent 20
WPM Matching Funds (2017) 20
Warrant Exercise (Aug 2018) 50
Total Additional Funding - Contingent 90
TSXVPML 22
PANORO MINERALS VALUATION METRICS
TSXVPML 23
CURRENT RESOURCES AND PEAs
WITH PROJECTED 2017 INVESTMENTS
COTABAMBAS PROJECT
COTA
BAM
BAS
amp A
NTI
LLA
PRO
JECT
S VA
LUAT
ION
(M C
AD)
COTA
BAM
BAS
VALU
ATIO
N (M
CAD
)
PAYMENTS
USD (M)
Advance $140
Gold Delivery $ 180
Silver Delivery $ 100
Total $ 420
COTABAMBAS PROJECT STREAMING AGREEMENT
STREAM AGREEMENT CAPPED POST 90M AGEQ OZ
OPTION CHANGE OF CONTROL
80 53 40
STREAM REDUCTION IN FUTURE CAPTURES EXPLORATION UPSIDE
FLEXIBILITY FOR ACQUIRER OF PROJECT
Exploration Funding
Development Funding
Validation of Project Flexibility Derisked
Financing
Leveraged for 2016 Placement
Valuation Benchmark
Custom Fit Agreement
24
REGIONAL
COTABAMBAS
Cochasayhuas
Kusiorcco
Promesa
El Rosal Chap - Chapi
JV Utupara
JV
Pataypampa Humamantata Morosayhuas Anyo
Checca
Development
Feasibility
Advanced Exploration
Early Exploration
Level 2 Prospects
Level 1 Prospects
INFRASTRUCTURE DEVELOPMENT
TSXVPML 25
ANTILLA
PANORO EXPLORATION STRATEGY
EXPLORATION DEFINING NEW PROJECTS FOR NEXT PHASE OF PANORO
COTABAMBAS PEA COMPLETED amp
UPDATED
ANTILLA PEA COMPLETED
1 PROJECT ENHANCEMENTS
2 PROJECT EXPANSIONS
3 STRATEGIC POSITIONING
2007 ndash 2014 2014 ndash 2016 2017 ndash 2019
PROMESA ANYO HUMAMANTATA KUSIORCCO
bull 4060 ha bull 5 km by 2 km porphyry bull 772 geochem samples bull 40 km IP bull 45 km Mag bull 37 km SP
bull 5000 ha bull Porphyry amp Skarn bull Hydrothermal Breccia bull 235 geochem samples
bull 3962 ha bull 4km by 17 km mineralized bull Two Porphyry zones bull Two Skarn zones bull IP amp Mag correlated
bull 5000 ha bull 1480 ha porphyry bull 772 geochem samples bull 4 drillholes bull 75 km IP bull 76 km Mag
2019 ndash 2020
PARTNER OR DIVEST
TSXVPML 26
1 2 3 4
COPPER FUNDAMENTALS SHORT TERM SURPLUS LONG TERM SUPPLY CHALLENGES
TSXVPML 27
MODEST SHORT TERM SURPLUS DRIVEN BY ECONOMIC REBALANCING IN CHINA
bull Broad macroeconomic slow down bull Chinese switch to consumer-based growth bull Peak in demand from end-use markets
LONG-TERM SUPPLY DEFICIT EXPECTED
bull Declining copper grades at existing operations
bull Inadequate high-quality discoveries bull Geopolitical risks and challenges restricting
development of greenfield projects
CONTINUED GROWTH IN GLOBAL COPPER DEMAND SUPPORT HIGHER LONG-TERM PRICES
bull Continued demand growth from China and developing countries expected
bull Increasing demand for energy efficient technologies requiring copper-intensive solutions
Source International Copper Association Ltd
Copper SupplyDemand (million tonnes)
STRUCTURAL CHANGES TO COPPER MARKET
NEW COPPER CYCLE EMERGING
Supply Pressures Refined Cu
bull Greater Production
Disruptions in Chile amp Indonesia
bull Declining Mine Grades bull Increasing Closures bull Curtailing Production bull Declining Supply of Scrap bull Peak SXEW Capacity
Reached in 2017 bull Chilean Mine Output
Decline Begins 2014
Shift to Cu Concentrates
bull Prone to Disruptions Technical Issues Slow Ramp-ups Declining Grades Strikes amp Protests Natural Disasters Cutbacks bull China Mine Output Set to
Decline bull Declining Availability of
Clean Concentrates
Concentrate Demand Growth
bull China Growing from Larger Base
bull Economic Rebound ex-China bull China Refocused on
Infrastructure Spending bull China Shifting Model away
from Cathode towards Concentrate imports
bull 2015 Chinese Concentrate Imports Exceed Cathodes (First Time)
Forecasted Shortages
bull Macquarie 10 Mt 2018-2020 bull Canaccord 11 Mt 2018-2019 bull RBC 09 Mt 2017-2019 bull Cu Shortfall Increasingly
from Shortage of Concentrate supply
TSXVPML 28
Large scale copper project greater potential strategic
location
TSXVPML 29
COTABAMBAS
ANTILLA
CONCLUSIONS
COTABAMBAS PROJECT
ANTILLA PROJECT Moderate scale project potential to monetize
FINANCED $141M to $231M funded to
2018 Wheaton Precious Metals Agreement
COPPER Principal commodity with supply constraints coming and demand
strong
PERU Key copper producing nation with national goal to become
largest copper producer nation
VALUATION POTENTIAL Significant Valuation Growth Potential for New Cycle
TSXVPML 30
TSXVPML FrankfurtPZM
BVLPML
For further information contact Luquman Shaheen President and CEO
Phone 6046844246 Email infopanorocom
wwwpanorocom
CAPITAL STRUCTURE amp SHARE PERFORMANCE
Tickers
TSX-VPML LimaPML
FrankfurtPZM
Share Price 52 Week Low-High
Shares Issued
Warrants Options Fully Diluted
2581M (64 Insiders)
184M 88M
2853M (111 Insiders)
$017 $013 - $022
Market Capitalization $440M
Funded to Dec 2018 $141M
TSXVPML 4
MANAGEMENT amp DIRECTORS ndash PERU EXPERIENCE MANAGEMENT DIRECTORS
Luquman Shaheen PEng PE MBA ndash President amp Chief Executive Officer amp Director Over 27 years experience in mining sector 20 years experience in Peru and Latin America Shannon Ross CPACA ndash Chief Financial Officer Over 25 years experience in accounting and financial management in the public and mining industry Yves Barsimantov ndash Vice President Operations amp Peru General Manager 20 years management experience with Peruvian banking fishing and mining sectors Luis Vela PGeo MScEconGeology ndash Vice President Exploration Over 25 years exploration experience in Peru and Chile mining sectors
William Boden CPACA ndash Chairman Former Chairman of First Coal Corporation
Augusto Baertl ndash Director Over 50 years of experience in the Peruvian and International Mining Sectors
Ronald Hall ndash Director Over 40 years of experience in the management operation evaluation and design of mining projects globally
Anthony Laub ndash Director Partner at Laub amp Quijandria Consultores y Abogados
Christian Pilon ndash Executive Director Peru ndash Director Over 30 years of experience in applied geophysics and mining sector resident in Peru
Christiaan Staargaard MSc PGeo ndash Director Over 40 years experience in exploration including as a Director or Senior Officer of public companies since 1990
Lorne Torjhelm ndash Director President RNJ Ventures TSXVPML 5
MANAGEMENT
PANORO HISTORY
6
2011 2010 2012 2009 2008 2007
bull Cotabambas Drill Program
bull $78M Financing
bull Cotabambas Community Agreement
bull $66 M Financing bull Antilla Infill
Drilling
bull 404 Mt Resource at Cotabambas Project
bull $138M Financing bull Cotabambas Drill
Program
bull 154 Mt Resource Antilla Project
bull Cotabambas Community Agreement
bull Antilla Drill Program
bull Antilla Community Agreement
bull Acquisition of CDLM
bull 90 Mt Resource at Cotabambas
bull $20M Financing
2017 2016 2018 2015 2014 2013
bull Cotabambas Resource Growth Drilling
bull Antilla Optimization Study
bull Gold Oxides Targets at Cotabambas
bull Antilla PEA amp 382 Mt
Resource
bull Cotabambas Community Agreement
bull Chaupec Target Cluster at Cotabambas
bull Cotabambas PEA Completed amp Optimized
bull Cu Oxide Target at Cotabambas
bull $65 M Financing bull Maria Jose Zone
at Cotabambas bull Cotabambas Drill
Program Completed
bull 722 Mt Resource at Cotabambas Project
bull 334 Mt Resource Antilla Project
bull Cotabambas Drill Program
AREQUIPA
11
APURIMAC
21
PIURA
6
Source Peru Ministry of Energy amp Mines
TSXVPML 7
Mining Investment By Region
USA 12
China 22
Canada 21
UK 13
Mexico 9
Australia 7
Country US$ Million
China 10189 22 Canada 9877 21 United Kingdom 6000 13
United States 5535 12 Peru 5029 11 Mexico 4160 9 Australia 3135 7 Brazil 1996 4 Japan 490 1
Total 46411 100
PERU A MINING COUNTRY Projects and Investments
whorsquos funding them
CAJAMARCA
22
More than 10 Between 1 amp 10 Less than 1
MOQUEGUA
13
ANTILLA
CUMO PROJECT
COTABAMBAS
CUAUAG PROJECT
GROWING MINING SECTOR
bull Mining Represents approx 14 of Perursquos GDP and Copper Mining accounts for 6
bull Over 95 of Cu Production is exported bull Total Mining Investments during 2016 reached
US$43 Billion bull Mining Project Portfolio $46 billion
KEY FISCAL REFORMS
bull Reduction of Corporate Income Tax Rate to 295 bull Replaced Top Line Royalty with Scaled Royalty on
Operating Margins bull Tax Stability Agreement allows for accelerated
depreciation
POLITICAL AND ECONOMIC STABILITY 1990 TO PRESENT
bull 6 Governments bull 5 Political Parties bull 5 Presidents
MINING FRIENDLY PERU
TSXVPML 8
Pedro Pablo Kuczynski President of Peru
Gonzalo Tamayo Flores Minister of Energy and Mines
Maintaining and Modernizing Pro
Mining Framework
PERU
Corocohuayco Xstrata
Trapiche Buenaventura
Haquira First Quantum
Los Chancas Grupo Mexico
Quechua Pan Pacific Copper
Zafranal Teck Mitsubishi
Soc Minera Cerro Verde
Antapacay Glencore
Antamina Teck
Toromocho Chinalco
Constancia Hudbay Minerals
Las Bambas MMG
Cerro Verde Soc Minera Cerro Verde
Toquepala Grupo Mexico
Tia Maria Grupo Mexico
Quellaveco Anglo American
2013 ndash 2014 9000 MW power capacity growth
2018 - 2024 3000 MW power supply excess
Power Costs (centkWhr) Peru ndash 61
Chile ndash 121 Canada ndash 53
Australia ndash 89
Growing Power Supply
Double Cu Production 2011 to 2016
2016 No 2 Worldwide
Towards Worldrsquos Top
Cu Producer
bull 421000 tonnesyear concentrate
bull 108000 tonnesyear refined Cu
bull 56 of Perursquos 2015 Production
Cotabambas Panoro Minerals
Antilla Panoro Minerals
TSXVPML 9
doub
led
A COPPER COUNTRY WITH POWER
PANORO PROJECTSrsquo DISTRICT POTENTIAL
TSXVPML 10
Acquired 2014 $70B Development
MMG Las Bambas
$15B Development
Glencore Antapacay
$45B Expansion
Freeport-McMoRan Cerro Verde
Acquired 2010
First Quantum Minerals Haquira
Acquired 2011 $17B Development
Hudbay Minerals Constancia
SUMMARY OF COTABAMBAS AND ANTILLA PROJECTS PEA RESULTS
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
TSXVPML 11
KEY PROJECT PARAMETERS
COTABAMBAS CUAUAG
PROJECT
ANTILLA CUMO PROJECT
Mill Feed life of mine million tonnes 4831 3504 Mill Feed daily tonnes 80000 40000 Strip Ratio life of mine 125 1 085 1
Before Tax1
NPV75 million USD 1052 491 IRR 204 221 Payback years 32 33
After Tax1
NPV75 million USD 683 225 IRR 167 151 Payback years 36 41
Annual Average Payable Metals
Cu thousand tonnes 705 368 Au thousand ounces 95 - Ag thousand ounces 1018 - Mo thousand tonnes - 09
Initial Capital Cost million USD 1533 603 Project economics estimated at commodity prices of Cu = $US300lb Au = $US1250oz Ag = $US1850oz Mo = $US12lb
$1052M NPV 204 IRR
32 Year Payback
$683M NPV 167 IRR
36 Year Payback
C1 $122lb Cu C2 $194lb Cu
155 M lbs Cu 95 k oz Au
1018 k oz Ag
26 B lbs Cu 16 M oz Au 17 M oz Ag
COTABAMBAS PROJECT
S E P T E M B E R 2 0 1 5 P E A
AFTER TAX
LIFE OF MINE PAYABLE METALS
CASH COSTS NETS OF BY PRODUCTS CREDITS
ANNUAL PAYABLE METALS
Note Cu = $US300lb Au = $US1250oz Ag = $US1850oz
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
BEFORE TAX
TSXVPML 12
27 Cu 11 gt Au 134 gt Ag
CLEAN CONCENTRATE
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
Add Low Cost
Oxides
Add High Grade Sulphides
Reduce Costs
Improve Metallurgical
Recovery
Increase Margins
2
1
TSXVPML 13
COTABAMBAS PROJECT CAPITAL COST AND ENHANCEMENTS
Grow Resource
COTABAMBAS INITIAL CAPEX (US$ MILLIONS)
Item Cost
Mine Equipment $236
Mine Development $127
Mine Infrastructure $17
Tailings Starter Dams $4
Tailings Disposal System $73
Process Plant $505
Site Infrastructure $67
Off Site Infrastructure $27
Mine Closure $50
Subtotal $1106
Owners Cost $40
Indirect Costs $152
Subtotal $1298
Contingencies $235
Initial Capital Cost $1533
1
COTABAMBAS PROJECT
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
Company Year Drill Holes
Metres
Antofagasta 1995 to 2002 24 8538
CDLM 2002 to 2007 10 3252
Panoro 2007 to 2012 29 17785
Panoro 2012 to 2013 81 40467
Panoro 2013 to 2014 11 4946
Panoro 2017 to 2018 50 14000
Total 155 88988
Resource Category
Zone Million tonnes
Cutoff Grade Cueq
Cu
Au gt
Ag gt
Indicated Hypogene 842 020 037 021 273
Supergene 89 020 073 031 307
Oxide Cu-Au 238 020 049 024 263
Oxide Au 02 020 - 066 374
Total 1171 020 042 023 274
Inferred Hypogene 521 020 029 018 241
Supergene 74 020 073 018 193
Oxide Cu-Au 758 020 041 015 182
Oxide Au 12 020 - 061 327
Total 6053 020 031 017 233 Source April 2015 NI 43-101 Technical Report prepared by Amec Foster Wheeler amp Tetra Tech
CLUSTER 1
TSXVPML 14
DEPOSIT RESOURCE amp GROWTH POTENTIAL
Maria Jose Targets
Breccia Target
North Pit
South Pit
Petra-David Target
Buenavista Targets
Line Limit of MAG (2011) Line Limit of MAG (2017)
Legend
PEA PIT
Andesite Hornblendic Quartz Monzonite I Hornblendic Quartz Monzonite II Hornblendic Quartz Monzonite III Latite
Colluvial
Lithology
Diorite Main Quartz Monzonite Monzonite Limestone
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
BRECCIA TARGET
2017 SCHEDULE
2
COTABAMBAS PROJECT
Completed January
TSXVPML 15
2017 CLUSTER 1 EXPLORATION PROGRAM
PETRA-DAVID TARGET
3
4
Mapping Sampling
Trenching
Geophysics
BUENAVISTA TARGETS
bull High Grade Sulphides bull Near Surface bull 170 Mt Potential bull 10000 m drilling planned
bull Gold Oxide Announced April 2017 bull Near Surface bull Intersected in 2014 Drilling over
145 gt Au bull 35 Mt Potential 05 Moz Potential bull 1000 m drilling planned
bull Copper Oxides bull Near Surface bull 60 Mt Potential bull 1000 m drilling planned
bull High Grade Sulphides bull Near Surface bull 70 Mt Potential bull 2000 m drilling planned
MARIA JOSE TARGETS
1
Community Agreement
Completed February - March
Completed March - April
Completed April
Drill Program (mobilization Apr) Underway April - December
Metallurgical Testing November
GROWING SCALE POTENTIAL FROM CLUSTER 1
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
COTABAMBAS PROJECT
TSXVPML 16
EXPLORATION TARGET RICH CLUSTER 1
DEFINING POTENTIAL TO INCREASE LOW COST GOLD OXIDE AND COPPER OXIDE COMPONENTS
HIGH GRADE NEAR SURFACE SULPHIDES GROWTH POTENTIAL
COTABAMBAS PROJECT
TSXVPML 17
CHAUPEC TARGET
bull USD $15M BudgetedFinanced for 2017 Drill Program bull 5000 m Drilling BudgetedFinanced
bull Porphyry Skarn type mineralization evidenced with 810 systematic rock samples
bull Anomalies I and II are Skarn and Anomaly III is Porphyry all outcropping at surface
PROJECT SCALE EXPANSION POTENTIAL
CLUSTER 1
1 Ccalla 2 Azulccacca 3 Cochapata 4 Maria Jose 5 Buenavista 6 Guaclle
CLUSTER 2
7 Chaupec 8 Jean Louis 9 Ccarayoc
OTHER TARGETS
10 Antildearqui 11 Cullusayhuas 12 Chuyllullo
2010 2014
2017
2017
2018
2017
CLUSTER 2
CLUSTER 1
Azulccacca Deposit
Buenavista Target
Guaclle Target
Chaupec Target
Ccayrayoc Target
Jean Louis Target
Maria Jose Target
Ccalla Deposit
Cochapata Target Sulfobamba
Ferrobamba
Chalcobamba
Las Bambasrsquo pits overlay Panororsquos targets for scale comparison only
COTABAMBAS PROJECT TARGETS
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
TSXVPML 18
HIGHER NPV
HIGHER IRR REDUCED CASH COSTS
REDUCED PAYBACK
REDUCED START-UP CAPITAL
LONGER MINE LIFE
INCREASE HIGH GRADE RESOURCE
ADD LOW COST RESOURCE
IMPROVE METALLURGICAL
RECOVERIES
EXPLORE SCALE CHANGING
POTENTIAL
OXIDE CU HEAP LEACH amp SXEW
OXIDE AUAG HEAP LEACH
MIXED amp OXIDE RESOURCES SKARN DISCOVERY NEAR SURFACE SULPHIDES
ENHANCEMENT OBJECTIVES
INCREASE RESOURCE INCREASE AVERAGE GRADE INCREASE PAYABLE METALS
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
ANTILLA PROJECT
NPV $US 491 M IRR 221
$US 126 B pretax $US 725 after tax
C1 $183lb C2 $ 235lb
NPV $US 225 M IRR 151 $US 603 M $US 324 M 33 year pretax
41 year after tax
NOTE Cu = $US300lb Mo = $US1200lb
TSXVPML 19
Antilla Initial CAPEX (US$ millions)
Item Cost
Mine Equipment $51
Mine Development $55
Process Plant $187
Tailings Storage Facility $18
Infrastructure $85
Subtotal $396
Owners Cost $28
Indirect Costs $82
Subtotal $506
Contingencies $97
Total Initial Capital Cost $603
PEA FINANCIAL METRICS
Initial Capital Pretax After Tax Payback Period Cash Costs LOM Cashflow LOM Sust
Capex
OPEN PIT
TAILINGS AREA
PLANTSITE AREA
WASTEROCK AREA
STOCKPILE
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
081Strip Ratio 297 Mt wasterock
LOM Payable Metal 194 Blbs Cu 44 Mlb Mo
150k dtpa Cu con 255 Cu
Payable Metal 81 Mlbsyear Cu
18 Mlbsyear Mo
350 Mt Mill Feed 40000 tpd
24 year LOM
031 Cu 85 0009 Mo 67
PEA DESIGN PARAMETERS
48 wasterock to build Tails Dam
124k dtpa Mo con 355 Cu
HIGH GRADE NEAR AT SURFACE
HIGH GRADE NEAR AT SURFACE
Note Cu = $US300lb Mo = $US1200lb TSXVPML 20
ANTILLA PROJECT PEA SUMMARY
ANTILLA PROJECT
Optimize Mine Plan Focus on high grade oxides amp secondary sulphides
TSXVPML 21
SCALED DEVELOPMENT
Reduce Throughput Evaluate processing
throughput scenarios between 10-40 ktpd
Lower Capital and Operating Costs
Explore low-cost heap leach amp SXEW facilities
Reduce Sustaining Capital Costs
Eliminate tailings management facility and
mill infrastructure
Maximize Project Cash Flows
Enhance early returns by delaying waste stripping
bull Develop low-cost high-margin leaching operation
bull Reduce development capital requirements to pave the way to financing
bull Focus on higher grade resource to maintain project returns
SCALED STAGED DEVELOPMENT PLAN POTENTIAL JV OPPORTUNITIES
FOCUSED ON REDUCING DEVELOPMENT CAPEX amp ENHANCING PROJECT RETURNS
FUNDED TO DECEMBER 2018 FUNDING IN PLACE 2016 - 2019
Upfront Payment
Wheaton Precious Metals will make an upfront cash payment of US$140 million plus a Production Payment for an amount of silver equal to 100 of silver production and an amount of gold equal to 25 of gold production
Production Payment
Wheaton Precious Metals will make an ongoing payment equal to the lesser of (i) US$450 in the case of delivered gold ounces and US$590 in the case of delivered silver ounces and (ii) the applicable prevailing market price
Early Deposit
US$14 million will be paid by Wheaton Precious Metals as an early deposit US$2 million will be paid in the first year following closing with US$15 million paid annually thereafter
Exploration Matching Provision
Wheaton Precious Metals to match equity proceeds of up to a total of US$35 million raised in the first two years following signing of PMPA to fund exploration at the Cotabambas Project
Wheaton Precious Metals Option
Wheaton Precious Metals will have the option to terminate the PMPA either 90 days following delivery of a Feasibility Study or at any time upon giving Panoro three monthsrsquo notice Wheaton Precious Metals can elect to receive a portion of the early deposit either as cash or shares upon termination with Panoro having
rights to defer cash payments over an up to two year period
BuyBack Option
Following a change of control subject to certain conditions Panoro has a one-time option to repurchase 50 of the precious metals stream with a payout based on the greater of (i) a minimum fixed return (ii) a return based on appreciation of precious metals prices over the term of the PMPA and (iii) a return based on appreciation of the Panoro share price over the term of the PMPA
TRANSACTION OVERVIEW
FUNDING TO DECEMBER 2018 M$CAD
July 1 Cash Position 10
WPM Basic Funding (Jul 2016 ndash Dec 2018) 39
WPM Matching Funds (2016 ) 26
Private Placement (Aug 2016) 66
Total Funding to December 2018 141
POTENTIAL FUNDING M$CAD
Financing (2017) - Contingent 20
WPM Matching Funds (2017) 20
Warrant Exercise (Aug 2018) 50
Total Additional Funding - Contingent 90
TSXVPML 22
PANORO MINERALS VALUATION METRICS
TSXVPML 23
CURRENT RESOURCES AND PEAs
WITH PROJECTED 2017 INVESTMENTS
COTABAMBAS PROJECT
COTA
BAM
BAS
amp A
NTI
LLA
PRO
JECT
S VA
LUAT
ION
(M C
AD)
COTA
BAM
BAS
VALU
ATIO
N (M
CAD
)
PAYMENTS
USD (M)
Advance $140
Gold Delivery $ 180
Silver Delivery $ 100
Total $ 420
COTABAMBAS PROJECT STREAMING AGREEMENT
STREAM AGREEMENT CAPPED POST 90M AGEQ OZ
OPTION CHANGE OF CONTROL
80 53 40
STREAM REDUCTION IN FUTURE CAPTURES EXPLORATION UPSIDE
FLEXIBILITY FOR ACQUIRER OF PROJECT
Exploration Funding
Development Funding
Validation of Project Flexibility Derisked
Financing
Leveraged for 2016 Placement
Valuation Benchmark
Custom Fit Agreement
24
REGIONAL
COTABAMBAS
Cochasayhuas
Kusiorcco
Promesa
El Rosal Chap - Chapi
JV Utupara
JV
Pataypampa Humamantata Morosayhuas Anyo
Checca
Development
Feasibility
Advanced Exploration
Early Exploration
Level 2 Prospects
Level 1 Prospects
INFRASTRUCTURE DEVELOPMENT
TSXVPML 25
ANTILLA
PANORO EXPLORATION STRATEGY
EXPLORATION DEFINING NEW PROJECTS FOR NEXT PHASE OF PANORO
COTABAMBAS PEA COMPLETED amp
UPDATED
ANTILLA PEA COMPLETED
1 PROJECT ENHANCEMENTS
2 PROJECT EXPANSIONS
3 STRATEGIC POSITIONING
2007 ndash 2014 2014 ndash 2016 2017 ndash 2019
PROMESA ANYO HUMAMANTATA KUSIORCCO
bull 4060 ha bull 5 km by 2 km porphyry bull 772 geochem samples bull 40 km IP bull 45 km Mag bull 37 km SP
bull 5000 ha bull Porphyry amp Skarn bull Hydrothermal Breccia bull 235 geochem samples
bull 3962 ha bull 4km by 17 km mineralized bull Two Porphyry zones bull Two Skarn zones bull IP amp Mag correlated
bull 5000 ha bull 1480 ha porphyry bull 772 geochem samples bull 4 drillholes bull 75 km IP bull 76 km Mag
2019 ndash 2020
PARTNER OR DIVEST
TSXVPML 26
1 2 3 4
COPPER FUNDAMENTALS SHORT TERM SURPLUS LONG TERM SUPPLY CHALLENGES
TSXVPML 27
MODEST SHORT TERM SURPLUS DRIVEN BY ECONOMIC REBALANCING IN CHINA
bull Broad macroeconomic slow down bull Chinese switch to consumer-based growth bull Peak in demand from end-use markets
LONG-TERM SUPPLY DEFICIT EXPECTED
bull Declining copper grades at existing operations
bull Inadequate high-quality discoveries bull Geopolitical risks and challenges restricting
development of greenfield projects
CONTINUED GROWTH IN GLOBAL COPPER DEMAND SUPPORT HIGHER LONG-TERM PRICES
bull Continued demand growth from China and developing countries expected
bull Increasing demand for energy efficient technologies requiring copper-intensive solutions
Source International Copper Association Ltd
Copper SupplyDemand (million tonnes)
STRUCTURAL CHANGES TO COPPER MARKET
NEW COPPER CYCLE EMERGING
Supply Pressures Refined Cu
bull Greater Production
Disruptions in Chile amp Indonesia
bull Declining Mine Grades bull Increasing Closures bull Curtailing Production bull Declining Supply of Scrap bull Peak SXEW Capacity
Reached in 2017 bull Chilean Mine Output
Decline Begins 2014
Shift to Cu Concentrates
bull Prone to Disruptions Technical Issues Slow Ramp-ups Declining Grades Strikes amp Protests Natural Disasters Cutbacks bull China Mine Output Set to
Decline bull Declining Availability of
Clean Concentrates
Concentrate Demand Growth
bull China Growing from Larger Base
bull Economic Rebound ex-China bull China Refocused on
Infrastructure Spending bull China Shifting Model away
from Cathode towards Concentrate imports
bull 2015 Chinese Concentrate Imports Exceed Cathodes (First Time)
Forecasted Shortages
bull Macquarie 10 Mt 2018-2020 bull Canaccord 11 Mt 2018-2019 bull RBC 09 Mt 2017-2019 bull Cu Shortfall Increasingly
from Shortage of Concentrate supply
TSXVPML 28
Large scale copper project greater potential strategic
location
TSXVPML 29
COTABAMBAS
ANTILLA
CONCLUSIONS
COTABAMBAS PROJECT
ANTILLA PROJECT Moderate scale project potential to monetize
FINANCED $141M to $231M funded to
2018 Wheaton Precious Metals Agreement
COPPER Principal commodity with supply constraints coming and demand
strong
PERU Key copper producing nation with national goal to become
largest copper producer nation
VALUATION POTENTIAL Significant Valuation Growth Potential for New Cycle
TSXVPML 30
TSXVPML FrankfurtPZM
BVLPML
For further information contact Luquman Shaheen President and CEO
Phone 6046844246 Email infopanorocom
wwwpanorocom
MANAGEMENT amp DIRECTORS ndash PERU EXPERIENCE MANAGEMENT DIRECTORS
Luquman Shaheen PEng PE MBA ndash President amp Chief Executive Officer amp Director Over 27 years experience in mining sector 20 years experience in Peru and Latin America Shannon Ross CPACA ndash Chief Financial Officer Over 25 years experience in accounting and financial management in the public and mining industry Yves Barsimantov ndash Vice President Operations amp Peru General Manager 20 years management experience with Peruvian banking fishing and mining sectors Luis Vela PGeo MScEconGeology ndash Vice President Exploration Over 25 years exploration experience in Peru and Chile mining sectors
William Boden CPACA ndash Chairman Former Chairman of First Coal Corporation
Augusto Baertl ndash Director Over 50 years of experience in the Peruvian and International Mining Sectors
Ronald Hall ndash Director Over 40 years of experience in the management operation evaluation and design of mining projects globally
Anthony Laub ndash Director Partner at Laub amp Quijandria Consultores y Abogados
Christian Pilon ndash Executive Director Peru ndash Director Over 30 years of experience in applied geophysics and mining sector resident in Peru
Christiaan Staargaard MSc PGeo ndash Director Over 40 years experience in exploration including as a Director or Senior Officer of public companies since 1990
Lorne Torjhelm ndash Director President RNJ Ventures TSXVPML 5
MANAGEMENT
PANORO HISTORY
6
2011 2010 2012 2009 2008 2007
bull Cotabambas Drill Program
bull $78M Financing
bull Cotabambas Community Agreement
bull $66 M Financing bull Antilla Infill
Drilling
bull 404 Mt Resource at Cotabambas Project
bull $138M Financing bull Cotabambas Drill
Program
bull 154 Mt Resource Antilla Project
bull Cotabambas Community Agreement
bull Antilla Drill Program
bull Antilla Community Agreement
bull Acquisition of CDLM
bull 90 Mt Resource at Cotabambas
bull $20M Financing
2017 2016 2018 2015 2014 2013
bull Cotabambas Resource Growth Drilling
bull Antilla Optimization Study
bull Gold Oxides Targets at Cotabambas
bull Antilla PEA amp 382 Mt
Resource
bull Cotabambas Community Agreement
bull Chaupec Target Cluster at Cotabambas
bull Cotabambas PEA Completed amp Optimized
bull Cu Oxide Target at Cotabambas
bull $65 M Financing bull Maria Jose Zone
at Cotabambas bull Cotabambas Drill
Program Completed
bull 722 Mt Resource at Cotabambas Project
bull 334 Mt Resource Antilla Project
bull Cotabambas Drill Program
AREQUIPA
11
APURIMAC
21
PIURA
6
Source Peru Ministry of Energy amp Mines
TSXVPML 7
Mining Investment By Region
USA 12
China 22
Canada 21
UK 13
Mexico 9
Australia 7
Country US$ Million
China 10189 22 Canada 9877 21 United Kingdom 6000 13
United States 5535 12 Peru 5029 11 Mexico 4160 9 Australia 3135 7 Brazil 1996 4 Japan 490 1
Total 46411 100
PERU A MINING COUNTRY Projects and Investments
whorsquos funding them
CAJAMARCA
22
More than 10 Between 1 amp 10 Less than 1
MOQUEGUA
13
ANTILLA
CUMO PROJECT
COTABAMBAS
CUAUAG PROJECT
GROWING MINING SECTOR
bull Mining Represents approx 14 of Perursquos GDP and Copper Mining accounts for 6
bull Over 95 of Cu Production is exported bull Total Mining Investments during 2016 reached
US$43 Billion bull Mining Project Portfolio $46 billion
KEY FISCAL REFORMS
bull Reduction of Corporate Income Tax Rate to 295 bull Replaced Top Line Royalty with Scaled Royalty on
Operating Margins bull Tax Stability Agreement allows for accelerated
depreciation
POLITICAL AND ECONOMIC STABILITY 1990 TO PRESENT
bull 6 Governments bull 5 Political Parties bull 5 Presidents
MINING FRIENDLY PERU
TSXVPML 8
Pedro Pablo Kuczynski President of Peru
Gonzalo Tamayo Flores Minister of Energy and Mines
Maintaining and Modernizing Pro
Mining Framework
PERU
Corocohuayco Xstrata
Trapiche Buenaventura
Haquira First Quantum
Los Chancas Grupo Mexico
Quechua Pan Pacific Copper
Zafranal Teck Mitsubishi
Soc Minera Cerro Verde
Antapacay Glencore
Antamina Teck
Toromocho Chinalco
Constancia Hudbay Minerals
Las Bambas MMG
Cerro Verde Soc Minera Cerro Verde
Toquepala Grupo Mexico
Tia Maria Grupo Mexico
Quellaveco Anglo American
2013 ndash 2014 9000 MW power capacity growth
2018 - 2024 3000 MW power supply excess
Power Costs (centkWhr) Peru ndash 61
Chile ndash 121 Canada ndash 53
Australia ndash 89
Growing Power Supply
Double Cu Production 2011 to 2016
2016 No 2 Worldwide
Towards Worldrsquos Top
Cu Producer
bull 421000 tonnesyear concentrate
bull 108000 tonnesyear refined Cu
bull 56 of Perursquos 2015 Production
Cotabambas Panoro Minerals
Antilla Panoro Minerals
TSXVPML 9
doub
led
A COPPER COUNTRY WITH POWER
PANORO PROJECTSrsquo DISTRICT POTENTIAL
TSXVPML 10
Acquired 2014 $70B Development
MMG Las Bambas
$15B Development
Glencore Antapacay
$45B Expansion
Freeport-McMoRan Cerro Verde
Acquired 2010
First Quantum Minerals Haquira
Acquired 2011 $17B Development
Hudbay Minerals Constancia
SUMMARY OF COTABAMBAS AND ANTILLA PROJECTS PEA RESULTS
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
TSXVPML 11
KEY PROJECT PARAMETERS
COTABAMBAS CUAUAG
PROJECT
ANTILLA CUMO PROJECT
Mill Feed life of mine million tonnes 4831 3504 Mill Feed daily tonnes 80000 40000 Strip Ratio life of mine 125 1 085 1
Before Tax1
NPV75 million USD 1052 491 IRR 204 221 Payback years 32 33
After Tax1
NPV75 million USD 683 225 IRR 167 151 Payback years 36 41
Annual Average Payable Metals
Cu thousand tonnes 705 368 Au thousand ounces 95 - Ag thousand ounces 1018 - Mo thousand tonnes - 09
Initial Capital Cost million USD 1533 603 Project economics estimated at commodity prices of Cu = $US300lb Au = $US1250oz Ag = $US1850oz Mo = $US12lb
$1052M NPV 204 IRR
32 Year Payback
$683M NPV 167 IRR
36 Year Payback
C1 $122lb Cu C2 $194lb Cu
155 M lbs Cu 95 k oz Au
1018 k oz Ag
26 B lbs Cu 16 M oz Au 17 M oz Ag
COTABAMBAS PROJECT
S E P T E M B E R 2 0 1 5 P E A
AFTER TAX
LIFE OF MINE PAYABLE METALS
CASH COSTS NETS OF BY PRODUCTS CREDITS
ANNUAL PAYABLE METALS
Note Cu = $US300lb Au = $US1250oz Ag = $US1850oz
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
BEFORE TAX
TSXVPML 12
27 Cu 11 gt Au 134 gt Ag
CLEAN CONCENTRATE
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
Add Low Cost
Oxides
Add High Grade Sulphides
Reduce Costs
Improve Metallurgical
Recovery
Increase Margins
2
1
TSXVPML 13
COTABAMBAS PROJECT CAPITAL COST AND ENHANCEMENTS
Grow Resource
COTABAMBAS INITIAL CAPEX (US$ MILLIONS)
Item Cost
Mine Equipment $236
Mine Development $127
Mine Infrastructure $17
Tailings Starter Dams $4
Tailings Disposal System $73
Process Plant $505
Site Infrastructure $67
Off Site Infrastructure $27
Mine Closure $50
Subtotal $1106
Owners Cost $40
Indirect Costs $152
Subtotal $1298
Contingencies $235
Initial Capital Cost $1533
1
COTABAMBAS PROJECT
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
Company Year Drill Holes
Metres
Antofagasta 1995 to 2002 24 8538
CDLM 2002 to 2007 10 3252
Panoro 2007 to 2012 29 17785
Panoro 2012 to 2013 81 40467
Panoro 2013 to 2014 11 4946
Panoro 2017 to 2018 50 14000
Total 155 88988
Resource Category
Zone Million tonnes
Cutoff Grade Cueq
Cu
Au gt
Ag gt
Indicated Hypogene 842 020 037 021 273
Supergene 89 020 073 031 307
Oxide Cu-Au 238 020 049 024 263
Oxide Au 02 020 - 066 374
Total 1171 020 042 023 274
Inferred Hypogene 521 020 029 018 241
Supergene 74 020 073 018 193
Oxide Cu-Au 758 020 041 015 182
Oxide Au 12 020 - 061 327
Total 6053 020 031 017 233 Source April 2015 NI 43-101 Technical Report prepared by Amec Foster Wheeler amp Tetra Tech
CLUSTER 1
TSXVPML 14
DEPOSIT RESOURCE amp GROWTH POTENTIAL
Maria Jose Targets
Breccia Target
North Pit
South Pit
Petra-David Target
Buenavista Targets
Line Limit of MAG (2011) Line Limit of MAG (2017)
Legend
PEA PIT
Andesite Hornblendic Quartz Monzonite I Hornblendic Quartz Monzonite II Hornblendic Quartz Monzonite III Latite
Colluvial
Lithology
Diorite Main Quartz Monzonite Monzonite Limestone
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
BRECCIA TARGET
2017 SCHEDULE
2
COTABAMBAS PROJECT
Completed January
TSXVPML 15
2017 CLUSTER 1 EXPLORATION PROGRAM
PETRA-DAVID TARGET
3
4
Mapping Sampling
Trenching
Geophysics
BUENAVISTA TARGETS
bull High Grade Sulphides bull Near Surface bull 170 Mt Potential bull 10000 m drilling planned
bull Gold Oxide Announced April 2017 bull Near Surface bull Intersected in 2014 Drilling over
145 gt Au bull 35 Mt Potential 05 Moz Potential bull 1000 m drilling planned
bull Copper Oxides bull Near Surface bull 60 Mt Potential bull 1000 m drilling planned
bull High Grade Sulphides bull Near Surface bull 70 Mt Potential bull 2000 m drilling planned
MARIA JOSE TARGETS
1
Community Agreement
Completed February - March
Completed March - April
Completed April
Drill Program (mobilization Apr) Underway April - December
Metallurgical Testing November
GROWING SCALE POTENTIAL FROM CLUSTER 1
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
COTABAMBAS PROJECT
TSXVPML 16
EXPLORATION TARGET RICH CLUSTER 1
DEFINING POTENTIAL TO INCREASE LOW COST GOLD OXIDE AND COPPER OXIDE COMPONENTS
HIGH GRADE NEAR SURFACE SULPHIDES GROWTH POTENTIAL
COTABAMBAS PROJECT
TSXVPML 17
CHAUPEC TARGET
bull USD $15M BudgetedFinanced for 2017 Drill Program bull 5000 m Drilling BudgetedFinanced
