DEVELOPING PERUrsquoS COPPER POTENTIAL

Corporate Presentation May 2018

TSX-V PML BVL PML I BORSE PZM

OTC POROF

Forward Looking Statements

TSXV-PML Page 2

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

Investments Highlights

TSXV-PML Page 3

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 COMPLETED - 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

$193M FUNDED TO 2020

ndash WHEATON PRECIOUS METALS AGREEMENT ndash SALE OF KUSIORCCO TO HUDBAY $65M PLUS 2 NSR ndash 2017 WARRANTS ldquoIN THE MONEYrdquo

PERUVIAN INVESTORS INSIDERS

‒ DECLINING GRADES ‒ REDUCED EXPLORATION ‒ DEVELOPMENT DELAYS

‒ STRONG DEMAND ‒ URBANIZATION amp

INDUSTRIALIZATION ‒ ELECTRIC VEHICLES

Forward Looking Statements

TSXV-PML Page 2

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

Investments Highlights

TSXV-PML Page 3

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 COMPLETED - 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

$193M FUNDED TO 2020

ndash WHEATON PRECIOUS METALS AGREEMENT ndash SALE OF KUSIORCCO TO HUDBAY $65M PLUS 2 NSR ndash 2017 WARRANTS ldquoIN THE MONEYrdquo

PERUVIAN INVESTORS INSIDERS

‒ DECLINING GRADES ‒ REDUCED EXPLORATION ‒ DEVELOPMENT DELAYS

‒ STRONG DEMAND ‒ URBANIZATION amp

INDUSTRIALIZATION ‒ ELECTRIC VEHICLES

Investments Highlights

TSXV-PML Page 3

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 COMPLETED - 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

$193M FUNDED TO 2020

ndash WHEATON PRECIOUS METALS AGREEMENT ndash SALE OF KUSIORCCO TO HUDBAY $65M PLUS 2 NSR ndash 2017 WARRANTS ldquoIN THE MONEYrdquo

PERUVIAN INVESTORS INSIDERS

‒ DECLINING GRADES ‒ REDUCED EXPLORATION ‒ DEVELOPMENT DELAYS

‒ STRONG DEMAND ‒ URBANIZATION amp

INDUSTRIALIZATION ‒ ELECTRIC VEHICLES

Capital Structure amp Share Performance

TSXV-PML Page 4

Tickers

TSX-VPML BVLPML

BORSEPZM OTCPOROF

Share Price 52 Week Low-High

Shares Issued

Warrants Options Fully Diluted

2626M (68 Insiders)

142M 192M

2960M (99 Insiders)

$035 $015 - $048

Market Capitalization $920M Undiluted

$1040M Fully diluted

12 MONTH CHART

The Copper Cycle

TSXV-PML Page 5

A CU PRICE INCREASE B

INCREASED INVESTMENT

C OVER

DEVELOPMENT amp OVER SUPPLY

D CU PRICE DECREASE

E DECREASED INVESTMENT

F LACK OF NEW

SUPPLY

COPPER CYCLE No New

Discoveries Long Lead

Times

CURRENT STATE OF MARKET

New Copper Cycle Emerging hellip Again The Crisis of Declining Reserves

TSXV-PML Page 6

Supply Pressures Refined Cu

Shift to Cu Concentrates

Concentrate Demand Growth

Forecasted Shortages

Chilean Mine Output Decline Begins 2014

China Mine Output Set to Decline

China Shifting towards Concentrate imports

Increasingly from shortage of Concentrate Supply

INVESTMENT IN THE COPPER INDUSTRY IS HIGHLY PRO-CYCLICAL

NEW CYCLE BEGINS

BOTTOM

A

A

A

A

B

B B

C

C

C

D D

D

E

E

E

F F F

Source CRU World Copper Conference April 2017

Resurging Copper Price

TSXV-PML Page 7

5 Year Copper Spot Price

1 Year Copper Spot Price

BOTTOM

New Base +$315

$210

$260

$305

$260

$305

D

F

A

‒ Copper declines from +$450lb to -$200lb ‒ New Cycle Emerged in 2016

‒ Copper Price at +$320 potential new base emerging

The New Cycle Emerges

Copper Fundamentals

TSXV-PML Page 8

Supply Challenges Demand Growth

TIPPING POINT IMPACT OF ELECTRIC VEHICLES

Peru A Mining Country

TSXV-PML Page 9

AREQUIPA

11

APURIMAC

21

PIURA

6

Source Peru Ministry of Energy amp Mines

Mining Investment By Region

USA 12

China 22

Canada 21

UK 13

Mexico 9

CAJAMARCA

22

More than 10 Between 1 amp 10 Less than 1

MOQUEGUA

13

ANTILLA

CUMO PROJECT

COTABAMBAS

CUAUAG PROJECT

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

Mining Friendly Peru

TSXV-PML Page 10

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

Left MARTIN VIZCARRA CORNEJO President of Peru

Maintaining and Modernizing Pro

Mining Framework

1st 2nd 2nd 4th 5th Producer of

zinc lead and gold in

Latin America

Producer of silver

copper and zinc

worldwide

Producer of cooper silver

and molybdenum

in Latin America

Producer of lead and

molybdenum worldwide

Largest mining

country in the world

Right FRANCISCO IacuteSMODES MEZZANO Minister of Energy and Mines

Peru A Copper Country with Power

TSXV-PML Page 11

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

doub

led

Panoro Projectsrsquo District Potential

TSXV-PML Page 12

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

Rapid Development of Infrastructure

2018 PERU COMMENCES STUDIES FOR NEW RAILWAY FROM MARCONA PORT TO APURIMAC REGION

Cotabambas and Antilla Projects

TSXV-PML Page 13

Luquman Shaheen President amp CEO and 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

KEY PROJECT PARAMETERS (IN USD CURRENCY)

COTABAMBAS2 CUAUAG

PROJECT (GROWTH TARGETS)

ANTILLA4

CU PROJECT

(HEAP LEACH SXEW)

Mill Feed life of mine million tonnes 4831 1187 Mill Feed daily tonnes 80000 20000

Strip Ratio life of mine waste process feed 125 1 148 1

After Tax PEA Prices2

NPV75 million USD 683 305 IRR 167 259 Payback years 36 30

After Tax 6 months High Prices3

NPV75 million USD 967 (+42) 350 (+15) IRR 200 (+20) 277 (+15) Payback years 31 (-14) 29 (-33)

Annual Average Payable Metals

Cu thousand tonnes 705 210 Au thousand ounces 95 - Ag thousand ounces 1018 - Mo thousand tonnes - -

Initial Capital Cost million USD 1533 250 1 Prices in USD 2 At PEA commodity prices Cu = $300lb Au = $1250oz Ag = $1850oz Mo = $1200lb 3 At Spot commodity prices Cu = $325lb Au = $1340oz Ag = $1730oz Mo = $726lb (October 16 2017) 4 At PEA commodity prices long-term Cu = $305lb

Cotabambas Project

TSXV-PML Page 14

$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

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 qualified persons under National Instrument 43-101 have reviewed and approved the scientific and technical information

BEFORE TAX

27 Cu 11 gt Au 134 gt Ag

CLEAN CONCENTRATE

Targeting Growth

Cotabambas Project Capital Costs and Enhancements

TSXV-PML Page 15

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 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

2nd Quartile Capital Efficiency ($76lb Cueq) Targeting 1st Quartile

Cotabambas Project Deposit Resource amp Growth Potential

TSXV-PML Page 16

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 29 7000

Total 134 81988

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

1

2

3

4

Cotabambas Project 2017 Cluster 1 Exploration Program

TSXV-PML Page 17

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

NEAR SURFACE OXIDES

2

PETRA-DAVID TARGET CU OXIDES

3

MARIA JOSE TARGETS

NEAR SURFACE SULPHIDES amp OXIDES

1

CB-161 397m 054 Cu 006 gt Au 252 gt Ag 563m 041 Cu 005 gt Au 219 gt Ag 1877m 025 Cu 004 gt Au 175 gt Ag 229m 048 Cu 008 gt Au 339 gt Ag

CB-157 1952m 034 Cu 006 gt Au 16 gt Ag

CB-165 132m 041 Cu 006 gt Au 23 gt Ag 27m 103 Cu 011 gt Au 68 gt Ag 748m 024-078 Cu 003 gt- 012 gt Au 13 gt-27 gt Ag

CB-180 1128m 023 Cu 002 gt Au 11 gt Ag incl bull 90 m 043 Cu 003 gt Au 11 gt Ag bull 349m 030 Cu 002 gt Au 13 gt Ag

CB-183 1276m 041 Cu 006 gt Au 20 gt Ag incl bull 370 m 056 Cu 010 gt Au 28 gt Ag bull 529m 046 Cu 007 gt Au 21 gt Ag

CB-155 09m 085 gt Au 396 gt Ag 003 Cu

CB-154 2m 075 gt Au 34 gt Ag 002 Cu

CB-158 43m 09 gt Au 11 gt Ag 001 Cu incl bull 24m 152 gt Au 08 gt Ag 001 Cu

CB-171 19m 035 Cu 009 gt Au 27 gt Ag incl bull 108 m 044 Cu 012 gt Au 28 gt Ag

493m 024 Cu 007 gt Au 17 gt Ag incl bull 302m 032 Cu 009 gt Au 22 gt Ag bull 120m 040 Cu 009 gt Au 32 gt Ag

CB-172 788m 032 Cu 008 gt Au 22 gt Ag incl bull 204 m 048 Cu 012 gt Au 26 gt Ag bull 100m 057 Cu 014 gt Au 22 gt Ag

CB-173 614m 038 Cu 010gt Au 49 gt Ag incl bull 271m 058 Cu 014 gt Au 29 gt Ag

CB-175 876m 020 Cu 007 gt Au 18 gt Ag incl bull 76 m 039 Cu 013 gt Au 24 gt Ag bull 86m 029 Cu 008 gt Au 23 gt Ag

2018 DRILL PROGRAM INCLUDES ADDITIONAL

DRILLING AT THESE TARGETS

Cotabambas Project Exploration Target Rich Cluster 1

TSXV-PML Page 18

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

JANUARY TO JUNE 2018 CLUSTER 1 $MCAD

Pre-Drilling 008

Drilling (5000m) 099

Supporting 035

Geology 031

Grassroots 023

Indirects 091

Contingency 024

Total Budget 2018 311

2000m drilling completed to April 2018

Cotabambas Project Cluster 1 and Cluster 2 Project Scale Expansion Potential

TSXV-PML Page 19

FEBRUARY TO NOVEMBER 2018 CLUSTER 2 $MCAD

Pre-Drilling 035

Drilling (5000m) 126

Supporting 046

Geology 029

Grassroots 048

Indirects 091

Contingency 024

Total Budget 2018 399

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

0 1 2 Km

Cotabambas Project Targets

TSXV-PML Page 20

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

HIGHER NPV

HIGHER IRR REDUCED CASH COSTS

REDUCED PAYBACK

REDUCED START-UP CAPITAL

LONGER MINE LIFE

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

INCREASE HIGH GRADE RESOURCE

ADD LOW COST RESOURCE

IMPROVE METALLURGICAL

RECOVERIES

EXPLORE SCALE CHANGING

POTENTIAL

Antilla Project Heap Leach SXEW Project

TSXV-PML Page 21

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

NPV $US 320 M IRR 347

PAYBACK 26

$US 10 B pretax $US 669 M after tax

C1 $151lb C2 $ 182lb

NPV $US 305 M IRR 259

PAYBACK 30 $US 250 M

NOTE Cu = $US305 long-term Cu pricelb

Antilla Initial CAPEX (US$ millions)

Item Cost

Mine Equipment $0

Mine Development $41

Process Plant $95

Tailings Storage Facility $0

Infrastructure $42

Subtotal $178

Owners Cost $8

Indirect Costs $14

Subtotal $200

Contingencies $50

Total Initial Capital Cost $250

Initial Capital Pretax After Tax Cash Costs LOM Cashflow

Antilla Project Heap Leach SXEW PEA Summary

TSXV-PML Page 22

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

138 Strip Ratio 163 Mt wasterock

LOM Payable Metal 358 Kt Cu Cathode

Payable Metal 21 Ktyear Cu Cu Cathode

119 Mt Mill Feed 20000 tpd

17 year LOM

044 Cu Grade 725 Recovery

PEA DESIGN PARAMETERS

No Tailings Dam

HIGH GRADE NEAR AT SURFACE

HIGH GRADE NEAR AT SURFACE

Note Cu = $US305 long-term Cu price

Antilla Project Optimization

TSXV-PML Page 23

Luquman Shaheen President amp CEO and 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

KEY PROJECT PARAMETERS (IN USD CURRENCY)

CONCENTRATOR PROJECT2

HEAP LEACH PROJECT3

Mill Feed life of mine million tonnes 3504 1187 Mill Feed daily tonnes 40000 20000

Strip Ratio life of mine waste process feed 085 1 148 1

After Tax PEA Prices

NPV75 million USD 225 305 IRR 151 259 Payback years 41 30

Annual Average Payable Metals

Cu thousand tonnes 368 210 Au thousand ounces - - Ag thousand ounces - - Mo thousand tonnes 09 -

Initial Capital Cost million USD 603 250 1 Prices in USD 2 At PEA commodity prices Cu = $300lb Mo = $1200lb 3 At PEA commodity prices long-term Cu = $305lb

Antilla Project Heap Leach SXEW

TSXV-PML Page 24

Optimized Mine Plan

Reduced Throughput

Lower Capital and Operating Costs

Eliminated Sustaining Capital Costs

Maximized Project Cash Flows

Secondary sulphides 117 Mt

98 of feed

Increased Grade 031 to 043

Indicated Category

95 of mine plan Cathode

Production 210 Ktyr

Capital Cost reduced 59

C1 C2 Costs Reduced 18-23

After Tax NPV +36 IRR + 72

Payback -27

Panoro Minerals Valuation Metrics

TSXV-PML Page 25

COTA

BAM

BAS

amp A

NTI

LLA

PRO

JECT

S VA

LUAT

ION

(M C

AD)

COTA

BAM

BAS

VALU

ATIO

N (M

CAD

)

Legend 5cent indicates 5centlb Cueq in MII Resource 10cent indicates 10centlb Cueq in Mineable Resource 04 indicates 40 of NPV 08 indicates 80 of NPV

OCTOBER 2017

PML Market Capitalization $120M 6centlb Cueq

MARCH 2012

Antilla + Cotabambas = 105B lb Cueq $630M Valuation Potential

Funded to 2020

TSXV-PML Page 26

FUNDING TO 2020

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

M$CAD

2018 Cash 18

2018 Basic Funding 20

2018 Warrant Exercise 06

2018 Matching Funding 20

2018 Warrant Exercise 39

2018 IGV Recovery 02

2018 Kusiorcco Transfer 46

2019 Basic Funding 20

2019 Milestone Payments

20

2019 IGV Recovery 02

TOTAL FUNDING 193

The Copper Cycle

TSXV-PML Page 5

A CU PRICE INCREASE B

INCREASED INVESTMENT

C OVER

DEVELOPMENT amp OVER SUPPLY

D CU PRICE DECREASE

E DECREASED INVESTMENT

F LACK OF NEW

SUPPLY

COPPER CYCLE No New

Discoveries Long Lead

Times

CURRENT STATE OF MARKET

New Copper Cycle Emerging hellip Again The Crisis of Declining Reserves

TSXV-PML Page 6

Supply Pressures Refined Cu

Shift to Cu Concentrates

Concentrate Demand Growth

Forecasted Shortages

Chilean Mine Output Decline Begins 2014

China Mine Output Set to Decline

China Shifting towards Concentrate imports

Increasingly from shortage of Concentrate Supply

INVESTMENT IN THE COPPER INDUSTRY IS HIGHLY PRO-CYCLICAL

NEW CYCLE BEGINS

BOTTOM

A

A

A

A

B

B B

C

C

C

D D

D

E

E

E

F F F

Source CRU World Copper Conference April 2017

Resurging Copper Price

TSXV-PML Page 7

5 Year Copper Spot Price

1 Year Copper Spot Price

BOTTOM

New Base +$315

$210

$260

$305

$260

$305

D

F

A

‒ Copper declines from +$450lb to -$200lb ‒ New Cycle Emerged in 2016

‒ Copper Price at +$320 potential new base emerging

The New Cycle Emerges

Copper Fundamentals

TSXV-PML Page 8

Supply Challenges Demand Growth

TIPPING POINT IMPACT OF ELECTRIC VEHICLES

Peru A Mining Country

TSXV-PML Page 9

AREQUIPA

11

APURIMAC

21

PIURA

6

Source Peru Ministry of Energy amp Mines

Mining Investment By Region

USA 12

China 22

Canada 21

UK 13

Mexico 9

CAJAMARCA

22

More than 10 Between 1 amp 10 Less than 1

MOQUEGUA

13

ANTILLA

CUMO PROJECT

COTABAMBAS

CUAUAG PROJECT

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

Mining Friendly Peru

TSXV-PML Page 10

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

Left MARTIN VIZCARRA CORNEJO President of Peru

Maintaining and Modernizing Pro

Mining Framework

1st 2nd 2nd 4th 5th Producer of

zinc lead and gold in

Latin America

Producer of silver

copper and zinc

worldwide

Producer of cooper silver

and molybdenum

in Latin America

Producer of lead and

molybdenum worldwide

Largest mining

country in the world

Right FRANCISCO IacuteSMODES MEZZANO Minister of Energy and Mines

Peru A Copper Country with Power

TSXV-PML Page 11

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

doub

led

Panoro Projectsrsquo District Potential

TSXV-PML Page 12

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

Rapid Development of Infrastructure

2018 PERU COMMENCES STUDIES FOR NEW RAILWAY FROM MARCONA PORT TO APURIMAC REGION

Cotabambas and Antilla Projects

TSXV-PML Page 13

Luquman Shaheen President amp CEO and 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

KEY PROJECT PARAMETERS (IN USD CURRENCY)

COTABAMBAS2 CUAUAG

PROJECT (GROWTH TARGETS)

ANTILLA4

CU PROJECT

(HEAP LEACH SXEW)

Mill Feed life of mine million tonnes 4831 1187 Mill Feed daily tonnes 80000 20000

Strip Ratio life of mine waste process feed 125 1 148 1

After Tax PEA Prices2

NPV75 million USD 683 305 IRR 167 259 Payback years 36 30

After Tax 6 months High Prices3

NPV75 million USD 967 (+42) 350 (+15) IRR 200 (+20) 277 (+15) Payback years 31 (-14) 29 (-33)

Annual Average Payable Metals

Cu thousand tonnes 705 210 Au thousand ounces 95 - Ag thousand ounces 1018 - Mo thousand tonnes - -

Initial Capital Cost million USD 1533 250 1 Prices in USD 2 At PEA commodity prices Cu = $300lb Au = $1250oz Ag = $1850oz Mo = $1200lb 3 At Spot commodity prices Cu = $325lb Au = $1340oz Ag = $1730oz Mo = $726lb (October 16 2017) 4 At PEA commodity prices long-term Cu = $305lb

Cotabambas Project

TSXV-PML Page 14

$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

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 qualified persons under National Instrument 43-101 have reviewed and approved the scientific and technical information

BEFORE TAX

27 Cu 11 gt Au 134 gt Ag

CLEAN CONCENTRATE

Targeting Growth

Cotabambas Project Capital Costs and Enhancements

TSXV-PML Page 15

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 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

2nd Quartile Capital Efficiency ($76lb Cueq) Targeting 1st Quartile

Cotabambas Project Deposit Resource amp Growth Potential

TSXV-PML Page 16

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 29 7000

Total 134 81988

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

1

2

3

4

Cotabambas Project 2017 Cluster 1 Exploration Program

TSXV-PML Page 17

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

NEAR SURFACE OXIDES

2

PETRA-DAVID TARGET CU OXIDES

3

MARIA JOSE TARGETS

NEAR SURFACE SULPHIDES amp OXIDES

1

CB-161 397m 054 Cu 006 gt Au 252 gt Ag 563m 041 Cu 005 gt Au 219 gt Ag 1877m 025 Cu 004 gt Au 175 gt Ag 229m 048 Cu 008 gt Au 339 gt Ag

CB-157 1952m 034 Cu 006 gt Au 16 gt Ag

CB-165 132m 041 Cu 006 gt Au 23 gt Ag 27m 103 Cu 011 gt Au 68 gt Ag 748m 024-078 Cu 003 gt- 012 gt Au 13 gt-27 gt Ag

CB-180 1128m 023 Cu 002 gt Au 11 gt Ag incl bull 90 m 043 Cu 003 gt Au 11 gt Ag bull 349m 030 Cu 002 gt Au 13 gt Ag

CB-183 1276m 041 Cu 006 gt Au 20 gt Ag incl bull 370 m 056 Cu 010 gt Au 28 gt Ag bull 529m 046 Cu 007 gt Au 21 gt Ag

CB-155 09m 085 gt Au 396 gt Ag 003 Cu

CB-154 2m 075 gt Au 34 gt Ag 002 Cu

CB-158 43m 09 gt Au 11 gt Ag 001 Cu incl bull 24m 152 gt Au 08 gt Ag 001 Cu

CB-171 19m 035 Cu 009 gt Au 27 gt Ag incl bull 108 m 044 Cu 012 gt Au 28 gt Ag

493m 024 Cu 007 gt Au 17 gt Ag incl bull 302m 032 Cu 009 gt Au 22 gt Ag bull 120m 040 Cu 009 gt Au 32 gt Ag

