DEVELOPING PERUrsquoS COPPER POTENTIAL

Corporate Presentation July 2017

TSXVPML

FORWARD LOOKING STATEMENTS Information and statements contained in this news release that are not historical facts are ldquoforward-looking informationrdquo within the meaning of applicable Canadian securities legislation and involve risks and uncertainties Examples of forward-looking information and statements contained in this news release include information and statements with respect to bull acceleration of payments by Wheaton Precious Metals to match third party financing by Panoro targeted for exploration at the Cotabambas Project bull payment by Wheaton Precious Metals of US$140 million in installments bull negotiation of a definitive PMPA bull Panoro weathering the current depressed equity and commodity markets minimizing dilution to existing shareholders and making targeted investments into exploration at the

Cotabambas Project bull mineral resource estimates and assumptions bull the PEA including but not limited to base case parameters and assumptions forecasts of net present value internal rate of return and payback bull copper concentrate grade from the Cotabambas Project Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information In some instances material assumptions and factors are presented or discussed in this news release in connection with the statements or disclosure containing the forward-looking information and statements You are cautioned that the following list of material factors and assumptions is not exhaustive The factors and assumptions include but are not limited to assumptions concerning metal prices and by-product credits cut-off grades short and long term power prices processing recovery rates mine plans and production scheduling process and infrastructure design and implementation accuracy of the estimation of operating and capital costs applicable tax and royalty rates open-pit design accuracy of mineral reserve and resource estimates and reserve and resource modeling reliability of sampling and assay data representativeness of mineralization accuracy of metallurgical test work and amenability of upgrading and blending mineralization Forward-looking statements are subject to a variety of known and unknown risks uncertainties and other factors which could cause actual events or results to differ materially from those expressed or implied by the forward-looking statements including without limitation risks relating to metal price fluctuations risks relating to estimates of mineral resources production capital and operating costs decommissioning or reclamation expenses proving to be inaccurate the inherent operational risks associated with mining and mineral exploration development mine construction and operating activities many of which are beyond Panororsquos control risks relating to Panororsquos ability to enforce Panororsquos legal rights under permits or licenses or risk that Panororsquos will become subject to litigation or arbitration that has an adverse outcome bull risks relating to Panororsquos projects being in Peru including political economic and regulatory instability bull risks relating to the uncertainty of applications to obtain extend or renew licenses and permits bull risks relating to potential challenges to Panororsquos right to explore andor develop its projects bull risks relating to mineral resource estimates being based on interpretations and assumptions which may result in less mineral production under actual circumstances bull risks relating to Panororsquos operations being subject to environmental and remediation requirements which may increase the cost of doing business and restrict Panororsquos operations bull risks relating to being adversely affected by environmental safety and regulatory risks including increased regulatory burdens or delays and changes of law bull risks relating to inadequate insurance or inability to obtain insurance bull risks relating to the fact that Panororsquos properties are not yet in commercial production bull risks relating to fluctuations in foreign currency exchange rates interest rates and tax rates and bull risks relating to Panororsquos ability to raise funding to continue its exploration development and mining activities This list is not exhaustive of the factors that may affect the forward-looking information and statements contained in this news release Should one or more of these risks and uncertainties materialize or should underlying assumptions prove incorrect actual results may vary materially from those described in the forward-looking information The forward-looking information contained in this news release is based on beliefs expectations and opinions as of the date of this news release For the reasons set forth above readers are cautioned not to place undue reliance on forward-looking information Panoro does not undertake to update any forward-looking information and statements included herein except in accordance with applicable securities laws

TSXVPML 2

TWO DIVERSIFIED COPPER PROJECTS AT PEA STAGE - FLAGSHIP COTABAMBAS PROJECT

- CU 52 B LB - AU 42 M OZ - AG 557 M OZ - MO 287 M LB

- ANTILLA PROJECT - CU 27 B LB - MO 781 M LB

STRATEGIC LOCATION IN SOUTHERN PERU - FOUR OPEN COPPER MINES

- $15B INVESTMENT COMPLETE

- DEMONSTRATED PERMITTING SUCCESS - INFRASTRUCTURE IN PLACE AND AVAILABLE

- ROAD RAILWAY PORT POWER FRESH WATER

- PRO MINING COUNTRY amp GOVERNMENT - 25 YEARSrsquo SUCCESS

- NATIONAL FOCUS ON GROWING COPPER SECTOR

- MACRO ECONOMIC AND POLITICAL STABILITY

KNOWLEDGEABLE INVESTORS PARTNERS

COPPER SUPPLY SHORTAGE ON HORIZON ndash DECLINING GRADES ndash REDUCED EXPLORATION ndash DEVELOPMENT DELAYS

FUNDED TO 2019 ndash WHEATON PRECIOUS METALS AGREEMENT ndash 2016 PRIVATE PLACEMENT

TSXVPML 3

INVESTMENT HIGHLIGHTS

INVESTORS

BOARD amp MANAGEMENT

FORWARD LOOKING STATEMENTS Information and statements contained in this news release that are not historical facts are ldquoforward-looking informationrdquo within the meaning of applicable Canadian securities legislation and involve risks and uncertainties Examples of forward-looking information and statements contained in this news release include information and statements with respect to bull acceleration of payments by Wheaton Precious Metals to match third party financing by Panoro targeted for exploration at the Cotabambas Project bull payment by Wheaton Precious Metals of US$140 million in installments bull negotiation of a definitive PMPA bull Panoro weathering the current depressed equity and commodity markets minimizing dilution to existing shareholders and making targeted investments into exploration at the