bull Porphyry Skarn type mineralization evidenced with 810 systematic rock samples
bull Anomalies I and II are Skarn and Anomaly III is Porphyry all outcropping at surface
PROJECT SCALE EXPANSION POTENTIAL
CLUSTER 1
1 Ccalla 2 Azulccacca 3 Cochapata 4 Maria Jose 5 Buenavista 6 Guaclle
CLUSTER 2
7 Chaupec 8 Jean Louis 9 Ccarayoc
OTHER TARGETS
10 Antildearqui 11 Cullusayhuas 12 Chuyllullo
2010 2014
2017
2017
2018
2017
CLUSTER 2
CLUSTER 1
Azulccacca Deposit
Buenavista Target
Guaclle Target
Chaupec Target
Ccayrayoc Target
Jean Louis Target
Maria Jose Target
Ccalla Deposit
Cochapata Target Sulfobamba
Ferrobamba
Chalcobamba
Las Bambasrsquo pits overlay Panororsquos targets for scale comparison only
COTABAMBAS PROJECT TARGETS
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
TSXVPML 18
HIGHER NPV
HIGHER IRR REDUCED CASH COSTS
REDUCED PAYBACK
REDUCED START-UP CAPITAL
LONGER MINE LIFE
INCREASE HIGH GRADE RESOURCE
ADD LOW COST RESOURCE
IMPROVE METALLURGICAL
RECOVERIES
EXPLORE SCALE CHANGING
POTENTIAL
OXIDE CU HEAP LEACH amp SXEW
OXIDE AUAG HEAP LEACH
MIXED amp OXIDE RESOURCES SKARN DISCOVERY NEAR SURFACE SULPHIDES
ENHANCEMENT OBJECTIVES
INCREASE RESOURCE INCREASE AVERAGE GRADE INCREASE PAYABLE METALS
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
ANTILLA PROJECT
NPV $US 491 M IRR 221
$US 126 B pretax $US 725 after tax
C1 $183lb C2 $ 235lb
NPV $US 225 M IRR 151 $US 603 M $US 324 M 33 year pretax
41 year after tax
NOTE Cu = $US300lb Mo = $US1200lb
TSXVPML 19
Antilla Initial CAPEX (US$ millions)
Item Cost
Mine Equipment $51
Mine Development $55
Process Plant $187
Tailings Storage Facility $18
Infrastructure $85
Subtotal $396
Owners Cost $28
Indirect Costs $82
Subtotal $506
Contingencies $97
Total Initial Capital Cost $603
PEA FINANCIAL METRICS
Initial Capital Pretax After Tax Payback Period Cash Costs LOM Cashflow LOM Sust
Capex
OPEN PIT
TAILINGS AREA
PLANTSITE AREA
WASTEROCK AREA
STOCKPILE
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
081Strip Ratio 297 Mt wasterock
LOM Payable Metal 194 Blbs Cu 44 Mlb Mo
150k dtpa Cu con 255 Cu
Payable Metal 81 Mlbsyear Cu
18 Mlbsyear Mo
350 Mt Mill Feed 40000 tpd
24 year LOM
031 Cu 85 0009 Mo 67
PEA DESIGN PARAMETERS
48 wasterock to build Tails Dam
124k dtpa Mo con 355 Cu
HIGH GRADE NEAR AT SURFACE
HIGH GRADE NEAR AT SURFACE
Note Cu = $US300lb Mo = $US1200lb TSXVPML 20
ANTILLA PROJECT PEA SUMMARY
ANTILLA PROJECT
Optimize Mine Plan Focus on high grade oxides amp secondary sulphides
TSXVPML 21
SCALED DEVELOPMENT
Reduce Throughput Evaluate processing
throughput scenarios between 10-40 ktpd
Lower Capital and Operating Costs
Explore low-cost heap leach amp SXEW facilities
Reduce Sustaining Capital Costs
Eliminate tailings management facility and
mill infrastructure
Maximize Project Cash Flows
Enhance early returns by delaying waste stripping
bull Develop low-cost high-margin leaching operation
bull Reduce development capital requirements to pave the way to financing
bull Focus on higher grade resource to maintain project returns
SCALED STAGED DEVELOPMENT PLAN POTENTIAL JV OPPORTUNITIES
FOCUSED ON REDUCING DEVELOPMENT CAPEX amp ENHANCING PROJECT RETURNS
FUNDED TO DECEMBER 2018 FUNDING IN PLACE 2016 - 2019
Upfront Payment
Wheaton Precious Metals will make an upfront cash payment of US$140 million plus a Production Payment for an amount of silver equal to 100 of silver production and an amount of gold equal to 25 of gold production
Production Payment
Wheaton Precious Metals will make an ongoing payment equal to the lesser of (i) US$450 in the case of delivered gold ounces and US$590 in the case of delivered silver ounces and (ii) the applicable prevailing market price
Early Deposit
US$14 million will be paid by Wheaton Precious Metals as an early deposit US$2 million will be paid in the first year following closing with US$15 million paid annually thereafter
Exploration Matching Provision
Wheaton Precious Metals to match equity proceeds of up to a total of US$35 million raised in the first two years following signing of PMPA to fund exploration at the Cotabambas Project
Wheaton Precious Metals Option
Wheaton Precious Metals will have the option to terminate the PMPA either 90 days following delivery of a Feasibility Study or at any time upon giving Panoro three monthsrsquo notice Wheaton Precious Metals can elect to receive a portion of the early deposit either as cash or shares upon termination with Panoro having
rights to defer cash payments over an up to two year period
BuyBack Option
Following a change of control subject to certain conditions Panoro has a one-time option to repurchase 50 of the precious metals stream with a payout based on the greater of (i) a minimum fixed return (ii) a return based on appreciation of precious metals prices over the term of the PMPA and (iii) a return based on appreciation of the Panoro share price over the term of the PMPA
TRANSACTION OVERVIEW
FUNDING TO DECEMBER 2018 M$CAD
July 1 Cash Position 10
WPM Basic Funding (Jul 2016 ndash Dec 2018) 39
WPM Matching Funds (2016 ) 26
Private Placement (Aug 2016) 66
Total Funding to December 2018 141
POTENTIAL FUNDING M$CAD
Financing (2017) - Contingent 20
WPM Matching Funds (2017) 20
Warrant Exercise (Aug 2018) 50
Total Additional Funding - Contingent 90
TSXVPML 22
PANORO MINERALS VALUATION METRICS
TSXVPML 23
CURRENT RESOURCES AND PEAs
WITH PROJECTED 2017 INVESTMENTS
COTABAMBAS PROJECT
COTA
BAM
BAS
amp A
NTI
LLA
PRO
JECT
S VA
LUAT
ION
(M C
AD)
COTA
BAM
BAS
VALU
ATIO
N (M
CAD
)
PAYMENTS
USD (M)
Advance $140
Gold Delivery $ 180
Silver Delivery $ 100
Total $ 420
COTABAMBAS PROJECT STREAMING AGREEMENT
STREAM AGREEMENT CAPPED POST 90M AGEQ OZ
OPTION CHANGE OF CONTROL
80 53 40
STREAM REDUCTION IN FUTURE CAPTURES EXPLORATION UPSIDE
FLEXIBILITY FOR ACQUIRER OF PROJECT
Exploration Funding
Development Funding
Validation of Project Flexibility Derisked
Financing
Leveraged for 2016 Placement
Valuation Benchmark
Custom Fit Agreement
24
REGIONAL
COTABAMBAS
Cochasayhuas
Kusiorcco
Promesa
El Rosal Chap - Chapi
JV Utupara
JV
Pataypampa Humamantata Morosayhuas Anyo
Checca
Development
Feasibility
Advanced Exploration
Early Exploration
Level 2 Prospects
Level 1 Prospects
INFRASTRUCTURE DEVELOPMENT
TSXVPML 25
ANTILLA
PANORO EXPLORATION STRATEGY
EXPLORATION DEFINING NEW PROJECTS FOR NEXT PHASE OF PANORO
COTABAMBAS PEA COMPLETED amp
UPDATED
ANTILLA PEA COMPLETED
1 PROJECT ENHANCEMENTS
2 PROJECT EXPANSIONS
3 STRATEGIC POSITIONING
2007 ndash 2014 2014 ndash 2016 2017 ndash 2019
PROMESA ANYO HUMAMANTATA KUSIORCCO
bull 4060 ha bull 5 km by 2 km porphyry bull 772 geochem samples bull 40 km IP bull 45 km Mag bull 37 km SP
bull 5000 ha bull Porphyry amp Skarn bull Hydrothermal Breccia bull 235 geochem samples
bull 3962 ha bull 4km by 17 km mineralized bull Two Porphyry zones bull Two Skarn zones bull IP amp Mag correlated
bull 5000 ha bull 1480 ha porphyry bull 772 geochem samples bull 4 drillholes bull 75 km IP bull 76 km Mag
2019 ndash 2020
PARTNER OR DIVEST
TSXVPML 26
1 2 3 4
COPPER FUNDAMENTALS SHORT TERM SURPLUS LONG TERM SUPPLY CHALLENGES
TSXVPML 27
MODEST SHORT TERM SURPLUS DRIVEN BY ECONOMIC REBALANCING IN CHINA
bull Broad macroeconomic slow down bull Chinese switch to consumer-based growth bull Peak in demand from end-use markets
LONG-TERM SUPPLY DEFICIT EXPECTED
bull Declining copper grades at existing operations
bull Inadequate high-quality discoveries bull Geopolitical risks and challenges restricting
development of greenfield projects
CONTINUED GROWTH IN GLOBAL COPPER DEMAND SUPPORT HIGHER LONG-TERM PRICES
bull Continued demand growth from China and developing countries expected
bull Increasing demand for energy efficient technologies requiring copper-intensive solutions
Source International Copper Association Ltd
Copper SupplyDemand (million tonnes)
STRUCTURAL CHANGES TO COPPER MARKET
NEW COPPER CYCLE EMERGING
Supply Pressures Refined Cu
bull Greater Production
Disruptions in Chile amp Indonesia
bull Declining Mine Grades bull Increasing Closures bull Curtailing Production bull Declining Supply of Scrap bull Peak SXEW Capacity
Reached in 2017 bull Chilean Mine Output
Decline Begins 2014
Shift to Cu Concentrates
bull Prone to Disruptions Technical Issues Slow Ramp-ups Declining Grades Strikes amp Protests Natural Disasters Cutbacks bull China Mine Output Set to
Decline bull Declining Availability of
Clean Concentrates
Concentrate Demand Growth
bull China Growing from Larger Base
bull Economic Rebound ex-China bull China Refocused on
Infrastructure Spending bull China Shifting Model away
from Cathode towards Concentrate imports
bull 2015 Chinese Concentrate Imports Exceed Cathodes (First Time)
Forecasted Shortages
bull Macquarie 10 Mt 2018-2020 bull Canaccord 11 Mt 2018-2019 bull RBC 09 Mt 2017-2019 bull Cu Shortfall Increasingly
from Shortage of Concentrate supply
TSXVPML 28
Large scale copper project greater potential strategic
location
TSXVPML 29
COTABAMBAS
ANTILLA
CONCLUSIONS
COTABAMBAS PROJECT
ANTILLA PROJECT Moderate scale project potential to monetize
FINANCED $141M to $231M funded to
2018 Wheaton Precious Metals Agreement
COPPER Principal commodity with supply constraints coming and demand
strong
PERU Key copper producing nation with national goal to become
largest copper producer nation
VALUATION POTENTIAL Significant Valuation Growth Potential for New Cycle
TSXVPML 30
TSXVPML FrankfurtPZM
BVLPML
For further information contact Luquman Shaheen President and CEO
Phone 6046844246 Email infopanorocom
wwwpanorocom
PANORO HISTORY
6
2011 2010 2012 2009 2008 2007
bull Cotabambas Drill Program
bull $78M Financing
bull Cotabambas Community Agreement
bull $66 M Financing bull Antilla Infill
Drilling
bull 404 Mt Resource at Cotabambas Project
bull $138M Financing bull Cotabambas Drill
Program
bull 154 Mt Resource Antilla Project
bull Cotabambas Community Agreement
bull Antilla Drill Program
bull Antilla Community Agreement
bull Acquisition of CDLM
bull 90 Mt Resource at Cotabambas
bull $20M Financing
2017 2016 2018 2015 2014 2013
bull Cotabambas Resource Growth Drilling
bull Antilla Optimization Study
bull Gold Oxides Targets at Cotabambas
bull Antilla PEA amp 382 Mt
Resource
bull Cotabambas Community Agreement
bull Chaupec Target Cluster at Cotabambas
bull Cotabambas PEA Completed amp Optimized
bull Cu Oxide Target at Cotabambas
bull $65 M Financing bull Maria Jose Zone
at Cotabambas bull Cotabambas Drill
Program Completed
bull 722 Mt Resource at Cotabambas Project
bull 334 Mt Resource Antilla Project
bull Cotabambas Drill Program
AREQUIPA
11
APURIMAC
21
PIURA
6
Source Peru Ministry of Energy amp Mines
TSXVPML 7
Mining Investment By Region
USA 12
China 22
Canada 21
UK 13
Mexico 9
Australia 7
Country US$ Million
China 10189 22 Canada 9877 21 United Kingdom 6000 13
United States 5535 12 Peru 5029 11 Mexico 4160 9 Australia 3135 7 Brazil 1996 4 Japan 490 1
Total 46411 100
PERU A MINING COUNTRY Projects and Investments
whorsquos funding them
CAJAMARCA
22
More than 10 Between 1 amp 10 Less than 1
MOQUEGUA
13
ANTILLA
CUMO PROJECT
COTABAMBAS
CUAUAG PROJECT
GROWING MINING SECTOR
bull Mining Represents approx 14 of Perursquos GDP and Copper Mining accounts for 6
bull Over 95 of Cu Production is exported bull Total Mining Investments during 2016 reached
US$43 Billion bull Mining Project Portfolio $46 billion
KEY FISCAL REFORMS
bull Reduction of Corporate Income Tax Rate to 295 bull Replaced Top Line Royalty with Scaled Royalty on
Operating Margins bull Tax Stability Agreement allows for accelerated
depreciation
POLITICAL AND ECONOMIC STABILITY 1990 TO PRESENT
bull 6 Governments bull 5 Political Parties bull 5 Presidents
MINING FRIENDLY PERU
TSXVPML 8
Pedro Pablo Kuczynski President of Peru
Gonzalo Tamayo Flores Minister of Energy and Mines
Maintaining and Modernizing Pro
Mining Framework
PERU
Corocohuayco Xstrata
Trapiche Buenaventura
Haquira First Quantum
Los Chancas Grupo Mexico
Quechua Pan Pacific Copper
Zafranal Teck Mitsubishi
Soc Minera Cerro Verde
Antapacay Glencore
Antamina Teck
Toromocho Chinalco
Constancia Hudbay Minerals
Las Bambas MMG
Cerro Verde Soc Minera Cerro Verde
Toquepala Grupo Mexico
Tia Maria Grupo Mexico
Quellaveco Anglo American
2013 ndash 2014 9000 MW power capacity growth
2018 - 2024 3000 MW power supply excess
Power Costs (centkWhr) Peru ndash 61
Chile ndash 121 Canada ndash 53
Australia ndash 89
Growing Power Supply
Double Cu Production 2011 to 2016
2016 No 2 Worldwide
Towards Worldrsquos Top
Cu Producer
bull 421000 tonnesyear concentrate
bull 108000 tonnesyear refined Cu
bull 56 of Perursquos 2015 Production
Cotabambas Panoro Minerals
Antilla Panoro Minerals
TSXVPML 9
doub
led
A COPPER COUNTRY WITH POWER
PANORO PROJECTSrsquo DISTRICT POTENTIAL
TSXVPML 10
Acquired 2014 $70B Development
MMG Las Bambas
$15B Development
Glencore Antapacay
$45B Expansion
Freeport-McMoRan Cerro Verde
Acquired 2010
First Quantum Minerals Haquira
Acquired 2011 $17B Development
Hudbay Minerals Constancia
SUMMARY OF COTABAMBAS AND ANTILLA PROJECTS PEA RESULTS
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
TSXVPML 11
KEY PROJECT PARAMETERS
COTABAMBAS CUAUAG
PROJECT
ANTILLA CUMO PROJECT
Mill Feed life of mine million tonnes 4831 3504 Mill Feed daily tonnes 80000 40000 Strip Ratio life of mine 125 1 085 1
Before Tax1
NPV75 million USD 1052 491 IRR 204 221 Payback years 32 33
After Tax1
NPV75 million USD 683 225 IRR 167 151 Payback years 36 41
Annual Average Payable Metals
Cu thousand tonnes 705 368 Au thousand ounces 95 - Ag thousand ounces 1018 - Mo thousand tonnes - 09
Initial Capital Cost million USD 1533 603 Project economics estimated at commodity prices of Cu = $US300lb Au = $US1250oz Ag = $US1850oz Mo = $US12lb
$1052M NPV 204 IRR
32 Year Payback
$683M NPV 167 IRR
36 Year Payback
C1 $122lb Cu C2 $194lb Cu
155 M lbs Cu 95 k oz Au
1018 k oz Ag
26 B lbs Cu 16 M oz Au 17 M oz Ag
COTABAMBAS PROJECT
S E P T E M B E R 2 0 1 5 P E A
AFTER TAX
LIFE OF MINE PAYABLE METALS
CASH COSTS NETS OF BY PRODUCTS CREDITS
ANNUAL PAYABLE METALS
Note Cu = $US300lb Au = $US1250oz Ag = $US1850oz
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
BEFORE TAX
TSXVPML 12
27 Cu 11 gt Au 134 gt Ag
CLEAN CONCENTRATE
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
Add Low Cost
Oxides
Add High Grade Sulphides
Reduce Costs
Improve Metallurgical
Recovery
Increase Margins
2
1
TSXVPML 13
COTABAMBAS PROJECT CAPITAL COST AND ENHANCEMENTS
Grow Resource
COTABAMBAS INITIAL CAPEX (US$ MILLIONS)
Item Cost
Mine Equipment $236
Mine Development $127
Mine Infrastructure $17
Tailings Starter Dams $4
Tailings Disposal System $73
Process Plant $505
Site Infrastructure $67
Off Site Infrastructure $27
Mine Closure $50
Subtotal $1106
Owners Cost $40
Indirect Costs $152
Subtotal $1298
Contingencies $235
Initial Capital Cost $1533
1
COTABAMBAS PROJECT
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
Company Year Drill Holes
Metres
Antofagasta 1995 to 2002 24 8538
CDLM 2002 to 2007 10 3252
Panoro 2007 to 2012 29 17785
Panoro 2012 to 2013 81 40467
Panoro 2013 to 2014 11 4946
Panoro 2017 to 2018 50 14000
Total 155 88988
Resource Category
Zone Million tonnes
Cutoff Grade Cueq
Cu
Au gt
Ag gt
Indicated Hypogene 842 020 037 021 273
Supergene 89 020 073 031 307
Oxide Cu-Au 238 020 049 024 263
Oxide Au 02 020 - 066 374
Total 1171 020 042 023 274
Inferred Hypogene 521 020 029 018 241
Supergene 74 020 073 018 193
Oxide Cu-Au 758 020 041 015 182
Oxide Au 12 020 - 061 327
Total 6053 020 031 017 233 Source April 2015 NI 43-101 Technical Report prepared by Amec Foster Wheeler amp Tetra Tech
CLUSTER 1
TSXVPML 14
DEPOSIT RESOURCE amp GROWTH POTENTIAL
Maria Jose Targets
Breccia Target
North Pit
South Pit
Petra-David Target
Buenavista Targets
Line Limit of MAG (2011) Line Limit of MAG (2017)
Legend
PEA PIT
Andesite Hornblendic Quartz Monzonite I Hornblendic Quartz Monzonite II Hornblendic Quartz Monzonite III Latite
Colluvial
Lithology
Diorite Main Quartz Monzonite Monzonite Limestone
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
BRECCIA TARGET
2017 SCHEDULE
2
COTABAMBAS PROJECT
Completed January
TSXVPML 15
2017 CLUSTER 1 EXPLORATION PROGRAM
PETRA-DAVID TARGET
3
4
Mapping Sampling
Trenching
Geophysics
BUENAVISTA TARGETS
bull High Grade Sulphides bull Near Surface bull 170 Mt Potential bull 10000 m drilling planned
bull Gold Oxide Announced April 2017 bull Near Surface bull Intersected in 2014 Drilling over
145 gt Au bull 35 Mt Potential 05 Moz Potential bull 1000 m drilling planned
bull Copper Oxides bull Near Surface bull 60 Mt Potential bull 1000 m drilling planned
bull High Grade Sulphides bull Near Surface bull 70 Mt Potential bull 2000 m drilling planned
MARIA JOSE TARGETS
1
Community Agreement
Completed February - March
Completed March - April
Completed April
Drill Program (mobilization Apr) Underway April - December
Metallurgical Testing November
GROWING SCALE POTENTIAL FROM CLUSTER 1
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
COTABAMBAS PROJECT
TSXVPML 16
EXPLORATION TARGET RICH CLUSTER 1
DEFINING POTENTIAL TO INCREASE LOW COST GOLD OXIDE AND COPPER OXIDE COMPONENTS
HIGH GRADE NEAR SURFACE SULPHIDES GROWTH POTENTIAL
COTABAMBAS PROJECT
TSXVPML 17
CHAUPEC TARGET
bull USD $15M BudgetedFinanced for 2017 Drill Program bull 5000 m Drilling BudgetedFinanced
bull Porphyry Skarn type mineralization evidenced with 810 systematic rock samples
bull Anomalies I and II are Skarn and Anomaly III is Porphyry all outcropping at surface
PROJECT SCALE EXPANSION POTENTIAL
CLUSTER 1
1 Ccalla 2 Azulccacca 3 Cochapata 4 Maria Jose 5 Buenavista 6 Guaclle
CLUSTER 2
7 Chaupec 8 Jean Louis 9 Ccarayoc
OTHER TARGETS
10 Antildearqui 11 Cullusayhuas 12 Chuyllullo
2010 2014
2017
2017
2018
2017
CLUSTER 2
CLUSTER 1
Azulccacca Deposit
Buenavista Target
Guaclle Target
Chaupec Target
Ccayrayoc Target
Jean Louis Target
Maria Jose Target
Ccalla Deposit
Cochapata Target Sulfobamba
Ferrobamba
Chalcobamba
Las Bambasrsquo pits overlay Panororsquos targets for scale comparison only
COTABAMBAS PROJECT TARGETS
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
TSXVPML 18
HIGHER NPV
HIGHER IRR REDUCED CASH COSTS
REDUCED PAYBACK
REDUCED START-UP CAPITAL
LONGER MINE LIFE
INCREASE HIGH GRADE RESOURCE
ADD LOW COST RESOURCE
IMPROVE METALLURGICAL
RECOVERIES
EXPLORE SCALE CHANGING
POTENTIAL
OXIDE CU HEAP LEACH amp SXEW
OXIDE AUAG HEAP LEACH
MIXED amp OXIDE RESOURCES SKARN DISCOVERY NEAR SURFACE SULPHIDES
ENHANCEMENT OBJECTIVES
INCREASE RESOURCE INCREASE AVERAGE GRADE INCREASE PAYABLE METALS
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
ANTILLA PROJECT
NPV $US 491 M IRR 221
$US 126 B pretax $US 725 after tax
C1 $183lb C2 $ 235lb
NPV $US 225 M IRR 151 $US 603 M $US 324 M 33 year pretax
41 year after tax
NOTE Cu = $US300lb Mo = $US1200lb
TSXVPML 19
Antilla Initial CAPEX (US$ millions)
Item Cost
Mine Equipment $51
Mine Development $55
Process Plant $187
Tailings Storage Facility $18
Infrastructure $85
Subtotal $396
Owners Cost $28
Indirect Costs $82
Subtotal $506
Contingencies $97
Total Initial Capital Cost $603
PEA FINANCIAL METRICS
Initial Capital Pretax After Tax Payback Period Cash Costs LOM Cashflow LOM Sust
Capex
OPEN PIT
TAILINGS AREA
PLANTSITE AREA
WASTEROCK AREA
STOCKPILE
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
081Strip Ratio 297 Mt wasterock
LOM Payable Metal 194 Blbs Cu 44 Mlb Mo
150k dtpa Cu con 255 Cu
Payable Metal 81 Mlbsyear Cu
18 Mlbsyear Mo
350 Mt Mill Feed 40000 tpd
24 year LOM
031 Cu 85 0009 Mo 67
PEA DESIGN PARAMETERS
48 wasterock to build Tails Dam
124k dtpa Mo con 355 Cu
HIGH GRADE NEAR AT SURFACE
HIGH GRADE NEAR AT SURFACE
Note Cu = $US300lb Mo = $US1200lb TSXVPML 20
ANTILLA PROJECT PEA SUMMARY
ANTILLA PROJECT
Optimize Mine Plan Focus on high grade oxides amp secondary sulphides
TSXVPML 21
SCALED DEVELOPMENT
Reduce Throughput Evaluate processing
throughput scenarios between 10-40 ktpd
Lower Capital and Operating Costs
Explore low-cost heap leach amp SXEW facilities
Reduce Sustaining Capital Costs
Eliminate tailings management facility and
mill infrastructure
Maximize Project Cash Flows
Enhance early returns by delaying waste stripping
bull Develop low-cost high-margin leaching operation
bull Reduce development capital requirements to pave the way to financing
bull Focus on higher grade resource to maintain project returns
SCALED STAGED DEVELOPMENT PLAN POTENTIAL JV OPPORTUNITIES
FOCUSED ON REDUCING DEVELOPMENT CAPEX amp ENHANCING PROJECT RETURNS
FUNDED TO DECEMBER 2018 FUNDING IN PLACE 2016 - 2019
Upfront Payment
Wheaton Precious Metals will make an upfront cash payment of US$140 million plus a Production Payment for an amount of silver equal to 100 of silver production and an amount of gold equal to 25 of gold production
Production Payment
Wheaton Precious Metals will make an ongoing payment equal to the lesser of (i) US$450 in the case of delivered gold ounces and US$590 in the case of delivered silver ounces and (ii) the applicable prevailing market price
Early Deposit
US$14 million will be paid by Wheaton Precious Metals as an early deposit US$2 million will be paid in the first year following closing with US$15 million paid annually thereafter
Exploration Matching Provision
Wheaton Precious Metals to match equity proceeds of up to a total of US$35 million raised in the first two years following signing of PMPA to fund exploration at the Cotabambas Project
Wheaton Precious Metals Option
Wheaton Precious Metals will have the option to terminate the PMPA either 90 days following delivery of a Feasibility Study or at any time upon giving Panoro three monthsrsquo notice Wheaton Precious Metals can elect to receive a portion of the early deposit either as cash or shares upon termination with Panoro having
rights to defer cash payments over an up to two year period
BuyBack Option
Following a change of control subject to certain conditions Panoro has a one-time option to repurchase 50 of the precious metals stream with a payout based on the greater of (i) a minimum fixed return (ii) a return based on appreciation of precious metals prices over the term of the PMPA and (iii) a return based on appreciation of the Panoro share price over the term of the PMPA
TRANSACTION OVERVIEW
FUNDING TO DECEMBER 2018 M$CAD
July 1 Cash Position 10
WPM Basic Funding (Jul 2016 ndash Dec 2018) 39
WPM Matching Funds (2016 ) 26
Private Placement (Aug 2016) 66
Total Funding to December 2018 141
POTENTIAL FUNDING M$CAD
Financing (2017) - Contingent 20
WPM Matching Funds (2017) 20
Warrant Exercise (Aug 2018) 50
Total Additional Funding - Contingent 90
TSXVPML 22
PANORO MINERALS VALUATION METRICS
TSXVPML 23
CURRENT RESOURCES AND PEAs
WITH PROJECTED 2017 INVESTMENTS
COTABAMBAS PROJECT
COTA
BAM
BAS
amp A
NTI
LLA
PRO
JECT
S VA
LUAT
ION
(M C
AD)
COTA
BAM
BAS
VALU
ATIO
N (M
CAD
)
PAYMENTS
USD (M)
Advance $140
Gold Delivery $ 180
Silver Delivery $ 100
Total $ 420
COTABAMBAS PROJECT STREAMING AGREEMENT
STREAM AGREEMENT CAPPED POST 90M AGEQ OZ
OPTION CHANGE OF CONTROL
80 53 40
STREAM REDUCTION IN FUTURE CAPTURES EXPLORATION UPSIDE
FLEXIBILITY FOR ACQUIRER OF PROJECT
Exploration Funding
Development Funding
Validation of Project Flexibility Derisked
Financing
Leveraged for 2016 Placement
Valuation Benchmark
Custom Fit Agreement
24
REGIONAL
COTABAMBAS
Cochasayhuas
Kusiorcco
Promesa
El Rosal Chap - Chapi
JV Utupara
JV
Pataypampa Humamantata Morosayhuas Anyo
Checca
Development
Feasibility
Advanced Exploration
Early Exploration
Level 2 Prospects
Level 1 Prospects
INFRASTRUCTURE DEVELOPMENT
TSXVPML 25
ANTILLA
PANORO EXPLORATION STRATEGY
EXPLORATION DEFINING NEW PROJECTS FOR NEXT PHASE OF PANORO
COTABAMBAS PEA COMPLETED amp
UPDATED
ANTILLA PEA COMPLETED
1 PROJECT ENHANCEMENTS
2 PROJECT EXPANSIONS
3 STRATEGIC POSITIONING
2007 ndash 2014 2014 ndash 2016 2017 ndash 2019
PROMESA ANYO HUMAMANTATA KUSIORCCO
bull 4060 ha bull 5 km by 2 km porphyry bull 772 geochem samples bull 40 km IP bull 45 km Mag bull 37 km SP
bull 5000 ha bull Porphyry amp Skarn bull Hydrothermal Breccia bull 235 geochem samples
bull 3962 ha bull 4km by 17 km mineralized bull Two Porphyry zones bull Two Skarn zones bull IP amp Mag correlated
bull 5000 ha bull 1480 ha porphyry bull 772 geochem samples bull 4 drillholes bull 75 km IP bull 76 km Mag
2019 ndash 2020
PARTNER OR DIVEST
TSXVPML 26
1 2 3 4
COPPER FUNDAMENTALS SHORT TERM SURPLUS LONG TERM SUPPLY CHALLENGES
TSXVPML 27
MODEST SHORT TERM SURPLUS DRIVEN BY ECONOMIC REBALANCING IN CHINA
bull Broad macroeconomic slow down bull Chinese switch to consumer-based growth bull Peak in demand from end-use markets
LONG-TERM SUPPLY DEFICIT EXPECTED
bull Declining copper grades at existing operations
bull Inadequate high-quality discoveries bull Geopolitical risks and challenges restricting
development of greenfield projects
CONTINUED GROWTH IN GLOBAL COPPER DEMAND SUPPORT HIGHER LONG-TERM PRICES
bull Continued demand growth from China and developing countries expected
bull Increasing demand for energy efficient technologies requiring copper-intensive solutions
Source International Copper Association Ltd
Copper SupplyDemand (million tonnes)
STRUCTURAL CHANGES TO COPPER MARKET
NEW COPPER CYCLE EMERGING
Supply Pressures Refined Cu
bull Greater Production
Disruptions in Chile amp Indonesia
bull Declining Mine Grades bull Increasing Closures bull Curtailing Production bull Declining Supply of Scrap bull Peak SXEW Capacity
Reached in 2017 bull Chilean Mine Output
Decline Begins 2014
Shift to Cu Concentrates
bull Prone to Disruptions Technical Issues Slow Ramp-ups Declining Grades Strikes amp Protests Natural Disasters Cutbacks bull China Mine Output Set to
Decline bull Declining Availability of
Clean Concentrates
Concentrate Demand Growth
bull China Growing from Larger Base
bull Economic Rebound ex-China bull China Refocused on
Infrastructure Spending bull China Shifting Model away
from Cathode towards Concentrate imports
bull 2015 Chinese Concentrate Imports Exceed Cathodes (First Time)
Forecasted Shortages
bull Macquarie 10 Mt 2018-2020 bull Canaccord 11 Mt 2018-2019 bull RBC 09 Mt 2017-2019 bull Cu Shortfall Increasingly
from Shortage of Concentrate supply
TSXVPML 28
Large scale copper project greater potential strategic
location
TSXVPML 29
COTABAMBAS
ANTILLA
CONCLUSIONS
COTABAMBAS PROJECT
ANTILLA PROJECT Moderate scale project potential to monetize
FINANCED $141M to $231M funded to
2018 Wheaton Precious Metals Agreement
COPPER Principal commodity with supply constraints coming and demand
strong
PERU Key copper producing nation with national goal to become
largest copper producer nation
VALUATION POTENTIAL Significant Valuation Growth Potential for New Cycle
TSXVPML 30
TSXVPML FrankfurtPZM
BVLPML
For further information contact Luquman Shaheen President and CEO
Phone 6046844246 Email infopanorocom
wwwpanorocom
AREQUIPA
11
APURIMAC
21
PIURA
6
Source Peru Ministry of Energy amp Mines
TSXVPML 7
Mining Investment By Region
USA 12
China 22
Canada 21
UK 13
Mexico 9
Australia 7
Country US$ Million
China 10189 22 Canada 9877 21 United Kingdom 6000 13
United States 5535 12 Peru 5029 11 Mexico 4160 9 Australia 3135 7 Brazil 1996 4 Japan 490 1
Total 46411 100
PERU A MINING COUNTRY Projects and Investments
whorsquos funding them
CAJAMARCA
22
More than 10 Between 1 amp 10 Less than 1
MOQUEGUA
13
ANTILLA
CUMO PROJECT
COTABAMBAS
CUAUAG PROJECT
GROWING MINING SECTOR
bull Mining Represents approx 14 of Perursquos GDP and Copper Mining accounts for 6
bull Over 95 of Cu Production is exported bull Total Mining Investments during 2016 reached
US$43 Billion bull Mining Project Portfolio $46 billion
KEY FISCAL REFORMS
bull Reduction of Corporate Income Tax Rate to 295 bull Replaced Top Line Royalty with Scaled Royalty on
Operating Margins bull Tax Stability Agreement allows for accelerated
depreciation
POLITICAL AND ECONOMIC STABILITY 1990 TO PRESENT
bull 6 Governments bull 5 Political Parties bull 5 Presidents
MINING FRIENDLY PERU
TSXVPML 8
Pedro Pablo Kuczynski President of Peru
Gonzalo Tamayo Flores Minister of Energy and Mines
Maintaining and Modernizing Pro
Mining Framework
PERU
Corocohuayco Xstrata
Trapiche Buenaventura
Haquira First Quantum
Los Chancas Grupo Mexico
Quechua Pan Pacific Copper
Zafranal Teck Mitsubishi
Soc Minera Cerro Verde
Antapacay Glencore
Antamina Teck
Toromocho Chinalco
Constancia Hudbay Minerals
Las Bambas MMG
Cerro Verde Soc Minera Cerro Verde
Toquepala Grupo Mexico
Tia Maria Grupo Mexico
Quellaveco Anglo American
2013 ndash 2014 9000 MW power capacity growth
2018 - 2024 3000 MW power supply excess
Power Costs (centkWhr) Peru ndash 61
Chile ndash 121 Canada ndash 53
Australia ndash 89
Growing Power Supply
Double Cu Production 2011 to 2016
2016 No 2 Worldwide
Towards Worldrsquos Top
Cu Producer
bull 421000 tonnesyear concentrate
bull 108000 tonnesyear refined Cu
bull 56 of Perursquos 2015 Production
Cotabambas Panoro Minerals
Antilla Panoro Minerals
TSXVPML 9
doub
led
A COPPER COUNTRY WITH POWER
PANORO PROJECTSrsquo DISTRICT POTENTIAL
TSXVPML 10
Acquired 2014 $70B Development
MMG Las Bambas
$15B Development
Glencore Antapacay
$45B Expansion
Freeport-McMoRan Cerro Verde
Acquired 2010
First Quantum Minerals Haquira
Acquired 2011 $17B Development
Hudbay Minerals Constancia
SUMMARY OF COTABAMBAS AND ANTILLA PROJECTS PEA RESULTS
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
TSXVPML 11
KEY PROJECT PARAMETERS
COTABAMBAS CUAUAG
PROJECT
ANTILLA CUMO PROJECT
Mill Feed life of mine million tonnes 4831 3504 Mill Feed daily tonnes 80000 40000 Strip Ratio life of mine 125 1 085 1
Before Tax1
NPV75 million USD 1052 491 IRR 204 221 Payback years 32 33
After Tax1
NPV75 million USD 683 225 IRR 167 151 Payback years 36 41
Annual Average Payable Metals
Cu thousand tonnes 705 368 Au thousand ounces 95 - Ag thousand ounces 1018 - Mo thousand tonnes - 09
Initial Capital Cost million USD 1533 603 Project economics estimated at commodity prices of Cu = $US300lb Au = $US1250oz Ag = $US1850oz Mo = $US12lb
$1052M NPV 204 IRR
32 Year Payback
$683M NPV 167 IRR
36 Year Payback
C1 $122lb Cu C2 $194lb Cu
155 M lbs Cu 95 k oz Au
1018 k oz Ag
26 B lbs Cu 16 M oz Au 17 M oz Ag
COTABAMBAS PROJECT
S E P T E M B E R 2 0 1 5 P E A
AFTER TAX
LIFE OF MINE PAYABLE METALS
CASH COSTS NETS OF BY PRODUCTS CREDITS
ANNUAL PAYABLE METALS
Note Cu = $US300lb Au = $US1250oz Ag = $US1850oz
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
BEFORE TAX
TSXVPML 12
27 Cu 11 gt Au 134 gt Ag
CLEAN CONCENTRATE
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
Add Low Cost
Oxides
Add High Grade Sulphides
Reduce Costs
Improve Metallurgical
Recovery
Increase Margins
2
1
TSXVPML 13
COTABAMBAS PROJECT CAPITAL COST AND ENHANCEMENTS
Grow Resource
COTABAMBAS INITIAL CAPEX (US$ MILLIONS)
Item Cost
Mine Equipment $236
Mine Development $127
Mine Infrastructure $17
Tailings Starter Dams $4
Tailings Disposal System $73
Process Plant $505
Site Infrastructure $67
Off Site Infrastructure $27
Mine Closure $50
Subtotal $1106
Owners Cost $40
Indirect Costs $152
Subtotal $1298
Contingencies $235
Initial Capital Cost $1533
1
COTABAMBAS PROJECT
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
Company Year Drill Holes
Metres
Antofagasta 1995 to 2002 24 8538
CDLM 2002 to 2007 10 3252
Panoro 2007 to 2012 29 17785
Panoro 2012 to 2013 81 40467
Panoro 2013 to 2014 11 4946
Panoro 2017 to 2018 50 14000
Total 155 88988
Resource Category
Zone Million tonnes
Cutoff Grade Cueq
Cu
Au gt
Ag gt
Indicated Hypogene 842 020 037 021 273
Supergene 89 020 073 031 307
Oxide Cu-Au 238 020 049 024 263
Oxide Au 02 020 - 066 374
Total 1171 020 042 023 274
Inferred Hypogene 521 020 029 018 241
Supergene 74 020 073 018 193
Oxide Cu-Au 758 020 041 015 182
Oxide Au 12 020 - 061 327
Total 6053 020 031 017 233 Source April 2015 NI 43-101 Technical Report prepared by Amec Foster Wheeler amp Tetra Tech
CLUSTER 1
TSXVPML 14
DEPOSIT RESOURCE amp GROWTH POTENTIAL
Maria Jose Targets
Breccia Target
North Pit
South Pit
Petra-David Target
Buenavista Targets
Line Limit of MAG (2011) Line Limit of MAG (2017)
Legend
PEA PIT
Andesite Hornblendic Quartz Monzonite I Hornblendic Quartz Monzonite II Hornblendic Quartz Monzonite III Latite
Colluvial
Lithology
Diorite Main Quartz Monzonite Monzonite Limestone
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
BRECCIA TARGET
2017 SCHEDULE
2
COTABAMBAS PROJECT
Completed January
TSXVPML 15
2017 CLUSTER 1 EXPLORATION PROGRAM
PETRA-DAVID TARGET
3
4
Mapping Sampling
Trenching
Geophysics
BUENAVISTA TARGETS
bull High Grade Sulphides bull Near Surface bull 170 Mt Potential bull 10000 m drilling planned