CB-172 788m 032 Cu 008 gt Au 22 gt Ag incl bull 204 m 048 Cu 012 gt Au 26 gt Ag bull 100m 057 Cu 014 gt Au 22 gt Ag

CB-173 614m 038 Cu 010gt Au 49 gt Ag incl bull 271m 058 Cu 014 gt Au 29 gt Ag

CB-175 876m 020 Cu 007 gt Au 18 gt Ag incl bull 76 m 039 Cu 013 gt Au 24 gt Ag bull 86m 029 Cu 008 gt Au 23 gt Ag

2018 DRILL PROGRAM INCLUDES ADDITIONAL

DRILLING AT THESE TARGETS

Cotabambas Project Exploration Target Rich Cluster 1

TSXV-PML Page 18

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

JANUARY TO JUNE 2018 CLUSTER 1 $MCAD

Pre-Drilling 008

Drilling (5000m) 099

Supporting 035

Geology 031

Grassroots 023

Indirects 091

Contingency 024

Total Budget 2018 311

2000m drilling completed to April 2018

Cotabambas Project Cluster 1 and Cluster 2 Project Scale Expansion Potential

TSXV-PML Page 19

FEBRUARY TO NOVEMBER 2018 CLUSTER 2 $MCAD

Pre-Drilling 035

Drilling (5000m) 126

Supporting 046

Geology 029

Grassroots 048

Indirects 091

Contingency 024

Total Budget 2018 399

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

0 1 2 Km

Cotabambas Project Targets

TSXV-PML Page 20

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

HIGHER NPV

HIGHER IRR REDUCED CASH COSTS

REDUCED PAYBACK

REDUCED START-UP CAPITAL

LONGER MINE LIFE

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

INCREASE HIGH GRADE RESOURCE

ADD LOW COST RESOURCE

IMPROVE METALLURGICAL

RECOVERIES

EXPLORE SCALE CHANGING

POTENTIAL

Antilla Project Heap Leach SXEW Project

TSXV-PML Page 21

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

NPV $US 320 M IRR 347

PAYBACK 26

$US 10 B pretax $US 669 M after tax

C1 $151lb C2 $ 182lb

NPV $US 305 M IRR 259

PAYBACK 30 $US 250 M

NOTE Cu = $US305 long-term Cu pricelb

Antilla Initial CAPEX (US$ millions)

Item Cost

Mine Equipment $0

Mine Development $41

Process Plant $95

Tailings Storage Facility $0

Infrastructure $42

Subtotal $178

Owners Cost $8

Indirect Costs $14

Subtotal $200

Contingencies $50

Total Initial Capital Cost $250

Initial Capital Pretax After Tax Cash Costs LOM Cashflow

Antilla Project Heap Leach SXEW PEA Summary

TSXV-PML Page 22

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

138 Strip Ratio 163 Mt wasterock

LOM Payable Metal 358 Kt Cu Cathode

Payable Metal 21 Ktyear Cu Cu Cathode

119 Mt Mill Feed 20000 tpd

17 year LOM

044 Cu Grade 725 Recovery

PEA DESIGN PARAMETERS

No Tailings Dam

HIGH GRADE NEAR AT SURFACE

HIGH GRADE NEAR AT SURFACE

Note Cu = $US305 long-term Cu price

Antilla Project Optimization

TSXV-PML Page 23

Luquman Shaheen President amp CEO and 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

KEY PROJECT PARAMETERS (IN USD CURRENCY)

CONCENTRATOR PROJECT2

HEAP LEACH PROJECT3

Mill Feed life of mine million tonnes 3504 1187 Mill Feed daily tonnes 40000 20000

Strip Ratio life of mine waste process feed 085 1 148 1

After Tax PEA Prices

NPV75 million USD 225 305 IRR 151 259 Payback years 41 30

Annual Average Payable Metals

Cu thousand tonnes 368 210 Au thousand ounces - - Ag thousand ounces - - Mo thousand tonnes 09 -

Initial Capital Cost million USD 603 250 1 Prices in USD 2 At PEA commodity prices Cu = $300lb Mo = $1200lb 3 At PEA commodity prices long-term Cu = $305lb

Antilla Project Heap Leach SXEW

TSXV-PML Page 24

Optimized Mine Plan

Reduced Throughput

Lower Capital and Operating Costs

Eliminated Sustaining Capital Costs

Maximized Project Cash Flows

Secondary sulphides 117 Mt

98 of feed

Increased Grade 031 to 043

Indicated Category

95 of mine plan Cathode

Production 210 Ktyr

Capital Cost reduced 59

C1 C2 Costs Reduced 18-23

After Tax NPV +36 IRR + 72

Payback -27

Panoro Minerals Valuation Metrics

TSXV-PML Page 25

COTA

BAM

BAS

amp A

NTI

LLA

PRO

JECT

S VA

LUAT

ION

(M C

AD)

COTA

BAM

BAS

VALU

ATIO

N (M

CAD

)

Legend 5cent indicates 5centlb Cueq in MII Resource 10cent indicates 10centlb Cueq in Mineable Resource 04 indicates 40 of NPV 08 indicates 80 of NPV

OCTOBER 2017

PML Market Capitalization $120M 6centlb Cueq

MARCH 2012

Antilla + Cotabambas = 105B lb Cueq $630M Valuation Potential

Funded to 2020

TSXV-PML Page 26

FUNDING TO 2020

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

M$CAD

2018 Cash 18

2018 Basic Funding 20

2018 Warrant Exercise 06

2018 Matching Funding 20

2018 Warrant Exercise 39

2018 IGV Recovery 02

2018 Kusiorcco Transfer 46

2019 Basic Funding 20

2019 Milestone Payments

20

2019 IGV Recovery 02

TOTAL FUNDING 193

New Copper Cycle Emerging hellip Again The Crisis of Declining Reserves

TSXV-PML Page 6

Supply Pressures Refined Cu

Shift to Cu Concentrates

Concentrate Demand Growth

Forecasted Shortages

Chilean Mine Output Decline Begins 2014

China Mine Output Set to Decline

China Shifting towards Concentrate imports

Increasingly from shortage of Concentrate Supply

INVESTMENT IN THE COPPER INDUSTRY IS HIGHLY PRO-CYCLICAL

NEW CYCLE BEGINS

BOTTOM

A

A

A

A

B

B B

C

C

C

D D

D

E

E

E

F F F

Source CRU World Copper Conference April 2017

Resurging Copper Price

TSXV-PML Page 7

5 Year Copper Spot Price

1 Year Copper Spot Price

BOTTOM

New Base +$315

$210

$260

$305

$260

$305

D

F

A

‒ Copper declines from +$450lb to -$200lb ‒ New Cycle Emerged in 2016

‒ Copper Price at +$320 potential new base emerging

The New Cycle Emerges

Copper Fundamentals

TSXV-PML Page 8

Supply Challenges Demand Growth

TIPPING POINT IMPACT OF ELECTRIC VEHICLES

Peru A Mining Country

TSXV-PML Page 9

AREQUIPA

11

APURIMAC

21

PIURA

6

Source Peru Ministry of Energy amp Mines

Mining Investment By Region

USA 12

China 22

Canada 21

UK 13

Mexico 9

CAJAMARCA

22

More than 10 Between 1 amp 10 Less than 1

MOQUEGUA

13

ANTILLA

CUMO PROJECT

COTABAMBAS

CUAUAG PROJECT

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

Mining Friendly Peru

TSXV-PML Page 10

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

Left MARTIN VIZCARRA CORNEJO President of Peru

Maintaining and Modernizing Pro

Mining Framework

1st 2nd 2nd 4th 5th Producer of

zinc lead and gold in

Latin America

Producer of silver

copper and zinc

worldwide

Producer of cooper silver

and molybdenum

in Latin America

Producer of lead and

molybdenum worldwide

Largest mining

country in the world

Right FRANCISCO IacuteSMODES MEZZANO Minister of Energy and Mines

Peru A Copper Country with Power

TSXV-PML Page 11

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

doub

led

Panoro Projectsrsquo District Potential

TSXV-PML Page 12

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

Rapid Development of Infrastructure

2018 PERU COMMENCES STUDIES FOR NEW RAILWAY FROM MARCONA PORT TO APURIMAC REGION

Cotabambas and Antilla Projects

TSXV-PML Page 13

Luquman Shaheen President amp CEO and 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

KEY PROJECT PARAMETERS (IN USD CURRENCY)

COTABAMBAS2 CUAUAG

PROJECT (GROWTH TARGETS)

ANTILLA4

CU PROJECT

(HEAP LEACH SXEW)

Mill Feed life of mine million tonnes 4831 1187 Mill Feed daily tonnes 80000 20000

Strip Ratio life of mine waste process feed 125 1 148 1

After Tax PEA Prices2

NPV75 million USD 683 305 IRR 167 259 Payback years 36 30

After Tax 6 months High Prices3

NPV75 million USD 967 (+42) 350 (+15) IRR 200 (+20) 277 (+15) Payback years 31 (-14) 29 (-33)

Annual Average Payable Metals

Cu thousand tonnes 705 210 Au thousand ounces 95 - Ag thousand ounces 1018 - Mo thousand tonnes - -

Initial Capital Cost million USD 1533 250 1 Prices in USD 2 At PEA commodity prices Cu = $300lb Au = $1250oz Ag = $1850oz Mo = $1200lb 3 At Spot commodity prices Cu = $325lb Au = $1340oz Ag = $1730oz Mo = $726lb (October 16 2017) 4 At PEA commodity prices long-term Cu = $305lb

Cotabambas Project

TSXV-PML Page 14

$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

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 qualified persons under National Instrument 43-101 have reviewed and approved the scientific and technical information

BEFORE TAX

27 Cu 11 gt Au 134 gt Ag

CLEAN CONCENTRATE

Targeting Growth

Cotabambas Project Capital Costs and Enhancements

TSXV-PML Page 15

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 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

2nd Quartile Capital Efficiency ($76lb Cueq) Targeting 1st Quartile

Cotabambas Project Deposit Resource amp Growth Potential

TSXV-PML Page 16

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 29 7000

Total 134 81988

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

1

2

3

4

Cotabambas Project 2017 Cluster 1 Exploration Program

TSXV-PML Page 17

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

NEAR SURFACE OXIDES

2

PETRA-DAVID TARGET CU OXIDES

3

MARIA JOSE TARGETS

NEAR SURFACE SULPHIDES amp OXIDES

1

CB-161 397m 054 Cu 006 gt Au 252 gt Ag 563m 041 Cu 005 gt Au 219 gt Ag 1877m 025 Cu 004 gt Au 175 gt Ag 229m 048 Cu 008 gt Au 339 gt Ag

CB-157 1952m 034 Cu 006 gt Au 16 gt Ag

CB-165 132m 041 Cu 006 gt Au 23 gt Ag 27m 103 Cu 011 gt Au 68 gt Ag 748m 024-078 Cu 003 gt- 012 gt Au 13 gt-27 gt Ag

CB-180 1128m 023 Cu 002 gt Au 11 gt Ag incl bull 90 m 043 Cu 003 gt Au 11 gt Ag bull 349m 030 Cu 002 gt Au 13 gt Ag

CB-183 1276m 041 Cu 006 gt Au 20 gt Ag incl bull 370 m 056 Cu 010 gt Au 28 gt Ag bull 529m 046 Cu 007 gt Au 21 gt Ag

CB-155 09m 085 gt Au 396 gt Ag 003 Cu

CB-154 2m 075 gt Au 34 gt Ag 002 Cu

CB-158 43m 09 gt Au 11 gt Ag 001 Cu incl bull 24m 152 gt Au 08 gt Ag 001 Cu

CB-171 19m 035 Cu 009 gt Au 27 gt Ag incl bull 108 m 044 Cu 012 gt Au 28 gt Ag

493m 024 Cu 007 gt Au 17 gt Ag incl bull 302m 032 Cu 009 gt Au 22 gt Ag bull 120m 040 Cu 009 gt Au 32 gt Ag

CB-172 788m 032 Cu 008 gt Au 22 gt Ag incl bull 204 m 048 Cu 012 gt Au 26 gt Ag bull 100m 057 Cu 014 gt Au 22 gt Ag

CB-173 614m 038 Cu 010gt Au 49 gt Ag incl bull 271m 058 Cu 014 gt Au 29 gt Ag

CB-175 876m 020 Cu 007 gt Au 18 gt Ag incl bull 76 m 039 Cu 013 gt Au 24 gt Ag bull 86m 029 Cu 008 gt Au 23 gt Ag

2018 DRILL PROGRAM INCLUDES ADDITIONAL

DRILLING AT THESE TARGETS

Cotabambas Project Exploration Target Rich Cluster 1

TSXV-PML Page 18

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

JANUARY TO JUNE 2018 CLUSTER 1 $MCAD

Pre-Drilling 008

Drilling (5000m) 099

Supporting 035

Geology 031

Grassroots 023

Indirects 091

Contingency 024

Total Budget 2018 311

2000m drilling completed to April 2018

Cotabambas Project Cluster 1 and Cluster 2 Project Scale Expansion Potential

TSXV-PML Page 19

FEBRUARY TO NOVEMBER 2018 CLUSTER 2 $MCAD

Pre-Drilling 035

Drilling (5000m) 126

Supporting 046

Geology 029

Grassroots 048

Indirects 091

Contingency 024

Total Budget 2018 399

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

0 1 2 Km

Cotabambas Project Targets

TSXV-PML Page 20

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

HIGHER NPV

HIGHER IRR REDUCED CASH COSTS

REDUCED PAYBACK

REDUCED START-UP CAPITAL

LONGER MINE LIFE

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

INCREASE HIGH GRADE RESOURCE

ADD LOW COST RESOURCE

IMPROVE METALLURGICAL

RECOVERIES

EXPLORE SCALE CHANGING

POTENTIAL

Antilla Project Heap Leach SXEW Project

TSXV-PML Page 21

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

NPV $US 320 M IRR 347

PAYBACK 26

$US 10 B pretax $US 669 M after tax

C1 $151lb C2 $ 182lb

NPV $US 305 M IRR 259

PAYBACK 30 $US 250 M

NOTE Cu = $US305 long-term Cu pricelb

Antilla Initial CAPEX (US$ millions)

Item Cost

Mine Equipment $0

Mine Development $41

Process Plant $95

Tailings Storage Facility $0

Infrastructure $42

Subtotal $178

Owners Cost $8

Indirect Costs $14

Subtotal $200

Contingencies $50

Total Initial Capital Cost $250

Initial Capital Pretax After Tax Cash Costs LOM Cashflow

Antilla Project Heap Leach SXEW PEA Summary

TSXV-PML Page 22

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

138 Strip Ratio 163 Mt wasterock

LOM Payable Metal 358 Kt Cu Cathode

Payable Metal 21 Ktyear Cu Cu Cathode

119 Mt Mill Feed 20000 tpd

17 year LOM

044 Cu Grade 725 Recovery

PEA DESIGN PARAMETERS

No Tailings Dam

HIGH GRADE NEAR AT SURFACE

HIGH GRADE NEAR AT SURFACE

Note Cu = $US305 long-term Cu price

Antilla Project Optimization

TSXV-PML Page 23

Luquman Shaheen President amp CEO and 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

KEY PROJECT PARAMETERS (IN USD CURRENCY)

CONCENTRATOR PROJECT2

HEAP LEACH PROJECT3

Mill Feed life of mine million tonnes 3504 1187 Mill Feed daily tonnes 40000 20000

Strip Ratio life of mine waste process feed 085 1 148 1

After Tax PEA Prices

NPV75 million USD 225 305 IRR 151 259 Payback years 41 30

Annual Average Payable Metals

Cu thousand tonnes 368 210 Au thousand ounces - - Ag thousand ounces - - Mo thousand tonnes 09 -

Initial Capital Cost million USD 603 250 1 Prices in USD 2 At PEA commodity prices Cu = $300lb Mo = $1200lb 3 At PEA commodity prices long-term Cu = $305lb

Antilla Project Heap Leach SXEW

TSXV-PML Page 24

Optimized Mine Plan

Reduced Throughput

Lower Capital and Operating Costs

Eliminated Sustaining Capital Costs

Maximized Project Cash Flows

Secondary sulphides 117 Mt

98 of feed

Increased Grade 031 to 043

Indicated Category

95 of mine plan Cathode

Production 210 Ktyr

Capital Cost reduced 59

C1 C2 Costs Reduced 18-23

After Tax NPV +36 IRR + 72

Payback -27

Panoro Minerals Valuation Metrics

TSXV-PML Page 25

COTA

BAM

BAS

amp A

NTI

LLA

PRO

JECT

S VA

LUAT

ION

(M C

AD)

COTA

BAM

BAS

VALU

ATIO

N (M

CAD

)

Legend 5cent indicates 5centlb Cueq in MII Resource 10cent indicates 10centlb Cueq in Mineable Resource 04 indicates 40 of NPV 08 indicates 80 of NPV

OCTOBER 2017

PML Market Capitalization $120M 6centlb Cueq

MARCH 2012

Antilla + Cotabambas = 105B lb Cueq $630M Valuation Potential

Funded to 2020

TSXV-PML Page 26

FUNDING TO 2020

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

M$CAD

2018 Cash 18

2018 Basic Funding 20

2018 Warrant Exercise 06

2018 Matching Funding 20

2018 Warrant Exercise 39

2018 IGV Recovery 02

2018 Kusiorcco Transfer 46

2019 Basic Funding 20

2019 Milestone Payments

20

2019 IGV Recovery 02

TOTAL FUNDING 193

Resurging Copper Price

TSXV-PML Page 7

5 Year Copper Spot Price

1 Year Copper Spot Price

BOTTOM

New Base +$315

$210

$260

$305

$260

$305

D

F

A

‒ Copper declines from +$450lb to -$200lb ‒ New Cycle Emerged in 2016

‒ Copper Price at +$320 potential new base emerging

The New Cycle Emerges

Copper Fundamentals

TSXV-PML Page 8

Supply Challenges Demand Growth

TIPPING POINT IMPACT OF ELECTRIC VEHICLES

Peru A Mining Country

TSXV-PML Page 9

AREQUIPA

11

APURIMAC

21

PIURA

6

Source Peru Ministry of Energy amp Mines

Mining Investment By Region

USA 12

China 22

Canada 21

UK 13

Mexico 9

CAJAMARCA

22

More than 10 Between 1 amp 10 Less than 1

MOQUEGUA

13

ANTILLA

CUMO PROJECT

COTABAMBAS

CUAUAG PROJECT

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

Mining Friendly Peru

TSXV-PML Page 10

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

Left MARTIN VIZCARRA CORNEJO President of Peru

Maintaining and Modernizing Pro

Mining Framework

1st 2nd 2nd 4th 5th Producer of

zinc lead and gold in

Latin America

Producer of silver

copper and zinc

worldwide

Producer of cooper silver

and molybdenum

in Latin America

Producer of lead and

molybdenum worldwide

Largest mining

country in the world

Right FRANCISCO IacuteSMODES MEZZANO Minister of Energy and Mines

Peru A Copper Country with Power

TSXV-PML Page 11

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

doub

led

Panoro Projectsrsquo District Potential

TSXV-PML Page 12

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

Rapid Development of Infrastructure

2018 PERU COMMENCES STUDIES FOR NEW RAILWAY FROM MARCONA PORT TO APURIMAC REGION

Cotabambas and Antilla Projects

TSXV-PML Page 13

Luquman Shaheen President amp CEO and 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

KEY PROJECT PARAMETERS (IN USD CURRENCY)

COTABAMBAS2 CUAUAG

PROJECT (GROWTH TARGETS)

ANTILLA4

CU PROJECT

(HEAP LEACH SXEW)

Mill Feed life of mine million tonnes 4831 1187 Mill Feed daily tonnes 80000 20000

Strip Ratio life of mine waste process feed 125 1 148 1

After Tax PEA Prices2

NPV75 million USD 683 305 IRR 167 259 Payback years 36 30

After Tax 6 months High Prices3

NPV75 million USD 967 (+42) 350 (+15) IRR 200 (+20) 277 (+15) Payback years 31 (-14) 29 (-33)

Annual Average Payable Metals

Cu thousand tonnes 705 210 Au thousand ounces 95 - Ag thousand ounces 1018 - Mo thousand tonnes - -

Initial Capital Cost million USD 1533 250 1 Prices in USD 2 At PEA commodity prices Cu = $300lb Au = $1250oz Ag = $1850oz Mo = $1200lb 3 At Spot commodity prices Cu = $325lb Au = $1340oz Ag = $1730oz Mo = $726lb (October 16 2017) 4 At PEA commodity prices long-term Cu = $305lb

Cotabambas Project

TSXV-PML Page 14

$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

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 qualified persons under National Instrument 43-101 have reviewed and approved the scientific and technical information

BEFORE TAX

27 Cu 11 gt Au 134 gt Ag

CLEAN CONCENTRATE

Targeting Growth

Cotabambas Project Capital Costs and Enhancements

TSXV-PML Page 15

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 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

2nd Quartile Capital Efficiency ($76lb Cueq) Targeting 1st Quartile

Cotabambas Project Deposit Resource amp Growth Potential

TSXV-PML Page 16

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 29 7000

Total 134 81988

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

1

2

3

4

Cotabambas Project 2017 Cluster 1 Exploration Program

TSXV-PML Page 17

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

NEAR SURFACE OXIDES

2

PETRA-DAVID TARGET CU OXIDES

3

MARIA JOSE TARGETS

NEAR SURFACE SULPHIDES amp OXIDES

1

CB-161 397m 054 Cu 006 gt Au 252 gt Ag 563m 041 Cu 005 gt Au 219 gt Ag 1877m 025 Cu 004 gt Au 175 gt Ag 229m 048 Cu 008 gt Au 339 gt Ag