Cotabambas Project bull mineral resource estimates and assumptions bull the PEA including but not limited to base case parameters and assumptions forecasts of net present value internal rate of return and payback bull copper concentrate grade from the Cotabambas Project Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information In some instances material assumptions and factors are presented or discussed in this news release in connection with the statements or disclosure containing the forward-looking information and statements You are cautioned that the following list of material factors and assumptions is not exhaustive The factors and assumptions include but are not limited to assumptions concerning metal prices and by-product credits cut-off grades short and long term power prices processing recovery rates mine plans and production scheduling process and infrastructure design and implementation accuracy of the estimation of operating and capital costs applicable tax and royalty rates open-pit design accuracy of mineral reserve and resource estimates and reserve and resource modeling reliability of sampling and assay data representativeness of mineralization accuracy of metallurgical test work and amenability of upgrading and blending mineralization Forward-looking statements are subject to a variety of known and unknown risks uncertainties and other factors which could cause actual events or results to differ materially from those expressed or implied by the forward-looking statements including without limitation risks relating to metal price fluctuations risks relating to estimates of mineral resources production capital and operating costs decommissioning or reclamation expenses proving to be inaccurate the inherent operational risks associated with mining and mineral exploration development mine construction and operating activities many of which are beyond Panororsquos control risks relating to Panororsquos ability to enforce Panororsquos legal rights under permits or licenses or risk that Panororsquos will become subject to litigation or arbitration that has an adverse outcome bull risks relating to Panororsquos projects being in Peru including political economic and regulatory instability bull risks relating to the uncertainty of applications to obtain extend or renew licenses and permits bull risks relating to potential challenges to Panororsquos right to explore andor develop its projects bull risks relating to mineral resource estimates being based on interpretations and assumptions which may result in less mineral production under actual circumstances bull risks relating to Panororsquos operations being subject to environmental and remediation requirements which may increase the cost of doing business and restrict Panororsquos operations bull risks relating to being adversely affected by environmental safety and regulatory risks including increased regulatory burdens or delays and changes of law bull risks relating to inadequate insurance or inability to obtain insurance bull risks relating to the fact that Panororsquos properties are not yet in commercial production bull risks relating to fluctuations in foreign currency exchange rates interest rates and tax rates and bull risks relating to Panororsquos ability to raise funding to continue its exploration development and mining activities This list is not exhaustive of the factors that may affect the forward-looking information and statements contained in this news release Should one or more of these risks and uncertainties materialize or should underlying assumptions prove incorrect actual results may vary materially from those described in the forward-looking information The forward-looking information contained in this news release is based on beliefs expectations and opinions as of the date of this news release For the reasons set forth above readers are cautioned not to place undue reliance on forward-looking information Panoro does not undertake to update any forward-looking information and statements included herein except in accordance with applicable securities laws