bull Gold Oxide Announced April 2017 bull Near Surface bull Intersected in 2014 Drilling over
145 gt Au bull 35 Mt Potential 05 Moz Potential bull 1000 m drilling planned
bull Copper Oxides bull Near Surface bull 60 Mt Potential bull 1000 m drilling planned
bull High Grade Sulphides bull Near Surface bull 70 Mt Potential bull 2000 m drilling planned
MARIA JOSE TARGETS
1
Community Agreement
Completed February - March
Completed March - April
Completed April
Drill Program (mobilization Apr) Underway April - December
Metallurgical Testing November
GROWING SCALE POTENTIAL FROM CLUSTER 1
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
COTABAMBAS PROJECT
TSXVPML 16
EXPLORATION TARGET RICH CLUSTER 1
DEFINING POTENTIAL TO INCREASE LOW COST GOLD OXIDE AND COPPER OXIDE COMPONENTS
HIGH GRADE NEAR SURFACE SULPHIDES GROWTH POTENTIAL
COTABAMBAS PROJECT
TSXVPML 17
CHAUPEC TARGET
bull USD $15M BudgetedFinanced for 2017 Drill Program bull 5000 m Drilling BudgetedFinanced
bull Porphyry Skarn type mineralization evidenced with 810 systematic rock samples
bull Anomalies I and II are Skarn and Anomaly III is Porphyry all outcropping at surface
PROJECT SCALE EXPANSION POTENTIAL
CLUSTER 1
1 Ccalla 2 Azulccacca 3 Cochapata 4 Maria Jose 5 Buenavista 6 Guaclle
CLUSTER 2
7 Chaupec 8 Jean Louis 9 Ccarayoc
OTHER TARGETS
10 Antildearqui 11 Cullusayhuas 12 Chuyllullo
2010 2014
2017
2017
2018
2017
CLUSTER 2
CLUSTER 1
Azulccacca Deposit
Buenavista Target
Guaclle Target
Chaupec Target
Ccayrayoc Target
Jean Louis Target
Maria Jose Target
Ccalla Deposit
Cochapata Target Sulfobamba
Ferrobamba
Chalcobamba
Las Bambasrsquo pits overlay Panororsquos targets for scale comparison only
COTABAMBAS PROJECT TARGETS
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
TSXVPML 18
HIGHER NPV
HIGHER IRR REDUCED CASH COSTS
REDUCED PAYBACK
REDUCED START-UP CAPITAL
LONGER MINE LIFE
INCREASE HIGH GRADE RESOURCE
ADD LOW COST RESOURCE
IMPROVE METALLURGICAL
RECOVERIES
EXPLORE SCALE CHANGING
POTENTIAL
OXIDE CU HEAP LEACH amp SXEW
OXIDE AUAG HEAP LEACH
MIXED amp OXIDE RESOURCES SKARN DISCOVERY NEAR SURFACE SULPHIDES
ENHANCEMENT OBJECTIVES
INCREASE RESOURCE INCREASE AVERAGE GRADE INCREASE PAYABLE METALS
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
ANTILLA PROJECT
NPV $US 491 M IRR 221
$US 126 B pretax $US 725 after tax
C1 $183lb C2 $ 235lb
NPV $US 225 M IRR 151 $US 603 M $US 324 M 33 year pretax
41 year after tax
NOTE Cu = $US300lb Mo = $US1200lb
TSXVPML 19
Antilla Initial CAPEX (US$ millions)
Item Cost
Mine Equipment $51
Mine Development $55
Process Plant $187
Tailings Storage Facility $18
Infrastructure $85
Subtotal $396
Owners Cost $28
Indirect Costs $82
Subtotal $506
Contingencies $97
Total Initial Capital Cost $603
PEA FINANCIAL METRICS
Initial Capital Pretax After Tax Payback Period Cash Costs LOM Cashflow LOM Sust
Capex
OPEN PIT
TAILINGS AREA
PLANTSITE AREA
WASTEROCK AREA
STOCKPILE
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
081Strip Ratio 297 Mt wasterock
LOM Payable Metal 194 Blbs Cu 44 Mlb Mo
150k dtpa Cu con 255 Cu
Payable Metal 81 Mlbsyear Cu
18 Mlbsyear Mo
350 Mt Mill Feed 40000 tpd
24 year LOM
031 Cu 85 0009 Mo 67
PEA DESIGN PARAMETERS
48 wasterock to build Tails Dam
124k dtpa Mo con 355 Cu
HIGH GRADE NEAR AT SURFACE
HIGH GRADE NEAR AT SURFACE
Note Cu = $US300lb Mo = $US1200lb TSXVPML 20
ANTILLA PROJECT PEA SUMMARY
ANTILLA PROJECT
Optimize Mine Plan Focus on high grade oxides amp secondary sulphides
TSXVPML 21
SCALED DEVELOPMENT
Reduce Throughput Evaluate processing
throughput scenarios between 10-40 ktpd
Lower Capital and Operating Costs
Explore low-cost heap leach amp SXEW facilities
Reduce Sustaining Capital Costs
Eliminate tailings management facility and
mill infrastructure
Maximize Project Cash Flows
Enhance early returns by delaying waste stripping
bull Develop low-cost high-margin leaching operation
bull Reduce development capital requirements to pave the way to financing
bull Focus on higher grade resource to maintain project returns
SCALED STAGED DEVELOPMENT PLAN POTENTIAL JV OPPORTUNITIES
FOCUSED ON REDUCING DEVELOPMENT CAPEX amp ENHANCING PROJECT RETURNS
FUNDED TO DECEMBER 2018 FUNDING IN PLACE 2016 - 2019
Upfront Payment
Wheaton Precious Metals will make an upfront cash payment of US$140 million plus a Production Payment for an amount of silver equal to 100 of silver production and an amount of gold equal to 25 of gold production
Production Payment
Wheaton Precious Metals will make an ongoing payment equal to the lesser of (i) US$450 in the case of delivered gold ounces and US$590 in the case of delivered silver ounces and (ii) the applicable prevailing market price
Early Deposit
US$14 million will be paid by Wheaton Precious Metals as an early deposit US$2 million will be paid in the first year following closing with US$15 million paid annually thereafter
Exploration Matching Provision
Wheaton Precious Metals to match equity proceeds of up to a total of US$35 million raised in the first two years following signing of PMPA to fund exploration at the Cotabambas Project
Wheaton Precious Metals Option
Wheaton Precious Metals will have the option to terminate the PMPA either 90 days following delivery of a Feasibility Study or at any time upon giving Panoro three monthsrsquo notice Wheaton Precious Metals can elect to receive a portion of the early deposit either as cash or shares upon termination with Panoro having
rights to defer cash payments over an up to two year period
BuyBack Option
Following a change of control subject to certain conditions Panoro has a one-time option to repurchase 50 of the precious metals stream with a payout based on the greater of (i) a minimum fixed return (ii) a return based on appreciation of precious metals prices over the term of the PMPA and (iii) a return based on appreciation of the Panoro share price over the term of the PMPA
TRANSACTION OVERVIEW
FUNDING TO DECEMBER 2018 M$CAD
July 1 Cash Position 10
WPM Basic Funding (Jul 2016 ndash Dec 2018) 39
WPM Matching Funds (2016 ) 26
Private Placement (Aug 2016) 66
Total Funding to December 2018 141
POTENTIAL FUNDING M$CAD
Financing (2017) - Contingent 20
WPM Matching Funds (2017) 20
Warrant Exercise (Aug 2018) 50
Total Additional Funding - Contingent 90
TSXVPML 22
PANORO MINERALS VALUATION METRICS
TSXVPML 23
CURRENT RESOURCES AND PEAs
WITH PROJECTED 2017 INVESTMENTS
COTABAMBAS PROJECT
COTA
BAM
BAS
amp A
NTI
LLA
PRO
JECT
S VA
LUAT
ION
(M C
AD)
COTA
BAM
BAS
VALU
ATIO
N (M
CAD
)
PAYMENTS
USD (M)
Advance $140
Gold Delivery $ 180
Silver Delivery $ 100
Total $ 420
COTABAMBAS PROJECT STREAMING AGREEMENT
STREAM AGREEMENT CAPPED POST 90M AGEQ OZ
OPTION CHANGE OF CONTROL
80 53 40
STREAM REDUCTION IN FUTURE CAPTURES EXPLORATION UPSIDE
FLEXIBILITY FOR ACQUIRER OF PROJECT
Exploration Funding
Development Funding
Validation of Project Flexibility Derisked
Financing
Leveraged for 2016 Placement
Valuation Benchmark
Custom Fit Agreement
24
REGIONAL
COTABAMBAS
Cochasayhuas
Kusiorcco
Promesa
El Rosal Chap - Chapi
JV Utupara
JV
Pataypampa Humamantata Morosayhuas Anyo
Checca
Development
Feasibility
Advanced Exploration
Early Exploration
Level 2 Prospects
Level 1 Prospects
INFRASTRUCTURE DEVELOPMENT
TSXVPML 25
ANTILLA
PANORO EXPLORATION STRATEGY
EXPLORATION DEFINING NEW PROJECTS FOR NEXT PHASE OF PANORO
COTABAMBAS PEA COMPLETED amp
UPDATED
ANTILLA PEA COMPLETED
1 PROJECT ENHANCEMENTS
2 PROJECT EXPANSIONS
3 STRATEGIC POSITIONING
2007 ndash 2014 2014 ndash 2016 2017 ndash 2019
PROMESA ANYO HUMAMANTATA KUSIORCCO
bull 4060 ha bull 5 km by 2 km porphyry bull 772 geochem samples bull 40 km IP bull 45 km Mag bull 37 km SP
bull 5000 ha bull Porphyry amp Skarn bull Hydrothermal Breccia bull 235 geochem samples
bull 3962 ha bull 4km by 17 km mineralized bull Two Porphyry zones bull Two Skarn zones bull IP amp Mag correlated
bull 5000 ha bull 1480 ha porphyry bull 772 geochem samples bull 4 drillholes bull 75 km IP bull 76 km Mag
2019 ndash 2020
PARTNER OR DIVEST
TSXVPML 26
1 2 3 4
COPPER FUNDAMENTALS SHORT TERM SURPLUS LONG TERM SUPPLY CHALLENGES
TSXVPML 27
MODEST SHORT TERM SURPLUS DRIVEN BY ECONOMIC REBALANCING IN CHINA
bull Broad macroeconomic slow down bull Chinese switch to consumer-based growth bull Peak in demand from end-use markets
LONG-TERM SUPPLY DEFICIT EXPECTED
bull Declining copper grades at existing operations
bull Inadequate high-quality discoveries bull Geopolitical risks and challenges restricting
development of greenfield projects
CONTINUED GROWTH IN GLOBAL COPPER DEMAND SUPPORT HIGHER LONG-TERM PRICES
bull Continued demand growth from China and developing countries expected
bull Increasing demand for energy efficient technologies requiring copper-intensive solutions
Source International Copper Association Ltd
Copper SupplyDemand (million tonnes)
STRUCTURAL CHANGES TO COPPER MARKET
NEW COPPER CYCLE EMERGING
Supply Pressures Refined Cu
bull Greater Production
Disruptions in Chile amp Indonesia
bull Declining Mine Grades bull Increasing Closures bull Curtailing Production bull Declining Supply of Scrap bull Peak SXEW Capacity
Reached in 2017 bull Chilean Mine Output
Decline Begins 2014
Shift to Cu Concentrates
bull Prone to Disruptions Technical Issues Slow Ramp-ups Declining Grades Strikes amp Protests Natural Disasters Cutbacks bull China Mine Output Set to
Decline bull Declining Availability of
Clean Concentrates
Concentrate Demand Growth
bull China Growing from Larger Base
bull Economic Rebound ex-China bull China Refocused on
Infrastructure Spending bull China Shifting Model away
from Cathode towards Concentrate imports
bull 2015 Chinese Concentrate Imports Exceed Cathodes (First Time)
Forecasted Shortages
bull Macquarie 10 Mt 2018-2020 bull Canaccord 11 Mt 2018-2019 bull RBC 09 Mt 2017-2019 bull Cu Shortfall Increasingly
from Shortage of Concentrate supply
TSXVPML 28
Large scale copper project greater potential strategic
location
TSXVPML 29
COTABAMBAS
ANTILLA
CONCLUSIONS
COTABAMBAS PROJECT
ANTILLA PROJECT Moderate scale project potential to monetize
FINANCED $141M to $231M funded to
2018 Wheaton Precious Metals Agreement
COPPER Principal commodity with supply constraints coming and demand
strong
PERU Key copper producing nation with national goal to become
largest copper producer nation
VALUATION POTENTIAL Significant Valuation Growth Potential for New Cycle
TSXVPML 30
TSXVPML FrankfurtPZM
BVLPML
For further information contact Luquman Shaheen President and CEO
Phone 6046844246 Email infopanorocom
wwwpanorocom
GROWING MINING SECTOR
bull Mining Represents approx 14 of Perursquos GDP and Copper Mining accounts for 6
bull Over 95 of Cu Production is exported bull Total Mining Investments during 2016 reached
US$43 Billion bull Mining Project Portfolio $46 billion
KEY FISCAL REFORMS
bull Reduction of Corporate Income Tax Rate to 295 bull Replaced Top Line Royalty with Scaled Royalty on
Operating Margins bull Tax Stability Agreement allows for accelerated
depreciation
POLITICAL AND ECONOMIC STABILITY 1990 TO PRESENT
bull 6 Governments bull 5 Political Parties bull 5 Presidents
MINING FRIENDLY PERU
TSXVPML 8
Pedro Pablo Kuczynski President of Peru
Gonzalo Tamayo Flores Minister of Energy and Mines
Maintaining and Modernizing Pro
Mining Framework
PERU
Corocohuayco Xstrata
Trapiche Buenaventura
Haquira First Quantum
Los Chancas Grupo Mexico
Quechua Pan Pacific Copper
Zafranal Teck Mitsubishi
Soc Minera Cerro Verde
Antapacay Glencore
Antamina Teck
Toromocho Chinalco
Constancia Hudbay Minerals
Las Bambas MMG
Cerro Verde Soc Minera Cerro Verde
Toquepala Grupo Mexico
Tia Maria Grupo Mexico
Quellaveco Anglo American
2013 ndash 2014 9000 MW power capacity growth
2018 - 2024 3000 MW power supply excess
Power Costs (centkWhr) Peru ndash 61
Chile ndash 121 Canada ndash 53
Australia ndash 89
Growing Power Supply
Double Cu Production 2011 to 2016
2016 No 2 Worldwide
Towards Worldrsquos Top
Cu Producer
bull 421000 tonnesyear concentrate
bull 108000 tonnesyear refined Cu
bull 56 of Perursquos 2015 Production
Cotabambas Panoro Minerals
Antilla Panoro Minerals
TSXVPML 9
doub
led
A COPPER COUNTRY WITH POWER
PANORO PROJECTSrsquo DISTRICT POTENTIAL
TSXVPML 10
Acquired 2014 $70B Development
MMG Las Bambas
$15B Development
Glencore Antapacay
$45B Expansion
Freeport-McMoRan Cerro Verde
Acquired 2010
First Quantum Minerals Haquira
Acquired 2011 $17B Development
Hudbay Minerals Constancia
SUMMARY OF COTABAMBAS AND ANTILLA PROJECTS PEA RESULTS
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
TSXVPML 11
KEY PROJECT PARAMETERS
COTABAMBAS CUAUAG
PROJECT
ANTILLA CUMO PROJECT
Mill Feed life of mine million tonnes 4831 3504 Mill Feed daily tonnes 80000 40000 Strip Ratio life of mine 125 1 085 1
Before Tax1
NPV75 million USD 1052 491 IRR 204 221 Payback years 32 33
After Tax1
NPV75 million USD 683 225 IRR 167 151 Payback years 36 41
Annual Average Payable Metals
Cu thousand tonnes 705 368 Au thousand ounces 95 - Ag thousand ounces 1018 - Mo thousand tonnes - 09
Initial Capital Cost million USD 1533 603 Project economics estimated at commodity prices of Cu = $US300lb Au = $US1250oz Ag = $US1850oz Mo = $US12lb
$1052M NPV 204 IRR
32 Year Payback
$683M NPV 167 IRR
36 Year Payback
C1 $122lb Cu C2 $194lb Cu
155 M lbs Cu 95 k oz Au
1018 k oz Ag
26 B lbs Cu 16 M oz Au 17 M oz Ag
COTABAMBAS PROJECT
S E P T E M B E R 2 0 1 5 P E A
AFTER TAX
LIFE OF MINE PAYABLE METALS
CASH COSTS NETS OF BY PRODUCTS CREDITS
ANNUAL PAYABLE METALS
Note Cu = $US300lb Au = $US1250oz Ag = $US1850oz
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
BEFORE TAX
TSXVPML 12
27 Cu 11 gt Au 134 gt Ag
CLEAN CONCENTRATE
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
Add Low Cost
Oxides
Add High Grade Sulphides
Reduce Costs
Improve Metallurgical
Recovery
Increase Margins
2
1
TSXVPML 13
COTABAMBAS PROJECT CAPITAL COST AND ENHANCEMENTS
Grow Resource
COTABAMBAS INITIAL CAPEX (US$ MILLIONS)
Item Cost
Mine Equipment $236
Mine Development $127
Mine Infrastructure $17
Tailings Starter Dams $4
Tailings Disposal System $73
Process Plant $505
Site Infrastructure $67
Off Site Infrastructure $27
Mine Closure $50
Subtotal $1106
Owners Cost $40
Indirect Costs $152
Subtotal $1298
Contingencies $235
Initial Capital Cost $1533
1
COTABAMBAS PROJECT
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
Company Year Drill Holes
Metres
Antofagasta 1995 to 2002 24 8538
CDLM 2002 to 2007 10 3252
Panoro 2007 to 2012 29 17785
Panoro 2012 to 2013 81 40467
Panoro 2013 to 2014 11 4946
Panoro 2017 to 2018 50 14000
Total 155 88988
Resource Category
Zone Million tonnes
Cutoff Grade Cueq
Cu
Au gt
Ag gt
Indicated Hypogene 842 020 037 021 273
Supergene 89 020 073 031 307
Oxide Cu-Au 238 020 049 024 263
Oxide Au 02 020 - 066 374
Total 1171 020 042 023 274
Inferred Hypogene 521 020 029 018 241
Supergene 74 020 073 018 193
Oxide Cu-Au 758 020 041 015 182
Oxide Au 12 020 - 061 327
Total 6053 020 031 017 233 Source April 2015 NI 43-101 Technical Report prepared by Amec Foster Wheeler amp Tetra Tech
CLUSTER 1
TSXVPML 14
DEPOSIT RESOURCE amp GROWTH POTENTIAL
Maria Jose Targets
Breccia Target
North Pit
South Pit
Petra-David Target
Buenavista Targets
Line Limit of MAG (2011) Line Limit of MAG (2017)
Legend
PEA PIT
Andesite Hornblendic Quartz Monzonite I Hornblendic Quartz Monzonite II Hornblendic Quartz Monzonite III Latite
Colluvial
Lithology
Diorite Main Quartz Monzonite Monzonite Limestone
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
BRECCIA TARGET
2017 SCHEDULE
2
COTABAMBAS PROJECT
Completed January
TSXVPML 15
2017 CLUSTER 1 EXPLORATION PROGRAM
PETRA-DAVID TARGET
3
4
Mapping Sampling
Trenching
Geophysics
BUENAVISTA TARGETS
bull High Grade Sulphides bull Near Surface bull 170 Mt Potential bull 10000 m drilling planned
bull Gold Oxide Announced April 2017 bull Near Surface bull Intersected in 2014 Drilling over
145 gt Au bull 35 Mt Potential 05 Moz Potential bull 1000 m drilling planned
bull Copper Oxides bull Near Surface bull 60 Mt Potential bull 1000 m drilling planned
bull High Grade Sulphides bull Near Surface bull 70 Mt Potential bull 2000 m drilling planned
MARIA JOSE TARGETS
1
Community Agreement
Completed February - March
Completed March - April
Completed April
Drill Program (mobilization Apr) Underway April - December
Metallurgical Testing November
GROWING SCALE POTENTIAL FROM CLUSTER 1
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
COTABAMBAS PROJECT
TSXVPML 16
EXPLORATION TARGET RICH CLUSTER 1
DEFINING POTENTIAL TO INCREASE LOW COST GOLD OXIDE AND COPPER OXIDE COMPONENTS
HIGH GRADE NEAR SURFACE SULPHIDES GROWTH POTENTIAL
COTABAMBAS PROJECT
TSXVPML 17
CHAUPEC TARGET
bull USD $15M BudgetedFinanced for 2017 Drill Program bull 5000 m Drilling BudgetedFinanced
bull Porphyry Skarn type mineralization evidenced with 810 systematic rock samples
bull Anomalies I and II are Skarn and Anomaly III is Porphyry all outcropping at surface
PROJECT SCALE EXPANSION POTENTIAL
CLUSTER 1
1 Ccalla 2 Azulccacca 3 Cochapata 4 Maria Jose 5 Buenavista 6 Guaclle
CLUSTER 2
7 Chaupec 8 Jean Louis 9 Ccarayoc
OTHER TARGETS
10 Antildearqui 11 Cullusayhuas 12 Chuyllullo
2010 2014
2017
2017
2018
2017
CLUSTER 2
CLUSTER 1
Azulccacca Deposit
Buenavista Target
Guaclle Target
Chaupec Target
Ccayrayoc Target
Jean Louis Target
Maria Jose Target
Ccalla Deposit
Cochapata Target Sulfobamba
Ferrobamba
Chalcobamba
Las Bambasrsquo pits overlay Panororsquos targets for scale comparison only
COTABAMBAS PROJECT TARGETS
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
TSXVPML 18
HIGHER NPV
HIGHER IRR REDUCED CASH COSTS
REDUCED PAYBACK
REDUCED START-UP CAPITAL
LONGER MINE LIFE
INCREASE HIGH GRADE RESOURCE
ADD LOW COST RESOURCE
IMPROVE METALLURGICAL
RECOVERIES
EXPLORE SCALE CHANGING
POTENTIAL
OXIDE CU HEAP LEACH amp SXEW
OXIDE AUAG HEAP LEACH
MIXED amp OXIDE RESOURCES SKARN DISCOVERY NEAR SURFACE SULPHIDES
ENHANCEMENT OBJECTIVES
INCREASE RESOURCE INCREASE AVERAGE GRADE INCREASE PAYABLE METALS
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
ANTILLA PROJECT
NPV $US 491 M IRR 221
$US 126 B pretax $US 725 after tax
C1 $183lb C2 $ 235lb
NPV $US 225 M IRR 151 $US 603 M $US 324 M 33 year pretax
41 year after tax
NOTE Cu = $US300lb Mo = $US1200lb
TSXVPML 19
Antilla Initial CAPEX (US$ millions)
Item Cost
Mine Equipment $51
Mine Development $55
Process Plant $187
Tailings Storage Facility $18
Infrastructure $85
Subtotal $396
Owners Cost $28
Indirect Costs $82
Subtotal $506
Contingencies $97
Total Initial Capital Cost $603
PEA FINANCIAL METRICS
Initial Capital Pretax After Tax Payback Period Cash Costs LOM Cashflow LOM Sust
Capex
OPEN PIT
TAILINGS AREA
PLANTSITE AREA
WASTEROCK AREA
STOCKPILE
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
081Strip Ratio 297 Mt wasterock
LOM Payable Metal 194 Blbs Cu 44 Mlb Mo
150k dtpa Cu con 255 Cu
Payable Metal 81 Mlbsyear Cu
18 Mlbsyear Mo
350 Mt Mill Feed 40000 tpd
24 year LOM
031 Cu 85 0009 Mo 67
PEA DESIGN PARAMETERS
48 wasterock to build Tails Dam
124k dtpa Mo con 355 Cu
HIGH GRADE NEAR AT SURFACE
HIGH GRADE NEAR AT SURFACE
Note Cu = $US300lb Mo = $US1200lb TSXVPML 20
ANTILLA PROJECT PEA SUMMARY
ANTILLA PROJECT
Optimize Mine Plan Focus on high grade oxides amp secondary sulphides
TSXVPML 21
SCALED DEVELOPMENT
Reduce Throughput Evaluate processing
throughput scenarios between 10-40 ktpd
Lower Capital and Operating Costs
Explore low-cost heap leach amp SXEW facilities
Reduce Sustaining Capital Costs
Eliminate tailings management facility and
mill infrastructure
Maximize Project Cash Flows
Enhance early returns by delaying waste stripping
bull Develop low-cost high-margin leaching operation
bull Reduce development capital requirements to pave the way to financing
bull Focus on higher grade resource to maintain project returns
SCALED STAGED DEVELOPMENT PLAN POTENTIAL JV OPPORTUNITIES
FOCUSED ON REDUCING DEVELOPMENT CAPEX amp ENHANCING PROJECT RETURNS
FUNDED TO DECEMBER 2018 FUNDING IN PLACE 2016 - 2019
Upfront Payment
Wheaton Precious Metals will make an upfront cash payment of US$140 million plus a Production Payment for an amount of silver equal to 100 of silver production and an amount of gold equal to 25 of gold production
Production Payment
Wheaton Precious Metals will make an ongoing payment equal to the lesser of (i) US$450 in the case of delivered gold ounces and US$590 in the case of delivered silver ounces and (ii) the applicable prevailing market price
Early Deposit
US$14 million will be paid by Wheaton Precious Metals as an early deposit US$2 million will be paid in the first year following closing with US$15 million paid annually thereafter
Exploration Matching Provision
Wheaton Precious Metals to match equity proceeds of up to a total of US$35 million raised in the first two years following signing of PMPA to fund exploration at the Cotabambas Project
Wheaton Precious Metals Option
Wheaton Precious Metals will have the option to terminate the PMPA either 90 days following delivery of a Feasibility Study or at any time upon giving Panoro three monthsrsquo notice Wheaton Precious Metals can elect to receive a portion of the early deposit either as cash or shares upon termination with Panoro having
rights to defer cash payments over an up to two year period
BuyBack Option
Following a change of control subject to certain conditions Panoro has a one-time option to repurchase 50 of the precious metals stream with a payout based on the greater of (i) a minimum fixed return (ii) a return based on appreciation of precious metals prices over the term of the PMPA and (iii) a return based on appreciation of the Panoro share price over the term of the PMPA
TRANSACTION OVERVIEW
FUNDING TO DECEMBER 2018 M$CAD
July 1 Cash Position 10
WPM Basic Funding (Jul 2016 ndash Dec 2018) 39
WPM Matching Funds (2016 ) 26
Private Placement (Aug 2016) 66
Total Funding to December 2018 141
POTENTIAL FUNDING M$CAD
Financing (2017) - Contingent 20
WPM Matching Funds (2017) 20
Warrant Exercise (Aug 2018) 50
Total Additional Funding - Contingent 90
TSXVPML 22
PANORO MINERALS VALUATION METRICS
TSXVPML 23
CURRENT RESOURCES AND PEAs
WITH PROJECTED 2017 INVESTMENTS
COTABAMBAS PROJECT
COTA
BAM
BAS
amp A
NTI
LLA
PRO
JECT
S VA
LUAT
ION
(M C
AD)
COTA
BAM
BAS
VALU
ATIO
N (M
CAD
)
PAYMENTS
USD (M)
Advance $140
Gold Delivery $ 180
Silver Delivery $ 100
Total $ 420
COTABAMBAS PROJECT STREAMING AGREEMENT
STREAM AGREEMENT CAPPED POST 90M AGEQ OZ
OPTION CHANGE OF CONTROL
80 53 40
STREAM REDUCTION IN FUTURE CAPTURES EXPLORATION UPSIDE
FLEXIBILITY FOR ACQUIRER OF PROJECT
Exploration Funding
Development Funding
Validation of Project Flexibility Derisked
Financing
Leveraged for 2016 Placement
Valuation Benchmark
Custom Fit Agreement
24
REGIONAL
COTABAMBAS
Cochasayhuas
Kusiorcco
Promesa
El Rosal Chap - Chapi
JV Utupara
JV
Pataypampa Humamantata Morosayhuas Anyo
Checca
Development
Feasibility
Advanced Exploration
Early Exploration
Level 2 Prospects
Level 1 Prospects
INFRASTRUCTURE DEVELOPMENT
TSXVPML 25
ANTILLA
PANORO EXPLORATION STRATEGY
EXPLORATION DEFINING NEW PROJECTS FOR NEXT PHASE OF PANORO
COTABAMBAS PEA COMPLETED amp
UPDATED
ANTILLA PEA COMPLETED
1 PROJECT ENHANCEMENTS
2 PROJECT EXPANSIONS
3 STRATEGIC POSITIONING
2007 ndash 2014 2014 ndash 2016 2017 ndash 2019
PROMESA ANYO HUMAMANTATA KUSIORCCO
bull 4060 ha bull 5 km by 2 km porphyry bull 772 geochem samples bull 40 km IP bull 45 km Mag bull 37 km SP
bull 5000 ha bull Porphyry amp Skarn bull Hydrothermal Breccia bull 235 geochem samples
bull 3962 ha bull 4km by 17 km mineralized bull Two Porphyry zones bull Two Skarn zones bull IP amp Mag correlated
bull 5000 ha bull 1480 ha porphyry bull 772 geochem samples bull 4 drillholes bull 75 km IP bull 76 km Mag
2019 ndash 2020
PARTNER OR DIVEST
TSXVPML 26
1 2 3 4
COPPER FUNDAMENTALS SHORT TERM SURPLUS LONG TERM SUPPLY CHALLENGES
TSXVPML 27
MODEST SHORT TERM SURPLUS DRIVEN BY ECONOMIC REBALANCING IN CHINA
bull Broad macroeconomic slow down bull Chinese switch to consumer-based growth bull Peak in demand from end-use markets
LONG-TERM SUPPLY DEFICIT EXPECTED
bull Declining copper grades at existing operations
bull Inadequate high-quality discoveries bull Geopolitical risks and challenges restricting
development of greenfield projects
CONTINUED GROWTH IN GLOBAL COPPER DEMAND SUPPORT HIGHER LONG-TERM PRICES
bull Continued demand growth from China and developing countries expected
bull Increasing demand for energy efficient technologies requiring copper-intensive solutions
Source International Copper Association Ltd
Copper SupplyDemand (million tonnes)
STRUCTURAL CHANGES TO COPPER MARKET
NEW COPPER CYCLE EMERGING
Supply Pressures Refined Cu
bull Greater Production
Disruptions in Chile amp Indonesia
bull Declining Mine Grades bull Increasing Closures bull Curtailing Production bull Declining Supply of Scrap bull Peak SXEW Capacity
Reached in 2017 bull Chilean Mine Output
Decline Begins 2014
Shift to Cu Concentrates
bull Prone to Disruptions Technical Issues Slow Ramp-ups Declining Grades Strikes amp Protests Natural Disasters Cutbacks bull China Mine Output Set to
Decline bull Declining Availability of
Clean Concentrates
Concentrate Demand Growth
bull China Growing from Larger Base
bull Economic Rebound ex-China bull China Refocused on
Infrastructure Spending bull China Shifting Model away
from Cathode towards Concentrate imports
bull 2015 Chinese Concentrate Imports Exceed Cathodes (First Time)
Forecasted Shortages
bull Macquarie 10 Mt 2018-2020 bull Canaccord 11 Mt 2018-2019 bull RBC 09 Mt 2017-2019 bull Cu Shortfall Increasingly
from Shortage of Concentrate supply
TSXVPML 28
Large scale copper project greater potential strategic
location
TSXVPML 29
COTABAMBAS
ANTILLA
CONCLUSIONS
COTABAMBAS PROJECT
ANTILLA PROJECT Moderate scale project potential to monetize
FINANCED $141M to $231M funded to
2018 Wheaton Precious Metals Agreement
COPPER Principal commodity with supply constraints coming and demand
strong
PERU Key copper producing nation with national goal to become
largest copper producer nation
VALUATION POTENTIAL Significant Valuation Growth Potential for New Cycle
TSXVPML 30
TSXVPML FrankfurtPZM
BVLPML
For further information contact Luquman Shaheen President and CEO
Phone 6046844246 Email infopanorocom
wwwpanorocom
PERU
Corocohuayco Xstrata
Trapiche Buenaventura
Haquira First Quantum
Los Chancas Grupo Mexico
Quechua Pan Pacific Copper
Zafranal Teck Mitsubishi
Soc Minera Cerro Verde
Antapacay Glencore
Antamina Teck
Toromocho Chinalco
Constancia Hudbay Minerals
Las Bambas MMG
Cerro Verde Soc Minera Cerro Verde
Toquepala Grupo Mexico
Tia Maria Grupo Mexico
Quellaveco Anglo American
2013 ndash 2014 9000 MW power capacity growth
2018 - 2024 3000 MW power supply excess
Power Costs (centkWhr) Peru ndash 61
Chile ndash 121 Canada ndash 53
Australia ndash 89
Growing Power Supply
Double Cu Production 2011 to 2016
2016 No 2 Worldwide
Towards Worldrsquos Top
Cu Producer
bull 421000 tonnesyear concentrate
bull 108000 tonnesyear refined Cu
bull 56 of Perursquos 2015 Production
Cotabambas Panoro Minerals
Antilla Panoro Minerals
TSXVPML 9
doub
led
A COPPER COUNTRY WITH POWER
PANORO PROJECTSrsquo DISTRICT POTENTIAL
TSXVPML 10
Acquired 2014 $70B Development
MMG Las Bambas
$15B Development
Glencore Antapacay
$45B Expansion
Freeport-McMoRan Cerro Verde
Acquired 2010
First Quantum Minerals Haquira
Acquired 2011 $17B Development
Hudbay Minerals Constancia
SUMMARY OF COTABAMBAS AND ANTILLA PROJECTS PEA RESULTS
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
TSXVPML 11
KEY PROJECT PARAMETERS
COTABAMBAS CUAUAG
PROJECT
ANTILLA CUMO PROJECT
Mill Feed life of mine million tonnes 4831 3504 Mill Feed daily tonnes 80000 40000 Strip Ratio life of mine 125 1 085 1
Before Tax1
NPV75 million USD 1052 491 IRR 204 221 Payback years 32 33
After Tax1
NPV75 million USD 683 225 IRR 167 151 Payback years 36 41
Annual Average Payable Metals
Cu thousand tonnes 705 368 Au thousand ounces 95 - Ag thousand ounces 1018 - Mo thousand tonnes - 09
Initial Capital Cost million USD 1533 603 Project economics estimated at commodity prices of Cu = $US300lb Au = $US1250oz Ag = $US1850oz Mo = $US12lb
$1052M NPV 204 IRR
32 Year Payback
$683M NPV 167 IRR
36 Year Payback
C1 $122lb Cu C2 $194lb Cu
155 M lbs Cu 95 k oz Au
1018 k oz Ag
26 B lbs Cu 16 M oz Au 17 M oz Ag
COTABAMBAS PROJECT
S E P T E M B E R 2 0 1 5 P E A
AFTER TAX
LIFE OF MINE PAYABLE METALS
CASH COSTS NETS OF BY PRODUCTS CREDITS
ANNUAL PAYABLE METALS
Note Cu = $US300lb Au = $US1250oz Ag = $US1850oz
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
BEFORE TAX
TSXVPML 12
27 Cu 11 gt Au 134 gt Ag
CLEAN CONCENTRATE
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
Add Low Cost
Oxides
Add High Grade Sulphides
Reduce Costs
Improve Metallurgical
Recovery
Increase Margins
2
1
TSXVPML 13
COTABAMBAS PROJECT CAPITAL COST AND ENHANCEMENTS
Grow Resource
COTABAMBAS INITIAL CAPEX (US$ MILLIONS)
Item Cost
Mine Equipment $236
Mine Development $127
Mine Infrastructure $17
Tailings Starter Dams $4
Tailings Disposal System $73
Process Plant $505
Site Infrastructure $67
Off Site Infrastructure $27
Mine Closure $50
Subtotal $1106
Owners Cost $40
Indirect Costs $152
Subtotal $1298
Contingencies $235
Initial Capital Cost $1533
1
COTABAMBAS PROJECT
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
Company Year Drill Holes
Metres
Antofagasta 1995 to 2002 24 8538
CDLM 2002 to 2007 10 3252
Panoro 2007 to 2012 29 17785
Panoro 2012 to 2013 81 40467
Panoro 2013 to 2014 11 4946
Panoro 2017 to 2018 50 14000
Total 155 88988
Resource Category
Zone Million tonnes
Cutoff Grade Cueq
Cu
Au gt
Ag gt
Indicated Hypogene 842 020 037 021 273
Supergene 89 020 073 031 307
Oxide Cu-Au 238 020 049 024 263
Oxide Au 02 020 - 066 374
Total 1171 020 042 023 274
Inferred Hypogene 521 020 029 018 241
Supergene 74 020 073 018 193
Oxide Cu-Au 758 020 041 015 182
Oxide Au 12 020 - 061 327
Total 6053 020 031 017 233 Source April 2015 NI 43-101 Technical Report prepared by Amec Foster Wheeler amp Tetra Tech
CLUSTER 1
TSXVPML 14
DEPOSIT RESOURCE amp GROWTH POTENTIAL
Maria Jose Targets
Breccia Target
North Pit
South Pit
Petra-David Target
Buenavista Targets
Line Limit of MAG (2011) Line Limit of MAG (2017)
Legend
PEA PIT
Andesite Hornblendic Quartz Monzonite I Hornblendic Quartz Monzonite II Hornblendic Quartz Monzonite III Latite
Colluvial
Lithology
Diorite Main Quartz Monzonite Monzonite Limestone
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
BRECCIA TARGET
2017 SCHEDULE
2
COTABAMBAS PROJECT
Completed January
TSXVPML 15
2017 CLUSTER 1 EXPLORATION PROGRAM
PETRA-DAVID TARGET
3
4
Mapping Sampling
Trenching
Geophysics
BUENAVISTA TARGETS
bull High Grade Sulphides bull Near Surface bull 170 Mt Potential bull 10000 m drilling planned
bull Gold Oxide Announced April 2017 bull Near Surface bull Intersected in 2014 Drilling over
145 gt Au bull 35 Mt Potential 05 Moz Potential bull 1000 m drilling planned
bull Copper Oxides bull Near Surface bull 60 Mt Potential bull 1000 m drilling planned
bull High Grade Sulphides bull Near Surface bull 70 Mt Potential bull 2000 m drilling planned
MARIA JOSE TARGETS
1
Community Agreement
Completed February - March
Completed March - April
Completed April
Drill Program (mobilization Apr) Underway April - December
Metallurgical Testing November
GROWING SCALE POTENTIAL FROM CLUSTER 1
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
COTABAMBAS PROJECT
TSXVPML 16
EXPLORATION TARGET RICH CLUSTER 1
DEFINING POTENTIAL TO INCREASE LOW COST GOLD OXIDE AND COPPER OXIDE COMPONENTS
HIGH GRADE NEAR SURFACE SULPHIDES GROWTH POTENTIAL
COTABAMBAS PROJECT
TSXVPML 17
CHAUPEC TARGET
bull USD $15M BudgetedFinanced for 2017 Drill Program bull 5000 m Drilling BudgetedFinanced
bull Porphyry Skarn type mineralization evidenced with 810 systematic rock samples
bull Anomalies I and II are Skarn and Anomaly III is Porphyry all outcropping at surface
PROJECT SCALE EXPANSION POTENTIAL
CLUSTER 1
1 Ccalla 2 Azulccacca 3 Cochapata 4 Maria Jose 5 Buenavista 6 Guaclle
CLUSTER 2
7 Chaupec 8 Jean Louis 9 Ccarayoc
OTHER TARGETS
10 Antildearqui 11 Cullusayhuas 12 Chuyllullo
2010 2014
2017
2017
2018
2017
CLUSTER 2
CLUSTER 1
Azulccacca Deposit
Buenavista Target
Guaclle Target
Chaupec Target
Ccayrayoc Target
Jean Louis Target
Maria Jose Target
Ccalla Deposit
Cochapata Target Sulfobamba
Ferrobamba
Chalcobamba
Las Bambasrsquo pits overlay Panororsquos targets for scale comparison only
COTABAMBAS PROJECT TARGETS
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
TSXVPML 18
HIGHER NPV
HIGHER IRR REDUCED CASH COSTS
REDUCED PAYBACK
REDUCED START-UP CAPITAL
LONGER MINE LIFE
INCREASE HIGH GRADE RESOURCE
ADD LOW COST RESOURCE
IMPROVE METALLURGICAL