CB-157 1952m 034 Cu 006 gt Au 16 gt Ag

CB-165 132m 041 Cu 006 gt Au 23 gt Ag 27m 103 Cu 011 gt Au 68 gt Ag 748m 024-078 Cu 003 gt- 012 gt Au 13 gt-27 gt Ag

CB-180 1128m 023 Cu 002 gt Au 11 gt Ag incl bull 90 m 043 Cu 003 gt Au 11 gt Ag bull 349m 030 Cu 002 gt Au 13 gt Ag

CB-183 1276m 041 Cu 006 gt Au 20 gt Ag incl bull 370 m 056 Cu 010 gt Au 28 gt Ag bull 529m 046 Cu 007 gt Au 21 gt Ag

CB-155 09m 085 gt Au 396 gt Ag 003 Cu

CB-154 2m 075 gt Au 34 gt Ag 002 Cu

CB-158 43m 09 gt Au 11 gt Ag 001 Cu incl bull 24m 152 gt Au 08 gt Ag 001 Cu

CB-171 19m 035 Cu 009 gt Au 27 gt Ag incl bull 108 m 044 Cu 012 gt Au 28 gt Ag

493m 024 Cu 007 gt Au 17 gt Ag incl bull 302m 032 Cu 009 gt Au 22 gt Ag bull 120m 040 Cu 009 gt Au 32 gt Ag

CB-172 788m 032 Cu 008 gt Au 22 gt Ag incl bull 204 m 048 Cu 012 gt Au 26 gt Ag bull 100m 057 Cu 014 gt Au 22 gt Ag

CB-173 614m 038 Cu 010gt Au 49 gt Ag incl bull 271m 058 Cu 014 gt Au 29 gt Ag

CB-175 876m 020 Cu 007 gt Au 18 gt Ag incl bull 76 m 039 Cu 013 gt Au 24 gt Ag bull 86m 029 Cu 008 gt Au 23 gt Ag

2018 DRILL PROGRAM INCLUDES ADDITIONAL

DRILLING AT THESE TARGETS

Cotabambas Project Exploration Target Rich Cluster 1

TSXV-PML Page 18

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

JANUARY TO JUNE 2018 CLUSTER 1 $MCAD

Pre-Drilling 008

Drilling (5000m) 099

Supporting 035

Geology 031

Grassroots 023

Indirects 091

Contingency 024

Total Budget 2018 311

2000m drilling completed to April 2018

Cotabambas Project Cluster 1 and Cluster 2 Project Scale Expansion Potential

TSXV-PML Page 19

FEBRUARY TO NOVEMBER 2018 CLUSTER 2 $MCAD

Pre-Drilling 035

Drilling (5000m) 126

Supporting 046

Geology 029

Grassroots 048

Indirects 091

Contingency 024

Total Budget 2018 399

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

0 1 2 Km

Cotabambas Project Targets

TSXV-PML Page 20

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

HIGHER NPV

HIGHER IRR REDUCED CASH COSTS

REDUCED PAYBACK

REDUCED START-UP CAPITAL

LONGER MINE LIFE

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

INCREASE HIGH GRADE RESOURCE

ADD LOW COST RESOURCE

IMPROVE METALLURGICAL

RECOVERIES

EXPLORE SCALE CHANGING

POTENTIAL

Antilla Project Heap Leach SXEW Project

TSXV-PML Page 21

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

NPV $US 320 M IRR 347

PAYBACK 26

$US 10 B pretax $US 669 M after tax

C1 $151lb C2 $ 182lb

NPV $US 305 M IRR 259

PAYBACK 30 $US 250 M

NOTE Cu = $US305 long-term Cu pricelb

Antilla Initial CAPEX (US$ millions)

Item Cost

Mine Equipment $0

Mine Development $41

Process Plant $95

Tailings Storage Facility $0

Infrastructure $42

Subtotal $178

Owners Cost $8

Indirect Costs $14

Subtotal $200

Contingencies $50

Total Initial Capital Cost $250

Initial Capital Pretax After Tax Cash Costs LOM Cashflow

Antilla Project Heap Leach SXEW PEA Summary

TSXV-PML Page 22

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

138 Strip Ratio 163 Mt wasterock

LOM Payable Metal 358 Kt Cu Cathode

Payable Metal 21 Ktyear Cu Cu Cathode

119 Mt Mill Feed 20000 tpd

17 year LOM

044 Cu Grade 725 Recovery

PEA DESIGN PARAMETERS

No Tailings Dam

HIGH GRADE NEAR AT SURFACE

HIGH GRADE NEAR AT SURFACE

Note Cu = $US305 long-term Cu price

Antilla Project Optimization

TSXV-PML Page 23

Luquman Shaheen President amp CEO and 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

KEY PROJECT PARAMETERS (IN USD CURRENCY)

CONCENTRATOR PROJECT2

HEAP LEACH PROJECT3

Mill Feed life of mine million tonnes 3504 1187 Mill Feed daily tonnes 40000 20000

Strip Ratio life of mine waste process feed 085 1 148 1

After Tax PEA Prices

NPV75 million USD 225 305 IRR 151 259 Payback years 41 30

Annual Average Payable Metals

Cu thousand tonnes 368 210 Au thousand ounces - - Ag thousand ounces - - Mo thousand tonnes 09 -

Initial Capital Cost million USD 603 250 1 Prices in USD 2 At PEA commodity prices Cu = $300lb Mo = $1200lb 3 At PEA commodity prices long-term Cu = $305lb

Antilla Project Heap Leach SXEW

TSXV-PML Page 24

Optimized Mine Plan

Reduced Throughput

Lower Capital and Operating Costs

Eliminated Sustaining Capital Costs

Maximized Project Cash Flows

Secondary sulphides 117 Mt

98 of feed

Increased Grade 031 to 043

Indicated Category

95 of mine plan Cathode

Production 210 Ktyr

Capital Cost reduced 59

C1 C2 Costs Reduced 18-23

After Tax NPV +36 IRR + 72

Payback -27

Panoro Minerals Valuation Metrics

TSXV-PML Page 25

COTA

BAM

BAS

amp A

NTI

LLA

PRO

JECT

S VA

LUAT

ION

(M C

AD)

COTA

BAM

BAS

VALU

ATIO

N (M

CAD

)

Legend 5cent indicates 5centlb Cueq in MII Resource 10cent indicates 10centlb Cueq in Mineable Resource 04 indicates 40 of NPV 08 indicates 80 of NPV

OCTOBER 2017

PML Market Capitalization $120M 6centlb Cueq

MARCH 2012

Antilla + Cotabambas = 105B lb Cueq $630M Valuation Potential

Funded to 2020

TSXV-PML Page 26

FUNDING TO 2020

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

M$CAD

2018 Cash 18

2018 Basic Funding 20

2018 Warrant Exercise 06

2018 Matching Funding 20

2018 Warrant Exercise 39

2018 IGV Recovery 02

2018 Kusiorcco Transfer 46

2019 Basic Funding 20

2019 Milestone Payments

20

2019 IGV Recovery 02

TOTAL FUNDING 193

Copper Fundamentals

TSXV-PML Page 8

Supply Challenges Demand Growth

TIPPING POINT IMPACT OF ELECTRIC VEHICLES

Peru A Mining Country

TSXV-PML Page 9

AREQUIPA

11

APURIMAC

21

PIURA

6

Source Peru Ministry of Energy amp Mines

Mining Investment By Region

USA 12

China 22

Canada 21

UK 13

Mexico 9

CAJAMARCA

22

More than 10 Between 1 amp 10 Less than 1

MOQUEGUA

13

ANTILLA

CUMO PROJECT

COTABAMBAS

CUAUAG PROJECT

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

Mining Friendly Peru

TSXV-PML Page 10

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

Left MARTIN VIZCARRA CORNEJO President of Peru

Maintaining and Modernizing Pro

Mining Framework

1st 2nd 2nd 4th 5th Producer of

zinc lead and gold in

Latin America

Producer of silver

copper and zinc

worldwide

Producer of cooper silver

and molybdenum

in Latin America

Producer of lead and

molybdenum worldwide

Largest mining

country in the world

Right FRANCISCO IacuteSMODES MEZZANO Minister of Energy and Mines

Peru A Copper Country with Power

TSXV-PML Page 11

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

doub

led

Panoro Projectsrsquo District Potential

TSXV-PML Page 12

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

Rapid Development of Infrastructure

2018 PERU COMMENCES STUDIES FOR NEW RAILWAY FROM MARCONA PORT TO APURIMAC REGION

Cotabambas and Antilla Projects

TSXV-PML Page 13

Luquman Shaheen President amp CEO and 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

KEY PROJECT PARAMETERS (IN USD CURRENCY)

COTABAMBAS2 CUAUAG

PROJECT (GROWTH TARGETS)

ANTILLA4

CU PROJECT

(HEAP LEACH SXEW)

Mill Feed life of mine million tonnes 4831 1187 Mill Feed daily tonnes 80000 20000

Strip Ratio life of mine waste process feed 125 1 148 1

After Tax PEA Prices2

NPV75 million USD 683 305 IRR 167 259 Payback years 36 30

After Tax 6 months High Prices3

NPV75 million USD 967 (+42) 350 (+15) IRR 200 (+20) 277 (+15) Payback years 31 (-14) 29 (-33)

Annual Average Payable Metals

Cu thousand tonnes 705 210 Au thousand ounces 95 - Ag thousand ounces 1018 - Mo thousand tonnes - -

Initial Capital Cost million USD 1533 250 1 Prices in USD 2 At PEA commodity prices Cu = $300lb Au = $1250oz Ag = $1850oz Mo = $1200lb 3 At Spot commodity prices Cu = $325lb Au = $1340oz Ag = $1730oz Mo = $726lb (October 16 2017) 4 At PEA commodity prices long-term Cu = $305lb

Cotabambas Project

TSXV-PML Page 14

$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

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 qualified persons under National Instrument 43-101 have reviewed and approved the scientific and technical information

BEFORE TAX

27 Cu 11 gt Au 134 gt Ag

CLEAN CONCENTRATE

Targeting Growth

Cotabambas Project Capital Costs and Enhancements

TSXV-PML Page 15

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 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

2nd Quartile Capital Efficiency ($76lb Cueq) Targeting 1st Quartile

Cotabambas Project Deposit Resource amp Growth Potential

TSXV-PML Page 16

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 29 7000

Total 134 81988

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

1

2

3

4

Cotabambas Project 2017 Cluster 1 Exploration Program

TSXV-PML Page 17

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

NEAR SURFACE OXIDES

2

PETRA-DAVID TARGET CU OXIDES

3

MARIA JOSE TARGETS

NEAR SURFACE SULPHIDES amp OXIDES

1

CB-161 397m 054 Cu 006 gt Au 252 gt Ag 563m 041 Cu 005 gt Au 219 gt Ag 1877m 025 Cu 004 gt Au 175 gt Ag 229m 048 Cu 008 gt Au 339 gt Ag

CB-157 1952m 034 Cu 006 gt Au 16 gt Ag

CB-165 132m 041 Cu 006 gt Au 23 gt Ag 27m 103 Cu 011 gt Au 68 gt Ag 748m 024-078 Cu 003 gt- 012 gt Au 13 gt-27 gt Ag

CB-180 1128m 023 Cu 002 gt Au 11 gt Ag incl bull 90 m 043 Cu 003 gt Au 11 gt Ag bull 349m 030 Cu 002 gt Au 13 gt Ag

CB-183 1276m 041 Cu 006 gt Au 20 gt Ag incl bull 370 m 056 Cu 010 gt Au 28 gt Ag bull 529m 046 Cu 007 gt Au 21 gt Ag

CB-155 09m 085 gt Au 396 gt Ag 003 Cu

CB-154 2m 075 gt Au 34 gt Ag 002 Cu

CB-158 43m 09 gt Au 11 gt Ag 001 Cu incl bull 24m 152 gt Au 08 gt Ag 001 Cu

CB-171 19m 035 Cu 009 gt Au 27 gt Ag incl bull 108 m 044 Cu 012 gt Au 28 gt Ag

493m 024 Cu 007 gt Au 17 gt Ag incl bull 302m 032 Cu 009 gt Au 22 gt Ag bull 120m 040 Cu 009 gt Au 32 gt Ag

CB-172 788m 032 Cu 008 gt Au 22 gt Ag incl bull 204 m 048 Cu 012 gt Au 26 gt Ag bull 100m 057 Cu 014 gt Au 22 gt Ag

CB-173 614m 038 Cu 010gt Au 49 gt Ag incl bull 271m 058 Cu 014 gt Au 29 gt Ag

CB-175 876m 020 Cu 007 gt Au 18 gt Ag incl bull 76 m 039 Cu 013 gt Au 24 gt Ag bull 86m 029 Cu 008 gt Au 23 gt Ag

2018 DRILL PROGRAM INCLUDES ADDITIONAL

DRILLING AT THESE TARGETS

Cotabambas Project Exploration Target Rich Cluster 1

TSXV-PML Page 18

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

JANUARY TO JUNE 2018 CLUSTER 1 $MCAD

Pre-Drilling 008

Drilling (5000m) 099

Supporting 035

Geology 031

Grassroots 023

Indirects 091

Contingency 024

Total Budget 2018 311

2000m drilling completed to April 2018

Cotabambas Project Cluster 1 and Cluster 2 Project Scale Expansion Potential

TSXV-PML Page 19

FEBRUARY TO NOVEMBER 2018 CLUSTER 2 $MCAD

Pre-Drilling 035

Drilling (5000m) 126

Supporting 046

Geology 029

Grassroots 048

Indirects 091

Contingency 024

Total Budget 2018 399

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

0 1 2 Km

Cotabambas Project Targets

TSXV-PML Page 20

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

HIGHER NPV

HIGHER IRR REDUCED CASH COSTS

REDUCED PAYBACK

REDUCED START-UP CAPITAL

LONGER MINE LIFE

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

INCREASE HIGH GRADE RESOURCE

ADD LOW COST RESOURCE

IMPROVE METALLURGICAL

RECOVERIES

EXPLORE SCALE CHANGING

POTENTIAL

Antilla Project Heap Leach SXEW Project

TSXV-PML Page 21

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

NPV $US 320 M IRR 347

PAYBACK 26

$US 10 B pretax $US 669 M after tax

C1 $151lb C2 $ 182lb

NPV $US 305 M IRR 259

PAYBACK 30 $US 250 M

NOTE Cu = $US305 long-term Cu pricelb

Antilla Initial CAPEX (US$ millions)

Item Cost

Mine Equipment $0

Mine Development $41

Process Plant $95

Tailings Storage Facility $0

Infrastructure $42

Subtotal $178

Owners Cost $8

Indirect Costs $14

Subtotal $200

Contingencies $50

Total Initial Capital Cost $250

Initial Capital Pretax After Tax Cash Costs LOM Cashflow

Antilla Project Heap Leach SXEW PEA Summary

TSXV-PML Page 22

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

138 Strip Ratio 163 Mt wasterock

LOM Payable Metal 358 Kt Cu Cathode

Payable Metal 21 Ktyear Cu Cu Cathode

119 Mt Mill Feed 20000 tpd

17 year LOM

044 Cu Grade 725 Recovery

PEA DESIGN PARAMETERS

No Tailings Dam

HIGH GRADE NEAR AT SURFACE

HIGH GRADE NEAR AT SURFACE

Note Cu = $US305 long-term Cu price

Antilla Project Optimization

TSXV-PML Page 23

Luquman Shaheen President amp CEO and 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

KEY PROJECT PARAMETERS (IN USD CURRENCY)

CONCENTRATOR PROJECT2

HEAP LEACH PROJECT3

Mill Feed life of mine million tonnes 3504 1187 Mill Feed daily tonnes 40000 20000

Strip Ratio life of mine waste process feed 085 1 148 1

After Tax PEA Prices

NPV75 million USD 225 305 IRR 151 259 Payback years 41 30

Annual Average Payable Metals

Cu thousand tonnes 368 210 Au thousand ounces - - Ag thousand ounces - - Mo thousand tonnes 09 -

Initial Capital Cost million USD 603 250 1 Prices in USD 2 At PEA commodity prices Cu = $300lb Mo = $1200lb 3 At PEA commodity prices long-term Cu = $305lb

Antilla Project Heap Leach SXEW

TSXV-PML Page 24

Optimized Mine Plan

Reduced Throughput

Lower Capital and Operating Costs

Eliminated Sustaining Capital Costs

Maximized Project Cash Flows

Secondary sulphides 117 Mt

98 of feed

Increased Grade 031 to 043

Indicated Category

95 of mine plan Cathode

Production 210 Ktyr

Capital Cost reduced 59

C1 C2 Costs Reduced 18-23

After Tax NPV +36 IRR + 72

Payback -27

Panoro Minerals Valuation Metrics

TSXV-PML Page 25

COTA

BAM

BAS

amp A

NTI

LLA

PRO

JECT

S VA

LUAT

ION

(M C

AD)

COTA

BAM

BAS

VALU

ATIO

N (M

CAD

)

Legend 5cent indicates 5centlb Cueq in MII Resource 10cent indicates 10centlb Cueq in Mineable Resource 04 indicates 40 of NPV 08 indicates 80 of NPV

OCTOBER 2017

PML Market Capitalization $120M 6centlb Cueq

MARCH 2012

Antilla + Cotabambas = 105B lb Cueq $630M Valuation Potential

Funded to 2020

TSXV-PML Page 26

FUNDING TO 2020

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

M$CAD

2018 Cash 18

2018 Basic Funding 20

2018 Warrant Exercise 06

2018 Matching Funding 20

2018 Warrant Exercise 39

2018 IGV Recovery 02

2018 Kusiorcco Transfer 46

2019 Basic Funding 20

2019 Milestone Payments

20

2019 IGV Recovery 02

TOTAL FUNDING 193

Peru A Mining Country

TSXV-PML Page 9

AREQUIPA

11

APURIMAC

21

PIURA

6

Source Peru Ministry of Energy amp Mines

Mining Investment By Region

USA 12

China 22

Canada 21

UK 13

Mexico 9

CAJAMARCA

22

More than 10 Between 1 amp 10 Less than 1

MOQUEGUA

13

ANTILLA

CUMO PROJECT

COTABAMBAS

CUAUAG PROJECT

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

Mining Friendly Peru

TSXV-PML Page 10

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

Left MARTIN VIZCARRA CORNEJO President of Peru

Maintaining and Modernizing Pro

Mining Framework

1st 2nd 2nd 4th 5th Producer of

zinc lead and gold in

Latin America

Producer of silver

copper and zinc

worldwide

Producer of cooper silver

and molybdenum

in Latin America

Producer of lead and

molybdenum worldwide

Largest mining

country in the world

Right FRANCISCO IacuteSMODES MEZZANO Minister of Energy and Mines

Peru A Copper Country with Power

TSXV-PML Page 11

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

doub

led

Panoro Projectsrsquo District Potential

TSXV-PML Page 12

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

Rapid Development of Infrastructure

2018 PERU COMMENCES STUDIES FOR NEW RAILWAY FROM MARCONA PORT TO APURIMAC REGION

Cotabambas and Antilla Projects

TSXV-PML Page 13

Luquman Shaheen President amp CEO and 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

KEY PROJECT PARAMETERS (IN USD CURRENCY)

COTABAMBAS2 CUAUAG

PROJECT (GROWTH TARGETS)

ANTILLA4

CU PROJECT

(HEAP LEACH SXEW)

Mill Feed life of mine million tonnes 4831 1187 Mill Feed daily tonnes 80000 20000

Strip Ratio life of mine waste process feed 125 1 148 1

After Tax PEA Prices2

NPV75 million USD 683 305 IRR 167 259 Payback years 36 30

After Tax 6 months High Prices3

NPV75 million USD 967 (+42) 350 (+15) IRR 200 (+20) 277 (+15) Payback years 31 (-14) 29 (-33)

Annual Average Payable Metals

Cu thousand tonnes 705 210 Au thousand ounces 95 - Ag thousand ounces 1018 - Mo thousand tonnes - -

Initial Capital Cost million USD 1533 250 1 Prices in USD 2 At PEA commodity prices Cu = $300lb Au = $1250oz Ag = $1850oz Mo = $1200lb 3 At Spot commodity prices Cu = $325lb Au = $1340oz Ag = $1730oz Mo = $726lb (October 16 2017) 4 At PEA commodity prices long-term Cu = $305lb

Cotabambas Project

TSXV-PML Page 14

$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

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 qualified persons under National Instrument 43-101 have reviewed and approved the scientific and technical information

BEFORE TAX

27 Cu 11 gt Au 134 gt Ag

CLEAN CONCENTRATE

Targeting Growth

Cotabambas Project Capital Costs and Enhancements

TSXV-PML Page 15

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 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

2nd Quartile Capital Efficiency ($76lb Cueq) Targeting 1st Quartile

Cotabambas Project Deposit Resource amp Growth Potential

TSXV-PML Page 16

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 29 7000

Total 134 81988

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

1

2

3

4

Cotabambas Project 2017 Cluster 1 Exploration Program

TSXV-PML Page 17

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

NEAR SURFACE OXIDES

2

PETRA-DAVID TARGET CU OXIDES

3

MARIA JOSE TARGETS

NEAR SURFACE SULPHIDES amp OXIDES

1

CB-161 397m 054 Cu 006 gt Au 252 gt Ag 563m 041 Cu 005 gt Au 219 gt Ag 1877m 025 Cu 004 gt Au 175 gt Ag 229m 048 Cu 008 gt Au 339 gt Ag