RECOVERIES
EXPLORE SCALE CHANGING
POTENTIAL
OXIDE CU HEAP LEACH amp SXEW
OXIDE AUAG HEAP LEACH
MIXED amp OXIDE RESOURCES SKARN DISCOVERY NEAR SURFACE SULPHIDES
ENHANCEMENT OBJECTIVES
INCREASE RESOURCE INCREASE AVERAGE GRADE INCREASE PAYABLE METALS
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
ANTILLA PROJECT
NPV $US 491 M IRR 221
$US 126 B pretax $US 725 after tax
C1 $183lb C2 $ 235lb
NPV $US 225 M IRR 151 $US 603 M $US 324 M 33 year pretax
41 year after tax
NOTE Cu = $US300lb Mo = $US1200lb
TSXVPML 19
Antilla Initial CAPEX (US$ millions)
Item Cost
Mine Equipment $51
Mine Development $55
Process Plant $187
Tailings Storage Facility $18
Infrastructure $85
Subtotal $396
Owners Cost $28
Indirect Costs $82
Subtotal $506
Contingencies $97
Total Initial Capital Cost $603
PEA FINANCIAL METRICS
Initial Capital Pretax After Tax Payback Period Cash Costs LOM Cashflow LOM Sust
Capex
OPEN PIT
TAILINGS AREA
PLANTSITE AREA
WASTEROCK AREA
STOCKPILE
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
081Strip Ratio 297 Mt wasterock
LOM Payable Metal 194 Blbs Cu 44 Mlb Mo
150k dtpa Cu con 255 Cu
Payable Metal 81 Mlbsyear Cu
18 Mlbsyear Mo
350 Mt Mill Feed 40000 tpd
24 year LOM
031 Cu 85 0009 Mo 67
PEA DESIGN PARAMETERS
48 wasterock to build Tails Dam
124k dtpa Mo con 355 Cu
HIGH GRADE NEAR AT SURFACE
HIGH GRADE NEAR AT SURFACE
Note Cu = $US300lb Mo = $US1200lb TSXVPML 20
ANTILLA PROJECT PEA SUMMARY
ANTILLA PROJECT
Optimize Mine Plan Focus on high grade oxides amp secondary sulphides
TSXVPML 21
SCALED DEVELOPMENT
Reduce Throughput Evaluate processing
throughput scenarios between 10-40 ktpd
Lower Capital and Operating Costs
Explore low-cost heap leach amp SXEW facilities
Reduce Sustaining Capital Costs
Eliminate tailings management facility and
mill infrastructure
Maximize Project Cash Flows
Enhance early returns by delaying waste stripping
bull Develop low-cost high-margin leaching operation
bull Reduce development capital requirements to pave the way to financing
bull Focus on higher grade resource to maintain project returns
SCALED STAGED DEVELOPMENT PLAN POTENTIAL JV OPPORTUNITIES
FOCUSED ON REDUCING DEVELOPMENT CAPEX amp ENHANCING PROJECT RETURNS
FUNDED TO DECEMBER 2018 FUNDING IN PLACE 2016 - 2019
Upfront Payment
Wheaton Precious Metals will make an upfront cash payment of US$140 million plus a Production Payment for an amount of silver equal to 100 of silver production and an amount of gold equal to 25 of gold production
Production Payment
Wheaton Precious Metals will make an ongoing payment equal to the lesser of (i) US$450 in the case of delivered gold ounces and US$590 in the case of delivered silver ounces and (ii) the applicable prevailing market price
Early Deposit
US$14 million will be paid by Wheaton Precious Metals as an early deposit US$2 million will be paid in the first year following closing with US$15 million paid annually thereafter
Exploration Matching Provision
Wheaton Precious Metals to match equity proceeds of up to a total of US$35 million raised in the first two years following signing of PMPA to fund exploration at the Cotabambas Project
Wheaton Precious Metals Option
Wheaton Precious Metals will have the option to terminate the PMPA either 90 days following delivery of a Feasibility Study or at any time upon giving Panoro three monthsrsquo notice Wheaton Precious Metals can elect to receive a portion of the early deposit either as cash or shares upon termination with Panoro having
rights to defer cash payments over an up to two year period
BuyBack Option
Following a change of control subject to certain conditions Panoro has a one-time option to repurchase 50 of the precious metals stream with a payout based on the greater of (i) a minimum fixed return (ii) a return based on appreciation of precious metals prices over the term of the PMPA and (iii) a return based on appreciation of the Panoro share price over the term of the PMPA
TRANSACTION OVERVIEW
FUNDING TO DECEMBER 2018 M$CAD
July 1 Cash Position 10
WPM Basic Funding (Jul 2016 ndash Dec 2018) 39
WPM Matching Funds (2016 ) 26
Private Placement (Aug 2016) 66
Total Funding to December 2018 141
POTENTIAL FUNDING M$CAD
Financing (2017) - Contingent 20
WPM Matching Funds (2017) 20
Warrant Exercise (Aug 2018) 50
Total Additional Funding - Contingent 90
TSXVPML 22
PANORO MINERALS VALUATION METRICS
TSXVPML 23
CURRENT RESOURCES AND PEAs
WITH PROJECTED 2017 INVESTMENTS
COTABAMBAS PROJECT
COTA
BAM
BAS
amp A
NTI
LLA
PRO
JECT
S VA
LUAT
ION
(M C
AD)
COTA
BAM
BAS
VALU
ATIO
N (M
CAD
)
PAYMENTS
USD (M)
Advance $140
Gold Delivery $ 180
Silver Delivery $ 100
Total $ 420
COTABAMBAS PROJECT STREAMING AGREEMENT
STREAM AGREEMENT CAPPED POST 90M AGEQ OZ
OPTION CHANGE OF CONTROL
80 53 40
STREAM REDUCTION IN FUTURE CAPTURES EXPLORATION UPSIDE
FLEXIBILITY FOR ACQUIRER OF PROJECT
Exploration Funding
Development Funding
Validation of Project Flexibility Derisked
Financing
Leveraged for 2016 Placement
Valuation Benchmark
Custom Fit Agreement
24
REGIONAL
COTABAMBAS
Cochasayhuas
Kusiorcco
Promesa
El Rosal Chap - Chapi
JV Utupara
JV
Pataypampa Humamantata Morosayhuas Anyo
Checca
Development
Feasibility
Advanced Exploration
Early Exploration
Level 2 Prospects
Level 1 Prospects
INFRASTRUCTURE DEVELOPMENT
TSXVPML 25
ANTILLA
PANORO EXPLORATION STRATEGY
EXPLORATION DEFINING NEW PROJECTS FOR NEXT PHASE OF PANORO
COTABAMBAS PEA COMPLETED amp
UPDATED
ANTILLA PEA COMPLETED
1 PROJECT ENHANCEMENTS
2 PROJECT EXPANSIONS
3 STRATEGIC POSITIONING
2007 ndash 2014 2014 ndash 2016 2017 ndash 2019
PROMESA ANYO HUMAMANTATA KUSIORCCO
bull 4060 ha bull 5 km by 2 km porphyry bull 772 geochem samples bull 40 km IP bull 45 km Mag bull 37 km SP
bull 5000 ha bull Porphyry amp Skarn bull Hydrothermal Breccia bull 235 geochem samples
bull 3962 ha bull 4km by 17 km mineralized bull Two Porphyry zones bull Two Skarn zones bull IP amp Mag correlated
bull 5000 ha bull 1480 ha porphyry bull 772 geochem samples bull 4 drillholes bull 75 km IP bull 76 km Mag
2019 ndash 2020
PARTNER OR DIVEST
TSXVPML 26
1 2 3 4
COPPER FUNDAMENTALS SHORT TERM SURPLUS LONG TERM SUPPLY CHALLENGES
TSXVPML 27
MODEST SHORT TERM SURPLUS DRIVEN BY ECONOMIC REBALANCING IN CHINA
bull Broad macroeconomic slow down bull Chinese switch to consumer-based growth bull Peak in demand from end-use markets
LONG-TERM SUPPLY DEFICIT EXPECTED
bull Declining copper grades at existing operations
bull Inadequate high-quality discoveries bull Geopolitical risks and challenges restricting
development of greenfield projects
CONTINUED GROWTH IN GLOBAL COPPER DEMAND SUPPORT HIGHER LONG-TERM PRICES
bull Continued demand growth from China and developing countries expected
bull Increasing demand for energy efficient technologies requiring copper-intensive solutions
Source International Copper Association Ltd
Copper SupplyDemand (million tonnes)
STRUCTURAL CHANGES TO COPPER MARKET
NEW COPPER CYCLE EMERGING
Supply Pressures Refined Cu
bull Greater Production
Disruptions in Chile amp Indonesia
bull Declining Mine Grades bull Increasing Closures bull Curtailing Production bull Declining Supply of Scrap bull Peak SXEW Capacity
Reached in 2017 bull Chilean Mine Output
Decline Begins 2014
Shift to Cu Concentrates
bull Prone to Disruptions Technical Issues Slow Ramp-ups Declining Grades Strikes amp Protests Natural Disasters Cutbacks bull China Mine Output Set to
Decline bull Declining Availability of
Clean Concentrates
Concentrate Demand Growth
bull China Growing from Larger Base
bull Economic Rebound ex-China bull China Refocused on
Infrastructure Spending bull China Shifting Model away
from Cathode towards Concentrate imports
bull 2015 Chinese Concentrate Imports Exceed Cathodes (First Time)
Forecasted Shortages
bull Macquarie 10 Mt 2018-2020 bull Canaccord 11 Mt 2018-2019 bull RBC 09 Mt 2017-2019 bull Cu Shortfall Increasingly
from Shortage of Concentrate supply
TSXVPML 28
Large scale copper project greater potential strategic
location
TSXVPML 29
COTABAMBAS
ANTILLA
CONCLUSIONS
COTABAMBAS PROJECT
ANTILLA PROJECT Moderate scale project potential to monetize
FINANCED $141M to $231M funded to
2018 Wheaton Precious Metals Agreement
COPPER Principal commodity with supply constraints coming and demand
strong
PERU Key copper producing nation with national goal to become
largest copper producer nation
VALUATION POTENTIAL Significant Valuation Growth Potential for New Cycle
TSXVPML 30
TSXVPML FrankfurtPZM
BVLPML
For further information contact Luquman Shaheen President and CEO
Phone 6046844246 Email infopanorocom
wwwpanorocom
PANORO PROJECTSrsquo DISTRICT POTENTIAL
TSXVPML 10
Acquired 2014 $70B Development
MMG Las Bambas
$15B Development
Glencore Antapacay
$45B Expansion
Freeport-McMoRan Cerro Verde
Acquired 2010
First Quantum Minerals Haquira
Acquired 2011 $17B Development
Hudbay Minerals Constancia
SUMMARY OF COTABAMBAS AND ANTILLA PROJECTS PEA RESULTS
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
TSXVPML 11
KEY PROJECT PARAMETERS
COTABAMBAS CUAUAG
PROJECT
ANTILLA CUMO PROJECT
Mill Feed life of mine million tonnes 4831 3504 Mill Feed daily tonnes 80000 40000 Strip Ratio life of mine 125 1 085 1
Before Tax1
NPV75 million USD 1052 491 IRR 204 221 Payback years 32 33
After Tax1
NPV75 million USD 683 225 IRR 167 151 Payback years 36 41
Annual Average Payable Metals
Cu thousand tonnes 705 368 Au thousand ounces 95 - Ag thousand ounces 1018 - Mo thousand tonnes - 09
Initial Capital Cost million USD 1533 603 Project economics estimated at commodity prices of Cu = $US300lb Au = $US1250oz Ag = $US1850oz Mo = $US12lb
$1052M NPV 204 IRR
32 Year Payback
$683M NPV 167 IRR
36 Year Payback
C1 $122lb Cu C2 $194lb Cu
155 M lbs Cu 95 k oz Au
1018 k oz Ag
26 B lbs Cu 16 M oz Au 17 M oz Ag
COTABAMBAS PROJECT
S E P T E M B E R 2 0 1 5 P E A
AFTER TAX
LIFE OF MINE PAYABLE METALS
CASH COSTS NETS OF BY PRODUCTS CREDITS
ANNUAL PAYABLE METALS
Note Cu = $US300lb Au = $US1250oz Ag = $US1850oz
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
BEFORE TAX
TSXVPML 12
27 Cu 11 gt Au 134 gt Ag
CLEAN CONCENTRATE
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
Add Low Cost
Oxides
Add High Grade Sulphides
Reduce Costs
Improve Metallurgical
Recovery
Increase Margins
2
1
TSXVPML 13
COTABAMBAS PROJECT CAPITAL COST AND ENHANCEMENTS
Grow Resource
COTABAMBAS INITIAL CAPEX (US$ MILLIONS)
Item Cost
Mine Equipment $236
Mine Development $127
Mine Infrastructure $17
Tailings Starter Dams $4
Tailings Disposal System $73
Process Plant $505
Site Infrastructure $67
Off Site Infrastructure $27
Mine Closure $50
Subtotal $1106
Owners Cost $40
Indirect Costs $152
Subtotal $1298
Contingencies $235
Initial Capital Cost $1533
1
COTABAMBAS PROJECT
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
Company Year Drill Holes
Metres
Antofagasta 1995 to 2002 24 8538
CDLM 2002 to 2007 10 3252
Panoro 2007 to 2012 29 17785
Panoro 2012 to 2013 81 40467
Panoro 2013 to 2014 11 4946
Panoro 2017 to 2018 50 14000
Total 155 88988
Resource Category
Zone Million tonnes
Cutoff Grade Cueq
Cu
Au gt
Ag gt
Indicated Hypogene 842 020 037 021 273
Supergene 89 020 073 031 307
Oxide Cu-Au 238 020 049 024 263
Oxide Au 02 020 - 066 374
Total 1171 020 042 023 274
Inferred Hypogene 521 020 029 018 241
Supergene 74 020 073 018 193
Oxide Cu-Au 758 020 041 015 182
Oxide Au 12 020 - 061 327
Total 6053 020 031 017 233 Source April 2015 NI 43-101 Technical Report prepared by Amec Foster Wheeler amp Tetra Tech
CLUSTER 1
TSXVPML 14
DEPOSIT RESOURCE amp GROWTH POTENTIAL
Maria Jose Targets
Breccia Target
North Pit
South Pit
Petra-David Target
Buenavista Targets
Line Limit of MAG (2011) Line Limit of MAG (2017)
Legend
PEA PIT
Andesite Hornblendic Quartz Monzonite I Hornblendic Quartz Monzonite II Hornblendic Quartz Monzonite III Latite
Colluvial
Lithology
Diorite Main Quartz Monzonite Monzonite Limestone
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
BRECCIA TARGET
2017 SCHEDULE
2
COTABAMBAS PROJECT
Completed January
TSXVPML 15
2017 CLUSTER 1 EXPLORATION PROGRAM
PETRA-DAVID TARGET
3
4
Mapping Sampling
Trenching
Geophysics
BUENAVISTA TARGETS
bull High Grade Sulphides bull Near Surface bull 170 Mt Potential bull 10000 m drilling planned
bull Gold Oxide Announced April 2017 bull Near Surface bull Intersected in 2014 Drilling over
145 gt Au bull 35 Mt Potential 05 Moz Potential bull 1000 m drilling planned
bull Copper Oxides bull Near Surface bull 60 Mt Potential bull 1000 m drilling planned
bull High Grade Sulphides bull Near Surface bull 70 Mt Potential bull 2000 m drilling planned
MARIA JOSE TARGETS
1
Community Agreement
Completed February - March
Completed March - April
Completed April
Drill Program (mobilization Apr) Underway April - December
Metallurgical Testing November
GROWING SCALE POTENTIAL FROM CLUSTER 1
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
COTABAMBAS PROJECT
TSXVPML 16
EXPLORATION TARGET RICH CLUSTER 1
DEFINING POTENTIAL TO INCREASE LOW COST GOLD OXIDE AND COPPER OXIDE COMPONENTS
HIGH GRADE NEAR SURFACE SULPHIDES GROWTH POTENTIAL
COTABAMBAS PROJECT
TSXVPML 17
CHAUPEC TARGET
bull USD $15M BudgetedFinanced for 2017 Drill Program bull 5000 m Drilling BudgetedFinanced
bull Porphyry Skarn type mineralization evidenced with 810 systematic rock samples
bull Anomalies I and II are Skarn and Anomaly III is Porphyry all outcropping at surface
PROJECT SCALE EXPANSION POTENTIAL
CLUSTER 1
1 Ccalla 2 Azulccacca 3 Cochapata 4 Maria Jose 5 Buenavista 6 Guaclle
CLUSTER 2
7 Chaupec 8 Jean Louis 9 Ccarayoc
OTHER TARGETS
10 Antildearqui 11 Cullusayhuas 12 Chuyllullo
2010 2014
2017
2017
2018
2017
CLUSTER 2
CLUSTER 1
Azulccacca Deposit
Buenavista Target
Guaclle Target
Chaupec Target
Ccayrayoc Target
Jean Louis Target
Maria Jose Target
Ccalla Deposit
Cochapata Target Sulfobamba
Ferrobamba
Chalcobamba
Las Bambasrsquo pits overlay Panororsquos targets for scale comparison only
COTABAMBAS PROJECT TARGETS
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
TSXVPML 18
HIGHER NPV
HIGHER IRR REDUCED CASH COSTS
REDUCED PAYBACK
REDUCED START-UP CAPITAL
LONGER MINE LIFE
INCREASE HIGH GRADE RESOURCE
ADD LOW COST RESOURCE
IMPROVE METALLURGICAL
RECOVERIES
EXPLORE SCALE CHANGING
POTENTIAL
OXIDE CU HEAP LEACH amp SXEW
OXIDE AUAG HEAP LEACH
MIXED amp OXIDE RESOURCES SKARN DISCOVERY NEAR SURFACE SULPHIDES
ENHANCEMENT OBJECTIVES
INCREASE RESOURCE INCREASE AVERAGE GRADE INCREASE PAYABLE METALS
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
ANTILLA PROJECT
NPV $US 491 M IRR 221
$US 126 B pretax $US 725 after tax
C1 $183lb C2 $ 235lb
NPV $US 225 M IRR 151 $US 603 M $US 324 M 33 year pretax
41 year after tax
NOTE Cu = $US300lb Mo = $US1200lb
TSXVPML 19
Antilla Initial CAPEX (US$ millions)
Item Cost
Mine Equipment $51
Mine Development $55
Process Plant $187
Tailings Storage Facility $18
Infrastructure $85
Subtotal $396
Owners Cost $28
Indirect Costs $82
Subtotal $506
Contingencies $97
Total Initial Capital Cost $603
PEA FINANCIAL METRICS
Initial Capital Pretax After Tax Payback Period Cash Costs LOM Cashflow LOM Sust
Capex
OPEN PIT
TAILINGS AREA
PLANTSITE AREA
WASTEROCK AREA
STOCKPILE
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
081Strip Ratio 297 Mt wasterock
LOM Payable Metal 194 Blbs Cu 44 Mlb Mo
150k dtpa Cu con 255 Cu
Payable Metal 81 Mlbsyear Cu
18 Mlbsyear Mo
350 Mt Mill Feed 40000 tpd
24 year LOM
031 Cu 85 0009 Mo 67
PEA DESIGN PARAMETERS
48 wasterock to build Tails Dam
124k dtpa Mo con 355 Cu
HIGH GRADE NEAR AT SURFACE
HIGH GRADE NEAR AT SURFACE
Note Cu = $US300lb Mo = $US1200lb TSXVPML 20
ANTILLA PROJECT PEA SUMMARY
ANTILLA PROJECT
Optimize Mine Plan Focus on high grade oxides amp secondary sulphides
TSXVPML 21
SCALED DEVELOPMENT
Reduce Throughput Evaluate processing
throughput scenarios between 10-40 ktpd
Lower Capital and Operating Costs
Explore low-cost heap leach amp SXEW facilities
Reduce Sustaining Capital Costs
Eliminate tailings management facility and
mill infrastructure
Maximize Project Cash Flows
Enhance early returns by delaying waste stripping
bull Develop low-cost high-margin leaching operation
bull Reduce development capital requirements to pave the way to financing
bull Focus on higher grade resource to maintain project returns
SCALED STAGED DEVELOPMENT PLAN POTENTIAL JV OPPORTUNITIES
FOCUSED ON REDUCING DEVELOPMENT CAPEX amp ENHANCING PROJECT RETURNS
FUNDED TO DECEMBER 2018 FUNDING IN PLACE 2016 - 2019
Upfront Payment
Wheaton Precious Metals will make an upfront cash payment of US$140 million plus a Production Payment for an amount of silver equal to 100 of silver production and an amount of gold equal to 25 of gold production
Production Payment
Wheaton Precious Metals will make an ongoing payment equal to the lesser of (i) US$450 in the case of delivered gold ounces and US$590 in the case of delivered silver ounces and (ii) the applicable prevailing market price
Early Deposit
US$14 million will be paid by Wheaton Precious Metals as an early deposit US$2 million will be paid in the first year following closing with US$15 million paid annually thereafter
Exploration Matching Provision
Wheaton Precious Metals to match equity proceeds of up to a total of US$35 million raised in the first two years following signing of PMPA to fund exploration at the Cotabambas Project
Wheaton Precious Metals Option
Wheaton Precious Metals will have the option to terminate the PMPA either 90 days following delivery of a Feasibility Study or at any time upon giving Panoro three monthsrsquo notice Wheaton Precious Metals can elect to receive a portion of the early deposit either as cash or shares upon termination with Panoro having
rights to defer cash payments over an up to two year period
BuyBack Option
Following a change of control subject to certain conditions Panoro has a one-time option to repurchase 50 of the precious metals stream with a payout based on the greater of (i) a minimum fixed return (ii) a return based on appreciation of precious metals prices over the term of the PMPA and (iii) a return based on appreciation of the Panoro share price over the term of the PMPA
TRANSACTION OVERVIEW
FUNDING TO DECEMBER 2018 M$CAD
July 1 Cash Position 10
WPM Basic Funding (Jul 2016 ndash Dec 2018) 39
WPM Matching Funds (2016 ) 26
Private Placement (Aug 2016) 66
Total Funding to December 2018 141
POTENTIAL FUNDING M$CAD
Financing (2017) - Contingent 20
WPM Matching Funds (2017) 20
Warrant Exercise (Aug 2018) 50
Total Additional Funding - Contingent 90
TSXVPML 22
PANORO MINERALS VALUATION METRICS
TSXVPML 23
CURRENT RESOURCES AND PEAs
WITH PROJECTED 2017 INVESTMENTS
COTABAMBAS PROJECT
COTA
BAM
BAS
amp A
NTI
LLA
PRO
JECT
S VA
LUAT
ION
(M C
AD)
COTA
BAM
BAS
VALU
ATIO
N (M
CAD
)
PAYMENTS
USD (M)
Advance $140
Gold Delivery $ 180
Silver Delivery $ 100
Total $ 420
COTABAMBAS PROJECT STREAMING AGREEMENT
STREAM AGREEMENT CAPPED POST 90M AGEQ OZ
OPTION CHANGE OF CONTROL
80 53 40
STREAM REDUCTION IN FUTURE CAPTURES EXPLORATION UPSIDE
FLEXIBILITY FOR ACQUIRER OF PROJECT
Exploration Funding
Development Funding
Validation of Project Flexibility Derisked
Financing
Leveraged for 2016 Placement
Valuation Benchmark
Custom Fit Agreement
24
REGIONAL
COTABAMBAS
Cochasayhuas
Kusiorcco
Promesa
El Rosal Chap - Chapi
JV Utupara
JV
Pataypampa Humamantata Morosayhuas Anyo
Checca
Development
Feasibility
Advanced Exploration
Early Exploration
Level 2 Prospects
Level 1 Prospects
INFRASTRUCTURE DEVELOPMENT
TSXVPML 25
ANTILLA
PANORO EXPLORATION STRATEGY
EXPLORATION DEFINING NEW PROJECTS FOR NEXT PHASE OF PANORO
COTABAMBAS PEA COMPLETED amp
UPDATED
ANTILLA PEA COMPLETED
1 PROJECT ENHANCEMENTS
2 PROJECT EXPANSIONS
3 STRATEGIC POSITIONING
2007 ndash 2014 2014 ndash 2016 2017 ndash 2019
PROMESA ANYO HUMAMANTATA KUSIORCCO
bull 4060 ha bull 5 km by 2 km porphyry bull 772 geochem samples bull 40 km IP bull 45 km Mag bull 37 km SP
bull 5000 ha bull Porphyry amp Skarn bull Hydrothermal Breccia bull 235 geochem samples
bull 3962 ha bull 4km by 17 km mineralized bull Two Porphyry zones bull Two Skarn zones bull IP amp Mag correlated
bull 5000 ha bull 1480 ha porphyry bull 772 geochem samples bull 4 drillholes bull 75 km IP bull 76 km Mag
2019 ndash 2020
PARTNER OR DIVEST
TSXVPML 26
1 2 3 4
COPPER FUNDAMENTALS SHORT TERM SURPLUS LONG TERM SUPPLY CHALLENGES
TSXVPML 27
MODEST SHORT TERM SURPLUS DRIVEN BY ECONOMIC REBALANCING IN CHINA
bull Broad macroeconomic slow down bull Chinese switch to consumer-based growth bull Peak in demand from end-use markets
LONG-TERM SUPPLY DEFICIT EXPECTED
bull Declining copper grades at existing operations
bull Inadequate high-quality discoveries bull Geopolitical risks and challenges restricting
development of greenfield projects
CONTINUED GROWTH IN GLOBAL COPPER DEMAND SUPPORT HIGHER LONG-TERM PRICES
bull Continued demand growth from China and developing countries expected
bull Increasing demand for energy efficient technologies requiring copper-intensive solutions
Source International Copper Association Ltd
Copper SupplyDemand (million tonnes)
STRUCTURAL CHANGES TO COPPER MARKET
NEW COPPER CYCLE EMERGING
Supply Pressures Refined Cu
bull Greater Production
Disruptions in Chile amp Indonesia
bull Declining Mine Grades bull Increasing Closures bull Curtailing Production bull Declining Supply of Scrap bull Peak SXEW Capacity
Reached in 2017 bull Chilean Mine Output
Decline Begins 2014
Shift to Cu Concentrates
bull Prone to Disruptions Technical Issues Slow Ramp-ups Declining Grades Strikes amp Protests Natural Disasters Cutbacks bull China Mine Output Set to
Decline bull Declining Availability of
Clean Concentrates
Concentrate Demand Growth
bull China Growing from Larger Base
bull Economic Rebound ex-China bull China Refocused on
Infrastructure Spending bull China Shifting Model away
from Cathode towards Concentrate imports
bull 2015 Chinese Concentrate Imports Exceed Cathodes (First Time)
Forecasted Shortages
bull Macquarie 10 Mt 2018-2020 bull Canaccord 11 Mt 2018-2019 bull RBC 09 Mt 2017-2019 bull Cu Shortfall Increasingly
from Shortage of Concentrate supply
TSXVPML 28
Large scale copper project greater potential strategic
location
TSXVPML 29
COTABAMBAS
ANTILLA
CONCLUSIONS
COTABAMBAS PROJECT
ANTILLA PROJECT Moderate scale project potential to monetize
FINANCED $141M to $231M funded to
2018 Wheaton Precious Metals Agreement
COPPER Principal commodity with supply constraints coming and demand
strong
PERU Key copper producing nation with national goal to become
largest copper producer nation
VALUATION POTENTIAL Significant Valuation Growth Potential for New Cycle
TSXVPML 30
TSXVPML FrankfurtPZM
BVLPML
For further information contact Luquman Shaheen President and CEO
Phone 6046844246 Email infopanorocom
wwwpanorocom
SUMMARY OF COTABAMBAS AND ANTILLA PROJECTS PEA RESULTS
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
TSXVPML 11
KEY PROJECT PARAMETERS
COTABAMBAS CUAUAG
PROJECT
ANTILLA CUMO PROJECT
Mill Feed life of mine million tonnes 4831 3504 Mill Feed daily tonnes 80000 40000 Strip Ratio life of mine 125 1 085 1
Before Tax1
NPV75 million USD 1052 491 IRR 204 221 Payback years 32 33
After Tax1
NPV75 million USD 683 225 IRR 167 151 Payback years 36 41
Annual Average Payable Metals
Cu thousand tonnes 705 368 Au thousand ounces 95 - Ag thousand ounces 1018 - Mo thousand tonnes - 09
Initial Capital Cost million USD 1533 603 Project economics estimated at commodity prices of Cu = $US300lb Au = $US1250oz Ag = $US1850oz Mo = $US12lb
$1052M NPV 204 IRR
32 Year Payback
$683M NPV 167 IRR
36 Year Payback
C1 $122lb Cu C2 $194lb Cu
155 M lbs Cu 95 k oz Au
1018 k oz Ag
26 B lbs Cu 16 M oz Au 17 M oz Ag
COTABAMBAS PROJECT
S E P T E M B E R 2 0 1 5 P E A
AFTER TAX
LIFE OF MINE PAYABLE METALS
CASH COSTS NETS OF BY PRODUCTS CREDITS
ANNUAL PAYABLE METALS
Note Cu = $US300lb Au = $US1250oz Ag = $US1850oz
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
BEFORE TAX
TSXVPML 12
27 Cu 11 gt Au 134 gt Ag
CLEAN CONCENTRATE
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
Add Low Cost
Oxides
Add High Grade Sulphides
Reduce Costs
Improve Metallurgical
Recovery
Increase Margins
2
1
TSXVPML 13
COTABAMBAS PROJECT CAPITAL COST AND ENHANCEMENTS
Grow Resource
COTABAMBAS INITIAL CAPEX (US$ MILLIONS)
Item Cost
Mine Equipment $236
Mine Development $127
Mine Infrastructure $17
Tailings Starter Dams $4
Tailings Disposal System $73
Process Plant $505
Site Infrastructure $67
Off Site Infrastructure $27
Mine Closure $50
Subtotal $1106
Owners Cost $40
Indirect Costs $152
Subtotal $1298
Contingencies $235
Initial Capital Cost $1533
1
COTABAMBAS PROJECT
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
Company Year Drill Holes
Metres
Antofagasta 1995 to 2002 24 8538
CDLM 2002 to 2007 10 3252
Panoro 2007 to 2012 29 17785
Panoro 2012 to 2013 81 40467
Panoro 2013 to 2014 11 4946
Panoro 2017 to 2018 50 14000
Total 155 88988
Resource Category
Zone Million tonnes
Cutoff Grade Cueq
Cu
Au gt
Ag gt
Indicated Hypogene 842 020 037 021 273
Supergene 89 020 073 031 307
Oxide Cu-Au 238 020 049 024 263
Oxide Au 02 020 - 066 374
Total 1171 020 042 023 274
Inferred Hypogene 521 020 029 018 241
Supergene 74 020 073 018 193
Oxide Cu-Au 758 020 041 015 182
Oxide Au 12 020 - 061 327
Total 6053 020 031 017 233 Source April 2015 NI 43-101 Technical Report prepared by Amec Foster Wheeler amp Tetra Tech
CLUSTER 1
TSXVPML 14
DEPOSIT RESOURCE amp GROWTH POTENTIAL
Maria Jose Targets
Breccia Target
North Pit
South Pit
Petra-David Target
Buenavista Targets
Line Limit of MAG (2011) Line Limit of MAG (2017)
Legend
PEA PIT
Andesite Hornblendic Quartz Monzonite I Hornblendic Quartz Monzonite II Hornblendic Quartz Monzonite III Latite
Colluvial
Lithology
Diorite Main Quartz Monzonite Monzonite Limestone
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
BRECCIA TARGET
2017 SCHEDULE
2
COTABAMBAS PROJECT
Completed January
TSXVPML 15
2017 CLUSTER 1 EXPLORATION PROGRAM
PETRA-DAVID TARGET
3
4
Mapping Sampling
Trenching
Geophysics
BUENAVISTA TARGETS
bull High Grade Sulphides bull Near Surface bull 170 Mt Potential bull 10000 m drilling planned
bull Gold Oxide Announced April 2017 bull Near Surface bull Intersected in 2014 Drilling over
145 gt Au bull 35 Mt Potential 05 Moz Potential bull 1000 m drilling planned
bull Copper Oxides bull Near Surface bull 60 Mt Potential bull 1000 m drilling planned
bull High Grade Sulphides bull Near Surface bull 70 Mt Potential bull 2000 m drilling planned
MARIA JOSE TARGETS
1
Community Agreement
Completed February - March
Completed March - April
Completed April
Drill Program (mobilization Apr) Underway April - December
Metallurgical Testing November
GROWING SCALE POTENTIAL FROM CLUSTER 1
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
COTABAMBAS PROJECT
TSXVPML 16
EXPLORATION TARGET RICH CLUSTER 1
DEFINING POTENTIAL TO INCREASE LOW COST GOLD OXIDE AND COPPER OXIDE COMPONENTS
HIGH GRADE NEAR SURFACE SULPHIDES GROWTH POTENTIAL
COTABAMBAS PROJECT
TSXVPML 17
CHAUPEC TARGET
bull USD $15M BudgetedFinanced for 2017 Drill Program bull 5000 m Drilling BudgetedFinanced
bull Porphyry Skarn type mineralization evidenced with 810 systematic rock samples
bull Anomalies I and II are Skarn and Anomaly III is Porphyry all outcropping at surface
PROJECT SCALE EXPANSION POTENTIAL
CLUSTER 1
1 Ccalla 2 Azulccacca 3 Cochapata 4 Maria Jose 5 Buenavista 6 Guaclle
CLUSTER 2
7 Chaupec 8 Jean Louis 9 Ccarayoc
OTHER TARGETS
10 Antildearqui 11 Cullusayhuas 12 Chuyllullo
2010 2014
2017
2017
2018
2017
CLUSTER 2
CLUSTER 1
Azulccacca Deposit
Buenavista Target
Guaclle Target
Chaupec Target
Ccayrayoc Target
Jean Louis Target
Maria Jose Target
Ccalla Deposit
Cochapata Target Sulfobamba
Ferrobamba
Chalcobamba
Las Bambasrsquo pits overlay Panororsquos targets for scale comparison only
COTABAMBAS PROJECT TARGETS
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
TSXVPML 18
HIGHER NPV
HIGHER IRR REDUCED CASH COSTS
REDUCED PAYBACK
REDUCED START-UP CAPITAL
LONGER MINE LIFE
INCREASE HIGH GRADE RESOURCE
ADD LOW COST RESOURCE
IMPROVE METALLURGICAL
RECOVERIES
EXPLORE SCALE CHANGING
POTENTIAL
OXIDE CU HEAP LEACH amp SXEW
OXIDE AUAG HEAP LEACH
MIXED amp OXIDE RESOURCES SKARN DISCOVERY NEAR SURFACE SULPHIDES
ENHANCEMENT OBJECTIVES
INCREASE RESOURCE INCREASE AVERAGE GRADE INCREASE PAYABLE METALS
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
ANTILLA PROJECT
NPV $US 491 M IRR 221
$US 126 B pretax $US 725 after tax
C1 $183lb C2 $ 235lb
NPV $US 225 M IRR 151 $US 603 M $US 324 M 33 year pretax
41 year after tax
NOTE Cu = $US300lb Mo = $US1200lb
TSXVPML 19
Antilla Initial CAPEX (US$ millions)
Item Cost
Mine Equipment $51
Mine Development $55
Process Plant $187
Tailings Storage Facility $18
Infrastructure $85
Subtotal $396
Owners Cost $28
Indirect Costs $82
Subtotal $506
Contingencies $97
Total Initial Capital Cost $603
PEA FINANCIAL METRICS
Initial Capital Pretax After Tax Payback Period Cash Costs LOM Cashflow LOM Sust
Capex
OPEN PIT
TAILINGS AREA
PLANTSITE AREA
WASTEROCK AREA
STOCKPILE
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
081Strip Ratio 297 Mt wasterock
LOM Payable Metal 194 Blbs Cu 44 Mlb Mo
150k dtpa Cu con 255 Cu
Payable Metal 81 Mlbsyear Cu
18 Mlbsyear Mo
350 Mt Mill Feed 40000 tpd
24 year LOM
031 Cu 85 0009 Mo 67
PEA DESIGN PARAMETERS
48 wasterock to build Tails Dam
124k dtpa Mo con 355 Cu
HIGH GRADE NEAR AT SURFACE
HIGH GRADE NEAR AT SURFACE
Note Cu = $US300lb Mo = $US1200lb TSXVPML 20
ANTILLA PROJECT PEA SUMMARY
ANTILLA PROJECT
Optimize Mine Plan Focus on high grade oxides amp secondary sulphides
TSXVPML 21
SCALED DEVELOPMENT
Reduce Throughput Evaluate processing
throughput scenarios between 10-40 ktpd
Lower Capital and Operating Costs
Explore low-cost heap leach amp SXEW facilities
Reduce Sustaining Capital Costs
Eliminate tailings management facility and
mill infrastructure
Maximize Project Cash Flows
Enhance early returns by delaying waste stripping
bull Develop low-cost high-margin leaching operation
bull Reduce development capital requirements to pave the way to financing
bull Focus on higher grade resource to maintain project returns
SCALED STAGED DEVELOPMENT PLAN POTENTIAL JV OPPORTUNITIES
FOCUSED ON REDUCING DEVELOPMENT CAPEX amp ENHANCING PROJECT RETURNS
FUNDED TO DECEMBER 2018 FUNDING IN PLACE 2016 - 2019
Upfront Payment
Wheaton Precious Metals will make an upfront cash payment of US$140 million plus a Production Payment for an amount of silver equal to 100 of silver production and an amount of gold equal to 25 of gold production
Production Payment
Wheaton Precious Metals will make an ongoing payment equal to the lesser of (i) US$450 in the case of delivered gold ounces and US$590 in the case of delivered silver ounces and (ii) the applicable prevailing market price
Early Deposit
US$14 million will be paid by Wheaton Precious Metals as an early deposit US$2 million will be paid in the first year following closing with US$15 million paid annually thereafter
Exploration Matching Provision
Wheaton Precious Metals to match equity proceeds of up to a total of US$35 million raised in the first two years following signing of PMPA to fund exploration at the Cotabambas Project
Wheaton Precious Metals Option
Wheaton Precious Metals will have the option to terminate the PMPA either 90 days following delivery of a Feasibility Study or at any time upon giving Panoro three monthsrsquo notice Wheaton Precious Metals can elect to receive a portion of the early deposit either as cash or shares upon termination with Panoro having
rights to defer cash payments over an up to two year period
BuyBack Option
Following a change of control subject to certain conditions Panoro has a one-time option to repurchase 50 of the precious metals stream with a payout based on the greater of (i) a minimum fixed return (ii) a return based on appreciation of precious metals prices over the term of the PMPA and (iii) a return based on appreciation of the Panoro share price over the term of the PMPA
TRANSACTION OVERVIEW
FUNDING TO DECEMBER 2018 M$CAD
July 1 Cash Position 10
WPM Basic Funding (Jul 2016 ndash Dec 2018) 39
WPM Matching Funds (2016 ) 26
Private Placement (Aug 2016) 66
Total Funding to December 2018 141
POTENTIAL FUNDING M$CAD
Financing (2017) - Contingent 20
WPM Matching Funds (2017) 20
Warrant Exercise (Aug 2018) 50
Total Additional Funding - Contingent 90
TSXVPML 22
PANORO MINERALS VALUATION METRICS
TSXVPML 23
CURRENT RESOURCES AND PEAs
WITH PROJECTED 2017 INVESTMENTS
COTABAMBAS PROJECT
COTA
BAM
BAS
amp A
NTI
LLA
PRO
JECT
S VA
LUAT
ION
(M C
AD)
COTA
BAM
BAS
VALU
ATIO
N (M
CAD
)
PAYMENTS
USD (M)
Advance $140
Gold Delivery $ 180
Silver Delivery $ 100
Total $ 420