CB-157 1952m 034 Cu 006 gt Au 16 gt Ag

CB-165 132m 041 Cu 006 gt Au 23 gt Ag 27m 103 Cu 011 gt Au 68 gt Ag 748m 024-078 Cu 003 gt- 012 gt Au 13 gt-27 gt Ag

CB-180 1128m 023 Cu 002 gt Au 11 gt Ag incl bull 90 m 043 Cu 003 gt Au 11 gt Ag bull 349m 030 Cu 002 gt Au 13 gt Ag

CB-183 1276m 041 Cu 006 gt Au 20 gt Ag incl bull 370 m 056 Cu 010 gt Au 28 gt Ag bull 529m 046 Cu 007 gt Au 21 gt Ag

CB-155 09m 085 gt Au 396 gt Ag 003 Cu

CB-154 2m 075 gt Au 34 gt Ag 002 Cu

CB-158 43m 09 gt Au 11 gt Ag 001 Cu incl bull 24m 152 gt Au 08 gt Ag 001 Cu

CB-171 19m 035 Cu 009 gt Au 27 gt Ag incl bull 108 m 044 Cu 012 gt Au 28 gt Ag

493m 024 Cu 007 gt Au 17 gt Ag incl bull 302m 032 Cu 009 gt Au 22 gt Ag bull 120m 040 Cu 009 gt Au 32 gt Ag

CB-172 788m 032 Cu 008 gt Au 22 gt Ag incl bull 204 m 048 Cu 012 gt Au 26 gt Ag bull 100m 057 Cu 014 gt Au 22 gt Ag

CB-173 614m 038 Cu 010gt Au 49 gt Ag incl bull 271m 058 Cu 014 gt Au 29 gt Ag

CB-175 876m 020 Cu 007 gt Au 18 gt Ag incl bull 76 m 039 Cu 013 gt Au 24 gt Ag bull 86m 029 Cu 008 gt Au 23 gt Ag

2018 DRILL PROGRAM INCLUDES ADDITIONAL

DRILLING AT THESE TARGETS

Cotabambas Project Exploration Target Rich Cluster 1

TSXV-PML Page 18

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

JANUARY TO JUNE 2018 CLUSTER 1 $MCAD

Pre-Drilling 008

Drilling (5000m) 099

Supporting 035

Geology 031

Grassroots 023

Indirects 091

Contingency 024

Total Budget 2018 311

2000m drilling completed to April 2018

Cotabambas Project Cluster 1 and Cluster 2 Project Scale Expansion Potential

TSXV-PML Page 19

FEBRUARY TO NOVEMBER 2018 CLUSTER 2 $MCAD

Pre-Drilling 035

Drilling (5000m) 126

Supporting 046

Geology 029

Grassroots 048

Indirects 091

Contingency 024

Total Budget 2018 399

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

0 1 2 Km

Cotabambas Project Targets

TSXV-PML Page 20

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

HIGHER NPV

HIGHER IRR REDUCED CASH COSTS

REDUCED PAYBACK

REDUCED START-UP CAPITAL

LONGER MINE LIFE

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

INCREASE HIGH GRADE RESOURCE

ADD LOW COST RESOURCE

IMPROVE METALLURGICAL

RECOVERIES

EXPLORE SCALE CHANGING

POTENTIAL

Antilla Project Heap Leach SXEW Project

TSXV-PML Page 21

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

NPV $US 320 M IRR 347

PAYBACK 26

$US 10 B pretax $US 669 M after tax

C1 $151lb C2 $ 182lb

NPV $US 305 M IRR 259

PAYBACK 30 $US 250 M

NOTE Cu = $US305 long-term Cu pricelb

Antilla Initial CAPEX (US$ millions)

Item Cost

Mine Equipment $0

Mine Development $41

Process Plant $95

Tailings Storage Facility $0

Infrastructure $42

Subtotal $178

Owners Cost $8

Indirect Costs $14

Subtotal $200

Contingencies $50

Total Initial Capital Cost $250

Initial Capital Pretax After Tax Cash Costs LOM Cashflow

Antilla Project Heap Leach SXEW PEA Summary

TSXV-PML Page 22

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

138 Strip Ratio 163 Mt wasterock

LOM Payable Metal 358 Kt Cu Cathode

Payable Metal 21 Ktyear Cu Cu Cathode

119 Mt Mill Feed 20000 tpd

17 year LOM

044 Cu Grade 725 Recovery

PEA DESIGN PARAMETERS

No Tailings Dam

HIGH GRADE NEAR AT SURFACE

HIGH GRADE NEAR AT SURFACE

Note Cu = $US305 long-term Cu price

Antilla Project Optimization

TSXV-PML Page 23

Luquman Shaheen President amp CEO and 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

KEY PROJECT PARAMETERS (IN USD CURRENCY)

CONCENTRATOR PROJECT2

HEAP LEACH PROJECT3

Mill Feed life of mine million tonnes 3504 1187 Mill Feed daily tonnes 40000 20000

Strip Ratio life of mine waste process feed 085 1 148 1

After Tax PEA Prices

NPV75 million USD 225 305 IRR 151 259 Payback years 41 30

Annual Average Payable Metals

Cu thousand tonnes 368 210 Au thousand ounces - - Ag thousand ounces - - Mo thousand tonnes 09 -

Initial Capital Cost million USD 603 250 1 Prices in USD 2 At PEA commodity prices Cu = $300lb Mo = $1200lb 3 At PEA commodity prices long-term Cu = $305lb

Antilla Project Heap Leach SXEW

TSXV-PML Page 24

Optimized Mine Plan

Reduced Throughput

Lower Capital and Operating Costs

Eliminated Sustaining Capital Costs

Maximized Project Cash Flows

Secondary sulphides 117 Mt

98 of feed

Increased Grade 031 to 043

Indicated Category

95 of mine plan Cathode

Production 210 Ktyr

Capital Cost reduced 59

C1 C2 Costs Reduced 18-23

After Tax NPV +36 IRR + 72

Payback -27

Panoro Minerals Valuation Metrics

TSXV-PML Page 25

COTA

BAM

BAS

amp A

NTI

LLA

PRO

JECT

S VA

LUAT

ION

(M C

AD)

COTA

BAM

BAS

VALU

ATIO

N (M

CAD

)

Legend 5cent indicates 5centlb Cueq in MII Resource 10cent indicates 10centlb Cueq in Mineable Resource 04 indicates 40 of NPV 08 indicates 80 of NPV

OCTOBER 2017

PML Market Capitalization $120M 6centlb Cueq

MARCH 2012

Antilla + Cotabambas = 105B lb Cueq $630M Valuation Potential

Funded to 2020

TSXV-PML Page 26

FUNDING TO 2020

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

M$CAD

2018 Cash 18

2018 Basic Funding 20

2018 Warrant Exercise 06

2018 Matching Funding 20

2018 Warrant Exercise 39

2018 IGV Recovery 02

2018 Kusiorcco Transfer 46

2019 Basic Funding 20

2019 Milestone Payments

20

2019 IGV Recovery 02

TOTAL FUNDING 193

Mining Friendly Peru

TSXV-PML Page 10

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

Left MARTIN VIZCARRA CORNEJO President of Peru

Maintaining and Modernizing Pro

Mining Framework

1st 2nd 2nd 4th 5th Producer of

zinc lead and gold in

Latin America

Producer of silver

copper and zinc

worldwide

Producer of cooper silver

and molybdenum

in Latin America

Producer of lead and

molybdenum worldwide

Largest mining

country in the world

Right FRANCISCO IacuteSMODES MEZZANO Minister of Energy and Mines

Peru A Copper Country with Power

TSXV-PML Page 11

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

doub

led

Panoro Projectsrsquo District Potential

TSXV-PML Page 12

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

Rapid Development of Infrastructure

2018 PERU COMMENCES STUDIES FOR NEW RAILWAY FROM MARCONA PORT TO APURIMAC REGION

Cotabambas and Antilla Projects

TSXV-PML Page 13

Luquman Shaheen President amp CEO and 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

KEY PROJECT PARAMETERS (IN USD CURRENCY)

COTABAMBAS2 CUAUAG

PROJECT (GROWTH TARGETS)

ANTILLA4

CU PROJECT

(HEAP LEACH SXEW)

Mill Feed life of mine million tonnes 4831 1187 Mill Feed daily tonnes 80000 20000

Strip Ratio life of mine waste process feed 125 1 148 1

After Tax PEA Prices2

NPV75 million USD 683 305 IRR 167 259 Payback years 36 30

After Tax 6 months High Prices3

NPV75 million USD 967 (+42) 350 (+15) IRR 200 (+20) 277 (+15) Payback years 31 (-14) 29 (-33)

Annual Average Payable Metals

Cu thousand tonnes 705 210 Au thousand ounces 95 - Ag thousand ounces 1018 - Mo thousand tonnes - -

Initial Capital Cost million USD 1533 250 1 Prices in USD 2 At PEA commodity prices Cu = $300lb Au = $1250oz Ag = $1850oz Mo = $1200lb 3 At Spot commodity prices Cu = $325lb Au = $1340oz Ag = $1730oz Mo = $726lb (October 16 2017) 4 At PEA commodity prices long-term Cu = $305lb

Cotabambas Project

TSXV-PML Page 14

$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

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 qualified persons under National Instrument 43-101 have reviewed and approved the scientific and technical information

BEFORE TAX

27 Cu 11 gt Au 134 gt Ag

CLEAN CONCENTRATE

Targeting Growth

Cotabambas Project Capital Costs and Enhancements

TSXV-PML Page 15

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 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

2nd Quartile Capital Efficiency ($76lb Cueq) Targeting 1st Quartile

Cotabambas Project Deposit Resource amp Growth Potential

TSXV-PML Page 16

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 29 7000

Total 134 81988

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

1

2

3

4

Cotabambas Project 2017 Cluster 1 Exploration Program

TSXV-PML Page 17

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

NEAR SURFACE OXIDES

2

PETRA-DAVID TARGET CU OXIDES

3

MARIA JOSE TARGETS

NEAR SURFACE SULPHIDES amp OXIDES

1

CB-161 397m 054 Cu 006 gt Au 252 gt Ag 563m 041 Cu 005 gt Au 219 gt Ag 1877m 025 Cu 004 gt Au 175 gt Ag 229m 048 Cu 008 gt Au 339 gt Ag

CB-157 1952m 034 Cu 006 gt Au 16 gt Ag

CB-165 132m 041 Cu 006 gt Au 23 gt Ag 27m 103 Cu 011 gt Au 68 gt Ag 748m 024-078 Cu 003 gt- 012 gt Au 13 gt-27 gt Ag

CB-180 1128m 023 Cu 002 gt Au 11 gt Ag incl bull 90 m 043 Cu 003 gt Au 11 gt Ag bull 349m 030 Cu 002 gt Au 13 gt Ag

CB-183 1276m 041 Cu 006 gt Au 20 gt Ag incl bull 370 m 056 Cu 010 gt Au 28 gt Ag bull 529m 046 Cu 007 gt Au 21 gt Ag

CB-155 09m 085 gt Au 396 gt Ag 003 Cu

CB-154 2m 075 gt Au 34 gt Ag 002 Cu

CB-158 43m 09 gt Au 11 gt Ag 001 Cu incl bull 24m 152 gt Au 08 gt Ag 001 Cu

CB-171 19m 035 Cu 009 gt Au 27 gt Ag incl bull 108 m 044 Cu 012 gt Au 28 gt Ag

493m 024 Cu 007 gt Au 17 gt Ag incl bull 302m 032 Cu 009 gt Au 22 gt Ag bull 120m 040 Cu 009 gt Au 32 gt Ag

CB-172 788m 032 Cu 008 gt Au 22 gt Ag incl bull 204 m 048 Cu 012 gt Au 26 gt Ag bull 100m 057 Cu 014 gt Au 22 gt Ag

CB-173 614m 038 Cu 010gt Au 49 gt Ag incl bull 271m 058 Cu 014 gt Au 29 gt Ag

CB-175 876m 020 Cu 007 gt Au 18 gt Ag incl bull 76 m 039 Cu 013 gt Au 24 gt Ag bull 86m 029 Cu 008 gt Au 23 gt Ag

2018 DRILL PROGRAM INCLUDES ADDITIONAL

DRILLING AT THESE TARGETS

Cotabambas Project Exploration Target Rich Cluster 1

TSXV-PML Page 18

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

JANUARY TO JUNE 2018 CLUSTER 1 $MCAD

Pre-Drilling 008

Drilling (5000m) 099

Supporting 035

Geology 031

Grassroots 023

Indirects 091

Contingency 024

Total Budget 2018 311

2000m drilling completed to April 2018

Cotabambas Project Cluster 1 and Cluster 2 Project Scale Expansion Potential

TSXV-PML Page 19

FEBRUARY TO NOVEMBER 2018 CLUSTER 2 $MCAD

Pre-Drilling 035

Drilling (5000m) 126

Supporting 046

Geology 029

Grassroots 048

Indirects 091

Contingency 024

Total Budget 2018 399

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

0 1 2 Km

Cotabambas Project Targets

TSXV-PML Page 20

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

HIGHER NPV

HIGHER IRR REDUCED CASH COSTS

REDUCED PAYBACK

REDUCED START-UP CAPITAL

LONGER MINE LIFE

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

INCREASE HIGH GRADE RESOURCE

ADD LOW COST RESOURCE

IMPROVE METALLURGICAL

RECOVERIES

EXPLORE SCALE CHANGING

POTENTIAL

Antilla Project Heap Leach SXEW Project

TSXV-PML Page 21

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

NPV $US 320 M IRR 347

PAYBACK 26

$US 10 B pretax $US 669 M after tax

C1 $151lb C2 $ 182lb

NPV $US 305 M IRR 259

PAYBACK 30 $US 250 M

NOTE Cu = $US305 long-term Cu pricelb

Antilla Initial CAPEX (US$ millions)

Item Cost

Mine Equipment $0

Mine Development $41

Process Plant $95

Tailings Storage Facility $0

Infrastructure $42

Subtotal $178

Owners Cost $8

Indirect Costs $14

Subtotal $200

Contingencies $50

Total Initial Capital Cost $250

Initial Capital Pretax After Tax Cash Costs LOM Cashflow

Antilla Project Heap Leach SXEW PEA Summary

TSXV-PML Page 22

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

138 Strip Ratio 163 Mt wasterock

LOM Payable Metal 358 Kt Cu Cathode

Payable Metal 21 Ktyear Cu Cu Cathode

119 Mt Mill Feed 20000 tpd

17 year LOM

044 Cu Grade 725 Recovery

PEA DESIGN PARAMETERS

No Tailings Dam

HIGH GRADE NEAR AT SURFACE

HIGH GRADE NEAR AT SURFACE

Note Cu = $US305 long-term Cu price

Antilla Project Optimization

TSXV-PML Page 23

Luquman Shaheen President amp CEO and 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

KEY PROJECT PARAMETERS (IN USD CURRENCY)

CONCENTRATOR PROJECT2

HEAP LEACH PROJECT3

Mill Feed life of mine million tonnes 3504 1187 Mill Feed daily tonnes 40000 20000

Strip Ratio life of mine waste process feed 085 1 148 1

After Tax PEA Prices

NPV75 million USD 225 305 IRR 151 259 Payback years 41 30

Annual Average Payable Metals

Cu thousand tonnes 368 210 Au thousand ounces - - Ag thousand ounces - - Mo thousand tonnes 09 -

Initial Capital Cost million USD 603 250 1 Prices in USD 2 At PEA commodity prices Cu = $300lb Mo = $1200lb 3 At PEA commodity prices long-term Cu = $305lb

Antilla Project Heap Leach SXEW

TSXV-PML Page 24

Optimized Mine Plan

Reduced Throughput

Lower Capital and Operating Costs

Eliminated Sustaining Capital Costs

Maximized Project Cash Flows

Secondary sulphides 117 Mt

98 of feed

Increased Grade 031 to 043

Indicated Category

95 of mine plan Cathode

Production 210 Ktyr

Capital Cost reduced 59

C1 C2 Costs Reduced 18-23

After Tax NPV +36 IRR + 72

Payback -27

Panoro Minerals Valuation Metrics

TSXV-PML Page 25

COTA

BAM

BAS

amp A

NTI

LLA

PRO

JECT

S VA

LUAT

ION

(M C

AD)

COTA

BAM

BAS

VALU

ATIO

N (M

CAD

)

Legend 5cent indicates 5centlb Cueq in MII Resource 10cent indicates 10centlb Cueq in Mineable Resource 04 indicates 40 of NPV 08 indicates 80 of NPV

OCTOBER 2017

PML Market Capitalization $120M 6centlb Cueq

MARCH 2012

Antilla + Cotabambas = 105B lb Cueq $630M Valuation Potential

Funded to 2020

TSXV-PML Page 26

FUNDING TO 2020

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

M$CAD

2018 Cash 18

2018 Basic Funding 20

2018 Warrant Exercise 06

2018 Matching Funding 20

2018 Warrant Exercise 39

2018 IGV Recovery 02

2018 Kusiorcco Transfer 46

2019 Basic Funding 20

2019 Milestone Payments

20

2019 IGV Recovery 02

TOTAL FUNDING 193

Peru A Copper Country with Power

TSXV-PML Page 11

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

doub

led

Panoro Projectsrsquo District Potential

TSXV-PML Page 12

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

Rapid Development of Infrastructure

2018 PERU COMMENCES STUDIES FOR NEW RAILWAY FROM MARCONA PORT TO APURIMAC REGION

Cotabambas and Antilla Projects

TSXV-PML Page 13

Luquman Shaheen President amp CEO and 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

KEY PROJECT PARAMETERS (IN USD CURRENCY)

COTABAMBAS2 CUAUAG

PROJECT (GROWTH TARGETS)

ANTILLA4

CU PROJECT

(HEAP LEACH SXEW)

Mill Feed life of mine million tonnes 4831 1187 Mill Feed daily tonnes 80000 20000

Strip Ratio life of mine waste process feed 125 1 148 1

After Tax PEA Prices2

NPV75 million USD 683 305 IRR 167 259 Payback years 36 30

After Tax 6 months High Prices3

NPV75 million USD 967 (+42) 350 (+15) IRR 200 (+20) 277 (+15) Payback years 31 (-14) 29 (-33)

Annual Average Payable Metals

Cu thousand tonnes 705 210 Au thousand ounces 95 - Ag thousand ounces 1018 - Mo thousand tonnes - -

Initial Capital Cost million USD 1533 250 1 Prices in USD 2 At PEA commodity prices Cu = $300lb Au = $1250oz Ag = $1850oz Mo = $1200lb 3 At Spot commodity prices Cu = $325lb Au = $1340oz Ag = $1730oz Mo = $726lb (October 16 2017) 4 At PEA commodity prices long-term Cu = $305lb

Cotabambas Project

TSXV-PML Page 14

$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

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 qualified persons under National Instrument 43-101 have reviewed and approved the scientific and technical information

BEFORE TAX

27 Cu 11 gt Au 134 gt Ag

CLEAN CONCENTRATE

Targeting Growth

Cotabambas Project Capital Costs and Enhancements

TSXV-PML Page 15

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 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

2nd Quartile Capital Efficiency ($76lb Cueq) Targeting 1st Quartile

Cotabambas Project Deposit Resource amp Growth Potential

TSXV-PML Page 16

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 29 7000

Total 134 81988

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

1

2

3

4

Cotabambas Project 2017 Cluster 1 Exploration Program

TSXV-PML Page 17

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

NEAR SURFACE OXIDES

2

PETRA-DAVID TARGET CU OXIDES

3

MARIA JOSE TARGETS

NEAR SURFACE SULPHIDES amp OXIDES

1

CB-161 397m 054 Cu 006 gt Au 252 gt Ag 563m 041 Cu 005 gt Au 219 gt Ag 1877m 025 Cu 004 gt Au 175 gt Ag 229m 048 Cu 008 gt Au 339 gt Ag

CB-157 1952m 034 Cu 006 gt Au 16 gt Ag

CB-165 132m 041 Cu 006 gt Au 23 gt Ag 27m 103 Cu 011 gt Au 68 gt Ag 748m 024-078 Cu 003 gt- 012 gt Au 13 gt-27 gt Ag

CB-180 1128m 023 Cu 002 gt Au 11 gt Ag incl bull 90 m 043 Cu 003 gt Au 11 gt Ag bull 349m 030 Cu 002 gt Au 13 gt Ag

CB-183 1276m 041 Cu 006 gt Au 20 gt Ag incl bull 370 m 056 Cu 010 gt Au 28 gt Ag bull 529m 046 Cu 007 gt Au 21 gt Ag

CB-155 09m 085 gt Au 396 gt Ag 003 Cu

CB-154 2m 075 gt Au 34 gt Ag 002 Cu

CB-158 43m 09 gt Au 11 gt Ag 001 Cu incl bull 24m 152 gt Au 08 gt Ag 001 Cu

CB-171 19m 035 Cu 009 gt Au 27 gt Ag incl bull 108 m 044 Cu 012 gt Au 28 gt Ag

493m 024 Cu 007 gt Au 17 gt Ag incl bull 302m 032 Cu 009 gt Au 22 gt Ag bull 120m 040 Cu 009 gt Au 32 gt Ag