COTABAMBAS PROJECT STREAMING AGREEMENT
STREAM AGREEMENT CAPPED POST 90M AGEQ OZ
OPTION CHANGE OF CONTROL
80 53 40
STREAM REDUCTION IN FUTURE CAPTURES EXPLORATION UPSIDE
FLEXIBILITY FOR ACQUIRER OF PROJECT
Exploration Funding
Development Funding
Validation of Project Flexibility Derisked
Financing
Leveraged for 2016 Placement
Valuation Benchmark
Custom Fit Agreement
24
REGIONAL
COTABAMBAS
Cochasayhuas
Kusiorcco
Promesa
El Rosal Chap - Chapi
JV Utupara
JV
Pataypampa Humamantata Morosayhuas Anyo
Checca
Development
Feasibility
Advanced Exploration
Early Exploration
Level 2 Prospects
Level 1 Prospects
INFRASTRUCTURE DEVELOPMENT
TSXVPML 25
ANTILLA
PANORO EXPLORATION STRATEGY
EXPLORATION DEFINING NEW PROJECTS FOR NEXT PHASE OF PANORO
COTABAMBAS PEA COMPLETED amp
UPDATED
ANTILLA PEA COMPLETED
1 PROJECT ENHANCEMENTS
2 PROJECT EXPANSIONS
3 STRATEGIC POSITIONING
2007 ndash 2014 2014 ndash 2016 2017 ndash 2019
PROMESA ANYO HUMAMANTATA KUSIORCCO
bull 4060 ha bull 5 km by 2 km porphyry bull 772 geochem samples bull 40 km IP bull 45 km Mag bull 37 km SP
bull 5000 ha bull Porphyry amp Skarn bull Hydrothermal Breccia bull 235 geochem samples
bull 3962 ha bull 4km by 17 km mineralized bull Two Porphyry zones bull Two Skarn zones bull IP amp Mag correlated
bull 5000 ha bull 1480 ha porphyry bull 772 geochem samples bull 4 drillholes bull 75 km IP bull 76 km Mag
2019 ndash 2020
PARTNER OR DIVEST
TSXVPML 26
1 2 3 4
COPPER FUNDAMENTALS SHORT TERM SURPLUS LONG TERM SUPPLY CHALLENGES
TSXVPML 27
MODEST SHORT TERM SURPLUS DRIVEN BY ECONOMIC REBALANCING IN CHINA
bull Broad macroeconomic slow down bull Chinese switch to consumer-based growth bull Peak in demand from end-use markets
LONG-TERM SUPPLY DEFICIT EXPECTED
bull Declining copper grades at existing operations
bull Inadequate high-quality discoveries bull Geopolitical risks and challenges restricting
development of greenfield projects
CONTINUED GROWTH IN GLOBAL COPPER DEMAND SUPPORT HIGHER LONG-TERM PRICES
bull Continued demand growth from China and developing countries expected
bull Increasing demand for energy efficient technologies requiring copper-intensive solutions
Source International Copper Association Ltd
Copper SupplyDemand (million tonnes)
STRUCTURAL CHANGES TO COPPER MARKET
NEW COPPER CYCLE EMERGING
Supply Pressures Refined Cu
bull Greater Production
Disruptions in Chile amp Indonesia
bull Declining Mine Grades bull Increasing Closures bull Curtailing Production bull Declining Supply of Scrap bull Peak SXEW Capacity
Reached in 2017 bull Chilean Mine Output
Decline Begins 2014
Shift to Cu Concentrates
bull Prone to Disruptions Technical Issues Slow Ramp-ups Declining Grades Strikes amp Protests Natural Disasters Cutbacks bull China Mine Output Set to
Decline bull Declining Availability of
Clean Concentrates
Concentrate Demand Growth
bull China Growing from Larger Base
bull Economic Rebound ex-China bull China Refocused on
Infrastructure Spending bull China Shifting Model away
from Cathode towards Concentrate imports
bull 2015 Chinese Concentrate Imports Exceed Cathodes (First Time)
Forecasted Shortages
bull Macquarie 10 Mt 2018-2020 bull Canaccord 11 Mt 2018-2019 bull RBC 09 Mt 2017-2019 bull Cu Shortfall Increasingly
from Shortage of Concentrate supply
TSXVPML 28
Large scale copper project greater potential strategic
location
TSXVPML 29
COTABAMBAS
ANTILLA
CONCLUSIONS
COTABAMBAS PROJECT
ANTILLA PROJECT Moderate scale project potential to monetize
FINANCED $141M to $231M funded to
2018 Wheaton Precious Metals Agreement
COPPER Principal commodity with supply constraints coming and demand
strong
PERU Key copper producing nation with national goal to become
largest copper producer nation
VALUATION POTENTIAL Significant Valuation Growth Potential for New Cycle
TSXVPML 30
TSXVPML FrankfurtPZM
BVLPML
For further information contact Luquman Shaheen President and CEO
Phone 6046844246 Email infopanorocom
wwwpanorocom
$1052M NPV 204 IRR
32 Year Payback
$683M NPV 167 IRR
36 Year Payback
C1 $122lb Cu C2 $194lb Cu
155 M lbs Cu 95 k oz Au
1018 k oz Ag
26 B lbs Cu 16 M oz Au 17 M oz Ag
COTABAMBAS PROJECT
S E P T E M B E R 2 0 1 5 P E A
AFTER TAX
LIFE OF MINE PAYABLE METALS
CASH COSTS NETS OF BY PRODUCTS CREDITS
ANNUAL PAYABLE METALS
Note Cu = $US300lb Au = $US1250oz Ag = $US1850oz
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
BEFORE TAX
TSXVPML 12
27 Cu 11 gt Au 134 gt Ag
CLEAN CONCENTRATE
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
Add Low Cost
Oxides
Add High Grade Sulphides
Reduce Costs
Improve Metallurgical
Recovery
Increase Margins
2
1
TSXVPML 13
COTABAMBAS PROJECT CAPITAL COST AND ENHANCEMENTS
Grow Resource
COTABAMBAS INITIAL CAPEX (US$ MILLIONS)
Item Cost
Mine Equipment $236
Mine Development $127
Mine Infrastructure $17
Tailings Starter Dams $4
Tailings Disposal System $73
Process Plant $505
Site Infrastructure $67
Off Site Infrastructure $27
Mine Closure $50
Subtotal $1106
Owners Cost $40
Indirect Costs $152
Subtotal $1298
Contingencies $235
Initial Capital Cost $1533
1
COTABAMBAS PROJECT
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
Company Year Drill Holes
Metres
Antofagasta 1995 to 2002 24 8538
CDLM 2002 to 2007 10 3252
Panoro 2007 to 2012 29 17785
Panoro 2012 to 2013 81 40467
Panoro 2013 to 2014 11 4946
Panoro 2017 to 2018 50 14000
Total 155 88988
Resource Category
Zone Million tonnes
Cutoff Grade Cueq
Cu
Au gt
Ag gt
Indicated Hypogene 842 020 037 021 273
Supergene 89 020 073 031 307
Oxide Cu-Au 238 020 049 024 263
Oxide Au 02 020 - 066 374
Total 1171 020 042 023 274
Inferred Hypogene 521 020 029 018 241
Supergene 74 020 073 018 193
Oxide Cu-Au 758 020 041 015 182
Oxide Au 12 020 - 061 327
Total 6053 020 031 017 233 Source April 2015 NI 43-101 Technical Report prepared by Amec Foster Wheeler amp Tetra Tech
CLUSTER 1
TSXVPML 14
DEPOSIT RESOURCE amp GROWTH POTENTIAL
Maria Jose Targets
Breccia Target
North Pit
South Pit
Petra-David Target
Buenavista Targets
Line Limit of MAG (2011) Line Limit of MAG (2017)
Legend
PEA PIT
Andesite Hornblendic Quartz Monzonite I Hornblendic Quartz Monzonite II Hornblendic Quartz Monzonite III Latite
Colluvial
Lithology
Diorite Main Quartz Monzonite Monzonite Limestone
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
BRECCIA TARGET
2017 SCHEDULE
2
COTABAMBAS PROJECT
Completed January
TSXVPML 15
2017 CLUSTER 1 EXPLORATION PROGRAM
PETRA-DAVID TARGET
3
4
Mapping Sampling
Trenching
Geophysics
BUENAVISTA TARGETS
bull High Grade Sulphides bull Near Surface bull 170 Mt Potential bull 10000 m drilling planned
bull Gold Oxide Announced April 2017 bull Near Surface bull Intersected in 2014 Drilling over
145 gt Au bull 35 Mt Potential 05 Moz Potential bull 1000 m drilling planned
bull Copper Oxides bull Near Surface bull 60 Mt Potential bull 1000 m drilling planned
bull High Grade Sulphides bull Near Surface bull 70 Mt Potential bull 2000 m drilling planned
MARIA JOSE TARGETS
1
Community Agreement
Completed February - March
Completed March - April
Completed April
Drill Program (mobilization Apr) Underway April - December
Metallurgical Testing November
GROWING SCALE POTENTIAL FROM CLUSTER 1
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
COTABAMBAS PROJECT
TSXVPML 16
EXPLORATION TARGET RICH CLUSTER 1
DEFINING POTENTIAL TO INCREASE LOW COST GOLD OXIDE AND COPPER OXIDE COMPONENTS
HIGH GRADE NEAR SURFACE SULPHIDES GROWTH POTENTIAL
COTABAMBAS PROJECT
TSXVPML 17
CHAUPEC TARGET
bull USD $15M BudgetedFinanced for 2017 Drill Program bull 5000 m Drilling BudgetedFinanced
bull Porphyry Skarn type mineralization evidenced with 810 systematic rock samples
bull Anomalies I and II are Skarn and Anomaly III is Porphyry all outcropping at surface
PROJECT SCALE EXPANSION POTENTIAL
CLUSTER 1
1 Ccalla 2 Azulccacca 3 Cochapata 4 Maria Jose 5 Buenavista 6 Guaclle
CLUSTER 2
7 Chaupec 8 Jean Louis 9 Ccarayoc
OTHER TARGETS
10 Antildearqui 11 Cullusayhuas 12 Chuyllullo
2010 2014
2017
2017
2018
2017
CLUSTER 2
CLUSTER 1
Azulccacca Deposit
Buenavista Target
Guaclle Target
Chaupec Target
Ccayrayoc Target
Jean Louis Target
Maria Jose Target
Ccalla Deposit
Cochapata Target Sulfobamba
Ferrobamba
Chalcobamba
Las Bambasrsquo pits overlay Panororsquos targets for scale comparison only
COTABAMBAS PROJECT TARGETS
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
TSXVPML 18
HIGHER NPV
HIGHER IRR REDUCED CASH COSTS
REDUCED PAYBACK
REDUCED START-UP CAPITAL
LONGER MINE LIFE
INCREASE HIGH GRADE RESOURCE
ADD LOW COST RESOURCE
IMPROVE METALLURGICAL
RECOVERIES
EXPLORE SCALE CHANGING
POTENTIAL
OXIDE CU HEAP LEACH amp SXEW
OXIDE AUAG HEAP LEACH
MIXED amp OXIDE RESOURCES SKARN DISCOVERY NEAR SURFACE SULPHIDES
ENHANCEMENT OBJECTIVES
INCREASE RESOURCE INCREASE AVERAGE GRADE INCREASE PAYABLE METALS
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
ANTILLA PROJECT
NPV $US 491 M IRR 221
$US 126 B pretax $US 725 after tax
C1 $183lb C2 $ 235lb
NPV $US 225 M IRR 151 $US 603 M $US 324 M 33 year pretax
41 year after tax
NOTE Cu = $US300lb Mo = $US1200lb
TSXVPML 19
Antilla Initial CAPEX (US$ millions)
Item Cost
Mine Equipment $51
Mine Development $55
Process Plant $187
Tailings Storage Facility $18
Infrastructure $85
Subtotal $396
Owners Cost $28
Indirect Costs $82
Subtotal $506
Contingencies $97
Total Initial Capital Cost $603
PEA FINANCIAL METRICS
Initial Capital Pretax After Tax Payback Period Cash Costs LOM Cashflow LOM Sust
Capex
OPEN PIT
TAILINGS AREA
PLANTSITE AREA
WASTEROCK AREA
STOCKPILE
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
081Strip Ratio 297 Mt wasterock
LOM Payable Metal 194 Blbs Cu 44 Mlb Mo
150k dtpa Cu con 255 Cu
Payable Metal 81 Mlbsyear Cu
18 Mlbsyear Mo
350 Mt Mill Feed 40000 tpd
24 year LOM
031 Cu 85 0009 Mo 67
PEA DESIGN PARAMETERS
48 wasterock to build Tails Dam
124k dtpa Mo con 355 Cu
HIGH GRADE NEAR AT SURFACE
HIGH GRADE NEAR AT SURFACE
Note Cu = $US300lb Mo = $US1200lb TSXVPML 20
ANTILLA PROJECT PEA SUMMARY
ANTILLA PROJECT
Optimize Mine Plan Focus on high grade oxides amp secondary sulphides
TSXVPML 21
SCALED DEVELOPMENT
Reduce Throughput Evaluate processing
throughput scenarios between 10-40 ktpd
Lower Capital and Operating Costs
Explore low-cost heap leach amp SXEW facilities
Reduce Sustaining Capital Costs
Eliminate tailings management facility and
mill infrastructure
Maximize Project Cash Flows
Enhance early returns by delaying waste stripping
bull Develop low-cost high-margin leaching operation
bull Reduce development capital requirements to pave the way to financing
bull Focus on higher grade resource to maintain project returns
SCALED STAGED DEVELOPMENT PLAN POTENTIAL JV OPPORTUNITIES
FOCUSED ON REDUCING DEVELOPMENT CAPEX amp ENHANCING PROJECT RETURNS
FUNDED TO DECEMBER 2018 FUNDING IN PLACE 2016 - 2019
Upfront Payment
Wheaton Precious Metals will make an upfront cash payment of US$140 million plus a Production Payment for an amount of silver equal to 100 of silver production and an amount of gold equal to 25 of gold production
Production Payment
Wheaton Precious Metals will make an ongoing payment equal to the lesser of (i) US$450 in the case of delivered gold ounces and US$590 in the case of delivered silver ounces and (ii) the applicable prevailing market price
Early Deposit
US$14 million will be paid by Wheaton Precious Metals as an early deposit US$2 million will be paid in the first year following closing with US$15 million paid annually thereafter
Exploration Matching Provision
Wheaton Precious Metals to match equity proceeds of up to a total of US$35 million raised in the first two years following signing of PMPA to fund exploration at the Cotabambas Project
Wheaton Precious Metals Option
Wheaton Precious Metals will have the option to terminate the PMPA either 90 days following delivery of a Feasibility Study or at any time upon giving Panoro three monthsrsquo notice Wheaton Precious Metals can elect to receive a portion of the early deposit either as cash or shares upon termination with Panoro having
rights to defer cash payments over an up to two year period
BuyBack Option
Following a change of control subject to certain conditions Panoro has a one-time option to repurchase 50 of the precious metals stream with a payout based on the greater of (i) a minimum fixed return (ii) a return based on appreciation of precious metals prices over the term of the PMPA and (iii) a return based on appreciation of the Panoro share price over the term of the PMPA
TRANSACTION OVERVIEW
FUNDING TO DECEMBER 2018 M$CAD
July 1 Cash Position 10
WPM Basic Funding (Jul 2016 ndash Dec 2018) 39
WPM Matching Funds (2016 ) 26
Private Placement (Aug 2016) 66
Total Funding to December 2018 141
POTENTIAL FUNDING M$CAD
Financing (2017) - Contingent 20
WPM Matching Funds (2017) 20
Warrant Exercise (Aug 2018) 50
Total Additional Funding - Contingent 90
TSXVPML 22
PANORO MINERALS VALUATION METRICS
TSXVPML 23
CURRENT RESOURCES AND PEAs
WITH PROJECTED 2017 INVESTMENTS
COTABAMBAS PROJECT
COTA
BAM
BAS
amp A
NTI
LLA
PRO
JECT
S VA
LUAT
ION
(M C
AD)
COTA
BAM
BAS
VALU
ATIO
N (M
CAD
)
PAYMENTS
USD (M)
Advance $140
Gold Delivery $ 180
Silver Delivery $ 100
Total $ 420
COTABAMBAS PROJECT STREAMING AGREEMENT
STREAM AGREEMENT CAPPED POST 90M AGEQ OZ
OPTION CHANGE OF CONTROL
80 53 40
STREAM REDUCTION IN FUTURE CAPTURES EXPLORATION UPSIDE
FLEXIBILITY FOR ACQUIRER OF PROJECT
Exploration Funding
Development Funding
Validation of Project Flexibility Derisked
Financing
Leveraged for 2016 Placement
Valuation Benchmark
Custom Fit Agreement
24
REGIONAL
COTABAMBAS
Cochasayhuas
Kusiorcco
Promesa
El Rosal Chap - Chapi
JV Utupara
JV
Pataypampa Humamantata Morosayhuas Anyo
Checca
Development
Feasibility
Advanced Exploration
Early Exploration
Level 2 Prospects
Level 1 Prospects
INFRASTRUCTURE DEVELOPMENT
TSXVPML 25
ANTILLA
PANORO EXPLORATION STRATEGY
EXPLORATION DEFINING NEW PROJECTS FOR NEXT PHASE OF PANORO
COTABAMBAS PEA COMPLETED amp
UPDATED
ANTILLA PEA COMPLETED
1 PROJECT ENHANCEMENTS
2 PROJECT EXPANSIONS
3 STRATEGIC POSITIONING
2007 ndash 2014 2014 ndash 2016 2017 ndash 2019
PROMESA ANYO HUMAMANTATA KUSIORCCO
bull 4060 ha bull 5 km by 2 km porphyry bull 772 geochem samples bull 40 km IP bull 45 km Mag bull 37 km SP
bull 5000 ha bull Porphyry amp Skarn bull Hydrothermal Breccia bull 235 geochem samples
bull 3962 ha bull 4km by 17 km mineralized bull Two Porphyry zones bull Two Skarn zones bull IP amp Mag correlated
bull 5000 ha bull 1480 ha porphyry bull 772 geochem samples bull 4 drillholes bull 75 km IP bull 76 km Mag
2019 ndash 2020
PARTNER OR DIVEST
TSXVPML 26
1 2 3 4
COPPER FUNDAMENTALS SHORT TERM SURPLUS LONG TERM SUPPLY CHALLENGES
TSXVPML 27
MODEST SHORT TERM SURPLUS DRIVEN BY ECONOMIC REBALANCING IN CHINA
bull Broad macroeconomic slow down bull Chinese switch to consumer-based growth bull Peak in demand from end-use markets
LONG-TERM SUPPLY DEFICIT EXPECTED
bull Declining copper grades at existing operations
bull Inadequate high-quality discoveries bull Geopolitical risks and challenges restricting
development of greenfield projects
CONTINUED GROWTH IN GLOBAL COPPER DEMAND SUPPORT HIGHER LONG-TERM PRICES
bull Continued demand growth from China and developing countries expected
bull Increasing demand for energy efficient technologies requiring copper-intensive solutions
Source International Copper Association Ltd
Copper SupplyDemand (million tonnes)
STRUCTURAL CHANGES TO COPPER MARKET
NEW COPPER CYCLE EMERGING
Supply Pressures Refined Cu
bull Greater Production
Disruptions in Chile amp Indonesia
bull Declining Mine Grades bull Increasing Closures bull Curtailing Production bull Declining Supply of Scrap bull Peak SXEW Capacity
Reached in 2017 bull Chilean Mine Output
Decline Begins 2014
Shift to Cu Concentrates
bull Prone to Disruptions Technical Issues Slow Ramp-ups Declining Grades Strikes amp Protests Natural Disasters Cutbacks bull China Mine Output Set to
Decline bull Declining Availability of
Clean Concentrates
Concentrate Demand Growth
bull China Growing from Larger Base
bull Economic Rebound ex-China bull China Refocused on
Infrastructure Spending bull China Shifting Model away
from Cathode towards Concentrate imports
bull 2015 Chinese Concentrate Imports Exceed Cathodes (First Time)
Forecasted Shortages
bull Macquarie 10 Mt 2018-2020 bull Canaccord 11 Mt 2018-2019 bull RBC 09 Mt 2017-2019 bull Cu Shortfall Increasingly
from Shortage of Concentrate supply
TSXVPML 28
Large scale copper project greater potential strategic
location
TSXVPML 29
COTABAMBAS
ANTILLA
CONCLUSIONS
COTABAMBAS PROJECT
ANTILLA PROJECT Moderate scale project potential to monetize
FINANCED $141M to $231M funded to
2018 Wheaton Precious Metals Agreement
COPPER Principal commodity with supply constraints coming and demand
strong
PERU Key copper producing nation with national goal to become
largest copper producer nation
VALUATION POTENTIAL Significant Valuation Growth Potential for New Cycle
TSXVPML 30
TSXVPML FrankfurtPZM
BVLPML
For further information contact Luquman Shaheen President and CEO
Phone 6046844246 Email infopanorocom
wwwpanorocom
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
Add Low Cost
Oxides
Add High Grade Sulphides
Reduce Costs
Improve Metallurgical
Recovery
Increase Margins
2
1
TSXVPML 13
COTABAMBAS PROJECT CAPITAL COST AND ENHANCEMENTS
Grow Resource
COTABAMBAS INITIAL CAPEX (US$ MILLIONS)
Item Cost
Mine Equipment $236
Mine Development $127
Mine Infrastructure $17
Tailings Starter Dams $4
Tailings Disposal System $73
Process Plant $505
Site Infrastructure $67
Off Site Infrastructure $27
Mine Closure $50
Subtotal $1106
Owners Cost $40
Indirect Costs $152
Subtotal $1298
Contingencies $235
Initial Capital Cost $1533
1
COTABAMBAS PROJECT
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
Company Year Drill Holes
Metres
Antofagasta 1995 to 2002 24 8538
CDLM 2002 to 2007 10 3252
Panoro 2007 to 2012 29 17785
Panoro 2012 to 2013 81 40467
Panoro 2013 to 2014 11 4946
Panoro 2017 to 2018 50 14000
Total 155 88988
Resource Category
Zone Million tonnes
Cutoff Grade Cueq
Cu
Au gt
Ag gt
Indicated Hypogene 842 020 037 021 273
Supergene 89 020 073 031 307
Oxide Cu-Au 238 020 049 024 263
Oxide Au 02 020 - 066 374
Total 1171 020 042 023 274
Inferred Hypogene 521 020 029 018 241
Supergene 74 020 073 018 193
Oxide Cu-Au 758 020 041 015 182
Oxide Au 12 020 - 061 327
Total 6053 020 031 017 233 Source April 2015 NI 43-101 Technical Report prepared by Amec Foster Wheeler amp Tetra Tech
CLUSTER 1
TSXVPML 14
DEPOSIT RESOURCE amp GROWTH POTENTIAL
Maria Jose Targets
Breccia Target
North Pit
South Pit
Petra-David Target
Buenavista Targets
Line Limit of MAG (2011) Line Limit of MAG (2017)
Legend
PEA PIT
Andesite Hornblendic Quartz Monzonite I Hornblendic Quartz Monzonite II Hornblendic Quartz Monzonite III Latite
Colluvial
Lithology
Diorite Main Quartz Monzonite Monzonite Limestone
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
BRECCIA TARGET
2017 SCHEDULE
2
COTABAMBAS PROJECT
Completed January
TSXVPML 15
2017 CLUSTER 1 EXPLORATION PROGRAM
PETRA-DAVID TARGET
3
4
Mapping Sampling
Trenching
Geophysics
BUENAVISTA TARGETS
bull High Grade Sulphides bull Near Surface bull 170 Mt Potential bull 10000 m drilling planned
bull Gold Oxide Announced April 2017 bull Near Surface bull Intersected in 2014 Drilling over
145 gt Au bull 35 Mt Potential 05 Moz Potential bull 1000 m drilling planned
bull Copper Oxides bull Near Surface bull 60 Mt Potential bull 1000 m drilling planned
bull High Grade Sulphides bull Near Surface bull 70 Mt Potential bull 2000 m drilling planned
MARIA JOSE TARGETS
1
Community Agreement
Completed February - March
Completed March - April
Completed April
Drill Program (mobilization Apr) Underway April - December
Metallurgical Testing November
GROWING SCALE POTENTIAL FROM CLUSTER 1
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
COTABAMBAS PROJECT
TSXVPML 16
EXPLORATION TARGET RICH CLUSTER 1
DEFINING POTENTIAL TO INCREASE LOW COST GOLD OXIDE AND COPPER OXIDE COMPONENTS
HIGH GRADE NEAR SURFACE SULPHIDES GROWTH POTENTIAL
COTABAMBAS PROJECT
TSXVPML 17
CHAUPEC TARGET
bull USD $15M BudgetedFinanced for 2017 Drill Program bull 5000 m Drilling BudgetedFinanced
bull Porphyry Skarn type mineralization evidenced with 810 systematic rock samples
bull Anomalies I and II are Skarn and Anomaly III is Porphyry all outcropping at surface
PROJECT SCALE EXPANSION POTENTIAL
CLUSTER 1
1 Ccalla 2 Azulccacca 3 Cochapata 4 Maria Jose 5 Buenavista 6 Guaclle
CLUSTER 2
7 Chaupec 8 Jean Louis 9 Ccarayoc
OTHER TARGETS
10 Antildearqui 11 Cullusayhuas 12 Chuyllullo
2010 2014
2017
2017
2018
2017
CLUSTER 2
CLUSTER 1
Azulccacca Deposit
Buenavista Target
Guaclle Target
Chaupec Target
Ccayrayoc Target
Jean Louis Target
Maria Jose Target
Ccalla Deposit
Cochapata Target Sulfobamba
Ferrobamba
Chalcobamba
Las Bambasrsquo pits overlay Panororsquos targets for scale comparison only
COTABAMBAS PROJECT TARGETS
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
TSXVPML 18
HIGHER NPV
HIGHER IRR REDUCED CASH COSTS
REDUCED PAYBACK
REDUCED START-UP CAPITAL
LONGER MINE LIFE
INCREASE HIGH GRADE RESOURCE
ADD LOW COST RESOURCE
IMPROVE METALLURGICAL
RECOVERIES
EXPLORE SCALE CHANGING
POTENTIAL
OXIDE CU HEAP LEACH amp SXEW
OXIDE AUAG HEAP LEACH
MIXED amp OXIDE RESOURCES SKARN DISCOVERY NEAR SURFACE SULPHIDES
ENHANCEMENT OBJECTIVES
INCREASE RESOURCE INCREASE AVERAGE GRADE INCREASE PAYABLE METALS
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
ANTILLA PROJECT
NPV $US 491 M IRR 221
$US 126 B pretax $US 725 after tax
C1 $183lb C2 $ 235lb
NPV $US 225 M IRR 151 $US 603 M $US 324 M 33 year pretax
41 year after tax
NOTE Cu = $US300lb Mo = $US1200lb
TSXVPML 19
Antilla Initial CAPEX (US$ millions)
Item Cost
Mine Equipment $51
Mine Development $55
Process Plant $187
Tailings Storage Facility $18
Infrastructure $85
Subtotal $396
Owners Cost $28
Indirect Costs $82
Subtotal $506
Contingencies $97
Total Initial Capital Cost $603
PEA FINANCIAL METRICS
Initial Capital Pretax After Tax Payback Period Cash Costs LOM Cashflow LOM Sust
Capex
OPEN PIT
TAILINGS AREA
PLANTSITE AREA
WASTEROCK AREA
STOCKPILE
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
081Strip Ratio 297 Mt wasterock
LOM Payable Metal 194 Blbs Cu 44 Mlb Mo
150k dtpa Cu con 255 Cu
Payable Metal 81 Mlbsyear Cu
18 Mlbsyear Mo
350 Mt Mill Feed 40000 tpd
24 year LOM
031 Cu 85 0009 Mo 67
PEA DESIGN PARAMETERS
48 wasterock to build Tails Dam
124k dtpa Mo con 355 Cu
HIGH GRADE NEAR AT SURFACE
HIGH GRADE NEAR AT SURFACE
Note Cu = $US300lb Mo = $US1200lb TSXVPML 20
ANTILLA PROJECT PEA SUMMARY
ANTILLA PROJECT
Optimize Mine Plan Focus on high grade oxides amp secondary sulphides
TSXVPML 21
SCALED DEVELOPMENT
Reduce Throughput Evaluate processing
throughput scenarios between 10-40 ktpd
Lower Capital and Operating Costs
Explore low-cost heap leach amp SXEW facilities
Reduce Sustaining Capital Costs
Eliminate tailings management facility and
mill infrastructure
Maximize Project Cash Flows
Enhance early returns by delaying waste stripping
bull Develop low-cost high-margin leaching operation
bull Reduce development capital requirements to pave the way to financing
bull Focus on higher grade resource to maintain project returns
SCALED STAGED DEVELOPMENT PLAN POTENTIAL JV OPPORTUNITIES
FOCUSED ON REDUCING DEVELOPMENT CAPEX amp ENHANCING PROJECT RETURNS
FUNDED TO DECEMBER 2018 FUNDING IN PLACE 2016 - 2019
Upfront Payment
Wheaton Precious Metals will make an upfront cash payment of US$140 million plus a Production Payment for an amount of silver equal to 100 of silver production and an amount of gold equal to 25 of gold production
Production Payment
Wheaton Precious Metals will make an ongoing payment equal to the lesser of (i) US$450 in the case of delivered gold ounces and US$590 in the case of delivered silver ounces and (ii) the applicable prevailing market price
Early Deposit
US$14 million will be paid by Wheaton Precious Metals as an early deposit US$2 million will be paid in the first year following closing with US$15 million paid annually thereafter
Exploration Matching Provision
Wheaton Precious Metals to match equity proceeds of up to a total of US$35 million raised in the first two years following signing of PMPA to fund exploration at the Cotabambas Project
Wheaton Precious Metals Option
Wheaton Precious Metals will have the option to terminate the PMPA either 90 days following delivery of a Feasibility Study or at any time upon giving Panoro three monthsrsquo notice Wheaton Precious Metals can elect to receive a portion of the early deposit either as cash or shares upon termination with Panoro having
rights to defer cash payments over an up to two year period
BuyBack Option
Following a change of control subject to certain conditions Panoro has a one-time option to repurchase 50 of the precious metals stream with a payout based on the greater of (i) a minimum fixed return (ii) a return based on appreciation of precious metals prices over the term of the PMPA and (iii) a return based on appreciation of the Panoro share price over the term of the PMPA
TRANSACTION OVERVIEW
FUNDING TO DECEMBER 2018 M$CAD
July 1 Cash Position 10
WPM Basic Funding (Jul 2016 ndash Dec 2018) 39
WPM Matching Funds (2016 ) 26
Private Placement (Aug 2016) 66
Total Funding to December 2018 141
POTENTIAL FUNDING M$CAD
Financing (2017) - Contingent 20
WPM Matching Funds (2017) 20
Warrant Exercise (Aug 2018) 50
Total Additional Funding - Contingent 90
TSXVPML 22
PANORO MINERALS VALUATION METRICS
TSXVPML 23
CURRENT RESOURCES AND PEAs
WITH PROJECTED 2017 INVESTMENTS
COTABAMBAS PROJECT
COTA
BAM
BAS
amp A
NTI
LLA
PRO
JECT
S VA
LUAT
ION
(M C
AD)
COTA
BAM
BAS
VALU
ATIO
N (M
CAD
)
PAYMENTS
USD (M)
Advance $140
Gold Delivery $ 180
Silver Delivery $ 100
Total $ 420
COTABAMBAS PROJECT STREAMING AGREEMENT
STREAM AGREEMENT CAPPED POST 90M AGEQ OZ
OPTION CHANGE OF CONTROL
80 53 40
STREAM REDUCTION IN FUTURE CAPTURES EXPLORATION UPSIDE
FLEXIBILITY FOR ACQUIRER OF PROJECT
Exploration Funding
Development Funding
Validation of Project Flexibility Derisked
Financing
Leveraged for 2016 Placement
Valuation Benchmark
Custom Fit Agreement
24
REGIONAL
COTABAMBAS
Cochasayhuas
Kusiorcco
Promesa
El Rosal Chap - Chapi
JV Utupara
JV
Pataypampa Humamantata Morosayhuas Anyo
Checca
Development
Feasibility
Advanced Exploration
Early Exploration
Level 2 Prospects
Level 1 Prospects
INFRASTRUCTURE DEVELOPMENT
TSXVPML 25
ANTILLA
PANORO EXPLORATION STRATEGY
EXPLORATION DEFINING NEW PROJECTS FOR NEXT PHASE OF PANORO
COTABAMBAS PEA COMPLETED amp
UPDATED
ANTILLA PEA COMPLETED
1 PROJECT ENHANCEMENTS
2 PROJECT EXPANSIONS
3 STRATEGIC POSITIONING
2007 ndash 2014 2014 ndash 2016 2017 ndash 2019
PROMESA ANYO HUMAMANTATA KUSIORCCO
bull 4060 ha bull 5 km by 2 km porphyry bull 772 geochem samples bull 40 km IP bull 45 km Mag bull 37 km SP
bull 5000 ha bull Porphyry amp Skarn bull Hydrothermal Breccia bull 235 geochem samples
bull 3962 ha bull 4km by 17 km mineralized bull Two Porphyry zones bull Two Skarn zones bull IP amp Mag correlated
bull 5000 ha bull 1480 ha porphyry bull 772 geochem samples bull 4 drillholes bull 75 km IP bull 76 km Mag
2019 ndash 2020
PARTNER OR DIVEST
TSXVPML 26
1 2 3 4
COPPER FUNDAMENTALS SHORT TERM SURPLUS LONG TERM SUPPLY CHALLENGES
TSXVPML 27
MODEST SHORT TERM SURPLUS DRIVEN BY ECONOMIC REBALANCING IN CHINA
bull Broad macroeconomic slow down bull Chinese switch to consumer-based growth bull Peak in demand from end-use markets
LONG-TERM SUPPLY DEFICIT EXPECTED
bull Declining copper grades at existing operations
bull Inadequate high-quality discoveries bull Geopolitical risks and challenges restricting
development of greenfield projects
CONTINUED GROWTH IN GLOBAL COPPER DEMAND SUPPORT HIGHER LONG-TERM PRICES
bull Continued demand growth from China and developing countries expected
bull Increasing demand for energy efficient technologies requiring copper-intensive solutions
Source International Copper Association Ltd
Copper SupplyDemand (million tonnes)
STRUCTURAL CHANGES TO COPPER MARKET
NEW COPPER CYCLE EMERGING
Supply Pressures Refined Cu
bull Greater Production
Disruptions in Chile amp Indonesia
bull Declining Mine Grades bull Increasing Closures bull Curtailing Production bull Declining Supply of Scrap bull Peak SXEW Capacity
Reached in 2017 bull Chilean Mine Output
Decline Begins 2014
Shift to Cu Concentrates
bull Prone to Disruptions Technical Issues Slow Ramp-ups Declining Grades Strikes amp Protests Natural Disasters Cutbacks bull China Mine Output Set to
Decline bull Declining Availability of
Clean Concentrates
Concentrate Demand Growth
bull China Growing from Larger Base
bull Economic Rebound ex-China bull China Refocused on
Infrastructure Spending bull China Shifting Model away
from Cathode towards Concentrate imports
bull 2015 Chinese Concentrate Imports Exceed Cathodes (First Time)
Forecasted Shortages
bull Macquarie 10 Mt 2018-2020 bull Canaccord 11 Mt 2018-2019 bull RBC 09 Mt 2017-2019 bull Cu Shortfall Increasingly
from Shortage of Concentrate supply
TSXVPML 28
Large scale copper project greater potential strategic
location
TSXVPML 29
COTABAMBAS
ANTILLA
CONCLUSIONS
COTABAMBAS PROJECT
ANTILLA PROJECT Moderate scale project potential to monetize
FINANCED $141M to $231M funded to
2018 Wheaton Precious Metals Agreement
COPPER Principal commodity with supply constraints coming and demand
strong
PERU Key copper producing nation with national goal to become
largest copper producer nation
VALUATION POTENTIAL Significant Valuation Growth Potential for New Cycle
TSXVPML 30
TSXVPML FrankfurtPZM
BVLPML
For further information contact Luquman Shaheen President and CEO
Phone 6046844246 Email infopanorocom
wwwpanorocom
COTABAMBAS PROJECT
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
Company Year Drill Holes
Metres
Antofagasta 1995 to 2002 24 8538
CDLM 2002 to 2007 10 3252
Panoro 2007 to 2012 29 17785
Panoro 2012 to 2013 81 40467
Panoro 2013 to 2014 11 4946
Panoro 2017 to 2018 50 14000
Total 155 88988
Resource Category
Zone Million tonnes
Cutoff Grade Cueq
Cu
Au gt
Ag gt
Indicated Hypogene 842 020 037 021 273
Supergene 89 020 073 031 307
Oxide Cu-Au 238 020 049 024 263
Oxide Au 02 020 - 066 374
Total 1171 020 042 023 274
Inferred Hypogene 521 020 029 018 241
Supergene 74 020 073 018 193
Oxide Cu-Au 758 020 041 015 182
Oxide Au 12 020 - 061 327
Total 6053 020 031 017 233 Source April 2015 NI 43-101 Technical Report prepared by Amec Foster Wheeler amp Tetra Tech
CLUSTER 1
TSXVPML 14
DEPOSIT RESOURCE amp GROWTH POTENTIAL
Maria Jose Targets
Breccia Target
North Pit
South Pit
Petra-David Target
Buenavista Targets
Line Limit of MAG (2011) Line Limit of MAG (2017)
Legend
PEA PIT
Andesite Hornblendic Quartz Monzonite I Hornblendic Quartz Monzonite II Hornblendic Quartz Monzonite III Latite
Colluvial
Lithology
Diorite Main Quartz Monzonite Monzonite Limestone
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
BRECCIA TARGET
2017 SCHEDULE
2
COTABAMBAS PROJECT
Completed January
TSXVPML 15
2017 CLUSTER 1 EXPLORATION PROGRAM
PETRA-DAVID TARGET
3
4
Mapping Sampling
Trenching
Geophysics
BUENAVISTA TARGETS
bull High Grade Sulphides bull Near Surface bull 170 Mt Potential bull 10000 m drilling planned
bull Gold Oxide Announced April 2017 bull Near Surface bull Intersected in 2014 Drilling over
145 gt Au bull 35 Mt Potential 05 Moz Potential bull 1000 m drilling planned
bull Copper Oxides bull Near Surface bull 60 Mt Potential bull 1000 m drilling planned
bull High Grade Sulphides bull Near Surface bull 70 Mt Potential bull 2000 m drilling planned
MARIA JOSE TARGETS
1
Community Agreement
Completed February - March
Completed March - April
Completed April
Drill Program (mobilization Apr) Underway April - December
Metallurgical Testing November
GROWING SCALE POTENTIAL FROM CLUSTER 1
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
COTABAMBAS PROJECT
TSXVPML 16
EXPLORATION TARGET RICH CLUSTER 1
DEFINING POTENTIAL TO INCREASE LOW COST GOLD OXIDE AND COPPER OXIDE COMPONENTS
HIGH GRADE NEAR SURFACE SULPHIDES GROWTH POTENTIAL
COTABAMBAS PROJECT
TSXVPML 17
CHAUPEC TARGET
bull USD $15M BudgetedFinanced for 2017 Drill Program bull 5000 m Drilling BudgetedFinanced
bull Porphyry Skarn type mineralization evidenced with 810 systematic rock samples
bull Anomalies I and II are Skarn and Anomaly III is Porphyry all outcropping at surface
PROJECT SCALE EXPANSION POTENTIAL
CLUSTER 1
1 Ccalla 2 Azulccacca 3 Cochapata 4 Maria Jose 5 Buenavista 6 Guaclle
CLUSTER 2
7 Chaupec 8 Jean Louis 9 Ccarayoc
OTHER TARGETS
10 Antildearqui 11 Cullusayhuas 12 Chuyllullo
2010 2014
2017
2017
2018
2017
CLUSTER 2
CLUSTER 1
Azulccacca Deposit
Buenavista Target