CB-172 788m 032 Cu 008 gt Au 22 gt Ag incl bull 204 m 048 Cu 012 gt Au 26 gt Ag bull 100m 057 Cu 014 gt Au 22 gt Ag

CB-173 614m 038 Cu 010gt Au 49 gt Ag incl bull 271m 058 Cu 014 gt Au 29 gt Ag

CB-175 876m 020 Cu 007 gt Au 18 gt Ag incl bull 76 m 039 Cu 013 gt Au 24 gt Ag bull 86m 029 Cu 008 gt Au 23 gt Ag

2018 DRILL PROGRAM INCLUDES ADDITIONAL

DRILLING AT THESE TARGETS

Cotabambas Project Exploration Target Rich Cluster 1

TSXV-PML Page 18

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

JANUARY TO JUNE 2018 CLUSTER 1 $MCAD

Pre-Drilling 008

Drilling (5000m) 099

Supporting 035

Geology 031

Grassroots 023

Indirects 091

Contingency 024

Total Budget 2018 311

2000m drilling completed to April 2018

Cotabambas Project Cluster 1 and Cluster 2 Project Scale Expansion Potential

TSXV-PML Page 19

FEBRUARY TO NOVEMBER 2018 CLUSTER 2 $MCAD

Pre-Drilling 035

Drilling (5000m) 126

Supporting 046

Geology 029

Grassroots 048

Indirects 091

Contingency 024

Total Budget 2018 399

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

0 1 2 Km

Cotabambas Project Targets

TSXV-PML Page 20

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

HIGHER NPV

HIGHER IRR REDUCED CASH COSTS

REDUCED PAYBACK

REDUCED START-UP CAPITAL

LONGER MINE LIFE

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

INCREASE HIGH GRADE RESOURCE

ADD LOW COST RESOURCE

IMPROVE METALLURGICAL

RECOVERIES

EXPLORE SCALE CHANGING

POTENTIAL

Antilla Project Heap Leach SXEW Project

TSXV-PML Page 21

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

NPV $US 320 M IRR 347

PAYBACK 26

$US 10 B pretax $US 669 M after tax

C1 $151lb C2 $ 182lb

NPV $US 305 M IRR 259

PAYBACK 30 $US 250 M

NOTE Cu = $US305 long-term Cu pricelb

Antilla Initial CAPEX (US$ millions)

Item Cost

Mine Equipment $0

Mine Development $41

Process Plant $95

Tailings Storage Facility $0

Infrastructure $42

Subtotal $178

Owners Cost $8

Indirect Costs $14

Subtotal $200

Contingencies $50

Total Initial Capital Cost $250

Initial Capital Pretax After Tax Cash Costs LOM Cashflow

Antilla Project Heap Leach SXEW PEA Summary

TSXV-PML Page 22

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

138 Strip Ratio 163 Mt wasterock

LOM Payable Metal 358 Kt Cu Cathode

Payable Metal 21 Ktyear Cu Cu Cathode

119 Mt Mill Feed 20000 tpd

17 year LOM

044 Cu Grade 725 Recovery

PEA DESIGN PARAMETERS

No Tailings Dam

HIGH GRADE NEAR AT SURFACE

HIGH GRADE NEAR AT SURFACE

Note Cu = $US305 long-term Cu price

Antilla Project Optimization

TSXV-PML Page 23

Luquman Shaheen President amp CEO and 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

KEY PROJECT PARAMETERS (IN USD CURRENCY)

CONCENTRATOR PROJECT2

HEAP LEACH PROJECT3

Mill Feed life of mine million tonnes 3504 1187 Mill Feed daily tonnes 40000 20000

Strip Ratio life of mine waste process feed 085 1 148 1

After Tax PEA Prices

NPV75 million USD 225 305 IRR 151 259 Payback years 41 30

Annual Average Payable Metals

Cu thousand tonnes 368 210 Au thousand ounces - - Ag thousand ounces - - Mo thousand tonnes 09 -

Initial Capital Cost million USD 603 250 1 Prices in USD 2 At PEA commodity prices Cu = $300lb Mo = $1200lb 3 At PEA commodity prices long-term Cu = $305lb

Antilla Project Heap Leach SXEW

TSXV-PML Page 24

Optimized Mine Plan

Reduced Throughput

Lower Capital and Operating Costs

Eliminated Sustaining Capital Costs

Maximized Project Cash Flows

Secondary sulphides 117 Mt

98 of feed

Increased Grade 031 to 043

Indicated Category

95 of mine plan Cathode

Production 210 Ktyr

Capital Cost reduced 59

C1 C2 Costs Reduced 18-23

After Tax NPV +36 IRR + 72

Payback -27

Panoro Minerals Valuation Metrics

TSXV-PML Page 25

COTA

BAM

BAS

amp A

NTI

LLA

PRO

JECT

S VA

LUAT

ION

(M C

AD)

COTA

BAM

BAS

VALU

ATIO

N (M

CAD

)

Legend 5cent indicates 5centlb Cueq in MII Resource 10cent indicates 10centlb Cueq in Mineable Resource 04 indicates 40 of NPV 08 indicates 80 of NPV

OCTOBER 2017

PML Market Capitalization $120M 6centlb Cueq

MARCH 2012

Antilla + Cotabambas = 105B lb Cueq $630M Valuation Potential

Funded to 2020

TSXV-PML Page 26

FUNDING TO 2020

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

M$CAD

2018 Cash 18

2018 Basic Funding 20

2018 Warrant Exercise 06

2018 Matching Funding 20

2018 Warrant Exercise 39

2018 IGV Recovery 02

2018 Kusiorcco Transfer 46

2019 Basic Funding 20

2019 Milestone Payments

20

2019 IGV Recovery 02

TOTAL FUNDING 193

Panoro Projectsrsquo District Potential

TSXV-PML Page 12

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

Rapid Development of Infrastructure

2018 PERU COMMENCES STUDIES FOR NEW RAILWAY FROM MARCONA PORT TO APURIMAC REGION

Cotabambas and Antilla Projects

TSXV-PML Page 13

Luquman Shaheen President amp CEO and 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

KEY PROJECT PARAMETERS (IN USD CURRENCY)

COTABAMBAS2 CUAUAG

PROJECT (GROWTH TARGETS)

ANTILLA4

CU PROJECT

(HEAP LEACH SXEW)

Mill Feed life of mine million tonnes 4831 1187 Mill Feed daily tonnes 80000 20000

Strip Ratio life of mine waste process feed 125 1 148 1

After Tax PEA Prices2

NPV75 million USD 683 305 IRR 167 259 Payback years 36 30

After Tax 6 months High Prices3

NPV75 million USD 967 (+42) 350 (+15) IRR 200 (+20) 277 (+15) Payback years 31 (-14) 29 (-33)

Annual Average Payable Metals

Cu thousand tonnes 705 210 Au thousand ounces 95 - Ag thousand ounces 1018 - Mo thousand tonnes - -

Initial Capital Cost million USD 1533 250 1 Prices in USD 2 At PEA commodity prices Cu = $300lb Au = $1250oz Ag = $1850oz Mo = $1200lb 3 At Spot commodity prices Cu = $325lb Au = $1340oz Ag = $1730oz Mo = $726lb (October 16 2017) 4 At PEA commodity prices long-term Cu = $305lb

Cotabambas Project

TSXV-PML Page 14

$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

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 qualified persons under National Instrument 43-101 have reviewed and approved the scientific and technical information

BEFORE TAX

27 Cu 11 gt Au 134 gt Ag

CLEAN CONCENTRATE

Targeting Growth

Cotabambas Project Capital Costs and Enhancements

TSXV-PML Page 15

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 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

2nd Quartile Capital Efficiency ($76lb Cueq) Targeting 1st Quartile

Cotabambas Project Deposit Resource amp Growth Potential

TSXV-PML Page 16

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 29 7000

Total 134 81988

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

1

2

3

4

Cotabambas Project 2017 Cluster 1 Exploration Program

TSXV-PML Page 17

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

NEAR SURFACE OXIDES

2

PETRA-DAVID TARGET CU OXIDES

3

MARIA JOSE TARGETS

NEAR SURFACE SULPHIDES amp OXIDES

1

CB-161 397m 054 Cu 006 gt Au 252 gt Ag 563m 041 Cu 005 gt Au 219 gt Ag 1877m 025 Cu 004 gt Au 175 gt Ag 229m 048 Cu 008 gt Au 339 gt Ag

CB-157 1952m 034 Cu 006 gt Au 16 gt Ag

CB-165 132m 041 Cu 006 gt Au 23 gt Ag 27m 103 Cu 011 gt Au 68 gt Ag 748m 024-078 Cu 003 gt- 012 gt Au 13 gt-27 gt Ag

CB-180 1128m 023 Cu 002 gt Au 11 gt Ag incl bull 90 m 043 Cu 003 gt Au 11 gt Ag bull 349m 030 Cu 002 gt Au 13 gt Ag

CB-183 1276m 041 Cu 006 gt Au 20 gt Ag incl bull 370 m 056 Cu 010 gt Au 28 gt Ag bull 529m 046 Cu 007 gt Au 21 gt Ag

CB-155 09m 085 gt Au 396 gt Ag 003 Cu

CB-154 2m 075 gt Au 34 gt Ag 002 Cu

CB-158 43m 09 gt Au 11 gt Ag 001 Cu incl bull 24m 152 gt Au 08 gt Ag 001 Cu

CB-171 19m 035 Cu 009 gt Au 27 gt Ag incl bull 108 m 044 Cu 012 gt Au 28 gt Ag

493m 024 Cu 007 gt Au 17 gt Ag incl bull 302m 032 Cu 009 gt Au 22 gt Ag bull 120m 040 Cu 009 gt Au 32 gt Ag

CB-172 788m 032 Cu 008 gt Au 22 gt Ag incl bull 204 m 048 Cu 012 gt Au 26 gt Ag bull 100m 057 Cu 014 gt Au 22 gt Ag

CB-173 614m 038 Cu 010gt Au 49 gt Ag incl bull 271m 058 Cu 014 gt Au 29 gt Ag

CB-175 876m 020 Cu 007 gt Au 18 gt Ag incl bull 76 m 039 Cu 013 gt Au 24 gt Ag bull 86m 029 Cu 008 gt Au 23 gt Ag

2018 DRILL PROGRAM INCLUDES ADDITIONAL

DRILLING AT THESE TARGETS

Cotabambas Project Exploration Target Rich Cluster 1

TSXV-PML Page 18

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

JANUARY TO JUNE 2018 CLUSTER 1 $MCAD

Pre-Drilling 008

Drilling (5000m) 099

Supporting 035

Geology 031

Grassroots 023

Indirects 091

Contingency 024

Total Budget 2018 311

2000m drilling completed to April 2018

Cotabambas Project Cluster 1 and Cluster 2 Project Scale Expansion Potential

TSXV-PML Page 19

FEBRUARY TO NOVEMBER 2018 CLUSTER 2 $MCAD

Pre-Drilling 035

Drilling (5000m) 126

Supporting 046

Geology 029

Grassroots 048

Indirects 091

Contingency 024

Total Budget 2018 399

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

0 1 2 Km

Cotabambas Project Targets

TSXV-PML Page 20

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

HIGHER NPV

HIGHER IRR REDUCED CASH COSTS

REDUCED PAYBACK

REDUCED START-UP CAPITAL

LONGER MINE LIFE

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

INCREASE HIGH GRADE RESOURCE

ADD LOW COST RESOURCE

IMPROVE METALLURGICAL

RECOVERIES

EXPLORE SCALE CHANGING

POTENTIAL

Antilla Project Heap Leach SXEW Project

TSXV-PML Page 21

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

NPV $US 320 M IRR 347

PAYBACK 26

$US 10 B pretax $US 669 M after tax

C1 $151lb C2 $ 182lb

NPV $US 305 M IRR 259

PAYBACK 30 $US 250 M

NOTE Cu = $US305 long-term Cu pricelb

Antilla Initial CAPEX (US$ millions)

Item Cost

Mine Equipment $0

Mine Development $41

Process Plant $95

Tailings Storage Facility $0

Infrastructure $42

Subtotal $178

Owners Cost $8

Indirect Costs $14

Subtotal $200

Contingencies $50

Total Initial Capital Cost $250

Initial Capital Pretax After Tax Cash Costs LOM Cashflow

Antilla Project Heap Leach SXEW PEA Summary

TSXV-PML Page 22

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

138 Strip Ratio 163 Mt wasterock

LOM Payable Metal 358 Kt Cu Cathode

Payable Metal 21 Ktyear Cu Cu Cathode

119 Mt Mill Feed 20000 tpd

17 year LOM

044 Cu Grade 725 Recovery

PEA DESIGN PARAMETERS

No Tailings Dam

HIGH GRADE NEAR AT SURFACE

HIGH GRADE NEAR AT SURFACE

Note Cu = $US305 long-term Cu price

Antilla Project Optimization

TSXV-PML Page 23

Luquman Shaheen President amp CEO and 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

KEY PROJECT PARAMETERS (IN USD CURRENCY)

CONCENTRATOR PROJECT2

HEAP LEACH PROJECT3

Mill Feed life of mine million tonnes 3504 1187 Mill Feed daily tonnes 40000 20000

Strip Ratio life of mine waste process feed 085 1 148 1

After Tax PEA Prices

NPV75 million USD 225 305 IRR 151 259 Payback years 41 30

Annual Average Payable Metals

Cu thousand tonnes 368 210 Au thousand ounces - - Ag thousand ounces - - Mo thousand tonnes 09 -

Initial Capital Cost million USD 603 250 1 Prices in USD 2 At PEA commodity prices Cu = $300lb Mo = $1200lb 3 At PEA commodity prices long-term Cu = $305lb

Antilla Project Heap Leach SXEW

TSXV-PML Page 24

Optimized Mine Plan

Reduced Throughput

Lower Capital and Operating Costs

Eliminated Sustaining Capital Costs

Maximized Project Cash Flows

Secondary sulphides 117 Mt

98 of feed

Increased Grade 031 to 043

Indicated Category

95 of mine plan Cathode

Production 210 Ktyr

Capital Cost reduced 59

C1 C2 Costs Reduced 18-23

After Tax NPV +36 IRR + 72

Payback -27

Panoro Minerals Valuation Metrics

TSXV-PML Page 25

COTA

BAM

BAS

amp A

NTI

LLA

PRO

JECT

S VA

LUAT

ION

(M C

AD)

COTA

BAM

BAS

VALU

ATIO

N (M

CAD

)

Legend 5cent indicates 5centlb Cueq in MII Resource 10cent indicates 10centlb Cueq in Mineable Resource 04 indicates 40 of NPV 08 indicates 80 of NPV

OCTOBER 2017

PML Market Capitalization $120M 6centlb Cueq

MARCH 2012

Antilla + Cotabambas = 105B lb Cueq $630M Valuation Potential

Funded to 2020

TSXV-PML Page 26

FUNDING TO 2020

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

M$CAD

2018 Cash 18

2018 Basic Funding 20

2018 Warrant Exercise 06

2018 Matching Funding 20

2018 Warrant Exercise 39

2018 IGV Recovery 02

2018 Kusiorcco Transfer 46

2019 Basic Funding 20

2019 Milestone Payments

20

2019 IGV Recovery 02

TOTAL FUNDING 193

Cotabambas and Antilla Projects

TSXV-PML Page 13

Luquman Shaheen President amp CEO and 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

KEY PROJECT PARAMETERS (IN USD CURRENCY)

COTABAMBAS2 CUAUAG

PROJECT (GROWTH TARGETS)

ANTILLA4

CU PROJECT

(HEAP LEACH SXEW)

Mill Feed life of mine million tonnes 4831 1187 Mill Feed daily tonnes 80000 20000

Strip Ratio life of mine waste process feed 125 1 148 1

After Tax PEA Prices2

NPV75 million USD 683 305 IRR 167 259 Payback years 36 30

After Tax 6 months High Prices3

NPV75 million USD 967 (+42) 350 (+15) IRR 200 (+20) 277 (+15) Payback years 31 (-14) 29 (-33)

Annual Average Payable Metals

Cu thousand tonnes 705 210 Au thousand ounces 95 - Ag thousand ounces 1018 - Mo thousand tonnes - -

Initial Capital Cost million USD 1533 250 1 Prices in USD 2 At PEA commodity prices Cu = $300lb Au = $1250oz Ag = $1850oz Mo = $1200lb 3 At Spot commodity prices Cu = $325lb Au = $1340oz Ag = $1730oz Mo = $726lb (October 16 2017) 4 At PEA commodity prices long-term Cu = $305lb

Cotabambas Project

TSXV-PML Page 14

$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

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 qualified persons under National Instrument 43-101 have reviewed and approved the scientific and technical information

BEFORE TAX

27 Cu 11 gt Au 134 gt Ag

CLEAN CONCENTRATE

Targeting Growth

Cotabambas Project Capital Costs and Enhancements

TSXV-PML Page 15

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 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

2nd Quartile Capital Efficiency ($76lb Cueq) Targeting 1st Quartile

Cotabambas Project Deposit Resource amp Growth Potential

TSXV-PML Page 16

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 29 7000

Total 134 81988

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

1

2

3

4

Cotabambas Project 2017 Cluster 1 Exploration Program

TSXV-PML Page 17

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

NEAR SURFACE OXIDES

2

PETRA-DAVID TARGET CU OXIDES

3

MARIA JOSE TARGETS

NEAR SURFACE SULPHIDES amp OXIDES

1

CB-161 397m 054 Cu 006 gt Au 252 gt Ag 563m 041 Cu 005 gt Au 219 gt Ag 1877m 025 Cu 004 gt Au 175 gt Ag 229m 048 Cu 008 gt Au 339 gt Ag

CB-157 1952m 034 Cu 006 gt Au 16 gt Ag

CB-165 132m 041 Cu 006 gt Au 23 gt Ag 27m 103 Cu 011 gt Au 68 gt Ag 748m 024-078 Cu 003 gt- 012 gt Au 13 gt-27 gt Ag

CB-180 1128m 023 Cu 002 gt Au 11 gt Ag incl bull 90 m 043 Cu 003 gt Au 11 gt Ag bull 349m 030 Cu 002 gt Au 13 gt Ag

CB-183 1276m 041 Cu 006 gt Au 20 gt Ag incl bull 370 m 056 Cu 010 gt Au 28 gt Ag bull 529m 046 Cu 007 gt Au 21 gt Ag

CB-155 09m 085 gt Au 396 gt Ag 003 Cu

CB-154 2m 075 gt Au 34 gt Ag 002 Cu

CB-158 43m 09 gt Au 11 gt Ag 001 Cu incl bull 24m 152 gt Au 08 gt Ag 001 Cu

CB-171 19m 035 Cu 009 gt Au 27 gt Ag incl bull 108 m 044 Cu 012 gt Au 28 gt Ag

493m 024 Cu 007 gt Au 17 gt Ag incl bull 302m 032 Cu 009 gt Au 22 gt Ag bull 120m 040 Cu 009 gt Au 32 gt Ag

CB-172 788m 032 Cu 008 gt Au 22 gt Ag incl bull 204 m 048 Cu 012 gt Au 26 gt Ag bull 100m 057 Cu 014 gt Au 22 gt Ag

CB-173 614m 038 Cu 010gt Au 49 gt Ag incl bull 271m 058 Cu 014 gt Au 29 gt Ag

CB-175 876m 020 Cu 007 gt Au 18 gt Ag incl bull 76 m 039 Cu 013 gt Au 24 gt Ag bull 86m 029 Cu 008 gt Au 23 gt Ag

2018 DRILL PROGRAM INCLUDES ADDITIONAL

DRILLING AT THESE TARGETS

Cotabambas Project Exploration Target Rich Cluster 1

TSXV-PML Page 18

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

JANUARY TO JUNE 2018 CLUSTER 1 $MCAD

Pre-Drilling 008

Drilling (5000m) 099

Supporting 035

Geology 031

Grassroots 023

Indirects 091

Contingency 024

Total Budget 2018 311

2000m drilling completed to April 2018

Cotabambas Project Cluster 1 and Cluster 2 Project Scale Expansion Potential

TSXV-PML Page 19

FEBRUARY TO NOVEMBER 2018 CLUSTER 2 $MCAD

Pre-Drilling 035

Drilling (5000m) 126

Supporting 046

Geology 029

Grassroots 048

Indirects 091

Contingency 024

Total Budget 2018 399

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

0 1 2 Km

Cotabambas Project Targets

TSXV-PML Page 20

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

HIGHER NPV

HIGHER IRR REDUCED CASH COSTS

REDUCED PAYBACK

REDUCED START-UP CAPITAL

LONGER MINE LIFE

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

INCREASE HIGH GRADE RESOURCE

ADD LOW COST RESOURCE

IMPROVE METALLURGICAL

RECOVERIES

EXPLORE SCALE CHANGING

POTENTIAL

Antilla Project Heap Leach SXEW Project

TSXV-PML Page 21

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

NPV $US 320 M IRR 347

PAYBACK 26

$US 10 B pretax $US 669 M after tax

C1 $151lb C2 $ 182lb

NPV $US 305 M IRR 259

PAYBACK 30 $US 250 M

NOTE Cu = $US305 long-term Cu pricelb

Antilla Initial CAPEX (US$ millions)