Guaclle Target
Chaupec Target
Ccayrayoc Target
Jean Louis Target
Maria Jose Target
Ccalla Deposit
Cochapata Target Sulfobamba
Ferrobamba
Chalcobamba
Las Bambasrsquo pits overlay Panororsquos targets for scale comparison only
COTABAMBAS PROJECT TARGETS
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
TSXVPML 18
HIGHER NPV
HIGHER IRR REDUCED CASH COSTS
REDUCED PAYBACK
REDUCED START-UP CAPITAL
LONGER MINE LIFE
INCREASE HIGH GRADE RESOURCE
ADD LOW COST RESOURCE
IMPROVE METALLURGICAL
RECOVERIES
EXPLORE SCALE CHANGING
POTENTIAL
OXIDE CU HEAP LEACH amp SXEW
OXIDE AUAG HEAP LEACH
MIXED amp OXIDE RESOURCES SKARN DISCOVERY NEAR SURFACE SULPHIDES
ENHANCEMENT OBJECTIVES
INCREASE RESOURCE INCREASE AVERAGE GRADE INCREASE PAYABLE METALS
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
ANTILLA PROJECT
NPV $US 491 M IRR 221
$US 126 B pretax $US 725 after tax
C1 $183lb C2 $ 235lb
NPV $US 225 M IRR 151 $US 603 M $US 324 M 33 year pretax
41 year after tax
NOTE Cu = $US300lb Mo = $US1200lb
TSXVPML 19
Antilla Initial CAPEX (US$ millions)
Item Cost
Mine Equipment $51
Mine Development $55
Process Plant $187
Tailings Storage Facility $18
Infrastructure $85
Subtotal $396
Owners Cost $28
Indirect Costs $82
Subtotal $506
Contingencies $97
Total Initial Capital Cost $603
PEA FINANCIAL METRICS
Initial Capital Pretax After Tax Payback Period Cash Costs LOM Cashflow LOM Sust
Capex
OPEN PIT
TAILINGS AREA
PLANTSITE AREA
WASTEROCK AREA
STOCKPILE
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
081Strip Ratio 297 Mt wasterock
LOM Payable Metal 194 Blbs Cu 44 Mlb Mo
150k dtpa Cu con 255 Cu
Payable Metal 81 Mlbsyear Cu
18 Mlbsyear Mo
350 Mt Mill Feed 40000 tpd
24 year LOM
031 Cu 85 0009 Mo 67
PEA DESIGN PARAMETERS
48 wasterock to build Tails Dam
124k dtpa Mo con 355 Cu
HIGH GRADE NEAR AT SURFACE
HIGH GRADE NEAR AT SURFACE
Note Cu = $US300lb Mo = $US1200lb TSXVPML 20
ANTILLA PROJECT PEA SUMMARY
ANTILLA PROJECT
Optimize Mine Plan Focus on high grade oxides amp secondary sulphides
TSXVPML 21
SCALED DEVELOPMENT
Reduce Throughput Evaluate processing
throughput scenarios between 10-40 ktpd
Lower Capital and Operating Costs
Explore low-cost heap leach amp SXEW facilities
Reduce Sustaining Capital Costs
Eliminate tailings management facility and
mill infrastructure
Maximize Project Cash Flows
Enhance early returns by delaying waste stripping
bull Develop low-cost high-margin leaching operation
bull Reduce development capital requirements to pave the way to financing
bull Focus on higher grade resource to maintain project returns
SCALED STAGED DEVELOPMENT PLAN POTENTIAL JV OPPORTUNITIES
FOCUSED ON REDUCING DEVELOPMENT CAPEX amp ENHANCING PROJECT RETURNS
FUNDED TO DECEMBER 2018 FUNDING IN PLACE 2016 - 2019
Upfront Payment
Wheaton Precious Metals will make an upfront cash payment of US$140 million plus a Production Payment for an amount of silver equal to 100 of silver production and an amount of gold equal to 25 of gold production
Production Payment
Wheaton Precious Metals will make an ongoing payment equal to the lesser of (i) US$450 in the case of delivered gold ounces and US$590 in the case of delivered silver ounces and (ii) the applicable prevailing market price
Early Deposit
US$14 million will be paid by Wheaton Precious Metals as an early deposit US$2 million will be paid in the first year following closing with US$15 million paid annually thereafter
Exploration Matching Provision
Wheaton Precious Metals to match equity proceeds of up to a total of US$35 million raised in the first two years following signing of PMPA to fund exploration at the Cotabambas Project
Wheaton Precious Metals Option
Wheaton Precious Metals will have the option to terminate the PMPA either 90 days following delivery of a Feasibility Study or at any time upon giving Panoro three monthsrsquo notice Wheaton Precious Metals can elect to receive a portion of the early deposit either as cash or shares upon termination with Panoro having
rights to defer cash payments over an up to two year period
BuyBack Option
Following a change of control subject to certain conditions Panoro has a one-time option to repurchase 50 of the precious metals stream with a payout based on the greater of (i) a minimum fixed return (ii) a return based on appreciation of precious metals prices over the term of the PMPA and (iii) a return based on appreciation of the Panoro share price over the term of the PMPA
TRANSACTION OVERVIEW
FUNDING TO DECEMBER 2018 M$CAD
July 1 Cash Position 10
WPM Basic Funding (Jul 2016 ndash Dec 2018) 39
WPM Matching Funds (2016 ) 26
Private Placement (Aug 2016) 66
Total Funding to December 2018 141
POTENTIAL FUNDING M$CAD
Financing (2017) - Contingent 20
WPM Matching Funds (2017) 20
Warrant Exercise (Aug 2018) 50
Total Additional Funding - Contingent 90
TSXVPML 22
PANORO MINERALS VALUATION METRICS
TSXVPML 23
CURRENT RESOURCES AND PEAs
WITH PROJECTED 2017 INVESTMENTS
COTABAMBAS PROJECT
COTA
BAM
BAS
amp A
NTI
LLA
PRO
JECT
S VA
LUAT
ION
(M C
AD)
COTA
BAM
BAS
VALU
ATIO
N (M
CAD
)
PAYMENTS
USD (M)
Advance $140
Gold Delivery $ 180
Silver Delivery $ 100
Total $ 420
COTABAMBAS PROJECT STREAMING AGREEMENT
STREAM AGREEMENT CAPPED POST 90M AGEQ OZ
OPTION CHANGE OF CONTROL
80 53 40
STREAM REDUCTION IN FUTURE CAPTURES EXPLORATION UPSIDE
FLEXIBILITY FOR ACQUIRER OF PROJECT
Exploration Funding
Development Funding
Validation of Project Flexibility Derisked
Financing
Leveraged for 2016 Placement
Valuation Benchmark
Custom Fit Agreement
24
REGIONAL
COTABAMBAS
Cochasayhuas
Kusiorcco
Promesa
El Rosal Chap - Chapi
JV Utupara
JV
Pataypampa Humamantata Morosayhuas Anyo
Checca
Development
Feasibility
Advanced Exploration
Early Exploration
Level 2 Prospects
Level 1 Prospects
INFRASTRUCTURE DEVELOPMENT
TSXVPML 25
ANTILLA
PANORO EXPLORATION STRATEGY
EXPLORATION DEFINING NEW PROJECTS FOR NEXT PHASE OF PANORO
COTABAMBAS PEA COMPLETED amp
UPDATED
ANTILLA PEA COMPLETED
1 PROJECT ENHANCEMENTS
2 PROJECT EXPANSIONS
3 STRATEGIC POSITIONING
2007 ndash 2014 2014 ndash 2016 2017 ndash 2019
PROMESA ANYO HUMAMANTATA KUSIORCCO
bull 4060 ha bull 5 km by 2 km porphyry bull 772 geochem samples bull 40 km IP bull 45 km Mag bull 37 km SP
bull 5000 ha bull Porphyry amp Skarn bull Hydrothermal Breccia bull 235 geochem samples
bull 3962 ha bull 4km by 17 km mineralized bull Two Porphyry zones bull Two Skarn zones bull IP amp Mag correlated
bull 5000 ha bull 1480 ha porphyry bull 772 geochem samples bull 4 drillholes bull 75 km IP bull 76 km Mag
2019 ndash 2020
PARTNER OR DIVEST
TSXVPML 26
1 2 3 4
COPPER FUNDAMENTALS SHORT TERM SURPLUS LONG TERM SUPPLY CHALLENGES
TSXVPML 27
MODEST SHORT TERM SURPLUS DRIVEN BY ECONOMIC REBALANCING IN CHINA
bull Broad macroeconomic slow down bull Chinese switch to consumer-based growth bull Peak in demand from end-use markets
LONG-TERM SUPPLY DEFICIT EXPECTED
bull Declining copper grades at existing operations
bull Inadequate high-quality discoveries bull Geopolitical risks and challenges restricting
development of greenfield projects
CONTINUED GROWTH IN GLOBAL COPPER DEMAND SUPPORT HIGHER LONG-TERM PRICES
bull Continued demand growth from China and developing countries expected
bull Increasing demand for energy efficient technologies requiring copper-intensive solutions
Source International Copper Association Ltd
Copper SupplyDemand (million tonnes)
STRUCTURAL CHANGES TO COPPER MARKET
NEW COPPER CYCLE EMERGING
Supply Pressures Refined Cu
bull Greater Production
Disruptions in Chile amp Indonesia
bull Declining Mine Grades bull Increasing Closures bull Curtailing Production bull Declining Supply of Scrap bull Peak SXEW Capacity
Reached in 2017 bull Chilean Mine Output
Decline Begins 2014
Shift to Cu Concentrates
bull Prone to Disruptions Technical Issues Slow Ramp-ups Declining Grades Strikes amp Protests Natural Disasters Cutbacks bull China Mine Output Set to
Decline bull Declining Availability of
Clean Concentrates
Concentrate Demand Growth
bull China Growing from Larger Base
bull Economic Rebound ex-China bull China Refocused on
Infrastructure Spending bull China Shifting Model away
from Cathode towards Concentrate imports
bull 2015 Chinese Concentrate Imports Exceed Cathodes (First Time)
Forecasted Shortages
bull Macquarie 10 Mt 2018-2020 bull Canaccord 11 Mt 2018-2019 bull RBC 09 Mt 2017-2019 bull Cu Shortfall Increasingly
from Shortage of Concentrate supply
TSXVPML 28
Large scale copper project greater potential strategic
location
TSXVPML 29
COTABAMBAS
ANTILLA
CONCLUSIONS
COTABAMBAS PROJECT
ANTILLA PROJECT Moderate scale project potential to monetize
FINANCED $141M to $231M funded to
2018 Wheaton Precious Metals Agreement
COPPER Principal commodity with supply constraints coming and demand
strong
PERU Key copper producing nation with national goal to become
largest copper producer nation
VALUATION POTENTIAL Significant Valuation Growth Potential for New Cycle
TSXVPML 30
TSXVPML FrankfurtPZM
BVLPML
For further information contact Luquman Shaheen President and CEO
Phone 6046844246 Email infopanorocom
wwwpanorocom
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
BRECCIA TARGET
2017 SCHEDULE
2
COTABAMBAS PROJECT
Completed January
TSXVPML 15
2017 CLUSTER 1 EXPLORATION PROGRAM
PETRA-DAVID TARGET
3
4
Mapping Sampling
Trenching
Geophysics
BUENAVISTA TARGETS
bull High Grade Sulphides bull Near Surface bull 170 Mt Potential bull 10000 m drilling planned
bull Gold Oxide Announced April 2017 bull Near Surface bull Intersected in 2014 Drilling over
145 gt Au bull 35 Mt Potential 05 Moz Potential bull 1000 m drilling planned
bull Copper Oxides bull Near Surface bull 60 Mt Potential bull 1000 m drilling planned
bull High Grade Sulphides bull Near Surface bull 70 Mt Potential bull 2000 m drilling planned
MARIA JOSE TARGETS
1
Community Agreement
Completed February - March
Completed March - April
Completed April
Drill Program (mobilization Apr) Underway April - December
Metallurgical Testing November
GROWING SCALE POTENTIAL FROM CLUSTER 1
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
COTABAMBAS PROJECT
TSXVPML 16
EXPLORATION TARGET RICH CLUSTER 1
DEFINING POTENTIAL TO INCREASE LOW COST GOLD OXIDE AND COPPER OXIDE COMPONENTS
HIGH GRADE NEAR SURFACE SULPHIDES GROWTH POTENTIAL
COTABAMBAS PROJECT
TSXVPML 17
CHAUPEC TARGET
bull USD $15M BudgetedFinanced for 2017 Drill Program bull 5000 m Drilling BudgetedFinanced
bull Porphyry Skarn type mineralization evidenced with 810 systematic rock samples
bull Anomalies I and II are Skarn and Anomaly III is Porphyry all outcropping at surface
PROJECT SCALE EXPANSION POTENTIAL
CLUSTER 1
1 Ccalla 2 Azulccacca 3 Cochapata 4 Maria Jose 5 Buenavista 6 Guaclle
CLUSTER 2
7 Chaupec 8 Jean Louis 9 Ccarayoc
OTHER TARGETS
10 Antildearqui 11 Cullusayhuas 12 Chuyllullo
2010 2014
2017
2017
2018
2017
CLUSTER 2
CLUSTER 1
Azulccacca Deposit
Buenavista Target
Guaclle Target
Chaupec Target
Ccayrayoc Target
Jean Louis Target
Maria Jose Target
Ccalla Deposit
Cochapata Target Sulfobamba
Ferrobamba
Chalcobamba
Las Bambasrsquo pits overlay Panororsquos targets for scale comparison only
COTABAMBAS PROJECT TARGETS
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
TSXVPML 18
HIGHER NPV
HIGHER IRR REDUCED CASH COSTS
REDUCED PAYBACK
REDUCED START-UP CAPITAL
LONGER MINE LIFE
INCREASE HIGH GRADE RESOURCE
ADD LOW COST RESOURCE
IMPROVE METALLURGICAL
RECOVERIES
EXPLORE SCALE CHANGING
POTENTIAL
OXIDE CU HEAP LEACH amp SXEW
OXIDE AUAG HEAP LEACH
MIXED amp OXIDE RESOURCES SKARN DISCOVERY NEAR SURFACE SULPHIDES
ENHANCEMENT OBJECTIVES
INCREASE RESOURCE INCREASE AVERAGE GRADE INCREASE PAYABLE METALS
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
ANTILLA PROJECT
NPV $US 491 M IRR 221
$US 126 B pretax $US 725 after tax
C1 $183lb C2 $ 235lb
NPV $US 225 M IRR 151 $US 603 M $US 324 M 33 year pretax
41 year after tax
NOTE Cu = $US300lb Mo = $US1200lb
TSXVPML 19
Antilla Initial CAPEX (US$ millions)
Item Cost
Mine Equipment $51
Mine Development $55
Process Plant $187
Tailings Storage Facility $18
Infrastructure $85
Subtotal $396
Owners Cost $28
Indirect Costs $82
Subtotal $506
Contingencies $97
Total Initial Capital Cost $603
PEA FINANCIAL METRICS
Initial Capital Pretax After Tax Payback Period Cash Costs LOM Cashflow LOM Sust
Capex
OPEN PIT
TAILINGS AREA
PLANTSITE AREA
WASTEROCK AREA
STOCKPILE
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
081Strip Ratio 297 Mt wasterock
LOM Payable Metal 194 Blbs Cu 44 Mlb Mo
150k dtpa Cu con 255 Cu
Payable Metal 81 Mlbsyear Cu
18 Mlbsyear Mo
350 Mt Mill Feed 40000 tpd
24 year LOM
031 Cu 85 0009 Mo 67
PEA DESIGN PARAMETERS
48 wasterock to build Tails Dam
124k dtpa Mo con 355 Cu
HIGH GRADE NEAR AT SURFACE
HIGH GRADE NEAR AT SURFACE
Note Cu = $US300lb Mo = $US1200lb TSXVPML 20
ANTILLA PROJECT PEA SUMMARY
ANTILLA PROJECT
Optimize Mine Plan Focus on high grade oxides amp secondary sulphides
TSXVPML 21
SCALED DEVELOPMENT
Reduce Throughput Evaluate processing
throughput scenarios between 10-40 ktpd
Lower Capital and Operating Costs
Explore low-cost heap leach amp SXEW facilities
Reduce Sustaining Capital Costs
Eliminate tailings management facility and
mill infrastructure
Maximize Project Cash Flows
Enhance early returns by delaying waste stripping
bull Develop low-cost high-margin leaching operation
bull Reduce development capital requirements to pave the way to financing
bull Focus on higher grade resource to maintain project returns
SCALED STAGED DEVELOPMENT PLAN POTENTIAL JV OPPORTUNITIES
FOCUSED ON REDUCING DEVELOPMENT CAPEX amp ENHANCING PROJECT RETURNS
FUNDED TO DECEMBER 2018 FUNDING IN PLACE 2016 - 2019
Upfront Payment
Wheaton Precious Metals will make an upfront cash payment of US$140 million plus a Production Payment for an amount of silver equal to 100 of silver production and an amount of gold equal to 25 of gold production
Production Payment
Wheaton Precious Metals will make an ongoing payment equal to the lesser of (i) US$450 in the case of delivered gold ounces and US$590 in the case of delivered silver ounces and (ii) the applicable prevailing market price
Early Deposit
US$14 million will be paid by Wheaton Precious Metals as an early deposit US$2 million will be paid in the first year following closing with US$15 million paid annually thereafter
Exploration Matching Provision
Wheaton Precious Metals to match equity proceeds of up to a total of US$35 million raised in the first two years following signing of PMPA to fund exploration at the Cotabambas Project
Wheaton Precious Metals Option
Wheaton Precious Metals will have the option to terminate the PMPA either 90 days following delivery of a Feasibility Study or at any time upon giving Panoro three monthsrsquo notice Wheaton Precious Metals can elect to receive a portion of the early deposit either as cash or shares upon termination with Panoro having
rights to defer cash payments over an up to two year period
BuyBack Option
Following a change of control subject to certain conditions Panoro has a one-time option to repurchase 50 of the precious metals stream with a payout based on the greater of (i) a minimum fixed return (ii) a return based on appreciation of precious metals prices over the term of the PMPA and (iii) a return based on appreciation of the Panoro share price over the term of the PMPA
TRANSACTION OVERVIEW
FUNDING TO DECEMBER 2018 M$CAD
July 1 Cash Position 10
WPM Basic Funding (Jul 2016 ndash Dec 2018) 39
WPM Matching Funds (2016 ) 26
Private Placement (Aug 2016) 66
Total Funding to December 2018 141
POTENTIAL FUNDING M$CAD
Financing (2017) - Contingent 20
WPM Matching Funds (2017) 20
Warrant Exercise (Aug 2018) 50
Total Additional Funding - Contingent 90
TSXVPML 22
PANORO MINERALS VALUATION METRICS
TSXVPML 23
CURRENT RESOURCES AND PEAs
WITH PROJECTED 2017 INVESTMENTS
COTABAMBAS PROJECT
COTA
BAM
BAS
amp A
NTI
LLA
PRO
JECT
S VA
LUAT
ION
(M C
AD)
COTA
BAM
BAS
VALU
ATIO
N (M
CAD
)
PAYMENTS
USD (M)
Advance $140
Gold Delivery $ 180
Silver Delivery $ 100
Total $ 420
COTABAMBAS PROJECT STREAMING AGREEMENT
STREAM AGREEMENT CAPPED POST 90M AGEQ OZ
OPTION CHANGE OF CONTROL
80 53 40
STREAM REDUCTION IN FUTURE CAPTURES EXPLORATION UPSIDE
FLEXIBILITY FOR ACQUIRER OF PROJECT
Exploration Funding
Development Funding
Validation of Project Flexibility Derisked
Financing
Leveraged for 2016 Placement
Valuation Benchmark
Custom Fit Agreement
24
REGIONAL
COTABAMBAS
Cochasayhuas
Kusiorcco
Promesa
El Rosal Chap - Chapi
JV Utupara
JV
Pataypampa Humamantata Morosayhuas Anyo
Checca
Development
Feasibility
Advanced Exploration
Early Exploration
Level 2 Prospects
Level 1 Prospects
INFRASTRUCTURE DEVELOPMENT
TSXVPML 25
ANTILLA
PANORO EXPLORATION STRATEGY
EXPLORATION DEFINING NEW PROJECTS FOR NEXT PHASE OF PANORO
COTABAMBAS PEA COMPLETED amp
UPDATED
ANTILLA PEA COMPLETED
1 PROJECT ENHANCEMENTS
2 PROJECT EXPANSIONS
3 STRATEGIC POSITIONING
2007 ndash 2014 2014 ndash 2016 2017 ndash 2019
PROMESA ANYO HUMAMANTATA KUSIORCCO
bull 4060 ha bull 5 km by 2 km porphyry bull 772 geochem samples bull 40 km IP bull 45 km Mag bull 37 km SP
bull 5000 ha bull Porphyry amp Skarn bull Hydrothermal Breccia bull 235 geochem samples
bull 3962 ha bull 4km by 17 km mineralized bull Two Porphyry zones bull Two Skarn zones bull IP amp Mag correlated
bull 5000 ha bull 1480 ha porphyry bull 772 geochem samples bull 4 drillholes bull 75 km IP bull 76 km Mag
2019 ndash 2020
PARTNER OR DIVEST
TSXVPML 26
1 2 3 4
COPPER FUNDAMENTALS SHORT TERM SURPLUS LONG TERM SUPPLY CHALLENGES
TSXVPML 27
MODEST SHORT TERM SURPLUS DRIVEN BY ECONOMIC REBALANCING IN CHINA
bull Broad macroeconomic slow down bull Chinese switch to consumer-based growth bull Peak in demand from end-use markets
LONG-TERM SUPPLY DEFICIT EXPECTED
bull Declining copper grades at existing operations
bull Inadequate high-quality discoveries bull Geopolitical risks and challenges restricting
development of greenfield projects
CONTINUED GROWTH IN GLOBAL COPPER DEMAND SUPPORT HIGHER LONG-TERM PRICES
bull Continued demand growth from China and developing countries expected
bull Increasing demand for energy efficient technologies requiring copper-intensive solutions
Source International Copper Association Ltd
Copper SupplyDemand (million tonnes)
STRUCTURAL CHANGES TO COPPER MARKET
NEW COPPER CYCLE EMERGING
Supply Pressures Refined Cu
bull Greater Production
Disruptions in Chile amp Indonesia
bull Declining Mine Grades bull Increasing Closures bull Curtailing Production bull Declining Supply of Scrap bull Peak SXEW Capacity
Reached in 2017 bull Chilean Mine Output
Decline Begins 2014
Shift to Cu Concentrates
bull Prone to Disruptions Technical Issues Slow Ramp-ups Declining Grades Strikes amp Protests Natural Disasters Cutbacks bull China Mine Output Set to
Decline bull Declining Availability of
Clean Concentrates
Concentrate Demand Growth
bull China Growing from Larger Base
bull Economic Rebound ex-China bull China Refocused on
Infrastructure Spending bull China Shifting Model away
from Cathode towards Concentrate imports
bull 2015 Chinese Concentrate Imports Exceed Cathodes (First Time)
Forecasted Shortages
bull Macquarie 10 Mt 2018-2020 bull Canaccord 11 Mt 2018-2019 bull RBC 09 Mt 2017-2019 bull Cu Shortfall Increasingly
from Shortage of Concentrate supply
TSXVPML 28
Large scale copper project greater potential strategic
location
TSXVPML 29
COTABAMBAS
ANTILLA
CONCLUSIONS
COTABAMBAS PROJECT
ANTILLA PROJECT Moderate scale project potential to monetize
FINANCED $141M to $231M funded to
2018 Wheaton Precious Metals Agreement
COPPER Principal commodity with supply constraints coming and demand
strong
PERU Key copper producing nation with national goal to become
largest copper producer nation
VALUATION POTENTIAL Significant Valuation Growth Potential for New Cycle
TSXVPML 30
TSXVPML FrankfurtPZM
BVLPML
For further information contact Luquman Shaheen President and CEO
Phone 6046844246 Email infopanorocom
wwwpanorocom
GROWING SCALE POTENTIAL FROM CLUSTER 1
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
COTABAMBAS PROJECT
TSXVPML 16
EXPLORATION TARGET RICH CLUSTER 1
DEFINING POTENTIAL TO INCREASE LOW COST GOLD OXIDE AND COPPER OXIDE COMPONENTS
HIGH GRADE NEAR SURFACE SULPHIDES GROWTH POTENTIAL
COTABAMBAS PROJECT
TSXVPML 17
CHAUPEC TARGET
bull USD $15M BudgetedFinanced for 2017 Drill Program bull 5000 m Drilling BudgetedFinanced
bull Porphyry Skarn type mineralization evidenced with 810 systematic rock samples
bull Anomalies I and II are Skarn and Anomaly III is Porphyry all outcropping at surface
PROJECT SCALE EXPANSION POTENTIAL
CLUSTER 1
1 Ccalla 2 Azulccacca 3 Cochapata 4 Maria Jose 5 Buenavista 6 Guaclle
CLUSTER 2
7 Chaupec 8 Jean Louis 9 Ccarayoc
OTHER TARGETS
10 Antildearqui 11 Cullusayhuas 12 Chuyllullo
2010 2014
2017
2017
2018
2017
CLUSTER 2
CLUSTER 1
Azulccacca Deposit
Buenavista Target
Guaclle Target
Chaupec Target
Ccayrayoc Target
Jean Louis Target
Maria Jose Target
Ccalla Deposit
Cochapata Target Sulfobamba
Ferrobamba
Chalcobamba
Las Bambasrsquo pits overlay Panororsquos targets for scale comparison only
COTABAMBAS PROJECT TARGETS
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
TSXVPML 18
HIGHER NPV
HIGHER IRR REDUCED CASH COSTS
REDUCED PAYBACK
REDUCED START-UP CAPITAL
LONGER MINE LIFE
INCREASE HIGH GRADE RESOURCE
ADD LOW COST RESOURCE
IMPROVE METALLURGICAL
RECOVERIES
EXPLORE SCALE CHANGING
POTENTIAL
OXIDE CU HEAP LEACH amp SXEW
OXIDE AUAG HEAP LEACH
MIXED amp OXIDE RESOURCES SKARN DISCOVERY NEAR SURFACE SULPHIDES
ENHANCEMENT OBJECTIVES
INCREASE RESOURCE INCREASE AVERAGE GRADE INCREASE PAYABLE METALS
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
ANTILLA PROJECT
NPV $US 491 M IRR 221
$US 126 B pretax $US 725 after tax
C1 $183lb C2 $ 235lb
NPV $US 225 M IRR 151 $US 603 M $US 324 M 33 year pretax
41 year after tax
NOTE Cu = $US300lb Mo = $US1200lb
TSXVPML 19
Antilla Initial CAPEX (US$ millions)
Item Cost
Mine Equipment $51
Mine Development $55
Process Plant $187
Tailings Storage Facility $18
Infrastructure $85
Subtotal $396
Owners Cost $28
Indirect Costs $82
Subtotal $506
Contingencies $97
Total Initial Capital Cost $603
PEA FINANCIAL METRICS
Initial Capital Pretax After Tax Payback Period Cash Costs LOM Cashflow LOM Sust
Capex
OPEN PIT
TAILINGS AREA
PLANTSITE AREA
WASTEROCK AREA
STOCKPILE
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
081Strip Ratio 297 Mt wasterock
LOM Payable Metal 194 Blbs Cu 44 Mlb Mo
150k dtpa Cu con 255 Cu
Payable Metal 81 Mlbsyear Cu
18 Mlbsyear Mo
350 Mt Mill Feed 40000 tpd
24 year LOM
031 Cu 85 0009 Mo 67
PEA DESIGN PARAMETERS
48 wasterock to build Tails Dam
124k dtpa Mo con 355 Cu
HIGH GRADE NEAR AT SURFACE
HIGH GRADE NEAR AT SURFACE
Note Cu = $US300lb Mo = $US1200lb TSXVPML 20
ANTILLA PROJECT PEA SUMMARY
ANTILLA PROJECT
Optimize Mine Plan Focus on high grade oxides amp secondary sulphides
TSXVPML 21
SCALED DEVELOPMENT
Reduce Throughput Evaluate processing
throughput scenarios between 10-40 ktpd
Lower Capital and Operating Costs
Explore low-cost heap leach amp SXEW facilities
Reduce Sustaining Capital Costs
Eliminate tailings management facility and
mill infrastructure
Maximize Project Cash Flows
Enhance early returns by delaying waste stripping
bull Develop low-cost high-margin leaching operation
bull Reduce development capital requirements to pave the way to financing
bull Focus on higher grade resource to maintain project returns
SCALED STAGED DEVELOPMENT PLAN POTENTIAL JV OPPORTUNITIES
FOCUSED ON REDUCING DEVELOPMENT CAPEX amp ENHANCING PROJECT RETURNS
FUNDED TO DECEMBER 2018 FUNDING IN PLACE 2016 - 2019
Upfront Payment
Wheaton Precious Metals will make an upfront cash payment of US$140 million plus a Production Payment for an amount of silver equal to 100 of silver production and an amount of gold equal to 25 of gold production
Production Payment
Wheaton Precious Metals will make an ongoing payment equal to the lesser of (i) US$450 in the case of delivered gold ounces and US$590 in the case of delivered silver ounces and (ii) the applicable prevailing market price
Early Deposit
US$14 million will be paid by Wheaton Precious Metals as an early deposit US$2 million will be paid in the first year following closing with US$15 million paid annually thereafter
Exploration Matching Provision
Wheaton Precious Metals to match equity proceeds of up to a total of US$35 million raised in the first two years following signing of PMPA to fund exploration at the Cotabambas Project
Wheaton Precious Metals Option
Wheaton Precious Metals will have the option to terminate the PMPA either 90 days following delivery of a Feasibility Study or at any time upon giving Panoro three monthsrsquo notice Wheaton Precious Metals can elect to receive a portion of the early deposit either as cash or shares upon termination with Panoro having
rights to defer cash payments over an up to two year period
BuyBack Option
Following a change of control subject to certain conditions Panoro has a one-time option to repurchase 50 of the precious metals stream with a payout based on the greater of (i) a minimum fixed return (ii) a return based on appreciation of precious metals prices over the term of the PMPA and (iii) a return based on appreciation of the Panoro share price over the term of the PMPA
TRANSACTION OVERVIEW
FUNDING TO DECEMBER 2018 M$CAD
July 1 Cash Position 10
WPM Basic Funding (Jul 2016 ndash Dec 2018) 39
WPM Matching Funds (2016 ) 26
Private Placement (Aug 2016) 66
Total Funding to December 2018 141
POTENTIAL FUNDING M$CAD
Financing (2017) - Contingent 20
WPM Matching Funds (2017) 20
Warrant Exercise (Aug 2018) 50
Total Additional Funding - Contingent 90
TSXVPML 22
PANORO MINERALS VALUATION METRICS
TSXVPML 23
CURRENT RESOURCES AND PEAs
WITH PROJECTED 2017 INVESTMENTS
COTABAMBAS PROJECT
COTA
BAM
BAS
amp A
NTI
LLA
PRO
JECT
S VA
LUAT
ION
(M C
AD)
COTA
BAM
BAS
VALU
ATIO
N (M
CAD
)
PAYMENTS
USD (M)
Advance $140
Gold Delivery $ 180
Silver Delivery $ 100
Total $ 420
COTABAMBAS PROJECT STREAMING AGREEMENT
STREAM AGREEMENT CAPPED POST 90M AGEQ OZ
OPTION CHANGE OF CONTROL
80 53 40
STREAM REDUCTION IN FUTURE CAPTURES EXPLORATION UPSIDE
FLEXIBILITY FOR ACQUIRER OF PROJECT
Exploration Funding
Development Funding
Validation of Project Flexibility Derisked
Financing
Leveraged for 2016 Placement
Valuation Benchmark
Custom Fit Agreement
24
REGIONAL
COTABAMBAS
Cochasayhuas
Kusiorcco
Promesa
El Rosal Chap - Chapi
JV Utupara
JV
Pataypampa Humamantata Morosayhuas Anyo
Checca
Development
Feasibility
Advanced Exploration
Early Exploration
Level 2 Prospects
Level 1 Prospects
INFRASTRUCTURE DEVELOPMENT
TSXVPML 25
ANTILLA
PANORO EXPLORATION STRATEGY
EXPLORATION DEFINING NEW PROJECTS FOR NEXT PHASE OF PANORO
COTABAMBAS PEA COMPLETED amp
UPDATED
ANTILLA PEA COMPLETED
1 PROJECT ENHANCEMENTS
2 PROJECT EXPANSIONS
3 STRATEGIC POSITIONING
2007 ndash 2014 2014 ndash 2016 2017 ndash 2019
PROMESA ANYO HUMAMANTATA KUSIORCCO
bull 4060 ha bull 5 km by 2 km porphyry bull 772 geochem samples bull 40 km IP bull 45 km Mag bull 37 km SP
bull 5000 ha bull Porphyry amp Skarn bull Hydrothermal Breccia bull 235 geochem samples
bull 3962 ha bull 4km by 17 km mineralized bull Two Porphyry zones bull Two Skarn zones bull IP amp Mag correlated
bull 5000 ha bull 1480 ha porphyry bull 772 geochem samples bull 4 drillholes bull 75 km IP bull 76 km Mag
2019 ndash 2020
PARTNER OR DIVEST
TSXVPML 26
1 2 3 4
COPPER FUNDAMENTALS SHORT TERM SURPLUS LONG TERM SUPPLY CHALLENGES
TSXVPML 27
MODEST SHORT TERM SURPLUS DRIVEN BY ECONOMIC REBALANCING IN CHINA
bull Broad macroeconomic slow down bull Chinese switch to consumer-based growth bull Peak in demand from end-use markets
LONG-TERM SUPPLY DEFICIT EXPECTED
bull Declining copper grades at existing operations
bull Inadequate high-quality discoveries bull Geopolitical risks and challenges restricting
development of greenfield projects
CONTINUED GROWTH IN GLOBAL COPPER DEMAND SUPPORT HIGHER LONG-TERM PRICES
bull Continued demand growth from China and developing countries expected
bull Increasing demand for energy efficient technologies requiring copper-intensive solutions
Source International Copper Association Ltd
Copper SupplyDemand (million tonnes)
STRUCTURAL CHANGES TO COPPER MARKET
NEW COPPER CYCLE EMERGING
Supply Pressures Refined Cu
bull Greater Production
Disruptions in Chile amp Indonesia
bull Declining Mine Grades bull Increasing Closures bull Curtailing Production bull Declining Supply of Scrap bull Peak SXEW Capacity
Reached in 2017 bull Chilean Mine Output
Decline Begins 2014
Shift to Cu Concentrates
bull Prone to Disruptions Technical Issues Slow Ramp-ups Declining Grades Strikes amp Protests Natural Disasters Cutbacks bull China Mine Output Set to
Decline bull Declining Availability of
Clean Concentrates
Concentrate Demand Growth
bull China Growing from Larger Base
bull Economic Rebound ex-China bull China Refocused on
Infrastructure Spending bull China Shifting Model away
from Cathode towards Concentrate imports
bull 2015 Chinese Concentrate Imports Exceed Cathodes (First Time)
Forecasted Shortages
bull Macquarie 10 Mt 2018-2020 bull Canaccord 11 Mt 2018-2019 bull RBC 09 Mt 2017-2019 bull Cu Shortfall Increasingly
from Shortage of Concentrate supply
TSXVPML 28
Large scale copper project greater potential strategic
location
TSXVPML 29
COTABAMBAS
ANTILLA
CONCLUSIONS
COTABAMBAS PROJECT
ANTILLA PROJECT Moderate scale project potential to monetize
FINANCED $141M to $231M funded to
2018 Wheaton Precious Metals Agreement
COPPER Principal commodity with supply constraints coming and demand
strong
PERU Key copper producing nation with national goal to become
largest copper producer nation
VALUATION POTENTIAL Significant Valuation Growth Potential for New Cycle
TSXVPML 30
TSXVPML FrankfurtPZM
BVLPML
For further information contact Luquman Shaheen President and CEO
Phone 6046844246 Email infopanorocom
wwwpanorocom
COTABAMBAS PROJECT
TSXVPML 17
CHAUPEC TARGET
bull USD $15M BudgetedFinanced for 2017 Drill Program bull 5000 m Drilling BudgetedFinanced
bull Porphyry Skarn type mineralization evidenced with 810 systematic rock samples
bull Anomalies I and II are Skarn and Anomaly III is Porphyry all outcropping at surface
PROJECT SCALE EXPANSION POTENTIAL
CLUSTER 1
1 Ccalla 2 Azulccacca 3 Cochapata 4 Maria Jose 5 Buenavista 6 Guaclle
CLUSTER 2
7 Chaupec 8 Jean Louis 9 Ccarayoc
OTHER TARGETS
10 Antildearqui 11 Cullusayhuas 12 Chuyllullo
2010 2014
2017
2017
2018
2017
CLUSTER 2
CLUSTER 1
Azulccacca Deposit
Buenavista Target
Guaclle Target
Chaupec Target
Ccayrayoc Target
Jean Louis Target
Maria Jose Target
Ccalla Deposit
Cochapata Target Sulfobamba
Ferrobamba
Chalcobamba
Las Bambasrsquo pits overlay Panororsquos targets for scale comparison only
COTABAMBAS PROJECT TARGETS
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
TSXVPML 18
HIGHER NPV
HIGHER IRR REDUCED CASH COSTS
REDUCED PAYBACK
REDUCED START-UP CAPITAL
LONGER MINE LIFE
INCREASE HIGH GRADE RESOURCE
ADD LOW COST RESOURCE
IMPROVE METALLURGICAL
RECOVERIES
EXPLORE SCALE CHANGING
POTENTIAL
OXIDE CU HEAP LEACH amp SXEW
OXIDE AUAG HEAP LEACH
MIXED amp OXIDE RESOURCES SKARN DISCOVERY NEAR SURFACE SULPHIDES
ENHANCEMENT OBJECTIVES
INCREASE RESOURCE INCREASE AVERAGE GRADE INCREASE PAYABLE METALS
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
ANTILLA PROJECT
NPV $US 491 M IRR 221
$US 126 B pretax $US 725 after tax
C1 $183lb C2 $ 235lb
NPV $US 225 M IRR 151 $US 603 M $US 324 M 33 year pretax
41 year after tax
NOTE Cu = $US300lb Mo = $US1200lb
TSXVPML 19
Antilla Initial CAPEX (US$ millions)
Item Cost
Mine Equipment $51
Mine Development $55
Process Plant $187
Tailings Storage Facility $18
Infrastructure $85
Subtotal $396
Owners Cost $28
Indirect Costs $82
Subtotal $506
Contingencies $97
Total Initial Capital Cost $603
PEA FINANCIAL METRICS
Initial Capital Pretax After Tax Payback Period Cash Costs LOM Cashflow LOM Sust
Capex
OPEN PIT
TAILINGS AREA
PLANTSITE AREA
WASTEROCK AREA
STOCKPILE
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
081Strip Ratio 297 Mt wasterock
LOM Payable Metal 194 Blbs Cu 44 Mlb Mo
150k dtpa Cu con 255 Cu
Payable Metal 81 Mlbsyear Cu
18 Mlbsyear Mo
350 Mt Mill Feed 40000 tpd
24 year LOM
031 Cu 85 0009 Mo 67
PEA DESIGN PARAMETERS
48 wasterock to build Tails Dam
124k dtpa Mo con 355 Cu
HIGH GRADE NEAR AT SURFACE
HIGH GRADE NEAR AT SURFACE
Note Cu = $US300lb Mo = $US1200lb TSXVPML 20
ANTILLA PROJECT PEA SUMMARY
ANTILLA PROJECT
Optimize Mine Plan Focus on high grade oxides amp secondary sulphides
TSXVPML 21
SCALED DEVELOPMENT
Reduce Throughput Evaluate processing
throughput scenarios between 10-40 ktpd
Lower Capital and Operating Costs
Explore low-cost heap leach amp SXEW facilities