Item Cost

Mine Equipment $0

Mine Development $41

Process Plant $95

Tailings Storage Facility $0

Infrastructure $42

Subtotal $178

Owners Cost $8

Indirect Costs $14

Subtotal $200

Contingencies $50

Total Initial Capital Cost $250

Initial Capital Pretax After Tax Cash Costs LOM Cashflow

Antilla Project Heap Leach SXEW PEA Summary

TSXV-PML Page 22

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

138 Strip Ratio 163 Mt wasterock

LOM Payable Metal 358 Kt Cu Cathode

Payable Metal 21 Ktyear Cu Cu Cathode

119 Mt Mill Feed 20000 tpd

17 year LOM

044 Cu Grade 725 Recovery

PEA DESIGN PARAMETERS

No Tailings Dam

HIGH GRADE NEAR AT SURFACE

HIGH GRADE NEAR AT SURFACE

Note Cu = $US305 long-term Cu price

Antilla Project Optimization

TSXV-PML Page 23

Luquman Shaheen President amp CEO and 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

KEY PROJECT PARAMETERS (IN USD CURRENCY)

CONCENTRATOR PROJECT2

HEAP LEACH PROJECT3

Mill Feed life of mine million tonnes 3504 1187 Mill Feed daily tonnes 40000 20000

Strip Ratio life of mine waste process feed 085 1 148 1

After Tax PEA Prices

NPV75 million USD 225 305 IRR 151 259 Payback years 41 30

Annual Average Payable Metals

Cu thousand tonnes 368 210 Au thousand ounces - - Ag thousand ounces - - Mo thousand tonnes 09 -

Initial Capital Cost million USD 603 250 1 Prices in USD 2 At PEA commodity prices Cu = $300lb Mo = $1200lb 3 At PEA commodity prices long-term Cu = $305lb

Antilla Project Heap Leach SXEW

TSXV-PML Page 24

Optimized Mine Plan

Reduced Throughput

Lower Capital and Operating Costs

Eliminated Sustaining Capital Costs

Maximized Project Cash Flows

Secondary sulphides 117 Mt

98 of feed

Increased Grade 031 to 043

Indicated Category

95 of mine plan Cathode

Production 210 Ktyr

Capital Cost reduced 59

C1 C2 Costs Reduced 18-23

After Tax NPV +36 IRR + 72

Payback -27

Panoro Minerals Valuation Metrics

TSXV-PML Page 25

COTA

BAM

BAS

amp A

NTI

LLA

PRO

JECT

S VA

LUAT

ION

(M C

AD)

COTA

BAM

BAS

VALU

ATIO

N (M

CAD

)

Legend 5cent indicates 5centlb Cueq in MII Resource 10cent indicates 10centlb Cueq in Mineable Resource 04 indicates 40 of NPV 08 indicates 80 of NPV

OCTOBER 2017

PML Market Capitalization $120M 6centlb Cueq

MARCH 2012

Antilla + Cotabambas = 105B lb Cueq $630M Valuation Potential

Funded to 2020

TSXV-PML Page 26

FUNDING TO 2020

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

M$CAD

2018 Cash 18

2018 Basic Funding 20

2018 Warrant Exercise 06

2018 Matching Funding 20

2018 Warrant Exercise 39

2018 IGV Recovery 02

2018 Kusiorcco Transfer 46

2019 Basic Funding 20

2019 Milestone Payments

20

2019 IGV Recovery 02

TOTAL FUNDING 193

Cotabambas Project

TSXV-PML Page 14

$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

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 qualified persons under National Instrument 43-101 have reviewed and approved the scientific and technical information

BEFORE TAX

27 Cu 11 gt Au 134 gt Ag

CLEAN CONCENTRATE

Targeting Growth

Cotabambas Project Capital Costs and Enhancements

TSXV-PML Page 15

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 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

2nd Quartile Capital Efficiency ($76lb Cueq) Targeting 1st Quartile

Cotabambas Project Deposit Resource amp Growth Potential

TSXV-PML Page 16

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 29 7000

Total 134 81988

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

1

2

3

4

Cotabambas Project 2017 Cluster 1 Exploration Program

TSXV-PML Page 17

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

NEAR SURFACE OXIDES

2

PETRA-DAVID TARGET CU OXIDES

3

MARIA JOSE TARGETS

NEAR SURFACE SULPHIDES amp OXIDES

1

CB-161 397m 054 Cu 006 gt Au 252 gt Ag 563m 041 Cu 005 gt Au 219 gt Ag 1877m 025 Cu 004 gt Au 175 gt Ag 229m 048 Cu 008 gt Au 339 gt Ag

CB-157 1952m 034 Cu 006 gt Au 16 gt Ag

CB-165 132m 041 Cu 006 gt Au 23 gt Ag 27m 103 Cu 011 gt Au 68 gt Ag 748m 024-078 Cu 003 gt- 012 gt Au 13 gt-27 gt Ag

CB-180 1128m 023 Cu 002 gt Au 11 gt Ag incl bull 90 m 043 Cu 003 gt Au 11 gt Ag bull 349m 030 Cu 002 gt Au 13 gt Ag

CB-183 1276m 041 Cu 006 gt Au 20 gt Ag incl bull 370 m 056 Cu 010 gt Au 28 gt Ag bull 529m 046 Cu 007 gt Au 21 gt Ag

CB-155 09m 085 gt Au 396 gt Ag 003 Cu

CB-154 2m 075 gt Au 34 gt Ag 002 Cu

CB-158 43m 09 gt Au 11 gt Ag 001 Cu incl bull 24m 152 gt Au 08 gt Ag 001 Cu

CB-171 19m 035 Cu 009 gt Au 27 gt Ag incl bull 108 m 044 Cu 012 gt Au 28 gt Ag

493m 024 Cu 007 gt Au 17 gt Ag incl bull 302m 032 Cu 009 gt Au 22 gt Ag bull 120m 040 Cu 009 gt Au 32 gt Ag

CB-172 788m 032 Cu 008 gt Au 22 gt Ag incl bull 204 m 048 Cu 012 gt Au 26 gt Ag bull 100m 057 Cu 014 gt Au 22 gt Ag

CB-173 614m 038 Cu 010gt Au 49 gt Ag incl bull 271m 058 Cu 014 gt Au 29 gt Ag

CB-175 876m 020 Cu 007 gt Au 18 gt Ag incl bull 76 m 039 Cu 013 gt Au 24 gt Ag bull 86m 029 Cu 008 gt Au 23 gt Ag

2018 DRILL PROGRAM INCLUDES ADDITIONAL

DRILLING AT THESE TARGETS

Cotabambas Project Exploration Target Rich Cluster 1

TSXV-PML Page 18

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

JANUARY TO JUNE 2018 CLUSTER 1 $MCAD

Pre-Drilling 008

Drilling (5000m) 099

Supporting 035

Geology 031

Grassroots 023

Indirects 091

Contingency 024

Total Budget 2018 311

2000m drilling completed to April 2018

Cotabambas Project Cluster 1 and Cluster 2 Project Scale Expansion Potential

TSXV-PML Page 19

FEBRUARY TO NOVEMBER 2018 CLUSTER 2 $MCAD

Pre-Drilling 035

Drilling (5000m) 126

Supporting 046

Geology 029

Grassroots 048

Indirects 091

Contingency 024

Total Budget 2018 399

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

0 1 2 Km

Cotabambas Project Targets

TSXV-PML Page 20

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

HIGHER NPV

HIGHER IRR REDUCED CASH COSTS

REDUCED PAYBACK

REDUCED START-UP CAPITAL

LONGER MINE LIFE

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

INCREASE HIGH GRADE RESOURCE

ADD LOW COST RESOURCE

IMPROVE METALLURGICAL

RECOVERIES

EXPLORE SCALE CHANGING

POTENTIAL

Antilla Project Heap Leach SXEW Project

TSXV-PML Page 21

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

NPV $US 320 M IRR 347

PAYBACK 26

$US 10 B pretax $US 669 M after tax

C1 $151lb C2 $ 182lb

NPV $US 305 M IRR 259

PAYBACK 30 $US 250 M

NOTE Cu = $US305 long-term Cu pricelb

Antilla Initial CAPEX (US$ millions)

Item Cost

Mine Equipment $0

Mine Development $41

Process Plant $95

Tailings Storage Facility $0

Infrastructure $42

Subtotal $178

Owners Cost $8

Indirect Costs $14

Subtotal $200

Contingencies $50

Total Initial Capital Cost $250

Initial Capital Pretax After Tax Cash Costs LOM Cashflow

Antilla Project Heap Leach SXEW PEA Summary

TSXV-PML Page 22

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

138 Strip Ratio 163 Mt wasterock

LOM Payable Metal 358 Kt Cu Cathode

Payable Metal 21 Ktyear Cu Cu Cathode

119 Mt Mill Feed 20000 tpd

17 year LOM

044 Cu Grade 725 Recovery

PEA DESIGN PARAMETERS

No Tailings Dam

HIGH GRADE NEAR AT SURFACE

HIGH GRADE NEAR AT SURFACE

Note Cu = $US305 long-term Cu price

Antilla Project Optimization

TSXV-PML Page 23

Luquman Shaheen President amp CEO and 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

KEY PROJECT PARAMETERS (IN USD CURRENCY)

CONCENTRATOR PROJECT2

HEAP LEACH PROJECT3

Mill Feed life of mine million tonnes 3504 1187 Mill Feed daily tonnes 40000 20000

Strip Ratio life of mine waste process feed 085 1 148 1

After Tax PEA Prices

NPV75 million USD 225 305 IRR 151 259 Payback years 41 30

Annual Average Payable Metals

Cu thousand tonnes 368 210 Au thousand ounces - - Ag thousand ounces - - Mo thousand tonnes 09 -

Initial Capital Cost million USD 603 250 1 Prices in USD 2 At PEA commodity prices Cu = $300lb Mo = $1200lb 3 At PEA commodity prices long-term Cu = $305lb

Antilla Project Heap Leach SXEW

TSXV-PML Page 24

Optimized Mine Plan

Reduced Throughput

Lower Capital and Operating Costs

Eliminated Sustaining Capital Costs

Maximized Project Cash Flows

Secondary sulphides 117 Mt

98 of feed

Increased Grade 031 to 043

Indicated Category

95 of mine plan Cathode

Production 210 Ktyr

Capital Cost reduced 59

C1 C2 Costs Reduced 18-23

After Tax NPV +36 IRR + 72

Payback -27

Panoro Minerals Valuation Metrics

TSXV-PML Page 25

COTA

BAM

BAS

amp A

NTI

LLA

PRO

JECT

S VA

LUAT

ION

(M C

AD)

COTA

BAM

BAS

VALU

ATIO

N (M

CAD

)

Legend 5cent indicates 5centlb Cueq in MII Resource 10cent indicates 10centlb Cueq in Mineable Resource 04 indicates 40 of NPV 08 indicates 80 of NPV

OCTOBER 2017

PML Market Capitalization $120M 6centlb Cueq

MARCH 2012

Antilla + Cotabambas = 105B lb Cueq $630M Valuation Potential

Funded to 2020

TSXV-PML Page 26

FUNDING TO 2020

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

M$CAD

2018 Cash 18

2018 Basic Funding 20

2018 Warrant Exercise 06

2018 Matching Funding 20

2018 Warrant Exercise 39

2018 IGV Recovery 02

2018 Kusiorcco Transfer 46

2019 Basic Funding 20

2019 Milestone Payments

20

2019 IGV Recovery 02

TOTAL FUNDING 193

Cotabambas Project Capital Costs and Enhancements

TSXV-PML Page 15

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 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

2nd Quartile Capital Efficiency ($76lb Cueq) Targeting 1st Quartile

Cotabambas Project Deposit Resource amp Growth Potential

TSXV-PML Page 16

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 29 7000

Total 134 81988

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

1

2

3

4

Cotabambas Project 2017 Cluster 1 Exploration Program

TSXV-PML Page 17

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

NEAR SURFACE OXIDES

2

PETRA-DAVID TARGET CU OXIDES

3

MARIA JOSE TARGETS

NEAR SURFACE SULPHIDES amp OXIDES

1

CB-161 397m 054 Cu 006 gt Au 252 gt Ag 563m 041 Cu 005 gt Au 219 gt Ag 1877m 025 Cu 004 gt Au 175 gt Ag 229m 048 Cu 008 gt Au 339 gt Ag

CB-157 1952m 034 Cu 006 gt Au 16 gt Ag

CB-165 132m 041 Cu 006 gt Au 23 gt Ag 27m 103 Cu 011 gt Au 68 gt Ag 748m 024-078 Cu 003 gt- 012 gt Au 13 gt-27 gt Ag

CB-180 1128m 023 Cu 002 gt Au 11 gt Ag incl bull 90 m 043 Cu 003 gt Au 11 gt Ag bull 349m 030 Cu 002 gt Au 13 gt Ag

CB-183 1276m 041 Cu 006 gt Au 20 gt Ag incl bull 370 m 056 Cu 010 gt Au 28 gt Ag bull 529m 046 Cu 007 gt Au 21 gt Ag

CB-155 09m 085 gt Au 396 gt Ag 003 Cu

CB-154 2m 075 gt Au 34 gt Ag 002 Cu

CB-158 43m 09 gt Au 11 gt Ag 001 Cu incl bull 24m 152 gt Au 08 gt Ag 001 Cu

CB-171 19m 035 Cu 009 gt Au 27 gt Ag incl bull 108 m 044 Cu 012 gt Au 28 gt Ag

493m 024 Cu 007 gt Au 17 gt Ag incl bull 302m 032 Cu 009 gt Au 22 gt Ag bull 120m 040 Cu 009 gt Au 32 gt Ag

CB-172 788m 032 Cu 008 gt Au 22 gt Ag incl bull 204 m 048 Cu 012 gt Au 26 gt Ag bull 100m 057 Cu 014 gt Au 22 gt Ag

CB-173 614m 038 Cu 010gt Au 49 gt Ag incl bull 271m 058 Cu 014 gt Au 29 gt Ag

CB-175 876m 020 Cu 007 gt Au 18 gt Ag incl bull 76 m 039 Cu 013 gt Au 24 gt Ag bull 86m 029 Cu 008 gt Au 23 gt Ag

2018 DRILL PROGRAM INCLUDES ADDITIONAL

DRILLING AT THESE TARGETS

Cotabambas Project Exploration Target Rich Cluster 1

TSXV-PML Page 18

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

JANUARY TO JUNE 2018 CLUSTER 1 $MCAD

Pre-Drilling 008

Drilling (5000m) 099

Supporting 035

Geology 031

Grassroots 023

Indirects 091

Contingency 024

Total Budget 2018 311

2000m drilling completed to April 2018

Cotabambas Project Cluster 1 and Cluster 2 Project Scale Expansion Potential

TSXV-PML Page 19

FEBRUARY TO NOVEMBER 2018 CLUSTER 2 $MCAD

Pre-Drilling 035

Drilling (5000m) 126

Supporting 046

Geology 029

Grassroots 048

Indirects 091

Contingency 024

Total Budget 2018 399

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

0 1 2 Km

Cotabambas Project Targets

TSXV-PML Page 20

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

HIGHER NPV

HIGHER IRR REDUCED CASH COSTS

REDUCED PAYBACK

REDUCED START-UP CAPITAL

LONGER MINE LIFE

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

INCREASE HIGH GRADE RESOURCE

ADD LOW COST RESOURCE

IMPROVE METALLURGICAL

RECOVERIES

EXPLORE SCALE CHANGING

POTENTIAL

Antilla Project Heap Leach SXEW Project

TSXV-PML Page 21

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

NPV $US 320 M IRR 347

PAYBACK 26

$US 10 B pretax $US 669 M after tax

C1 $151lb C2 $ 182lb

NPV $US 305 M IRR 259

PAYBACK 30 $US 250 M

NOTE Cu = $US305 long-term Cu pricelb

Antilla Initial CAPEX (US$ millions)

Item Cost

Mine Equipment $0

Mine Development $41

Process Plant $95

Tailings Storage Facility $0

Infrastructure $42

Subtotal $178

Owners Cost $8

Indirect Costs $14

Subtotal $200

Contingencies $50

Total Initial Capital Cost $250

Initial Capital Pretax After Tax Cash Costs LOM Cashflow

Antilla Project Heap Leach SXEW PEA Summary

TSXV-PML Page 22

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

138 Strip Ratio 163 Mt wasterock

LOM Payable Metal 358 Kt Cu Cathode

Payable Metal 21 Ktyear Cu Cu Cathode

119 Mt Mill Feed 20000 tpd

17 year LOM

044 Cu Grade 725 Recovery

PEA DESIGN PARAMETERS

No Tailings Dam

HIGH GRADE NEAR AT SURFACE

HIGH GRADE NEAR AT SURFACE

Note Cu = $US305 long-term Cu price

Antilla Project Optimization

TSXV-PML Page 23

Luquman Shaheen President amp CEO and 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

KEY PROJECT PARAMETERS (IN USD CURRENCY)

CONCENTRATOR PROJECT2

HEAP LEACH PROJECT3

Mill Feed life of mine million tonnes 3504 1187 Mill Feed daily tonnes 40000 20000

Strip Ratio life of mine waste process feed 085 1 148 1

After Tax PEA Prices

NPV75 million USD 225 305 IRR 151 259 Payback years 41 30

Annual Average Payable Metals

Cu thousand tonnes 368 210 Au thousand ounces - - Ag thousand ounces - - Mo thousand tonnes 09 -

Initial Capital Cost million USD 603 250 1 Prices in USD 2 At PEA commodity prices Cu = $300lb Mo = $1200lb 3 At PEA commodity prices long-term Cu = $305lb

Antilla Project Heap Leach SXEW

TSXV-PML Page 24

Optimized Mine Plan

Reduced Throughput

Lower Capital and Operating Costs

Eliminated Sustaining Capital Costs

Maximized Project Cash Flows

Secondary sulphides 117 Mt

98 of feed

Increased Grade 031 to 043

Indicated Category

95 of mine plan Cathode

Production 210 Ktyr

Capital Cost reduced 59

C1 C2 Costs Reduced 18-23

After Tax NPV +36 IRR + 72

Payback -27

Panoro Minerals Valuation Metrics

TSXV-PML Page 25

COTA

BAM

BAS

amp A

NTI

LLA

PRO

JECT

S VA

LUAT

ION

(M C

AD)

COTA

BAM

BAS

VALU

ATIO

N (M

CAD

)

Legend 5cent indicates 5centlb Cueq in MII Resource 10cent indicates 10centlb Cueq in Mineable Resource 04 indicates 40 of NPV 08 indicates 80 of NPV

OCTOBER 2017

PML Market Capitalization $120M 6centlb Cueq

MARCH 2012

Antilla + Cotabambas = 105B lb Cueq $630M Valuation Potential

Funded to 2020

TSXV-PML Page 26

FUNDING TO 2020

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

M$CAD

2018 Cash 18

2018 Basic Funding 20

2018 Warrant Exercise 06

2018 Matching Funding 20

2018 Warrant Exercise 39

2018 IGV Recovery 02

2018 Kusiorcco Transfer 46

2019 Basic Funding 20

2019 Milestone Payments

20

2019 IGV Recovery 02

TOTAL FUNDING 193

Cotabambas Project Deposit Resource amp Growth Potential

TSXV-PML Page 16

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 29 7000

Total 134 81988

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

1

2

3

4

Cotabambas Project 2017 Cluster 1 Exploration Program

TSXV-PML Page 17

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

NEAR SURFACE OXIDES

2

PETRA-DAVID TARGET CU OXIDES

3

MARIA JOSE TARGETS

NEAR SURFACE SULPHIDES amp OXIDES

1

CB-161 397m 054 Cu 006 gt Au 252 gt Ag 563m 041 Cu 005 gt Au 219 gt Ag 1877m 025 Cu 004 gt Au 175 gt Ag 229m 048 Cu 008 gt Au 339 gt Ag

CB-157 1952m 034 Cu 006 gt Au 16 gt Ag

CB-165 132m 041 Cu 006 gt Au 23 gt Ag 27m 103 Cu 011 gt Au 68 gt Ag 748m 024-078 Cu 003 gt- 012 gt Au 13 gt-27 gt Ag

CB-180 1128m 023 Cu 002 gt Au 11 gt Ag incl bull 90 m 043 Cu 003 gt Au 11 gt Ag bull 349m 030 Cu 002 gt Au 13 gt Ag

CB-183 1276m 041 Cu 006 gt Au 20 gt Ag incl bull 370 m 056 Cu 010 gt Au 28 gt Ag bull 529m 046 Cu 007 gt Au 21 gt Ag

CB-155 09m 085 gt Au 396 gt Ag 003 Cu

CB-154 2m 075 gt Au 34 gt Ag 002 Cu

CB-158 43m 09 gt Au 11 gt Ag 001 Cu incl bull 24m 152 gt Au 08 gt Ag 001 Cu

CB-171 19m 035 Cu 009 gt Au 27 gt Ag incl bull 108 m 044 Cu 012 gt Au 28 gt Ag

493m 024 Cu 007 gt Au 17 gt Ag incl bull 302m 032 Cu 009 gt Au 22 gt Ag bull 120m 040 Cu 009 gt Au 32 gt Ag

CB-172 788m 032 Cu 008 gt Au 22 gt Ag incl bull 204 m 048 Cu 012 gt Au 26 gt Ag bull 100m 057 Cu 014 gt Au 22 gt Ag

CB-173 614m 038 Cu 010gt Au 49 gt Ag incl bull 271m 058 Cu 014 gt Au 29 gt Ag

CB-175 876m 020 Cu 007 gt Au 18 gt Ag incl bull 76 m 039 Cu 013 gt Au 24 gt Ag bull 86m 029 Cu 008 gt Au 23 gt Ag