Reduce Sustaining Capital Costs
Eliminate tailings management facility and
mill infrastructure
Maximize Project Cash Flows
Enhance early returns by delaying waste stripping
bull Develop low-cost high-margin leaching operation
bull Reduce development capital requirements to pave the way to financing
bull Focus on higher grade resource to maintain project returns
SCALED STAGED DEVELOPMENT PLAN POTENTIAL JV OPPORTUNITIES
FOCUSED ON REDUCING DEVELOPMENT CAPEX amp ENHANCING PROJECT RETURNS
FUNDED TO DECEMBER 2018 FUNDING IN PLACE 2016 - 2019
Upfront Payment
Wheaton Precious Metals will make an upfront cash payment of US$140 million plus a Production Payment for an amount of silver equal to 100 of silver production and an amount of gold equal to 25 of gold production
Production Payment
Wheaton Precious Metals will make an ongoing payment equal to the lesser of (i) US$450 in the case of delivered gold ounces and US$590 in the case of delivered silver ounces and (ii) the applicable prevailing market price
Early Deposit
US$14 million will be paid by Wheaton Precious Metals as an early deposit US$2 million will be paid in the first year following closing with US$15 million paid annually thereafter
Exploration Matching Provision
Wheaton Precious Metals to match equity proceeds of up to a total of US$35 million raised in the first two years following signing of PMPA to fund exploration at the Cotabambas Project
Wheaton Precious Metals Option
Wheaton Precious Metals will have the option to terminate the PMPA either 90 days following delivery of a Feasibility Study or at any time upon giving Panoro three monthsrsquo notice Wheaton Precious Metals can elect to receive a portion of the early deposit either as cash or shares upon termination with Panoro having
rights to defer cash payments over an up to two year period
BuyBack Option
Following a change of control subject to certain conditions Panoro has a one-time option to repurchase 50 of the precious metals stream with a payout based on the greater of (i) a minimum fixed return (ii) a return based on appreciation of precious metals prices over the term of the PMPA and (iii) a return based on appreciation of the Panoro share price over the term of the PMPA
TRANSACTION OVERVIEW
FUNDING TO DECEMBER 2018 M$CAD
July 1 Cash Position 10
WPM Basic Funding (Jul 2016 ndash Dec 2018) 39
WPM Matching Funds (2016 ) 26
Private Placement (Aug 2016) 66
Total Funding to December 2018 141
POTENTIAL FUNDING M$CAD
Financing (2017) - Contingent 20
WPM Matching Funds (2017) 20
Warrant Exercise (Aug 2018) 50
Total Additional Funding - Contingent 90
TSXVPML 22
PANORO MINERALS VALUATION METRICS
TSXVPML 23
CURRENT RESOURCES AND PEAs
WITH PROJECTED 2017 INVESTMENTS
COTABAMBAS PROJECT
COTA
BAM
BAS
amp A
NTI
LLA
PRO
JECT
S VA
LUAT
ION
(M C
AD)
COTA
BAM
BAS
VALU
ATIO
N (M
CAD
)
PAYMENTS
USD (M)
Advance $140
Gold Delivery $ 180
Silver Delivery $ 100
Total $ 420
COTABAMBAS PROJECT STREAMING AGREEMENT
STREAM AGREEMENT CAPPED POST 90M AGEQ OZ
OPTION CHANGE OF CONTROL
80 53 40
STREAM REDUCTION IN FUTURE CAPTURES EXPLORATION UPSIDE
FLEXIBILITY FOR ACQUIRER OF PROJECT
Exploration Funding
Development Funding
Validation of Project Flexibility Derisked
Financing
Leveraged for 2016 Placement
Valuation Benchmark
Custom Fit Agreement
24
REGIONAL
COTABAMBAS
Cochasayhuas
Kusiorcco
Promesa
El Rosal Chap - Chapi
JV Utupara
JV
Pataypampa Humamantata Morosayhuas Anyo
Checca
Development
Feasibility
Advanced Exploration
Early Exploration
Level 2 Prospects
Level 1 Prospects
INFRASTRUCTURE DEVELOPMENT
TSXVPML 25
ANTILLA
PANORO EXPLORATION STRATEGY
EXPLORATION DEFINING NEW PROJECTS FOR NEXT PHASE OF PANORO
COTABAMBAS PEA COMPLETED amp
UPDATED
ANTILLA PEA COMPLETED
1 PROJECT ENHANCEMENTS
2 PROJECT EXPANSIONS
3 STRATEGIC POSITIONING
2007 ndash 2014 2014 ndash 2016 2017 ndash 2019
PROMESA ANYO HUMAMANTATA KUSIORCCO
bull 4060 ha bull 5 km by 2 km porphyry bull 772 geochem samples bull 40 km IP bull 45 km Mag bull 37 km SP
bull 5000 ha bull Porphyry amp Skarn bull Hydrothermal Breccia bull 235 geochem samples
bull 3962 ha bull 4km by 17 km mineralized bull Two Porphyry zones bull Two Skarn zones bull IP amp Mag correlated
bull 5000 ha bull 1480 ha porphyry bull 772 geochem samples bull 4 drillholes bull 75 km IP bull 76 km Mag
2019 ndash 2020
PARTNER OR DIVEST
TSXVPML 26
1 2 3 4
COPPER FUNDAMENTALS SHORT TERM SURPLUS LONG TERM SUPPLY CHALLENGES
TSXVPML 27
MODEST SHORT TERM SURPLUS DRIVEN BY ECONOMIC REBALANCING IN CHINA
bull Broad macroeconomic slow down bull Chinese switch to consumer-based growth bull Peak in demand from end-use markets
LONG-TERM SUPPLY DEFICIT EXPECTED
bull Declining copper grades at existing operations
bull Inadequate high-quality discoveries bull Geopolitical risks and challenges restricting
development of greenfield projects
CONTINUED GROWTH IN GLOBAL COPPER DEMAND SUPPORT HIGHER LONG-TERM PRICES
bull Continued demand growth from China and developing countries expected
bull Increasing demand for energy efficient technologies requiring copper-intensive solutions
Source International Copper Association Ltd
Copper SupplyDemand (million tonnes)
STRUCTURAL CHANGES TO COPPER MARKET
NEW COPPER CYCLE EMERGING
Supply Pressures Refined Cu
bull Greater Production
Disruptions in Chile amp Indonesia
bull Declining Mine Grades bull Increasing Closures bull Curtailing Production bull Declining Supply of Scrap bull Peak SXEW Capacity
Reached in 2017 bull Chilean Mine Output
Decline Begins 2014
Shift to Cu Concentrates
bull Prone to Disruptions Technical Issues Slow Ramp-ups Declining Grades Strikes amp Protests Natural Disasters Cutbacks bull China Mine Output Set to
Decline bull Declining Availability of
Clean Concentrates
Concentrate Demand Growth
bull China Growing from Larger Base
bull Economic Rebound ex-China bull China Refocused on
Infrastructure Spending bull China Shifting Model away
from Cathode towards Concentrate imports
bull 2015 Chinese Concentrate Imports Exceed Cathodes (First Time)
Forecasted Shortages
bull Macquarie 10 Mt 2018-2020 bull Canaccord 11 Mt 2018-2019 bull RBC 09 Mt 2017-2019 bull Cu Shortfall Increasingly
from Shortage of Concentrate supply
TSXVPML 28
Large scale copper project greater potential strategic
location
TSXVPML 29
COTABAMBAS
ANTILLA
CONCLUSIONS
COTABAMBAS PROJECT
ANTILLA PROJECT Moderate scale project potential to monetize
FINANCED $141M to $231M funded to
2018 Wheaton Precious Metals Agreement
COPPER Principal commodity with supply constraints coming and demand
strong
PERU Key copper producing nation with national goal to become
largest copper producer nation
VALUATION POTENTIAL Significant Valuation Growth Potential for New Cycle
TSXVPML 30
TSXVPML FrankfurtPZM
BVLPML
For further information contact Luquman Shaheen President and CEO
Phone 6046844246 Email infopanorocom
wwwpanorocom
COTABAMBAS PROJECT TARGETS
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
TSXVPML 18
HIGHER NPV
HIGHER IRR REDUCED CASH COSTS
REDUCED PAYBACK
REDUCED START-UP CAPITAL
LONGER MINE LIFE
INCREASE HIGH GRADE RESOURCE
ADD LOW COST RESOURCE
IMPROVE METALLURGICAL
RECOVERIES
EXPLORE SCALE CHANGING
POTENTIAL
OXIDE CU HEAP LEACH amp SXEW
OXIDE AUAG HEAP LEACH
MIXED amp OXIDE RESOURCES SKARN DISCOVERY NEAR SURFACE SULPHIDES
ENHANCEMENT OBJECTIVES
INCREASE RESOURCE INCREASE AVERAGE GRADE INCREASE PAYABLE METALS
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
ANTILLA PROJECT
NPV $US 491 M IRR 221
$US 126 B pretax $US 725 after tax
C1 $183lb C2 $ 235lb
NPV $US 225 M IRR 151 $US 603 M $US 324 M 33 year pretax
41 year after tax
NOTE Cu = $US300lb Mo = $US1200lb
TSXVPML 19
Antilla Initial CAPEX (US$ millions)
Item Cost
Mine Equipment $51
Mine Development $55
Process Plant $187
Tailings Storage Facility $18
Infrastructure $85
Subtotal $396
Owners Cost $28
Indirect Costs $82
Subtotal $506
Contingencies $97
Total Initial Capital Cost $603
PEA FINANCIAL METRICS
Initial Capital Pretax After Tax Payback Period Cash Costs LOM Cashflow LOM Sust
Capex
OPEN PIT
TAILINGS AREA
PLANTSITE AREA
WASTEROCK AREA
STOCKPILE
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
081Strip Ratio 297 Mt wasterock
LOM Payable Metal 194 Blbs Cu 44 Mlb Mo
150k dtpa Cu con 255 Cu
Payable Metal 81 Mlbsyear Cu
18 Mlbsyear Mo
350 Mt Mill Feed 40000 tpd
24 year LOM
031 Cu 85 0009 Mo 67
PEA DESIGN PARAMETERS
48 wasterock to build Tails Dam
124k dtpa Mo con 355 Cu
HIGH GRADE NEAR AT SURFACE
HIGH GRADE NEAR AT SURFACE
Note Cu = $US300lb Mo = $US1200lb TSXVPML 20
ANTILLA PROJECT PEA SUMMARY
ANTILLA PROJECT
Optimize Mine Plan Focus on high grade oxides amp secondary sulphides
TSXVPML 21
SCALED DEVELOPMENT
Reduce Throughput Evaluate processing
throughput scenarios between 10-40 ktpd
Lower Capital and Operating Costs
Explore low-cost heap leach amp SXEW facilities
Reduce Sustaining Capital Costs
Eliminate tailings management facility and
mill infrastructure
Maximize Project Cash Flows
Enhance early returns by delaying waste stripping
bull Develop low-cost high-margin leaching operation
bull Reduce development capital requirements to pave the way to financing
bull Focus on higher grade resource to maintain project returns
SCALED STAGED DEVELOPMENT PLAN POTENTIAL JV OPPORTUNITIES
FOCUSED ON REDUCING DEVELOPMENT CAPEX amp ENHANCING PROJECT RETURNS
FUNDED TO DECEMBER 2018 FUNDING IN PLACE 2016 - 2019
Upfront Payment
Wheaton Precious Metals will make an upfront cash payment of US$140 million plus a Production Payment for an amount of silver equal to 100 of silver production and an amount of gold equal to 25 of gold production
Production Payment
Wheaton Precious Metals will make an ongoing payment equal to the lesser of (i) US$450 in the case of delivered gold ounces and US$590 in the case of delivered silver ounces and (ii) the applicable prevailing market price
Early Deposit
US$14 million will be paid by Wheaton Precious Metals as an early deposit US$2 million will be paid in the first year following closing with US$15 million paid annually thereafter
Exploration Matching Provision
Wheaton Precious Metals to match equity proceeds of up to a total of US$35 million raised in the first two years following signing of PMPA to fund exploration at the Cotabambas Project
Wheaton Precious Metals Option
Wheaton Precious Metals will have the option to terminate the PMPA either 90 days following delivery of a Feasibility Study or at any time upon giving Panoro three monthsrsquo notice Wheaton Precious Metals can elect to receive a portion of the early deposit either as cash or shares upon termination with Panoro having
rights to defer cash payments over an up to two year period
BuyBack Option
Following a change of control subject to certain conditions Panoro has a one-time option to repurchase 50 of the precious metals stream with a payout based on the greater of (i) a minimum fixed return (ii) a return based on appreciation of precious metals prices over the term of the PMPA and (iii) a return based on appreciation of the Panoro share price over the term of the PMPA
TRANSACTION OVERVIEW
FUNDING TO DECEMBER 2018 M$CAD
July 1 Cash Position 10
WPM Basic Funding (Jul 2016 ndash Dec 2018) 39
WPM Matching Funds (2016 ) 26
Private Placement (Aug 2016) 66
Total Funding to December 2018 141
POTENTIAL FUNDING M$CAD
Financing (2017) - Contingent 20
WPM Matching Funds (2017) 20
Warrant Exercise (Aug 2018) 50
Total Additional Funding - Contingent 90
TSXVPML 22
PANORO MINERALS VALUATION METRICS
TSXVPML 23
CURRENT RESOURCES AND PEAs
WITH PROJECTED 2017 INVESTMENTS
COTABAMBAS PROJECT
COTA
BAM
BAS
amp A
NTI
LLA
PRO
JECT
S VA
LUAT
ION
(M C
AD)
COTA
BAM
BAS
VALU
ATIO
N (M
CAD
)
PAYMENTS
USD (M)
Advance $140
Gold Delivery $ 180
Silver Delivery $ 100
Total $ 420
COTABAMBAS PROJECT STREAMING AGREEMENT
STREAM AGREEMENT CAPPED POST 90M AGEQ OZ
OPTION CHANGE OF CONTROL
80 53 40
STREAM REDUCTION IN FUTURE CAPTURES EXPLORATION UPSIDE
FLEXIBILITY FOR ACQUIRER OF PROJECT
Exploration Funding
Development Funding
Validation of Project Flexibility Derisked
Financing
Leveraged for 2016 Placement
Valuation Benchmark
Custom Fit Agreement
24
REGIONAL
COTABAMBAS
Cochasayhuas
Kusiorcco
Promesa
El Rosal Chap - Chapi
JV Utupara
JV
Pataypampa Humamantata Morosayhuas Anyo
Checca
Development
Feasibility
Advanced Exploration
Early Exploration
Level 2 Prospects
Level 1 Prospects
INFRASTRUCTURE DEVELOPMENT
TSXVPML 25
ANTILLA
PANORO EXPLORATION STRATEGY
EXPLORATION DEFINING NEW PROJECTS FOR NEXT PHASE OF PANORO
COTABAMBAS PEA COMPLETED amp
UPDATED
ANTILLA PEA COMPLETED
1 PROJECT ENHANCEMENTS
2 PROJECT EXPANSIONS
3 STRATEGIC POSITIONING
2007 ndash 2014 2014 ndash 2016 2017 ndash 2019
PROMESA ANYO HUMAMANTATA KUSIORCCO
bull 4060 ha bull 5 km by 2 km porphyry bull 772 geochem samples bull 40 km IP bull 45 km Mag bull 37 km SP
bull 5000 ha bull Porphyry amp Skarn bull Hydrothermal Breccia bull 235 geochem samples
bull 3962 ha bull 4km by 17 km mineralized bull Two Porphyry zones bull Two Skarn zones bull IP amp Mag correlated
bull 5000 ha bull 1480 ha porphyry bull 772 geochem samples bull 4 drillholes bull 75 km IP bull 76 km Mag
2019 ndash 2020
PARTNER OR DIVEST
TSXVPML 26
1 2 3 4
COPPER FUNDAMENTALS SHORT TERM SURPLUS LONG TERM SUPPLY CHALLENGES
TSXVPML 27
MODEST SHORT TERM SURPLUS DRIVEN BY ECONOMIC REBALANCING IN CHINA
bull Broad macroeconomic slow down bull Chinese switch to consumer-based growth bull Peak in demand from end-use markets
LONG-TERM SUPPLY DEFICIT EXPECTED
bull Declining copper grades at existing operations
bull Inadequate high-quality discoveries bull Geopolitical risks and challenges restricting
development of greenfield projects
CONTINUED GROWTH IN GLOBAL COPPER DEMAND SUPPORT HIGHER LONG-TERM PRICES
bull Continued demand growth from China and developing countries expected
bull Increasing demand for energy efficient technologies requiring copper-intensive solutions
Source International Copper Association Ltd
Copper SupplyDemand (million tonnes)
STRUCTURAL CHANGES TO COPPER MARKET
NEW COPPER CYCLE EMERGING
Supply Pressures Refined Cu
bull Greater Production
Disruptions in Chile amp Indonesia
bull Declining Mine Grades bull Increasing Closures bull Curtailing Production bull Declining Supply of Scrap bull Peak SXEW Capacity
Reached in 2017 bull Chilean Mine Output
Decline Begins 2014
Shift to Cu Concentrates
bull Prone to Disruptions Technical Issues Slow Ramp-ups Declining Grades Strikes amp Protests Natural Disasters Cutbacks bull China Mine Output Set to
Decline bull Declining Availability of
Clean Concentrates
Concentrate Demand Growth
bull China Growing from Larger Base
bull Economic Rebound ex-China bull China Refocused on
Infrastructure Spending bull China Shifting Model away
from Cathode towards Concentrate imports
bull 2015 Chinese Concentrate Imports Exceed Cathodes (First Time)
Forecasted Shortages
bull Macquarie 10 Mt 2018-2020 bull Canaccord 11 Mt 2018-2019 bull RBC 09 Mt 2017-2019 bull Cu Shortfall Increasingly
from Shortage of Concentrate supply
TSXVPML 28
Large scale copper project greater potential strategic
location
TSXVPML 29
COTABAMBAS
ANTILLA
CONCLUSIONS
COTABAMBAS PROJECT
ANTILLA PROJECT Moderate scale project potential to monetize
FINANCED $141M to $231M funded to
2018 Wheaton Precious Metals Agreement
COPPER Principal commodity with supply constraints coming and demand
strong
PERU Key copper producing nation with national goal to become
largest copper producer nation
VALUATION POTENTIAL Significant Valuation Growth Potential for New Cycle
TSXVPML 30
TSXVPML FrankfurtPZM
BVLPML
For further information contact Luquman Shaheen President and CEO
Phone 6046844246 Email infopanorocom
wwwpanorocom
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
ANTILLA PROJECT
NPV $US 491 M IRR 221
$US 126 B pretax $US 725 after tax
C1 $183lb C2 $ 235lb
NPV $US 225 M IRR 151 $US 603 M $US 324 M 33 year pretax
41 year after tax
NOTE Cu = $US300lb Mo = $US1200lb
TSXVPML 19
Antilla Initial CAPEX (US$ millions)
Item Cost
Mine Equipment $51
Mine Development $55
Process Plant $187
Tailings Storage Facility $18
Infrastructure $85
Subtotal $396
Owners Cost $28
Indirect Costs $82
Subtotal $506
Contingencies $97
Total Initial Capital Cost $603
PEA FINANCIAL METRICS
Initial Capital Pretax After Tax Payback Period Cash Costs LOM Cashflow LOM Sust
Capex
OPEN PIT
TAILINGS AREA
PLANTSITE AREA
WASTEROCK AREA
STOCKPILE
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
081Strip Ratio 297 Mt wasterock
LOM Payable Metal 194 Blbs Cu 44 Mlb Mo
150k dtpa Cu con 255 Cu
Payable Metal 81 Mlbsyear Cu
18 Mlbsyear Mo
350 Mt Mill Feed 40000 tpd
24 year LOM
031 Cu 85 0009 Mo 67
PEA DESIGN PARAMETERS
48 wasterock to build Tails Dam
124k dtpa Mo con 355 Cu
HIGH GRADE NEAR AT SURFACE
HIGH GRADE NEAR AT SURFACE
Note Cu = $US300lb Mo = $US1200lb TSXVPML 20
ANTILLA PROJECT PEA SUMMARY
ANTILLA PROJECT
Optimize Mine Plan Focus on high grade oxides amp secondary sulphides
TSXVPML 21
SCALED DEVELOPMENT
Reduce Throughput Evaluate processing
throughput scenarios between 10-40 ktpd
Lower Capital and Operating Costs
Explore low-cost heap leach amp SXEW facilities
Reduce Sustaining Capital Costs
Eliminate tailings management facility and
mill infrastructure
Maximize Project Cash Flows
Enhance early returns by delaying waste stripping
bull Develop low-cost high-margin leaching operation
bull Reduce development capital requirements to pave the way to financing
bull Focus on higher grade resource to maintain project returns
SCALED STAGED DEVELOPMENT PLAN POTENTIAL JV OPPORTUNITIES
FOCUSED ON REDUCING DEVELOPMENT CAPEX amp ENHANCING PROJECT RETURNS
FUNDED TO DECEMBER 2018 FUNDING IN PLACE 2016 - 2019
Upfront Payment
Wheaton Precious Metals will make an upfront cash payment of US$140 million plus a Production Payment for an amount of silver equal to 100 of silver production and an amount of gold equal to 25 of gold production
Production Payment
Wheaton Precious Metals will make an ongoing payment equal to the lesser of (i) US$450 in the case of delivered gold ounces and US$590 in the case of delivered silver ounces and (ii) the applicable prevailing market price
Early Deposit
US$14 million will be paid by Wheaton Precious Metals as an early deposit US$2 million will be paid in the first year following closing with US$15 million paid annually thereafter
Exploration Matching Provision
Wheaton Precious Metals to match equity proceeds of up to a total of US$35 million raised in the first two years following signing of PMPA to fund exploration at the Cotabambas Project
Wheaton Precious Metals Option
Wheaton Precious Metals will have the option to terminate the PMPA either 90 days following delivery of a Feasibility Study or at any time upon giving Panoro three monthsrsquo notice Wheaton Precious Metals can elect to receive a portion of the early deposit either as cash or shares upon termination with Panoro having
rights to defer cash payments over an up to two year period
BuyBack Option
Following a change of control subject to certain conditions Panoro has a one-time option to repurchase 50 of the precious metals stream with a payout based on the greater of (i) a minimum fixed return (ii) a return based on appreciation of precious metals prices over the term of the PMPA and (iii) a return based on appreciation of the Panoro share price over the term of the PMPA
TRANSACTION OVERVIEW
FUNDING TO DECEMBER 2018 M$CAD
July 1 Cash Position 10
WPM Basic Funding (Jul 2016 ndash Dec 2018) 39
WPM Matching Funds (2016 ) 26
Private Placement (Aug 2016) 66
Total Funding to December 2018 141
POTENTIAL FUNDING M$CAD
Financing (2017) - Contingent 20
WPM Matching Funds (2017) 20
Warrant Exercise (Aug 2018) 50
Total Additional Funding - Contingent 90
TSXVPML 22
PANORO MINERALS VALUATION METRICS
TSXVPML 23
CURRENT RESOURCES AND PEAs
WITH PROJECTED 2017 INVESTMENTS
COTABAMBAS PROJECT
COTA
BAM
BAS
amp A
NTI
LLA
PRO
JECT
S VA
LUAT
ION
(M C
AD)
COTA
BAM
BAS
VALU
ATIO
N (M
CAD
)
PAYMENTS
USD (M)
Advance $140
Gold Delivery $ 180
Silver Delivery $ 100
Total $ 420
COTABAMBAS PROJECT STREAMING AGREEMENT
STREAM AGREEMENT CAPPED POST 90M AGEQ OZ
OPTION CHANGE OF CONTROL
80 53 40
STREAM REDUCTION IN FUTURE CAPTURES EXPLORATION UPSIDE
FLEXIBILITY FOR ACQUIRER OF PROJECT
Exploration Funding
Development Funding
Validation of Project Flexibility Derisked
Financing
Leveraged for 2016 Placement
Valuation Benchmark
Custom Fit Agreement
24
REGIONAL
COTABAMBAS
Cochasayhuas
Kusiorcco
Promesa
El Rosal Chap - Chapi
JV Utupara
JV
Pataypampa Humamantata Morosayhuas Anyo
Checca
Development
Feasibility
Advanced Exploration
Early Exploration
Level 2 Prospects
Level 1 Prospects
INFRASTRUCTURE DEVELOPMENT
TSXVPML 25
ANTILLA
PANORO EXPLORATION STRATEGY
EXPLORATION DEFINING NEW PROJECTS FOR NEXT PHASE OF PANORO
COTABAMBAS PEA COMPLETED amp
UPDATED
ANTILLA PEA COMPLETED
1 PROJECT ENHANCEMENTS
2 PROJECT EXPANSIONS
3 STRATEGIC POSITIONING
2007 ndash 2014 2014 ndash 2016 2017 ndash 2019
PROMESA ANYO HUMAMANTATA KUSIORCCO
bull 4060 ha bull 5 km by 2 km porphyry bull 772 geochem samples bull 40 km IP bull 45 km Mag bull 37 km SP
bull 5000 ha bull Porphyry amp Skarn bull Hydrothermal Breccia bull 235 geochem samples
bull 3962 ha bull 4km by 17 km mineralized bull Two Porphyry zones bull Two Skarn zones bull IP amp Mag correlated
bull 5000 ha bull 1480 ha porphyry bull 772 geochem samples bull 4 drillholes bull 75 km IP bull 76 km Mag
2019 ndash 2020
PARTNER OR DIVEST
TSXVPML 26
1 2 3 4
COPPER FUNDAMENTALS SHORT TERM SURPLUS LONG TERM SUPPLY CHALLENGES
TSXVPML 27
MODEST SHORT TERM SURPLUS DRIVEN BY ECONOMIC REBALANCING IN CHINA
bull Broad macroeconomic slow down bull Chinese switch to consumer-based growth bull Peak in demand from end-use markets
LONG-TERM SUPPLY DEFICIT EXPECTED
bull Declining copper grades at existing operations
bull Inadequate high-quality discoveries bull Geopolitical risks and challenges restricting
development of greenfield projects
CONTINUED GROWTH IN GLOBAL COPPER DEMAND SUPPORT HIGHER LONG-TERM PRICES
bull Continued demand growth from China and developing countries expected
bull Increasing demand for energy efficient technologies requiring copper-intensive solutions
Source International Copper Association Ltd
Copper SupplyDemand (million tonnes)
STRUCTURAL CHANGES TO COPPER MARKET
NEW COPPER CYCLE EMERGING
Supply Pressures Refined Cu
bull Greater Production
Disruptions in Chile amp Indonesia
bull Declining Mine Grades bull Increasing Closures bull Curtailing Production bull Declining Supply of Scrap bull Peak SXEW Capacity
Reached in 2017 bull Chilean Mine Output
Decline Begins 2014
Shift to Cu Concentrates
bull Prone to Disruptions Technical Issues Slow Ramp-ups Declining Grades Strikes amp Protests Natural Disasters Cutbacks bull China Mine Output Set to
Decline bull Declining Availability of
Clean Concentrates
Concentrate Demand Growth
bull China Growing from Larger Base
bull Economic Rebound ex-China bull China Refocused on
Infrastructure Spending bull China Shifting Model away
from Cathode towards Concentrate imports
bull 2015 Chinese Concentrate Imports Exceed Cathodes (First Time)
Forecasted Shortages
bull Macquarie 10 Mt 2018-2020 bull Canaccord 11 Mt 2018-2019 bull RBC 09 Mt 2017-2019 bull Cu Shortfall Increasingly
from Shortage of Concentrate supply
TSXVPML 28
Large scale copper project greater potential strategic
location
TSXVPML 29
COTABAMBAS
ANTILLA
CONCLUSIONS
COTABAMBAS PROJECT
ANTILLA PROJECT Moderate scale project potential to monetize
FINANCED $141M to $231M funded to
2018 Wheaton Precious Metals Agreement
COPPER Principal commodity with supply constraints coming and demand
strong
PERU Key copper producing nation with national goal to become
largest copper producer nation
VALUATION POTENTIAL Significant Valuation Growth Potential for New Cycle
TSXVPML 30
TSXVPML FrankfurtPZM
BVLPML
For further information contact Luquman Shaheen President and CEO
Phone 6046844246 Email infopanorocom
wwwpanorocom
Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information
081Strip Ratio 297 Mt wasterock
LOM Payable Metal 194 Blbs Cu 44 Mlb Mo
150k dtpa Cu con 255 Cu
Payable Metal 81 Mlbsyear Cu
18 Mlbsyear Mo
350 Mt Mill Feed 40000 tpd
24 year LOM
031 Cu 85 0009 Mo 67
PEA DESIGN PARAMETERS
48 wasterock to build Tails Dam
124k dtpa Mo con 355 Cu
HIGH GRADE NEAR AT SURFACE
HIGH GRADE NEAR AT SURFACE
Note Cu = $US300lb Mo = $US1200lb TSXVPML 20
ANTILLA PROJECT PEA SUMMARY
ANTILLA PROJECT
Optimize Mine Plan Focus on high grade oxides amp secondary sulphides
TSXVPML 21
SCALED DEVELOPMENT
Reduce Throughput Evaluate processing
throughput scenarios between 10-40 ktpd
Lower Capital and Operating Costs
Explore low-cost heap leach amp SXEW facilities
Reduce Sustaining Capital Costs
Eliminate tailings management facility and
mill infrastructure
Maximize Project Cash Flows
Enhance early returns by delaying waste stripping
bull Develop low-cost high-margin leaching operation
bull Reduce development capital requirements to pave the way to financing
bull Focus on higher grade resource to maintain project returns
SCALED STAGED DEVELOPMENT PLAN POTENTIAL JV OPPORTUNITIES
FOCUSED ON REDUCING DEVELOPMENT CAPEX amp ENHANCING PROJECT RETURNS
FUNDED TO DECEMBER 2018 FUNDING IN PLACE 2016 - 2019
Upfront Payment
Wheaton Precious Metals will make an upfront cash payment of US$140 million plus a Production Payment for an amount of silver equal to 100 of silver production and an amount of gold equal to 25 of gold production
Production Payment
Wheaton Precious Metals will make an ongoing payment equal to the lesser of (i) US$450 in the case of delivered gold ounces and US$590 in the case of delivered silver ounces and (ii) the applicable prevailing market price
Early Deposit
US$14 million will be paid by Wheaton Precious Metals as an early deposit US$2 million will be paid in the first year following closing with US$15 million paid annually thereafter
Exploration Matching Provision
Wheaton Precious Metals to match equity proceeds of up to a total of US$35 million raised in the first two years following signing of PMPA to fund exploration at the Cotabambas Project
Wheaton Precious Metals Option
Wheaton Precious Metals will have the option to terminate the PMPA either 90 days following delivery of a Feasibility Study or at any time upon giving Panoro three monthsrsquo notice Wheaton Precious Metals can elect to receive a portion of the early deposit either as cash or shares upon termination with Panoro having
rights to defer cash payments over an up to two year period
BuyBack Option
Following a change of control subject to certain conditions Panoro has a one-time option to repurchase 50 of the precious metals stream with a payout based on the greater of (i) a minimum fixed return (ii) a return based on appreciation of precious metals prices over the term of the PMPA and (iii) a return based on appreciation of the Panoro share price over the term of the PMPA
TRANSACTION OVERVIEW
FUNDING TO DECEMBER 2018 M$CAD
July 1 Cash Position 10
WPM Basic Funding (Jul 2016 ndash Dec 2018) 39
WPM Matching Funds (2016 ) 26
Private Placement (Aug 2016) 66
Total Funding to December 2018 141
POTENTIAL FUNDING M$CAD
Financing (2017) - Contingent 20
WPM Matching Funds (2017) 20
Warrant Exercise (Aug 2018) 50
Total Additional Funding - Contingent 90
TSXVPML 22
PANORO MINERALS VALUATION METRICS
TSXVPML 23
CURRENT RESOURCES AND PEAs
WITH PROJECTED 2017 INVESTMENTS
COTABAMBAS PROJECT
COTA
BAM
BAS
amp A
NTI
LLA
PRO
JECT
S VA
LUAT
ION
(M C
AD)
COTA
BAM
BAS
VALU
ATIO
N (M
CAD
)
PAYMENTS
USD (M)
Advance $140
Gold Delivery $ 180
Silver Delivery $ 100
Total $ 420
COTABAMBAS PROJECT STREAMING AGREEMENT
STREAM AGREEMENT CAPPED POST 90M AGEQ OZ
OPTION CHANGE OF CONTROL
80 53 40
STREAM REDUCTION IN FUTURE CAPTURES EXPLORATION UPSIDE
FLEXIBILITY FOR ACQUIRER OF PROJECT
Exploration Funding
Development Funding
Validation of Project Flexibility Derisked
Financing
Leveraged for 2016 Placement
Valuation Benchmark
Custom Fit Agreement
24
REGIONAL
COTABAMBAS
Cochasayhuas
Kusiorcco
Promesa
El Rosal Chap - Chapi
JV Utupara
JV
Pataypampa Humamantata Morosayhuas Anyo
Checca
Development
Feasibility
Advanced Exploration
Early Exploration
Level 2 Prospects
Level 1 Prospects
INFRASTRUCTURE DEVELOPMENT
TSXVPML 25
ANTILLA
PANORO EXPLORATION STRATEGY
EXPLORATION DEFINING NEW PROJECTS FOR NEXT PHASE OF PANORO
COTABAMBAS PEA COMPLETED amp
UPDATED
ANTILLA PEA COMPLETED
1 PROJECT ENHANCEMENTS
2 PROJECT EXPANSIONS
3 STRATEGIC POSITIONING
2007 ndash 2014 2014 ndash 2016 2017 ndash 2019
PROMESA ANYO HUMAMANTATA KUSIORCCO
bull 4060 ha bull 5 km by 2 km porphyry bull 772 geochem samples bull 40 km IP bull 45 km Mag bull 37 km SP
bull 5000 ha bull Porphyry amp Skarn bull Hydrothermal Breccia bull 235 geochem samples
bull 3962 ha bull 4km by 17 km mineralized bull Two Porphyry zones bull Two Skarn zones bull IP amp Mag correlated
bull 5000 ha bull 1480 ha porphyry bull 772 geochem samples bull 4 drillholes bull 75 km IP bull 76 km Mag
2019 ndash 2020
PARTNER OR DIVEST
TSXVPML 26
1 2 3 4
COPPER FUNDAMENTALS SHORT TERM SURPLUS LONG TERM SUPPLY CHALLENGES
TSXVPML 27
MODEST SHORT TERM SURPLUS DRIVEN BY ECONOMIC REBALANCING IN CHINA
bull Broad macroeconomic slow down bull Chinese switch to consumer-based growth bull Peak in demand from end-use markets
LONG-TERM SUPPLY DEFICIT EXPECTED
bull Declining copper grades at existing operations
bull Inadequate high-quality discoveries bull Geopolitical risks and challenges restricting
development of greenfield projects
CONTINUED GROWTH IN GLOBAL COPPER DEMAND SUPPORT HIGHER LONG-TERM PRICES
bull Continued demand growth from China and developing countries expected
bull Increasing demand for energy efficient technologies requiring copper-intensive solutions
Source International Copper Association Ltd
Copper SupplyDemand (million tonnes)
STRUCTURAL CHANGES TO COPPER MARKET
NEW COPPER CYCLE EMERGING
Supply Pressures Refined Cu
bull Greater Production
Disruptions in Chile amp Indonesia
bull Declining Mine Grades bull Increasing Closures bull Curtailing Production bull Declining Supply of Scrap bull Peak SXEW Capacity
Reached in 2017 bull Chilean Mine Output
Decline Begins 2014
Shift to Cu Concentrates
bull Prone to Disruptions Technical Issues Slow Ramp-ups Declining Grades Strikes amp Protests Natural Disasters Cutbacks bull China Mine Output Set to
Decline bull Declining Availability of
Clean Concentrates
Concentrate Demand Growth
bull China Growing from Larger Base
bull Economic Rebound ex-China bull China Refocused on
Infrastructure Spending bull China Shifting Model away
from Cathode towards Concentrate imports
bull 2015 Chinese Concentrate Imports Exceed Cathodes (First Time)
Forecasted Shortages
bull Macquarie 10 Mt 2018-2020 bull Canaccord 11 Mt 2018-2019 bull RBC 09 Mt 2017-2019 bull Cu Shortfall Increasingly
from Shortage of Concentrate supply
TSXVPML 28
Large scale copper project greater potential strategic
location
TSXVPML 29
COTABAMBAS
ANTILLA
CONCLUSIONS
COTABAMBAS PROJECT
ANTILLA PROJECT Moderate scale project potential to monetize
FINANCED $141M to $231M funded to
2018 Wheaton Precious Metals Agreement
COPPER Principal commodity with supply constraints coming and demand
strong
PERU Key copper producing nation with national goal to become
largest copper producer nation
VALUATION POTENTIAL Significant Valuation Growth Potential for New Cycle
TSXVPML 30
TSXVPML FrankfurtPZM
BVLPML
For further information contact Luquman Shaheen President and CEO
Phone 6046844246 Email infopanorocom
wwwpanorocom
ANTILLA PROJECT
Optimize Mine Plan Focus on high grade oxides amp secondary sulphides
TSXVPML 21
SCALED DEVELOPMENT
Reduce Throughput Evaluate processing
throughput scenarios between 10-40 ktpd
Lower Capital and Operating Costs
Explore low-cost heap leach amp SXEW facilities
Reduce Sustaining Capital Costs
Eliminate tailings management facility and
mill infrastructure
Maximize Project Cash Flows
Enhance early returns by delaying waste stripping
bull Develop low-cost high-margin leaching operation
bull Reduce development capital requirements to pave the way to financing
bull Focus on higher grade resource to maintain project returns
SCALED STAGED DEVELOPMENT PLAN POTENTIAL JV OPPORTUNITIES
FOCUSED ON REDUCING DEVELOPMENT CAPEX amp ENHANCING PROJECT RETURNS
FUNDED TO DECEMBER 2018 FUNDING IN PLACE 2016 - 2019
Upfront Payment
Wheaton Precious Metals will make an upfront cash payment of US$140 million plus a Production Payment for an amount of silver equal to 100 of silver production and an amount of gold equal to 25 of gold production