2018 DRILL PROGRAM INCLUDES ADDITIONAL

DRILLING AT THESE TARGETS

Cotabambas Project Exploration Target Rich Cluster 1

TSXV-PML Page 18

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

JANUARY TO JUNE 2018 CLUSTER 1 $MCAD

Pre-Drilling 008

Drilling (5000m) 099

Supporting 035

Geology 031

Grassroots 023

Indirects 091

Contingency 024

Total Budget 2018 311

2000m drilling completed to April 2018

Cotabambas Project Cluster 1 and Cluster 2 Project Scale Expansion Potential

TSXV-PML Page 19

FEBRUARY TO NOVEMBER 2018 CLUSTER 2 $MCAD

Pre-Drilling 035

Drilling (5000m) 126

Supporting 046

Geology 029

Grassroots 048

Indirects 091

Contingency 024

Total Budget 2018 399

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

0 1 2 Km

Cotabambas Project Targets

TSXV-PML Page 20

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

HIGHER NPV

HIGHER IRR REDUCED CASH COSTS

REDUCED PAYBACK

REDUCED START-UP CAPITAL

LONGER MINE LIFE

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

INCREASE HIGH GRADE RESOURCE

ADD LOW COST RESOURCE

IMPROVE METALLURGICAL

RECOVERIES

EXPLORE SCALE CHANGING

POTENTIAL

Antilla Project Heap Leach SXEW Project

TSXV-PML Page 21

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

NPV $US 320 M IRR 347

PAYBACK 26

$US 10 B pretax $US 669 M after tax

C1 $151lb C2 $ 182lb

NPV $US 305 M IRR 259

PAYBACK 30 $US 250 M

NOTE Cu = $US305 long-term Cu pricelb

Antilla Initial CAPEX (US$ millions)

Item Cost

Mine Equipment $0

Mine Development $41

Process Plant $95

Tailings Storage Facility $0

Infrastructure $42

Subtotal $178

Owners Cost $8

Indirect Costs $14

Subtotal $200

Contingencies $50

Total Initial Capital Cost $250

Initial Capital Pretax After Tax Cash Costs LOM Cashflow

Antilla Project Heap Leach SXEW PEA Summary

TSXV-PML Page 22

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

138 Strip Ratio 163 Mt wasterock

LOM Payable Metal 358 Kt Cu Cathode

Payable Metal 21 Ktyear Cu Cu Cathode

119 Mt Mill Feed 20000 tpd

17 year LOM

044 Cu Grade 725 Recovery

PEA DESIGN PARAMETERS

No Tailings Dam

HIGH GRADE NEAR AT SURFACE

HIGH GRADE NEAR AT SURFACE

Note Cu = $US305 long-term Cu price

Antilla Project Optimization

TSXV-PML Page 23

Luquman Shaheen President amp CEO and 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

KEY PROJECT PARAMETERS (IN USD CURRENCY)

CONCENTRATOR PROJECT2

HEAP LEACH PROJECT3

Mill Feed life of mine million tonnes 3504 1187 Mill Feed daily tonnes 40000 20000

Strip Ratio life of mine waste process feed 085 1 148 1

After Tax PEA Prices

NPV75 million USD 225 305 IRR 151 259 Payback years 41 30

Annual Average Payable Metals

Cu thousand tonnes 368 210 Au thousand ounces - - Ag thousand ounces - - Mo thousand tonnes 09 -

Initial Capital Cost million USD 603 250 1 Prices in USD 2 At PEA commodity prices Cu = $300lb Mo = $1200lb 3 At PEA commodity prices long-term Cu = $305lb

Antilla Project Heap Leach SXEW

TSXV-PML Page 24

Optimized Mine Plan

Reduced Throughput

Lower Capital and Operating Costs

Eliminated Sustaining Capital Costs

Maximized Project Cash Flows

Secondary sulphides 117 Mt

98 of feed

Increased Grade 031 to 043

Indicated Category

95 of mine plan Cathode

Production 210 Ktyr

Capital Cost reduced 59

C1 C2 Costs Reduced 18-23

After Tax NPV +36 IRR + 72

Payback -27

Panoro Minerals Valuation Metrics

TSXV-PML Page 25

COTA

BAM

BAS

amp A

NTI

LLA

PRO

JECT

S VA

LUAT

ION

(M C

AD)

COTA

BAM

BAS

VALU

ATIO

N (M

CAD

)

Legend 5cent indicates 5centlb Cueq in MII Resource 10cent indicates 10centlb Cueq in Mineable Resource 04 indicates 40 of NPV 08 indicates 80 of NPV

OCTOBER 2017

PML Market Capitalization $120M 6centlb Cueq

MARCH 2012

Antilla + Cotabambas = 105B lb Cueq $630M Valuation Potential

Funded to 2020

TSXV-PML Page 26

FUNDING TO 2020

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

M$CAD

2018 Cash 18

2018 Basic Funding 20

2018 Warrant Exercise 06

2018 Matching Funding 20

2018 Warrant Exercise 39

2018 IGV Recovery 02

2018 Kusiorcco Transfer 46

2019 Basic Funding 20

2019 Milestone Payments

20

2019 IGV Recovery 02

TOTAL FUNDING 193

Cotabambas Project 2017 Cluster 1 Exploration Program

TSXV-PML Page 17

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

NEAR SURFACE OXIDES

2

PETRA-DAVID TARGET CU OXIDES

3

MARIA JOSE TARGETS

NEAR SURFACE SULPHIDES amp OXIDES

1

CB-161 397m 054 Cu 006 gt Au 252 gt Ag 563m 041 Cu 005 gt Au 219 gt Ag 1877m 025 Cu 004 gt Au 175 gt Ag 229m 048 Cu 008 gt Au 339 gt Ag

CB-157 1952m 034 Cu 006 gt Au 16 gt Ag

CB-165 132m 041 Cu 006 gt Au 23 gt Ag 27m 103 Cu 011 gt Au 68 gt Ag 748m 024-078 Cu 003 gt- 012 gt Au 13 gt-27 gt Ag

CB-180 1128m 023 Cu 002 gt Au 11 gt Ag incl bull 90 m 043 Cu 003 gt Au 11 gt Ag bull 349m 030 Cu 002 gt Au 13 gt Ag

CB-183 1276m 041 Cu 006 gt Au 20 gt Ag incl bull 370 m 056 Cu 010 gt Au 28 gt Ag bull 529m 046 Cu 007 gt Au 21 gt Ag

CB-155 09m 085 gt Au 396 gt Ag 003 Cu

CB-154 2m 075 gt Au 34 gt Ag 002 Cu

CB-158 43m 09 gt Au 11 gt Ag 001 Cu incl bull 24m 152 gt Au 08 gt Ag 001 Cu

CB-171 19m 035 Cu 009 gt Au 27 gt Ag incl bull 108 m 044 Cu 012 gt Au 28 gt Ag

493m 024 Cu 007 gt Au 17 gt Ag incl bull 302m 032 Cu 009 gt Au 22 gt Ag bull 120m 040 Cu 009 gt Au 32 gt Ag

CB-172 788m 032 Cu 008 gt Au 22 gt Ag incl bull 204 m 048 Cu 012 gt Au 26 gt Ag bull 100m 057 Cu 014 gt Au 22 gt Ag

CB-173 614m 038 Cu 010gt Au 49 gt Ag incl bull 271m 058 Cu 014 gt Au 29 gt Ag

CB-175 876m 020 Cu 007 gt Au 18 gt Ag incl bull 76 m 039 Cu 013 gt Au 24 gt Ag bull 86m 029 Cu 008 gt Au 23 gt Ag

2018 DRILL PROGRAM INCLUDES ADDITIONAL

DRILLING AT THESE TARGETS

Cotabambas Project Exploration Target Rich Cluster 1

TSXV-PML Page 18

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

JANUARY TO JUNE 2018 CLUSTER 1 $MCAD

Pre-Drilling 008

Drilling (5000m) 099

Supporting 035

Geology 031

Grassroots 023

Indirects 091

Contingency 024

Total Budget 2018 311

2000m drilling completed to April 2018

Cotabambas Project Cluster 1 and Cluster 2 Project Scale Expansion Potential

TSXV-PML Page 19

FEBRUARY TO NOVEMBER 2018 CLUSTER 2 $MCAD

Pre-Drilling 035

Drilling (5000m) 126

Supporting 046

Geology 029

Grassroots 048

Indirects 091

Contingency 024

Total Budget 2018 399

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

0 1 2 Km

Cotabambas Project Targets

TSXV-PML Page 20

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

HIGHER NPV

HIGHER IRR REDUCED CASH COSTS

REDUCED PAYBACK

REDUCED START-UP CAPITAL

LONGER MINE LIFE

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

INCREASE HIGH GRADE RESOURCE

ADD LOW COST RESOURCE

IMPROVE METALLURGICAL

RECOVERIES

EXPLORE SCALE CHANGING

POTENTIAL

Antilla Project Heap Leach SXEW Project

TSXV-PML Page 21

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

NPV $US 320 M IRR 347

PAYBACK 26

$US 10 B pretax $US 669 M after tax

C1 $151lb C2 $ 182lb

NPV $US 305 M IRR 259

PAYBACK 30 $US 250 M

NOTE Cu = $US305 long-term Cu pricelb

Antilla Initial CAPEX (US$ millions)

Item Cost

Mine Equipment $0

Mine Development $41

Process Plant $95

Tailings Storage Facility $0

Infrastructure $42

Subtotal $178

Owners Cost $8

Indirect Costs $14

Subtotal $200

Contingencies $50

Total Initial Capital Cost $250

Initial Capital Pretax After Tax Cash Costs LOM Cashflow

Antilla Project Heap Leach SXEW PEA Summary

TSXV-PML Page 22

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

138 Strip Ratio 163 Mt wasterock

LOM Payable Metal 358 Kt Cu Cathode

Payable Metal 21 Ktyear Cu Cu Cathode

119 Mt Mill Feed 20000 tpd

17 year LOM

044 Cu Grade 725 Recovery

PEA DESIGN PARAMETERS

No Tailings Dam

HIGH GRADE NEAR AT SURFACE

HIGH GRADE NEAR AT SURFACE

Note Cu = $US305 long-term Cu price

Antilla Project Optimization

TSXV-PML Page 23

Luquman Shaheen President amp CEO and 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

KEY PROJECT PARAMETERS (IN USD CURRENCY)

CONCENTRATOR PROJECT2

HEAP LEACH PROJECT3

Mill Feed life of mine million tonnes 3504 1187 Mill Feed daily tonnes 40000 20000

Strip Ratio life of mine waste process feed 085 1 148 1

After Tax PEA Prices

NPV75 million USD 225 305 IRR 151 259 Payback years 41 30

Annual Average Payable Metals

Cu thousand tonnes 368 210 Au thousand ounces - - Ag thousand ounces - - Mo thousand tonnes 09 -

Initial Capital Cost million USD 603 250 1 Prices in USD 2 At PEA commodity prices Cu = $300lb Mo = $1200lb 3 At PEA commodity prices long-term Cu = $305lb

Antilla Project Heap Leach SXEW

TSXV-PML Page 24

Optimized Mine Plan

Reduced Throughput

Lower Capital and Operating Costs

Eliminated Sustaining Capital Costs

Maximized Project Cash Flows

Secondary sulphides 117 Mt

98 of feed

Increased Grade 031 to 043

Indicated Category

95 of mine plan Cathode

Production 210 Ktyr

Capital Cost reduced 59

C1 C2 Costs Reduced 18-23

After Tax NPV +36 IRR + 72

Payback -27

Panoro Minerals Valuation Metrics

TSXV-PML Page 25

COTA

BAM

BAS

amp A

NTI

LLA

PRO

JECT

S VA

LUAT

ION

(M C

AD)

COTA

BAM

BAS

VALU

ATIO

N (M

CAD

)

Legend 5cent indicates 5centlb Cueq in MII Resource 10cent indicates 10centlb Cueq in Mineable Resource 04 indicates 40 of NPV 08 indicates 80 of NPV

OCTOBER 2017

PML Market Capitalization $120M 6centlb Cueq

MARCH 2012

Antilla + Cotabambas = 105B lb Cueq $630M Valuation Potential

Funded to 2020

TSXV-PML Page 26

FUNDING TO 2020

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

M$CAD

2018 Cash 18

2018 Basic Funding 20

2018 Warrant Exercise 06

2018 Matching Funding 20

2018 Warrant Exercise 39

2018 IGV Recovery 02

2018 Kusiorcco Transfer 46

2019 Basic Funding 20

2019 Milestone Payments

20

2019 IGV Recovery 02

TOTAL FUNDING 193

Cotabambas Project Exploration Target Rich Cluster 1

TSXV-PML Page 18

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

JANUARY TO JUNE 2018 CLUSTER 1 $MCAD

Pre-Drilling 008

Drilling (5000m) 099

Supporting 035

Geology 031

Grassroots 023

Indirects 091

Contingency 024

Total Budget 2018 311

2000m drilling completed to April 2018

Cotabambas Project Cluster 1 and Cluster 2 Project Scale Expansion Potential

TSXV-PML Page 19

FEBRUARY TO NOVEMBER 2018 CLUSTER 2 $MCAD

Pre-Drilling 035

Drilling (5000m) 126

Supporting 046

Geology 029

Grassroots 048

Indirects 091

Contingency 024

Total Budget 2018 399

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

0 1 2 Km

Cotabambas Project Targets

TSXV-PML Page 20

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

HIGHER NPV

HIGHER IRR REDUCED CASH COSTS

REDUCED PAYBACK

REDUCED START-UP CAPITAL

LONGER MINE LIFE

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

INCREASE HIGH GRADE RESOURCE

ADD LOW COST RESOURCE

IMPROVE METALLURGICAL

RECOVERIES

EXPLORE SCALE CHANGING

POTENTIAL

Antilla Project Heap Leach SXEW Project

TSXV-PML Page 21

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

NPV $US 320 M IRR 347

PAYBACK 26

$US 10 B pretax $US 669 M after tax

C1 $151lb C2 $ 182lb

NPV $US 305 M IRR 259

PAYBACK 30 $US 250 M

NOTE Cu = $US305 long-term Cu pricelb

Antilla Initial CAPEX (US$ millions)

Item Cost

Mine Equipment $0

Mine Development $41

Process Plant $95

Tailings Storage Facility $0

Infrastructure $42

Subtotal $178

Owners Cost $8

Indirect Costs $14

Subtotal $200

Contingencies $50

Total Initial Capital Cost $250

Initial Capital Pretax After Tax Cash Costs LOM Cashflow

Antilla Project Heap Leach SXEW PEA Summary

TSXV-PML Page 22

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

138 Strip Ratio 163 Mt wasterock

LOM Payable Metal 358 Kt Cu Cathode

Payable Metal 21 Ktyear Cu Cu Cathode

119 Mt Mill Feed 20000 tpd

17 year LOM

044 Cu Grade 725 Recovery

PEA DESIGN PARAMETERS

No Tailings Dam

HIGH GRADE NEAR AT SURFACE

HIGH GRADE NEAR AT SURFACE

Note Cu = $US305 long-term Cu price

Antilla Project Optimization

TSXV-PML Page 23

Luquman Shaheen President amp CEO and 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

KEY PROJECT PARAMETERS (IN USD CURRENCY)

CONCENTRATOR PROJECT2

HEAP LEACH PROJECT3

Mill Feed life of mine million tonnes 3504 1187 Mill Feed daily tonnes 40000 20000

Strip Ratio life of mine waste process feed 085 1 148 1

After Tax PEA Prices

NPV75 million USD 225 305 IRR 151 259 Payback years 41 30

Annual Average Payable Metals

Cu thousand tonnes 368 210 Au thousand ounces - - Ag thousand ounces - - Mo thousand tonnes 09 -

Initial Capital Cost million USD 603 250 1 Prices in USD 2 At PEA commodity prices Cu = $300lb Mo = $1200lb 3 At PEA commodity prices long-term Cu = $305lb

Antilla Project Heap Leach SXEW

TSXV-PML Page 24

Optimized Mine Plan

Reduced Throughput

Lower Capital and Operating Costs

Eliminated Sustaining Capital Costs

Maximized Project Cash Flows

Secondary sulphides 117 Mt

98 of feed

Increased Grade 031 to 043

Indicated Category

95 of mine plan Cathode

Production 210 Ktyr

Capital Cost reduced 59

C1 C2 Costs Reduced 18-23

After Tax NPV +36 IRR + 72

Payback -27

Panoro Minerals Valuation Metrics

TSXV-PML Page 25

COTA

BAM

BAS

amp A

NTI

LLA

PRO

JECT

S VA

LUAT

ION

(M C

AD)

COTA

BAM

BAS

VALU

ATIO

N (M

CAD

)

Legend 5cent indicates 5centlb Cueq in MII Resource 10cent indicates 10centlb Cueq in Mineable Resource 04 indicates 40 of NPV 08 indicates 80 of NPV

OCTOBER 2017

PML Market Capitalization $120M 6centlb Cueq

MARCH 2012

Antilla + Cotabambas = 105B lb Cueq $630M Valuation Potential

Funded to 2020

TSXV-PML Page 26

FUNDING TO 2020

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

M$CAD

2018 Cash 18

2018 Basic Funding 20

2018 Warrant Exercise 06

2018 Matching Funding 20

2018 Warrant Exercise 39

2018 IGV Recovery 02

2018 Kusiorcco Transfer 46

2019 Basic Funding 20

2019 Milestone Payments

20

2019 IGV Recovery 02

TOTAL FUNDING 193

Cotabambas Project Cluster 1 and Cluster 2 Project Scale Expansion Potential

TSXV-PML Page 19

FEBRUARY TO NOVEMBER 2018 CLUSTER 2 $MCAD

Pre-Drilling 035

Drilling (5000m) 126

Supporting 046

Geology 029

Grassroots 048

Indirects 091

Contingency 024

Total Budget 2018 399

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

0 1 2 Km

Cotabambas Project Targets

TSXV-PML Page 20

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

HIGHER NPV

HIGHER IRR REDUCED CASH COSTS

REDUCED PAYBACK

REDUCED START-UP CAPITAL

LONGER MINE LIFE

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

INCREASE HIGH GRADE RESOURCE

ADD LOW COST RESOURCE

IMPROVE METALLURGICAL

RECOVERIES

EXPLORE SCALE CHANGING

POTENTIAL

Antilla Project Heap Leach SXEW Project

TSXV-PML Page 21

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

NPV $US 320 M IRR 347

PAYBACK 26

$US 10 B pretax $US 669 M after tax

C1 $151lb C2 $ 182lb

NPV $US 305 M IRR 259

PAYBACK 30 $US 250 M

NOTE Cu = $US305 long-term Cu pricelb

Antilla Initial CAPEX (US$ millions)

Item Cost

Mine Equipment $0

Mine Development $41

Process Plant $95

Tailings Storage Facility $0

Infrastructure $42

Subtotal $178

Owners Cost $8

Indirect Costs $14

Subtotal $200

Contingencies $50

Total Initial Capital Cost $250

Initial Capital Pretax After Tax Cash Costs LOM Cashflow

Antilla Project Heap Leach SXEW PEA Summary

TSXV-PML Page 22

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

138 Strip Ratio 163 Mt wasterock

LOM Payable Metal 358 Kt Cu Cathode

Payable Metal 21 Ktyear Cu Cu Cathode

119 Mt Mill Feed 20000 tpd

17 year LOM

044 Cu Grade 725 Recovery

PEA DESIGN PARAMETERS

No Tailings Dam

HIGH GRADE NEAR AT SURFACE

HIGH GRADE NEAR AT SURFACE

Note Cu = $US305 long-term Cu price

Antilla Project Optimization

TSXV-PML Page 23

Luquman Shaheen President amp CEO and 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

KEY PROJECT PARAMETERS (IN USD CURRENCY)

CONCENTRATOR PROJECT2

HEAP LEACH PROJECT3

Mill Feed life of mine million tonnes 3504 1187 Mill Feed daily tonnes 40000 20000

Strip Ratio life of mine waste process feed 085 1 148 1

After Tax PEA Prices

NPV75 million USD 225 305 IRR 151 259 Payback years 41 30

Annual Average Payable Metals

Cu thousand tonnes 368 210 Au thousand ounces - - Ag thousand ounces - - Mo thousand tonnes 09 -

Initial Capital Cost million USD 603 250 1 Prices in USD 2 At PEA commodity prices Cu = $300lb Mo = $1200lb 3 At PEA commodity prices long-term Cu = $305lb

Antilla Project Heap Leach SXEW

TSXV-PML Page 24

Optimized Mine Plan

Reduced Throughput

Lower Capital and Operating Costs

Eliminated Sustaining Capital Costs

Maximized Project Cash Flows

Secondary sulphides 117 Mt

98 of feed

Increased Grade 031 to 043

Indicated Category

95 of mine plan Cathode

Production 210 Ktyr

Capital Cost reduced 59

C1 C2 Costs Reduced 18-23

After Tax NPV +36 IRR + 72

Payback -27

Panoro Minerals Valuation Metrics

TSXV-PML Page 25

COTA

BAM

BAS

amp A

NTI

LLA

PRO

JECT

S VA

LUAT

ION

(M C

AD)

COTA

BAM

BAS

VALU

ATIO

N (M

CAD

)

Legend 5cent indicates 5centlb Cueq in MII Resource 10cent indicates 10centlb Cueq in Mineable Resource 04 indicates 40 of NPV 08 indicates 80 of NPV