Production Payment
Wheaton Precious Metals will make an ongoing payment equal to the lesser of (i) US$450 in the case of delivered gold ounces and US$590 in the case of delivered silver ounces and (ii) the applicable prevailing market price
Early Deposit
US$14 million will be paid by Wheaton Precious Metals as an early deposit US$2 million will be paid in the first year following closing with US$15 million paid annually thereafter
Exploration Matching Provision
Wheaton Precious Metals to match equity proceeds of up to a total of US$35 million raised in the first two years following signing of PMPA to fund exploration at the Cotabambas Project
Wheaton Precious Metals Option
Wheaton Precious Metals will have the option to terminate the PMPA either 90 days following delivery of a Feasibility Study or at any time upon giving Panoro three monthsrsquo notice Wheaton Precious Metals can elect to receive a portion of the early deposit either as cash or shares upon termination with Panoro having
rights to defer cash payments over an up to two year period
BuyBack Option
Following a change of control subject to certain conditions Panoro has a one-time option to repurchase 50 of the precious metals stream with a payout based on the greater of (i) a minimum fixed return (ii) a return based on appreciation of precious metals prices over the term of the PMPA and (iii) a return based on appreciation of the Panoro share price over the term of the PMPA
TRANSACTION OVERVIEW
FUNDING TO DECEMBER 2018 M$CAD
July 1 Cash Position 10
WPM Basic Funding (Jul 2016 ndash Dec 2018) 39
WPM Matching Funds (2016 ) 26
Private Placement (Aug 2016) 66
Total Funding to December 2018 141
POTENTIAL FUNDING M$CAD
Financing (2017) - Contingent 20
WPM Matching Funds (2017) 20
Warrant Exercise (Aug 2018) 50
Total Additional Funding - Contingent 90
TSXVPML 22
PANORO MINERALS VALUATION METRICS
TSXVPML 23
CURRENT RESOURCES AND PEAs
WITH PROJECTED 2017 INVESTMENTS
COTABAMBAS PROJECT
COTA
BAM
BAS
amp A
NTI
LLA
PRO
JECT
S VA
LUAT
ION
(M C
AD)
COTA
BAM
BAS
VALU
ATIO
N (M
CAD
)
PAYMENTS
USD (M)
Advance $140
Gold Delivery $ 180
Silver Delivery $ 100
Total $ 420
COTABAMBAS PROJECT STREAMING AGREEMENT
STREAM AGREEMENT CAPPED POST 90M AGEQ OZ
OPTION CHANGE OF CONTROL
80 53 40
STREAM REDUCTION IN FUTURE CAPTURES EXPLORATION UPSIDE
FLEXIBILITY FOR ACQUIRER OF PROJECT
Exploration Funding
Development Funding
Validation of Project Flexibility Derisked
Financing
Leveraged for 2016 Placement
Valuation Benchmark
Custom Fit Agreement
24
REGIONAL
COTABAMBAS
Cochasayhuas
Kusiorcco
Promesa
El Rosal Chap - Chapi
JV Utupara
JV
Pataypampa Humamantata Morosayhuas Anyo
Checca
Development
Feasibility
Advanced Exploration
Early Exploration
Level 2 Prospects
Level 1 Prospects
INFRASTRUCTURE DEVELOPMENT
TSXVPML 25
ANTILLA
PANORO EXPLORATION STRATEGY
EXPLORATION DEFINING NEW PROJECTS FOR NEXT PHASE OF PANORO
COTABAMBAS PEA COMPLETED amp
UPDATED
ANTILLA PEA COMPLETED
1 PROJECT ENHANCEMENTS
2 PROJECT EXPANSIONS
3 STRATEGIC POSITIONING
2007 ndash 2014 2014 ndash 2016 2017 ndash 2019
PROMESA ANYO HUMAMANTATA KUSIORCCO
bull 4060 ha bull 5 km by 2 km porphyry bull 772 geochem samples bull 40 km IP bull 45 km Mag bull 37 km SP
bull 5000 ha bull Porphyry amp Skarn bull Hydrothermal Breccia bull 235 geochem samples
bull 3962 ha bull 4km by 17 km mineralized bull Two Porphyry zones bull Two Skarn zones bull IP amp Mag correlated
bull 5000 ha bull 1480 ha porphyry bull 772 geochem samples bull 4 drillholes bull 75 km IP bull 76 km Mag
2019 ndash 2020
PARTNER OR DIVEST
TSXVPML 26
1 2 3 4
COPPER FUNDAMENTALS SHORT TERM SURPLUS LONG TERM SUPPLY CHALLENGES
TSXVPML 27
MODEST SHORT TERM SURPLUS DRIVEN BY ECONOMIC REBALANCING IN CHINA
bull Broad macroeconomic slow down bull Chinese switch to consumer-based growth bull Peak in demand from end-use markets
LONG-TERM SUPPLY DEFICIT EXPECTED
bull Declining copper grades at existing operations
bull Inadequate high-quality discoveries bull Geopolitical risks and challenges restricting
development of greenfield projects
CONTINUED GROWTH IN GLOBAL COPPER DEMAND SUPPORT HIGHER LONG-TERM PRICES
bull Continued demand growth from China and developing countries expected
bull Increasing demand for energy efficient technologies requiring copper-intensive solutions
Source International Copper Association Ltd
Copper SupplyDemand (million tonnes)
STRUCTURAL CHANGES TO COPPER MARKET
NEW COPPER CYCLE EMERGING
Supply Pressures Refined Cu
bull Greater Production
Disruptions in Chile amp Indonesia
bull Declining Mine Grades bull Increasing Closures bull Curtailing Production bull Declining Supply of Scrap bull Peak SXEW Capacity
Reached in 2017 bull Chilean Mine Output
Decline Begins 2014
Shift to Cu Concentrates
bull Prone to Disruptions Technical Issues Slow Ramp-ups Declining Grades Strikes amp Protests Natural Disasters Cutbacks bull China Mine Output Set to
Decline bull Declining Availability of
Clean Concentrates
Concentrate Demand Growth
bull China Growing from Larger Base
bull Economic Rebound ex-China bull China Refocused on
Infrastructure Spending bull China Shifting Model away
from Cathode towards Concentrate imports
bull 2015 Chinese Concentrate Imports Exceed Cathodes (First Time)
Forecasted Shortages
bull Macquarie 10 Mt 2018-2020 bull Canaccord 11 Mt 2018-2019 bull RBC 09 Mt 2017-2019 bull Cu Shortfall Increasingly
from Shortage of Concentrate supply
TSXVPML 28
Large scale copper project greater potential strategic
location
TSXVPML 29
COTABAMBAS
ANTILLA
CONCLUSIONS
COTABAMBAS PROJECT
ANTILLA PROJECT Moderate scale project potential to monetize
FINANCED $141M to $231M funded to
2018 Wheaton Precious Metals Agreement
COPPER Principal commodity with supply constraints coming and demand
strong
PERU Key copper producing nation with national goal to become
largest copper producer nation
VALUATION POTENTIAL Significant Valuation Growth Potential for New Cycle
TSXVPML 30
TSXVPML FrankfurtPZM
BVLPML
For further information contact Luquman Shaheen President and CEO
Phone 6046844246 Email infopanorocom
wwwpanorocom
FUNDED TO DECEMBER 2018 FUNDING IN PLACE 2016 - 2019
Upfront Payment
Wheaton Precious Metals will make an upfront cash payment of US$140 million plus a Production Payment for an amount of silver equal to 100 of silver production and an amount of gold equal to 25 of gold production
Production Payment
Wheaton Precious Metals will make an ongoing payment equal to the lesser of (i) US$450 in the case of delivered gold ounces and US$590 in the case of delivered silver ounces and (ii) the applicable prevailing market price
Early Deposit
US$14 million will be paid by Wheaton Precious Metals as an early deposit US$2 million will be paid in the first year following closing with US$15 million paid annually thereafter
Exploration Matching Provision
Wheaton Precious Metals to match equity proceeds of up to a total of US$35 million raised in the first two years following signing of PMPA to fund exploration at the Cotabambas Project
Wheaton Precious Metals Option
Wheaton Precious Metals will have the option to terminate the PMPA either 90 days following delivery of a Feasibility Study or at any time upon giving Panoro three monthsrsquo notice Wheaton Precious Metals can elect to receive a portion of the early deposit either as cash or shares upon termination with Panoro having
rights to defer cash payments over an up to two year period
BuyBack Option
Following a change of control subject to certain conditions Panoro has a one-time option to repurchase 50 of the precious metals stream with a payout based on the greater of (i) a minimum fixed return (ii) a return based on appreciation of precious metals prices over the term of the PMPA and (iii) a return based on appreciation of the Panoro share price over the term of the PMPA
TRANSACTION OVERVIEW
FUNDING TO DECEMBER 2018 M$CAD
July 1 Cash Position 10
WPM Basic Funding (Jul 2016 ndash Dec 2018) 39
WPM Matching Funds (2016 ) 26
Private Placement (Aug 2016) 66
Total Funding to December 2018 141
POTENTIAL FUNDING M$CAD
Financing (2017) - Contingent 20
WPM Matching Funds (2017) 20
Warrant Exercise (Aug 2018) 50
Total Additional Funding - Contingent 90
TSXVPML 22
PANORO MINERALS VALUATION METRICS
TSXVPML 23
CURRENT RESOURCES AND PEAs
WITH PROJECTED 2017 INVESTMENTS
COTABAMBAS PROJECT
COTA
BAM
BAS
amp A
NTI
LLA
PRO
JECT
S VA
LUAT
ION
(M C
AD)
COTA
BAM
BAS
VALU
ATIO
N (M
CAD
)
PAYMENTS
USD (M)
Advance $140
Gold Delivery $ 180
Silver Delivery $ 100
Total $ 420
COTABAMBAS PROJECT STREAMING AGREEMENT
STREAM AGREEMENT CAPPED POST 90M AGEQ OZ
OPTION CHANGE OF CONTROL
80 53 40
STREAM REDUCTION IN FUTURE CAPTURES EXPLORATION UPSIDE
FLEXIBILITY FOR ACQUIRER OF PROJECT
Exploration Funding
Development Funding
Validation of Project Flexibility Derisked
Financing
Leveraged for 2016 Placement
Valuation Benchmark
Custom Fit Agreement
24
REGIONAL
COTABAMBAS
Cochasayhuas
Kusiorcco
Promesa
El Rosal Chap - Chapi
JV Utupara
JV
Pataypampa Humamantata Morosayhuas Anyo
Checca
Development
Feasibility
Advanced Exploration
Early Exploration
Level 2 Prospects
Level 1 Prospects
INFRASTRUCTURE DEVELOPMENT
TSXVPML 25
ANTILLA
PANORO EXPLORATION STRATEGY
EXPLORATION DEFINING NEW PROJECTS FOR NEXT PHASE OF PANORO
COTABAMBAS PEA COMPLETED amp
UPDATED
ANTILLA PEA COMPLETED
1 PROJECT ENHANCEMENTS
2 PROJECT EXPANSIONS
3 STRATEGIC POSITIONING
2007 ndash 2014 2014 ndash 2016 2017 ndash 2019
PROMESA ANYO HUMAMANTATA KUSIORCCO
bull 4060 ha bull 5 km by 2 km porphyry bull 772 geochem samples bull 40 km IP bull 45 km Mag bull 37 km SP
bull 5000 ha bull Porphyry amp Skarn bull Hydrothermal Breccia bull 235 geochem samples
bull 3962 ha bull 4km by 17 km mineralized bull Two Porphyry zones bull Two Skarn zones bull IP amp Mag correlated
bull 5000 ha bull 1480 ha porphyry bull 772 geochem samples bull 4 drillholes bull 75 km IP bull 76 km Mag
2019 ndash 2020
PARTNER OR DIVEST
TSXVPML 26
1 2 3 4
COPPER FUNDAMENTALS SHORT TERM SURPLUS LONG TERM SUPPLY CHALLENGES
TSXVPML 27
MODEST SHORT TERM SURPLUS DRIVEN BY ECONOMIC REBALANCING IN CHINA
bull Broad macroeconomic slow down bull Chinese switch to consumer-based growth bull Peak in demand from end-use markets
LONG-TERM SUPPLY DEFICIT EXPECTED
bull Declining copper grades at existing operations
bull Inadequate high-quality discoveries bull Geopolitical risks and challenges restricting
development of greenfield projects
CONTINUED GROWTH IN GLOBAL COPPER DEMAND SUPPORT HIGHER LONG-TERM PRICES
bull Continued demand growth from China and developing countries expected
bull Increasing demand for energy efficient technologies requiring copper-intensive solutions
Source International Copper Association Ltd
Copper SupplyDemand (million tonnes)
STRUCTURAL CHANGES TO COPPER MARKET
NEW COPPER CYCLE EMERGING
Supply Pressures Refined Cu
bull Greater Production
Disruptions in Chile amp Indonesia
bull Declining Mine Grades bull Increasing Closures bull Curtailing Production bull Declining Supply of Scrap bull Peak SXEW Capacity
Reached in 2017 bull Chilean Mine Output
Decline Begins 2014
Shift to Cu Concentrates
bull Prone to Disruptions Technical Issues Slow Ramp-ups Declining Grades Strikes amp Protests Natural Disasters Cutbacks bull China Mine Output Set to
Decline bull Declining Availability of
Clean Concentrates
Concentrate Demand Growth
bull China Growing from Larger Base
bull Economic Rebound ex-China bull China Refocused on
Infrastructure Spending bull China Shifting Model away
from Cathode towards Concentrate imports
bull 2015 Chinese Concentrate Imports Exceed Cathodes (First Time)
Forecasted Shortages
bull Macquarie 10 Mt 2018-2020 bull Canaccord 11 Mt 2018-2019 bull RBC 09 Mt 2017-2019 bull Cu Shortfall Increasingly
from Shortage of Concentrate supply
TSXVPML 28
Large scale copper project greater potential strategic
location
TSXVPML 29
COTABAMBAS
ANTILLA
CONCLUSIONS
COTABAMBAS PROJECT
ANTILLA PROJECT Moderate scale project potential to monetize
FINANCED $141M to $231M funded to
2018 Wheaton Precious Metals Agreement
COPPER Principal commodity with supply constraints coming and demand
strong
PERU Key copper producing nation with national goal to become
largest copper producer nation
VALUATION POTENTIAL Significant Valuation Growth Potential for New Cycle
TSXVPML 30
TSXVPML FrankfurtPZM
BVLPML
For further information contact Luquman Shaheen President and CEO
Phone 6046844246 Email infopanorocom
wwwpanorocom
PANORO MINERALS VALUATION METRICS
TSXVPML 23
CURRENT RESOURCES AND PEAs
WITH PROJECTED 2017 INVESTMENTS
COTABAMBAS PROJECT
COTA
BAM
BAS
amp A
NTI
LLA
PRO
JECT
S VA
LUAT
ION
(M C
AD)
COTA
BAM
BAS
VALU
ATIO
N (M
CAD
)
PAYMENTS
USD (M)
Advance $140
Gold Delivery $ 180
Silver Delivery $ 100
Total $ 420
COTABAMBAS PROJECT STREAMING AGREEMENT
STREAM AGREEMENT CAPPED POST 90M AGEQ OZ
OPTION CHANGE OF CONTROL
80 53 40
STREAM REDUCTION IN FUTURE CAPTURES EXPLORATION UPSIDE
FLEXIBILITY FOR ACQUIRER OF PROJECT
Exploration Funding
Development Funding
Validation of Project Flexibility Derisked
Financing
Leveraged for 2016 Placement
Valuation Benchmark
Custom Fit Agreement
24
REGIONAL
COTABAMBAS
Cochasayhuas
Kusiorcco
Promesa
El Rosal Chap - Chapi
JV Utupara
JV
Pataypampa Humamantata Morosayhuas Anyo
Checca
Development
Feasibility
Advanced Exploration
Early Exploration
Level 2 Prospects
Level 1 Prospects
INFRASTRUCTURE DEVELOPMENT
TSXVPML 25
ANTILLA
PANORO EXPLORATION STRATEGY
EXPLORATION DEFINING NEW PROJECTS FOR NEXT PHASE OF PANORO
COTABAMBAS PEA COMPLETED amp
UPDATED
ANTILLA PEA COMPLETED
1 PROJECT ENHANCEMENTS
2 PROJECT EXPANSIONS
3 STRATEGIC POSITIONING
2007 ndash 2014 2014 ndash 2016 2017 ndash 2019
PROMESA ANYO HUMAMANTATA KUSIORCCO
bull 4060 ha bull 5 km by 2 km porphyry bull 772 geochem samples bull 40 km IP bull 45 km Mag bull 37 km SP
bull 5000 ha bull Porphyry amp Skarn bull Hydrothermal Breccia bull 235 geochem samples
bull 3962 ha bull 4km by 17 km mineralized bull Two Porphyry zones bull Two Skarn zones bull IP amp Mag correlated
bull 5000 ha bull 1480 ha porphyry bull 772 geochem samples bull 4 drillholes bull 75 km IP bull 76 km Mag
2019 ndash 2020
PARTNER OR DIVEST
TSXVPML 26
1 2 3 4
COPPER FUNDAMENTALS SHORT TERM SURPLUS LONG TERM SUPPLY CHALLENGES
TSXVPML 27
MODEST SHORT TERM SURPLUS DRIVEN BY ECONOMIC REBALANCING IN CHINA
bull Broad macroeconomic slow down bull Chinese switch to consumer-based growth bull Peak in demand from end-use markets
LONG-TERM SUPPLY DEFICIT EXPECTED
bull Declining copper grades at existing operations
bull Inadequate high-quality discoveries bull Geopolitical risks and challenges restricting
development of greenfield projects
CONTINUED GROWTH IN GLOBAL COPPER DEMAND SUPPORT HIGHER LONG-TERM PRICES
bull Continued demand growth from China and developing countries expected
bull Increasing demand for energy efficient technologies requiring copper-intensive solutions
Source International Copper Association Ltd
Copper SupplyDemand (million tonnes)
STRUCTURAL CHANGES TO COPPER MARKET
NEW COPPER CYCLE EMERGING
Supply Pressures Refined Cu
bull Greater Production
Disruptions in Chile amp Indonesia
bull Declining Mine Grades bull Increasing Closures bull Curtailing Production bull Declining Supply of Scrap bull Peak SXEW Capacity
Reached in 2017 bull Chilean Mine Output
Decline Begins 2014
Shift to Cu Concentrates
bull Prone to Disruptions Technical Issues Slow Ramp-ups Declining Grades Strikes amp Protests Natural Disasters Cutbacks bull China Mine Output Set to
Decline bull Declining Availability of
Clean Concentrates
Concentrate Demand Growth
bull China Growing from Larger Base
bull Economic Rebound ex-China bull China Refocused on
Infrastructure Spending bull China Shifting Model away
from Cathode towards Concentrate imports
bull 2015 Chinese Concentrate Imports Exceed Cathodes (First Time)
Forecasted Shortages
bull Macquarie 10 Mt 2018-2020 bull Canaccord 11 Mt 2018-2019 bull RBC 09 Mt 2017-2019 bull Cu Shortfall Increasingly
from Shortage of Concentrate supply
TSXVPML 28
Large scale copper project greater potential strategic
location
TSXVPML 29
COTABAMBAS
ANTILLA
CONCLUSIONS
COTABAMBAS PROJECT
ANTILLA PROJECT Moderate scale project potential to monetize
FINANCED $141M to $231M funded to
2018 Wheaton Precious Metals Agreement
COPPER Principal commodity with supply constraints coming and demand
strong
PERU Key copper producing nation with national goal to become
largest copper producer nation
VALUATION POTENTIAL Significant Valuation Growth Potential for New Cycle
TSXVPML 30
TSXVPML FrankfurtPZM
BVLPML
For further information contact Luquman Shaheen President and CEO
Phone 6046844246 Email infopanorocom
wwwpanorocom
PAYMENTS
USD (M)
Advance $140
Gold Delivery $ 180
Silver Delivery $ 100
Total $ 420
COTABAMBAS PROJECT STREAMING AGREEMENT
STREAM AGREEMENT CAPPED POST 90M AGEQ OZ
OPTION CHANGE OF CONTROL
80 53 40
STREAM REDUCTION IN FUTURE CAPTURES EXPLORATION UPSIDE
FLEXIBILITY FOR ACQUIRER OF PROJECT
Exploration Funding
Development Funding
Validation of Project Flexibility Derisked
Financing
Leveraged for 2016 Placement
Valuation Benchmark
Custom Fit Agreement
24
REGIONAL
COTABAMBAS
Cochasayhuas
Kusiorcco
Promesa
El Rosal Chap - Chapi
JV Utupara
JV
Pataypampa Humamantata Morosayhuas Anyo
Checca
Development
Feasibility
Advanced Exploration
Early Exploration
Level 2 Prospects
Level 1 Prospects
INFRASTRUCTURE DEVELOPMENT
TSXVPML 25
ANTILLA
PANORO EXPLORATION STRATEGY
EXPLORATION DEFINING NEW PROJECTS FOR NEXT PHASE OF PANORO
COTABAMBAS PEA COMPLETED amp
UPDATED
ANTILLA PEA COMPLETED
1 PROJECT ENHANCEMENTS
2 PROJECT EXPANSIONS
3 STRATEGIC POSITIONING
2007 ndash 2014 2014 ndash 2016 2017 ndash 2019
PROMESA ANYO HUMAMANTATA KUSIORCCO
bull 4060 ha bull 5 km by 2 km porphyry bull 772 geochem samples bull 40 km IP bull 45 km Mag bull 37 km SP
bull 5000 ha bull Porphyry amp Skarn bull Hydrothermal Breccia bull 235 geochem samples
bull 3962 ha bull 4km by 17 km mineralized bull Two Porphyry zones bull Two Skarn zones bull IP amp Mag correlated
bull 5000 ha bull 1480 ha porphyry bull 772 geochem samples bull 4 drillholes bull 75 km IP bull 76 km Mag
2019 ndash 2020
PARTNER OR DIVEST
TSXVPML 26
1 2 3 4
COPPER FUNDAMENTALS SHORT TERM SURPLUS LONG TERM SUPPLY CHALLENGES
TSXVPML 27
MODEST SHORT TERM SURPLUS DRIVEN BY ECONOMIC REBALANCING IN CHINA
bull Broad macroeconomic slow down bull Chinese switch to consumer-based growth bull Peak in demand from end-use markets
LONG-TERM SUPPLY DEFICIT EXPECTED
bull Declining copper grades at existing operations
bull Inadequate high-quality discoveries bull Geopolitical risks and challenges restricting
development of greenfield projects
CONTINUED GROWTH IN GLOBAL COPPER DEMAND SUPPORT HIGHER LONG-TERM PRICES
bull Continued demand growth from China and developing countries expected
bull Increasing demand for energy efficient technologies requiring copper-intensive solutions
Source International Copper Association Ltd
Copper SupplyDemand (million tonnes)
STRUCTURAL CHANGES TO COPPER MARKET
NEW COPPER CYCLE EMERGING
Supply Pressures Refined Cu
bull Greater Production
Disruptions in Chile amp Indonesia
bull Declining Mine Grades bull Increasing Closures bull Curtailing Production bull Declining Supply of Scrap bull Peak SXEW Capacity
Reached in 2017 bull Chilean Mine Output
Decline Begins 2014
Shift to Cu Concentrates
bull Prone to Disruptions Technical Issues Slow Ramp-ups Declining Grades Strikes amp Protests Natural Disasters Cutbacks bull China Mine Output Set to
Decline bull Declining Availability of
Clean Concentrates
Concentrate Demand Growth
bull China Growing from Larger Base
bull Economic Rebound ex-China bull China Refocused on
Infrastructure Spending bull China Shifting Model away
from Cathode towards Concentrate imports
bull 2015 Chinese Concentrate Imports Exceed Cathodes (First Time)
Forecasted Shortages
bull Macquarie 10 Mt 2018-2020 bull Canaccord 11 Mt 2018-2019 bull RBC 09 Mt 2017-2019 bull Cu Shortfall Increasingly
from Shortage of Concentrate supply
TSXVPML 28
Large scale copper project greater potential strategic
location
TSXVPML 29
COTABAMBAS
ANTILLA
CONCLUSIONS
COTABAMBAS PROJECT
ANTILLA PROJECT Moderate scale project potential to monetize
FINANCED $141M to $231M funded to
2018 Wheaton Precious Metals Agreement
COPPER Principal commodity with supply constraints coming and demand
strong
PERU Key copper producing nation with national goal to become
largest copper producer nation
VALUATION POTENTIAL Significant Valuation Growth Potential for New Cycle
TSXVPML 30
TSXVPML FrankfurtPZM
BVLPML
For further information contact Luquman Shaheen President and CEO
Phone 6046844246 Email infopanorocom
wwwpanorocom
REGIONAL
COTABAMBAS
Cochasayhuas
Kusiorcco
Promesa
El Rosal Chap - Chapi
JV Utupara
JV
Pataypampa Humamantata Morosayhuas Anyo
Checca
Development
Feasibility
Advanced Exploration
Early Exploration
Level 2 Prospects
Level 1 Prospects
INFRASTRUCTURE DEVELOPMENT
TSXVPML 25
ANTILLA
PANORO EXPLORATION STRATEGY
EXPLORATION DEFINING NEW PROJECTS FOR NEXT PHASE OF PANORO
COTABAMBAS PEA COMPLETED amp
UPDATED
ANTILLA PEA COMPLETED
1 PROJECT ENHANCEMENTS
2 PROJECT EXPANSIONS
3 STRATEGIC POSITIONING
2007 ndash 2014 2014 ndash 2016 2017 ndash 2019
PROMESA ANYO HUMAMANTATA KUSIORCCO
bull 4060 ha bull 5 km by 2 km porphyry bull 772 geochem samples bull 40 km IP bull 45 km Mag bull 37 km SP
bull 5000 ha bull Porphyry amp Skarn bull Hydrothermal Breccia bull 235 geochem samples
bull 3962 ha bull 4km by 17 km mineralized bull Two Porphyry zones bull Two Skarn zones bull IP amp Mag correlated
bull 5000 ha bull 1480 ha porphyry bull 772 geochem samples bull 4 drillholes bull 75 km IP bull 76 km Mag
2019 ndash 2020
PARTNER OR DIVEST
TSXVPML 26
1 2 3 4
COPPER FUNDAMENTALS SHORT TERM SURPLUS LONG TERM SUPPLY CHALLENGES
TSXVPML 27
MODEST SHORT TERM SURPLUS DRIVEN BY ECONOMIC REBALANCING IN CHINA
bull Broad macroeconomic slow down bull Chinese switch to consumer-based growth bull Peak in demand from end-use markets
LONG-TERM SUPPLY DEFICIT EXPECTED
bull Declining copper grades at existing operations
bull Inadequate high-quality discoveries bull Geopolitical risks and challenges restricting
development of greenfield projects
CONTINUED GROWTH IN GLOBAL COPPER DEMAND SUPPORT HIGHER LONG-TERM PRICES
bull Continued demand growth from China and developing countries expected
bull Increasing demand for energy efficient technologies requiring copper-intensive solutions
Source International Copper Association Ltd
Copper SupplyDemand (million tonnes)
STRUCTURAL CHANGES TO COPPER MARKET
NEW COPPER CYCLE EMERGING
Supply Pressures Refined Cu
bull Greater Production
Disruptions in Chile amp Indonesia
bull Declining Mine Grades bull Increasing Closures bull Curtailing Production bull Declining Supply of Scrap bull Peak SXEW Capacity
Reached in 2017 bull Chilean Mine Output
Decline Begins 2014
Shift to Cu Concentrates
bull Prone to Disruptions Technical Issues Slow Ramp-ups Declining Grades Strikes amp Protests Natural Disasters Cutbacks bull China Mine Output Set to
Decline bull Declining Availability of
Clean Concentrates
Concentrate Demand Growth
bull China Growing from Larger Base
bull Economic Rebound ex-China bull China Refocused on
Infrastructure Spending bull China Shifting Model away
from Cathode towards Concentrate imports
bull 2015 Chinese Concentrate Imports Exceed Cathodes (First Time)
Forecasted Shortages
bull Macquarie 10 Mt 2018-2020 bull Canaccord 11 Mt 2018-2019 bull RBC 09 Mt 2017-2019 bull Cu Shortfall Increasingly
from Shortage of Concentrate supply
TSXVPML 28
Large scale copper project greater potential strategic
location
TSXVPML 29
COTABAMBAS
ANTILLA
CONCLUSIONS
COTABAMBAS PROJECT
ANTILLA PROJECT Moderate scale project potential to monetize
FINANCED $141M to $231M funded to
2018 Wheaton Precious Metals Agreement
COPPER Principal commodity with supply constraints coming and demand
strong
PERU Key copper producing nation with national goal to become
largest copper producer nation
VALUATION POTENTIAL Significant Valuation Growth Potential for New Cycle
TSXVPML 30
TSXVPML FrankfurtPZM
BVLPML
For further information contact Luquman Shaheen President and CEO
Phone 6046844246 Email infopanorocom
wwwpanorocom
PANORO EXPLORATION STRATEGY
EXPLORATION DEFINING NEW PROJECTS FOR NEXT PHASE OF PANORO
COTABAMBAS PEA COMPLETED amp
UPDATED
ANTILLA PEA COMPLETED
1 PROJECT ENHANCEMENTS
2 PROJECT EXPANSIONS
3 STRATEGIC POSITIONING
2007 ndash 2014 2014 ndash 2016 2017 ndash 2019
PROMESA ANYO HUMAMANTATA KUSIORCCO
bull 4060 ha bull 5 km by 2 km porphyry bull 772 geochem samples bull 40 km IP bull 45 km Mag bull 37 km SP
bull 5000 ha bull Porphyry amp Skarn bull Hydrothermal Breccia bull 235 geochem samples
bull 3962 ha bull 4km by 17 km mineralized bull Two Porphyry zones bull Two Skarn zones bull IP amp Mag correlated
bull 5000 ha bull 1480 ha porphyry bull 772 geochem samples bull 4 drillholes bull 75 km IP bull 76 km Mag
2019 ndash 2020
PARTNER OR DIVEST
TSXVPML 26
1 2 3 4
COPPER FUNDAMENTALS SHORT TERM SURPLUS LONG TERM SUPPLY CHALLENGES
TSXVPML 27
MODEST SHORT TERM SURPLUS DRIVEN BY ECONOMIC REBALANCING IN CHINA
bull Broad macroeconomic slow down bull Chinese switch to consumer-based growth bull Peak in demand from end-use markets
LONG-TERM SUPPLY DEFICIT EXPECTED
bull Declining copper grades at existing operations
bull Inadequate high-quality discoveries bull Geopolitical risks and challenges restricting
development of greenfield projects
CONTINUED GROWTH IN GLOBAL COPPER DEMAND SUPPORT HIGHER LONG-TERM PRICES
bull Continued demand growth from China and developing countries expected
bull Increasing demand for energy efficient technologies requiring copper-intensive solutions
Source International Copper Association Ltd
Copper SupplyDemand (million tonnes)
STRUCTURAL CHANGES TO COPPER MARKET
NEW COPPER CYCLE EMERGING
Supply Pressures Refined Cu
bull Greater Production
Disruptions in Chile amp Indonesia
bull Declining Mine Grades bull Increasing Closures bull Curtailing Production bull Declining Supply of Scrap bull Peak SXEW Capacity
Reached in 2017 bull Chilean Mine Output
Decline Begins 2014
Shift to Cu Concentrates
bull Prone to Disruptions Technical Issues Slow Ramp-ups Declining Grades Strikes amp Protests Natural Disasters Cutbacks bull China Mine Output Set to
Decline bull Declining Availability of
Clean Concentrates
Concentrate Demand Growth
bull China Growing from Larger Base
bull Economic Rebound ex-China bull China Refocused on
Infrastructure Spending bull China Shifting Model away
from Cathode towards Concentrate imports
bull 2015 Chinese Concentrate Imports Exceed Cathodes (First Time)
Forecasted Shortages
bull Macquarie 10 Mt 2018-2020 bull Canaccord 11 Mt 2018-2019 bull RBC 09 Mt 2017-2019 bull Cu Shortfall Increasingly
from Shortage of Concentrate supply
TSXVPML 28
Large scale copper project greater potential strategic
location
TSXVPML 29
COTABAMBAS
ANTILLA
CONCLUSIONS
COTABAMBAS PROJECT
ANTILLA PROJECT Moderate scale project potential to monetize
FINANCED $141M to $231M funded to
2018 Wheaton Precious Metals Agreement
COPPER Principal commodity with supply constraints coming and demand
strong
PERU Key copper producing nation with national goal to become
largest copper producer nation
VALUATION POTENTIAL Significant Valuation Growth Potential for New Cycle
TSXVPML 30
TSXVPML FrankfurtPZM
BVLPML
For further information contact Luquman Shaheen President and CEO
Phone 6046844246 Email infopanorocom
wwwpanorocom
COPPER FUNDAMENTALS SHORT TERM SURPLUS LONG TERM SUPPLY CHALLENGES
TSXVPML 27
MODEST SHORT TERM SURPLUS DRIVEN BY ECONOMIC REBALANCING IN CHINA
bull Broad macroeconomic slow down bull Chinese switch to consumer-based growth bull Peak in demand from end-use markets
LONG-TERM SUPPLY DEFICIT EXPECTED
bull Declining copper grades at existing operations
bull Inadequate high-quality discoveries bull Geopolitical risks and challenges restricting
development of greenfield projects
CONTINUED GROWTH IN GLOBAL COPPER DEMAND SUPPORT HIGHER LONG-TERM PRICES
bull Continued demand growth from China and developing countries expected
bull Increasing demand for energy efficient technologies requiring copper-intensive solutions
Source International Copper Association Ltd
Copper SupplyDemand (million tonnes)
STRUCTURAL CHANGES TO COPPER MARKET
NEW COPPER CYCLE EMERGING
Supply Pressures Refined Cu
bull Greater Production
Disruptions in Chile amp Indonesia
bull Declining Mine Grades bull Increasing Closures bull Curtailing Production bull Declining Supply of Scrap bull Peak SXEW Capacity
Reached in 2017 bull Chilean Mine Output
Decline Begins 2014
Shift to Cu Concentrates
bull Prone to Disruptions Technical Issues Slow Ramp-ups Declining Grades Strikes amp Protests Natural Disasters Cutbacks bull China Mine Output Set to
Decline bull Declining Availability of
Clean Concentrates
Concentrate Demand Growth
bull China Growing from Larger Base
bull Economic Rebound ex-China bull China Refocused on
Infrastructure Spending bull China Shifting Model away
from Cathode towards Concentrate imports
bull 2015 Chinese Concentrate Imports Exceed Cathodes (First Time)
Forecasted Shortages
bull Macquarie 10 Mt 2018-2020 bull Canaccord 11 Mt 2018-2019 bull RBC 09 Mt 2017-2019 bull Cu Shortfall Increasingly
from Shortage of Concentrate supply
TSXVPML 28
Large scale copper project greater potential strategic
location
TSXVPML 29
COTABAMBAS
ANTILLA
CONCLUSIONS
COTABAMBAS PROJECT
ANTILLA PROJECT Moderate scale project potential to monetize
FINANCED $141M to $231M funded to
2018 Wheaton Precious Metals Agreement
COPPER Principal commodity with supply constraints coming and demand
strong
PERU Key copper producing nation with national goal to become
largest copper producer nation
VALUATION POTENTIAL Significant Valuation Growth Potential for New Cycle
TSXVPML 30
TSXVPML FrankfurtPZM
BVLPML
For further information contact Luquman Shaheen President and CEO
Phone 6046844246 Email infopanorocom
wwwpanorocom
STRUCTURAL CHANGES TO COPPER MARKET
NEW COPPER CYCLE EMERGING
Supply Pressures Refined Cu
bull Greater Production
Disruptions in Chile amp Indonesia
bull Declining Mine Grades bull Increasing Closures bull Curtailing Production bull Declining Supply of Scrap bull Peak SXEW Capacity
Reached in 2017 bull Chilean Mine Output
Decline Begins 2014
Shift to Cu Concentrates
bull Prone to Disruptions Technical Issues Slow Ramp-ups Declining Grades Strikes amp Protests Natural Disasters Cutbacks bull China Mine Output Set to
Decline bull Declining Availability of
Clean Concentrates
Concentrate Demand Growth
bull China Growing from Larger Base
bull Economic Rebound ex-China bull China Refocused on
Infrastructure Spending bull China Shifting Model away
from Cathode towards Concentrate imports
bull 2015 Chinese Concentrate Imports Exceed Cathodes (First Time)
Forecasted Shortages
bull Macquarie 10 Mt 2018-2020 bull Canaccord 11 Mt 2018-2019 bull RBC 09 Mt 2017-2019 bull Cu Shortfall Increasingly
from Shortage of Concentrate supply
TSXVPML 28
Large scale copper project greater potential strategic
location
TSXVPML 29
COTABAMBAS
ANTILLA
CONCLUSIONS
COTABAMBAS PROJECT
ANTILLA PROJECT Moderate scale project potential to monetize
FINANCED $141M to $231M funded to
2018 Wheaton Precious Metals Agreement
COPPER Principal commodity with supply constraints coming and demand
strong
PERU Key copper producing nation with national goal to become
largest copper producer nation
VALUATION POTENTIAL Significant Valuation Growth Potential for New Cycle
TSXVPML 30
TSXVPML FrankfurtPZM
BVLPML
For further information contact Luquman Shaheen President and CEO
Phone 6046844246 Email infopanorocom
wwwpanorocom
Large scale copper project greater potential strategic
location
TSXVPML 29
COTABAMBAS
ANTILLA
CONCLUSIONS
COTABAMBAS PROJECT
ANTILLA PROJECT Moderate scale project potential to monetize
FINANCED $141M to $231M funded to
2018 Wheaton Precious Metals Agreement
COPPER Principal commodity with supply constraints coming and demand
strong
PERU Key copper producing nation with national goal to become
largest copper producer nation
VALUATION POTENTIAL Significant Valuation Growth Potential for New Cycle
TSXVPML 30
TSXVPML FrankfurtPZM
BVLPML
For further information contact Luquman Shaheen President and CEO
Phone 6046844246 Email infopanorocom
wwwpanorocom
TSXVPML 30
TSXVPML FrankfurtPZM
BVLPML
For further information contact Luquman Shaheen President and CEO
Phone 6046844246 Email infopanorocom
wwwpanorocom