OCTOBER 2017

PML Market Capitalization $120M 6centlb Cueq

MARCH 2012

Antilla + Cotabambas = 105B lb Cueq $630M Valuation Potential

Funded to 2020

TSXV-PML Page 26

FUNDING TO 2020

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

M$CAD

2018 Cash 18

2018 Basic Funding 20

2018 Warrant Exercise 06

2018 Matching Funding 20

2018 Warrant Exercise 39

2018 IGV Recovery 02

2018 Kusiorcco Transfer 46

2019 Basic Funding 20

2019 Milestone Payments

20

2019 IGV Recovery 02

TOTAL FUNDING 193

Cotabambas Project Targets

TSXV-PML Page 20

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

HIGHER NPV

HIGHER IRR REDUCED CASH COSTS

REDUCED PAYBACK

REDUCED START-UP CAPITAL

LONGER MINE LIFE

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

INCREASE HIGH GRADE RESOURCE

ADD LOW COST RESOURCE

IMPROVE METALLURGICAL

RECOVERIES

EXPLORE SCALE CHANGING

POTENTIAL

Antilla Project Heap Leach SXEW Project

TSXV-PML Page 21

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

NPV $US 320 M IRR 347

PAYBACK 26

$US 10 B pretax $US 669 M after tax

C1 $151lb C2 $ 182lb

NPV $US 305 M IRR 259

PAYBACK 30 $US 250 M

NOTE Cu = $US305 long-term Cu pricelb

Antilla Initial CAPEX (US$ millions)

Item Cost

Mine Equipment $0

Mine Development $41

Process Plant $95

Tailings Storage Facility $0

Infrastructure $42

Subtotal $178

Owners Cost $8

Indirect Costs $14

Subtotal $200

Contingencies $50

Total Initial Capital Cost $250

Initial Capital Pretax After Tax Cash Costs LOM Cashflow

Antilla Project Heap Leach SXEW PEA Summary

TSXV-PML Page 22

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

138 Strip Ratio 163 Mt wasterock

LOM Payable Metal 358 Kt Cu Cathode

Payable Metal 21 Ktyear Cu Cu Cathode

119 Mt Mill Feed 20000 tpd

17 year LOM

044 Cu Grade 725 Recovery

PEA DESIGN PARAMETERS

No Tailings Dam

HIGH GRADE NEAR AT SURFACE

HIGH GRADE NEAR AT SURFACE

Note Cu = $US305 long-term Cu price

Antilla Project Optimization

TSXV-PML Page 23

Luquman Shaheen President amp CEO and 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

KEY PROJECT PARAMETERS (IN USD CURRENCY)

CONCENTRATOR PROJECT2

HEAP LEACH PROJECT3

Mill Feed life of mine million tonnes 3504 1187 Mill Feed daily tonnes 40000 20000

Strip Ratio life of mine waste process feed 085 1 148 1

After Tax PEA Prices

NPV75 million USD 225 305 IRR 151 259 Payback years 41 30

Annual Average Payable Metals

Cu thousand tonnes 368 210 Au thousand ounces - - Ag thousand ounces - - Mo thousand tonnes 09 -

Initial Capital Cost million USD 603 250 1 Prices in USD 2 At PEA commodity prices Cu = $300lb Mo = $1200lb 3 At PEA commodity prices long-term Cu = $305lb

Antilla Project Heap Leach SXEW

TSXV-PML Page 24

Optimized Mine Plan

Reduced Throughput

Lower Capital and Operating Costs

Eliminated Sustaining Capital Costs

Maximized Project Cash Flows

Secondary sulphides 117 Mt

98 of feed

Increased Grade 031 to 043

Indicated Category

95 of mine plan Cathode

Production 210 Ktyr

Capital Cost reduced 59

C1 C2 Costs Reduced 18-23

After Tax NPV +36 IRR + 72

Payback -27

Panoro Minerals Valuation Metrics

TSXV-PML Page 25

COTA

BAM

BAS

amp A

NTI

LLA

PRO

JECT

S VA

LUAT

ION

(M C

AD)

COTA

BAM

BAS

VALU

ATIO

N (M

CAD

)

Legend 5cent indicates 5centlb Cueq in MII Resource 10cent indicates 10centlb Cueq in Mineable Resource 04 indicates 40 of NPV 08 indicates 80 of NPV

OCTOBER 2017

PML Market Capitalization $120M 6centlb Cueq

MARCH 2012

Antilla + Cotabambas = 105B lb Cueq $630M Valuation Potential

Funded to 2020

TSXV-PML Page 26

FUNDING TO 2020

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

M$CAD

2018 Cash 18

2018 Basic Funding 20

2018 Warrant Exercise 06

2018 Matching Funding 20

2018 Warrant Exercise 39

2018 IGV Recovery 02

2018 Kusiorcco Transfer 46

2019 Basic Funding 20

2019 Milestone Payments

20

2019 IGV Recovery 02

TOTAL FUNDING 193

Antilla Project Heap Leach SXEW Project

TSXV-PML Page 21

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

NPV $US 320 M IRR 347

PAYBACK 26

$US 10 B pretax $US 669 M after tax

C1 $151lb C2 $ 182lb

NPV $US 305 M IRR 259

PAYBACK 30 $US 250 M

NOTE Cu = $US305 long-term Cu pricelb

Antilla Initial CAPEX (US$ millions)

Item Cost

Mine Equipment $0

Mine Development $41

Process Plant $95

Tailings Storage Facility $0

Infrastructure $42

Subtotal $178

Owners Cost $8

Indirect Costs $14

Subtotal $200

Contingencies $50

Total Initial Capital Cost $250

Initial Capital Pretax After Tax Cash Costs LOM Cashflow

Antilla Project Heap Leach SXEW PEA Summary

TSXV-PML Page 22

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

138 Strip Ratio 163 Mt wasterock

LOM Payable Metal 358 Kt Cu Cathode

Payable Metal 21 Ktyear Cu Cu Cathode

119 Mt Mill Feed 20000 tpd

17 year LOM

044 Cu Grade 725 Recovery

PEA DESIGN PARAMETERS

No Tailings Dam

HIGH GRADE NEAR AT SURFACE

HIGH GRADE NEAR AT SURFACE

Note Cu = $US305 long-term Cu price

Antilla Project Optimization

TSXV-PML Page 23

Luquman Shaheen President amp CEO and 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

KEY PROJECT PARAMETERS (IN USD CURRENCY)

CONCENTRATOR PROJECT2

HEAP LEACH PROJECT3

Mill Feed life of mine million tonnes 3504 1187 Mill Feed daily tonnes 40000 20000

Strip Ratio life of mine waste process feed 085 1 148 1

After Tax PEA Prices

NPV75 million USD 225 305 IRR 151 259 Payback years 41 30

Annual Average Payable Metals

Cu thousand tonnes 368 210 Au thousand ounces - - Ag thousand ounces - - Mo thousand tonnes 09 -

Initial Capital Cost million USD 603 250 1 Prices in USD 2 At PEA commodity prices Cu = $300lb Mo = $1200lb 3 At PEA commodity prices long-term Cu = $305lb

Antilla Project Heap Leach SXEW

TSXV-PML Page 24

Optimized Mine Plan

Reduced Throughput

Lower Capital and Operating Costs

Eliminated Sustaining Capital Costs

Maximized Project Cash Flows

Secondary sulphides 117 Mt

98 of feed

Increased Grade 031 to 043

Indicated Category

95 of mine plan Cathode

Production 210 Ktyr

Capital Cost reduced 59

C1 C2 Costs Reduced 18-23

After Tax NPV +36 IRR + 72

Payback -27

Panoro Minerals Valuation Metrics

TSXV-PML Page 25

COTA

BAM

BAS

amp A

NTI

LLA

PRO

JECT

S VA

LUAT

ION

(M C

AD)

COTA

BAM

BAS

VALU

ATIO

N (M

CAD

)

Legend 5cent indicates 5centlb Cueq in MII Resource 10cent indicates 10centlb Cueq in Mineable Resource 04 indicates 40 of NPV 08 indicates 80 of NPV

OCTOBER 2017

PML Market Capitalization $120M 6centlb Cueq

MARCH 2012

Antilla + Cotabambas = 105B lb Cueq $630M Valuation Potential

Funded to 2020

TSXV-PML Page 26

FUNDING TO 2020

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

M$CAD

2018 Cash 18

2018 Basic Funding 20

2018 Warrant Exercise 06

2018 Matching Funding 20

2018 Warrant Exercise 39

2018 IGV Recovery 02

2018 Kusiorcco Transfer 46

2019 Basic Funding 20

2019 Milestone Payments

20

2019 IGV Recovery 02

TOTAL FUNDING 193

Antilla Project Heap Leach SXEW PEA Summary

TSXV-PML Page 22

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

138 Strip Ratio 163 Mt wasterock

LOM Payable Metal 358 Kt Cu Cathode

Payable Metal 21 Ktyear Cu Cu Cathode

119 Mt Mill Feed 20000 tpd

17 year LOM

044 Cu Grade 725 Recovery

PEA DESIGN PARAMETERS

No Tailings Dam

HIGH GRADE NEAR AT SURFACE

HIGH GRADE NEAR AT SURFACE

Note Cu = $US305 long-term Cu price

Antilla Project Optimization

TSXV-PML Page 23

Luquman Shaheen President amp CEO and 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

KEY PROJECT PARAMETERS (IN USD CURRENCY)

CONCENTRATOR PROJECT2

HEAP LEACH PROJECT3

Mill Feed life of mine million tonnes 3504 1187 Mill Feed daily tonnes 40000 20000

Strip Ratio life of mine waste process feed 085 1 148 1

After Tax PEA Prices

NPV75 million USD 225 305 IRR 151 259 Payback years 41 30

Annual Average Payable Metals

Cu thousand tonnes 368 210 Au thousand ounces - - Ag thousand ounces - - Mo thousand tonnes 09 -

Initial Capital Cost million USD 603 250 1 Prices in USD 2 At PEA commodity prices Cu = $300lb Mo = $1200lb 3 At PEA commodity prices long-term Cu = $305lb

Antilla Project Heap Leach SXEW

TSXV-PML Page 24

Optimized Mine Plan

Reduced Throughput

Lower Capital and Operating Costs

Eliminated Sustaining Capital Costs

Maximized Project Cash Flows

Secondary sulphides 117 Mt

98 of feed

Increased Grade 031 to 043

Indicated Category

95 of mine plan Cathode

Production 210 Ktyr

Capital Cost reduced 59

C1 C2 Costs Reduced 18-23

After Tax NPV +36 IRR + 72

Payback -27

Panoro Minerals Valuation Metrics

TSXV-PML Page 25

COTA

BAM

BAS

amp A

NTI

LLA

PRO

JECT

S VA

LUAT

ION

(M C

AD)

COTA

BAM

BAS

VALU

ATIO

N (M

CAD

)

Legend 5cent indicates 5centlb Cueq in MII Resource 10cent indicates 10centlb Cueq in Mineable Resource 04 indicates 40 of NPV 08 indicates 80 of NPV

OCTOBER 2017

PML Market Capitalization $120M 6centlb Cueq

MARCH 2012

Antilla + Cotabambas = 105B lb Cueq $630M Valuation Potential

Funded to 2020

TSXV-PML Page 26

FUNDING TO 2020

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

M$CAD

2018 Cash 18

2018 Basic Funding 20

2018 Warrant Exercise 06

2018 Matching Funding 20

2018 Warrant Exercise 39

2018 IGV Recovery 02

2018 Kusiorcco Transfer 46

2019 Basic Funding 20

2019 Milestone Payments

20

2019 IGV Recovery 02

TOTAL FUNDING 193

Antilla Project Optimization

TSXV-PML Page 23

Luquman Shaheen President amp CEO and 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

KEY PROJECT PARAMETERS (IN USD CURRENCY)

CONCENTRATOR PROJECT2

HEAP LEACH PROJECT3

Mill Feed life of mine million tonnes 3504 1187 Mill Feed daily tonnes 40000 20000

Strip Ratio life of mine waste process feed 085 1 148 1

After Tax PEA Prices

NPV75 million USD 225 305 IRR 151 259 Payback years 41 30

Annual Average Payable Metals

Cu thousand tonnes 368 210 Au thousand ounces - - Ag thousand ounces - - Mo thousand tonnes 09 -

Initial Capital Cost million USD 603 250 1 Prices in USD 2 At PEA commodity prices Cu = $300lb Mo = $1200lb 3 At PEA commodity prices long-term Cu = $305lb

Antilla Project Heap Leach SXEW

TSXV-PML Page 24

Optimized Mine Plan

Reduced Throughput

Lower Capital and Operating Costs

Eliminated Sustaining Capital Costs

Maximized Project Cash Flows

Secondary sulphides 117 Mt

98 of feed

Increased Grade 031 to 043

Indicated Category

95 of mine plan Cathode

Production 210 Ktyr

Capital Cost reduced 59

C1 C2 Costs Reduced 18-23

After Tax NPV +36 IRR + 72

Payback -27

Panoro Minerals Valuation Metrics

TSXV-PML Page 25

COTA

BAM

BAS

amp A

NTI

LLA

PRO

JECT

S VA

LUAT

ION

(M C

AD)

COTA

BAM

BAS

VALU

ATIO

N (M

CAD

)

Legend 5cent indicates 5centlb Cueq in MII Resource 10cent indicates 10centlb Cueq in Mineable Resource 04 indicates 40 of NPV 08 indicates 80 of NPV

OCTOBER 2017

PML Market Capitalization $120M 6centlb Cueq

MARCH 2012

Antilla + Cotabambas = 105B lb Cueq $630M Valuation Potential

Funded to 2020

TSXV-PML Page 26

FUNDING TO 2020

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

M$CAD

2018 Cash 18

2018 Basic Funding 20

2018 Warrant Exercise 06

2018 Matching Funding 20

2018 Warrant Exercise 39

2018 IGV Recovery 02

2018 Kusiorcco Transfer 46

2019 Basic Funding 20

2019 Milestone Payments

20

2019 IGV Recovery 02

TOTAL FUNDING 193

Antilla Project Heap Leach SXEW

TSXV-PML Page 24

Optimized Mine Plan

Reduced Throughput

Lower Capital and Operating Costs

Eliminated Sustaining Capital Costs

Maximized Project Cash Flows

Secondary sulphides 117 Mt

98 of feed

Increased Grade 031 to 043

Indicated Category

95 of mine plan Cathode

Production 210 Ktyr

Capital Cost reduced 59

C1 C2 Costs Reduced 18-23

After Tax NPV +36 IRR + 72

Payback -27

Panoro Minerals Valuation Metrics

TSXV-PML Page 25

COTA

BAM

BAS

amp A

NTI

LLA

PRO

JECT

S VA

LUAT

ION

(M C

AD)

COTA

BAM

BAS

VALU

ATIO

N (M

CAD

)

Legend 5cent indicates 5centlb Cueq in MII Resource 10cent indicates 10centlb Cueq in Mineable Resource 04 indicates 40 of NPV 08 indicates 80 of NPV

OCTOBER 2017

PML Market Capitalization $120M 6centlb Cueq

MARCH 2012

Antilla + Cotabambas = 105B lb Cueq $630M Valuation Potential

Funded to 2020

TSXV-PML Page 26

FUNDING TO 2020

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

M$CAD

2018 Cash 18

2018 Basic Funding 20

2018 Warrant Exercise 06

2018 Matching Funding 20

2018 Warrant Exercise 39

2018 IGV Recovery 02

2018 Kusiorcco Transfer 46

2019 Basic Funding 20

2019 Milestone Payments

20

2019 IGV Recovery 02

TOTAL FUNDING 193

Panoro Minerals Valuation Metrics

TSXV-PML Page 25

COTA

BAM

BAS

amp A

NTI

LLA

PRO

JECT

S VA

LUAT

ION

(M C

AD)

COTA

BAM

BAS

VALU

ATIO

N (M

CAD

)

Legend 5cent indicates 5centlb Cueq in MII Resource 10cent indicates 10centlb Cueq in Mineable Resource 04 indicates 40 of NPV 08 indicates 80 of NPV

OCTOBER 2017

PML Market Capitalization $120M 6centlb Cueq

MARCH 2012

Antilla + Cotabambas = 105B lb Cueq $630M Valuation Potential

Funded to 2020

TSXV-PML Page 26

FUNDING TO 2020

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

M$CAD

2018 Cash 18

2018 Basic Funding 20

2018 Warrant Exercise 06

2018 Matching Funding 20

2018 Warrant Exercise 39

2018 IGV Recovery 02

2018 Kusiorcco Transfer 46

2019 Basic Funding 20

2019 Milestone Payments

20

2019 IGV Recovery 02

TOTAL FUNDING 193

Funded to 2020

TSXV-PML Page 26

FUNDING TO 2020

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

M$CAD

2018 Cash 18

2018 Basic Funding 20

2018 Warrant Exercise 06

2018 Matching Funding 20

2018 Warrant Exercise 39

2018 IGV Recovery 02

2018 Kusiorcco Transfer 46

2019 Basic Funding 20

2019 Milestone Payments

20

2019 IGV Recovery 02

TOTAL FUNDING 193

Cotabambas Project Streaming Agreement

TSXV-PML Page 27

PAYMENTS

USD (M)

Advance $140

Gold Delivery $ 180

Silver Delivery $ 100

Total $ 420

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

Pipeline of Projects

TSXV-PML Page 28

COTABAMBAS

Cochasayhuas

Promesa

El Rosal Chap - Chapi (JV Project)

Utupara

(JV Project)

Pataypampa Humamantata Morosayhuas Anyo

Checca

Development

Feasibility

Advanced Exploration

Early Exploration

Level 2 Prospects

Level 1 Prospects

ANTILLA

COTABAMBAS

KUSIORCCO

Pipeline of Projects

TSXV-PML Page 28

COTABAMBAS

Cochasayhuas

Promesa

El Rosal Chap - Chapi (JV Project)

Utupara

(JV Project)

Pataypampa Humamantata Morosayhuas Anyo

Checca

Development

Feasibility

Advanced Exploration

Early Exploration

Level 2 Prospects

Level 1 Prospects

ANTILLA

COTABAMBAS

KUSIORCCO

Management amp Directors ndash Peru Experience

TSXV-PML Page 29

MANAGEMENT DIRECTORS

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 Sector

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

MANAGEMENT

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 mining sector Yves Barsimantov ndash Vice President Operations amp Peru General Manager 20 years management experience with Peruvian banking fishing and mining sector Luis Vela PGeo MScEconGeology ndash Vice President Exploration Over 25 years exploration experience in Peru and Chile mining sector

Panoro History

TSXV-PML Page 30

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

bull Cotabambas Cluster 1 and Cluster 2 Growth

bull Antilla PEA Update

Panoro History

TSXV-PML Page 30

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

bull Cotabambas Cluster 1 and Cluster 2 Growth

bull Antilla PEA Update

Conclusions

TSXV-PML Page 31

Large scale copper project greater potential strategic

location

COTABAMBAS

ANTILLA

COTABAMBAS PROJECT

ANTILLA PROJECT Moderate scale project potential to monetize

FINANCED $193M Funded to 2020

COPPER Principal commodity with supply constraints coming and demand

strong

PERU Key copper producing nation with goal to become largest

copper producer nation

VALUATION POTENTIAL Significant Valuation Growth Potential for New Cycle

TSXV-PML

TSXVPML FrankfurtPZM

BVLPML

For further information contact Luquman Shaheen President and CEO

Phone 6046844246 Email infopanorocom

wwwpanorocom

• Slide Number 1
• Forward Looking Statements
• Investments Highlights
• Capital Structure amp Share Performance
• The Copper Cycle
• New Copper Cycle Emerging hellip Again
• Resurging Copper Price
• Copper Fundamentals
• Peru A Mining Country
• Mining Friendly Peru
• Peru A Copper Country with Power
• Panoro Projectsrsquo District Potential
• Cotabambas and Antilla Projects
• Cotabambas Project
• Cotabambas Project
• Cotabambas Project
• Cotabambas Project
• Cotabambas Project
• Cotabambas Project Cluster 1 and Cluster 2
• Cotabambas Project Targets
• Antilla Project
• Antilla Project
• Antilla Project Optimization
• Antilla Project
• Panoro Minerals Valuation Metrics
• Funded to 2020
• Cotabambas Project Streaming Agreement
• Pipeline of Projects
• Management amp Directors ndash Peru Experience
• Panoro History
• Conclusions
• Slide Number 32

TSXV-PML

TSXVPML FrankfurtPZM

BVLPML

For further information contact Luquman Shaheen President and CEO

Phone 6046844246 Email infopanorocom

wwwpanorocom

• Slide Number 1
• Forward Looking Statements
• Investments Highlights
• Capital Structure amp Share Performance
• The Copper Cycle
• New Copper Cycle Emerging hellip Again
• Resurging Copper Price
• Copper Fundamentals
• Peru A Mining Country
• Mining Friendly Peru
• Peru A Copper Country with Power
• Panoro Projectsrsquo District Potential
• Cotabambas and Antilla Projects
• Cotabambas Project
• Cotabambas Project
• Cotabambas Project
• Cotabambas Project
• Cotabambas Project
• Cotabambas Project Cluster 1 and Cluster 2
• Cotabambas Project Targets
• Antilla Project
• Antilla Project
• Antilla Project Optimization
• Antilla Project
• Panoro Minerals Valuation Metrics
• Funded to 2020
• Cotabambas Project Streaming Agreement
• Pipeline of Projects
• Management amp Directors ndash Peru Experience
• Panoro History
• Conclusions
• Slide Number 32