TSXVPML 2

TWO DIVERSIFIED COPPER PROJECTS AT PEA STAGE - FLAGSHIP COTABAMBAS PROJECT

- CU 52 B LB - AU 42 M OZ - AG 557 M OZ - MO 287 M LB

- ANTILLA PROJECT - CU 27 B LB - MO 781 M LB

STRATEGIC LOCATION IN SOUTHERN PERU - FOUR OPEN COPPER MINES

- $15B INVESTMENT COMPLETE

- DEMONSTRATED PERMITTING SUCCESS - INFRASTRUCTURE IN PLACE AND AVAILABLE

- ROAD RAILWAY PORT POWER FRESH WATER

- PRO MINING COUNTRY amp GOVERNMENT - 25 YEARSrsquo SUCCESS

- NATIONAL FOCUS ON GROWING COPPER SECTOR

- MACRO ECONOMIC AND POLITICAL STABILITY

KNOWLEDGEABLE INVESTORS PARTNERS

COPPER SUPPLY SHORTAGE ON HORIZON ndash DECLINING GRADES ndash REDUCED EXPLORATION ndash DEVELOPMENT DELAYS

FUNDED TO 2019 ndash WHEATON PRECIOUS METALS AGREEMENT ndash 2016 PRIVATE PLACEMENT

TSXVPML 3

INVESTMENT HIGHLIGHTS

INVESTORS

BOARD amp MANAGEMENT

TWO DIVERSIFIED COPPER PROJECTS AT PEA STAGE - FLAGSHIP COTABAMBAS PROJECT

- CU 52 B LB - AU 42 M OZ - AG 557 M OZ - MO 287 M LB

- ANTILLA PROJECT - CU 27 B LB - MO 781 M LB

STRATEGIC LOCATION IN SOUTHERN PERU - FOUR OPEN COPPER MINES

- $15B INVESTMENT COMPLETE

- DEMONSTRATED PERMITTING SUCCESS - INFRASTRUCTURE IN PLACE AND AVAILABLE

- ROAD RAILWAY PORT POWER FRESH WATER

- PRO MINING COUNTRY amp GOVERNMENT - 25 YEARSrsquo SUCCESS

- NATIONAL FOCUS ON GROWING COPPER SECTOR

- MACRO ECONOMIC AND POLITICAL STABILITY

KNOWLEDGEABLE INVESTORS PARTNERS

COPPER SUPPLY SHORTAGE ON HORIZON ndash DECLINING GRADES ndash REDUCED EXPLORATION ndash DEVELOPMENT DELAYS

FUNDED TO 2019 ndash WHEATON PRECIOUS METALS AGREEMENT ndash 2016 PRIVATE PLACEMENT

TSXVPML 3

INVESTMENT HIGHLIGHTS

INVESTORS

BOARD amp MANAGEMENT

CAPITAL STRUCTURE amp SHARE PERFORMANCE

Tickers

TSX-VPML LimaPML

FrankfurtPZM

Share Price 52 Week Low-High

Shares Issued

Warrants Options Fully Diluted

2581M (64 Insiders)

184M 88M

2853M (111 Insiders)

$017 $013 - $022

Market Capitalization $440M

Funded to Dec 2018 $141M

TSXVPML 4

MANAGEMENT amp DIRECTORS ndash PERU EXPERIENCE MANAGEMENT DIRECTORS

Luquman Shaheen PEng PE MBA ndash President amp Chief Executive Officer amp Director Over 27 years experience in mining sector 20 years experience in Peru and Latin America Shannon Ross CPACA ndash Chief Financial Officer Over 25 years experience in accounting and financial management in the public and mining industry Yves Barsimantov ndash Vice President Operations amp Peru General Manager 20 years management experience with Peruvian banking fishing and mining sectors Luis Vela PGeo MScEconGeology ndash Vice President Exploration Over 25 years exploration experience in Peru and Chile mining sectors

William Boden CPACA ndash Chairman Former Chairman of First Coal Corporation

Augusto Baertl ndash Director Over 50 years of experience in the Peruvian and International Mining Sectors

Ronald Hall ndash Director Over 40 years of experience in the management operation evaluation and design of mining projects globally

Anthony Laub ndash Director Partner at Laub amp Quijandria Consultores y Abogados

Christian Pilon ndash Executive Director Peru ndash Director Over 30 years of experience in applied geophysics and mining sector resident in Peru

Christiaan Staargaard MSc PGeo ndash Director Over 40 years experience in exploration including as a Director or Senior Officer of public companies since 1990

Lorne Torjhelm ndash Director President RNJ Ventures TSXVPML 5

MANAGEMENT

PANORO HISTORY

6

2011 2010 2012 2009 2008 2007

bull Cotabambas Drill Program

bull $78M Financing

bull Cotabambas Community Agreement

bull $66 M Financing bull Antilla Infill

Drilling

bull 404 Mt Resource at Cotabambas Project

bull $138M Financing bull Cotabambas Drill

Program

bull 154 Mt Resource Antilla Project

bull Cotabambas Community Agreement

bull Antilla Drill Program

bull Antilla Community Agreement

bull Acquisition of CDLM

bull 90 Mt Resource at Cotabambas

bull $20M Financing

2017 2016 2018 2015 2014 2013

bull Cotabambas Resource Growth Drilling

bull Antilla Optimization Study

bull Gold Oxides Targets at Cotabambas

bull Antilla PEA amp 382 Mt

Resource

bull Cotabambas Community Agreement

bull Chaupec Target Cluster at Cotabambas

bull Cotabambas PEA Completed amp Optimized

bull Cu Oxide Target at Cotabambas

bull $65 M Financing bull Maria Jose Zone

at Cotabambas bull Cotabambas Drill

Program Completed

bull 722 Mt Resource at Cotabambas Project

bull 334 Mt Resource Antilla Project

bull Cotabambas Drill Program

MANAGEMENT amp DIRECTORS ndash PERU EXPERIENCE MANAGEMENT DIRECTORS

Luquman Shaheen PEng PE MBA ndash President amp Chief Executive Officer amp Director Over 27 years experience in mining sector 20 years experience in Peru and Latin America Shannon Ross CPACA ndash Chief Financial Officer Over 25 years experience in accounting and financial management in the public and mining industry Yves Barsimantov ndash Vice President Operations amp Peru General Manager 20 years management experience with Peruvian banking fishing and mining sectors Luis Vela PGeo MScEconGeology ndash Vice President Exploration Over 25 years exploration experience in Peru and Chile mining sectors

William Boden CPACA ndash Chairman Former Chairman of First Coal Corporation

Augusto Baertl ndash Director Over 50 years of experience in the Peruvian and International Mining Sectors

Ronald Hall ndash Director Over 40 years of experience in the management operation evaluation and design of mining projects globally

Anthony Laub ndash Director Partner at Laub amp Quijandria Consultores y Abogados

Christian Pilon ndash Executive Director Peru ndash Director Over 30 years of experience in applied geophysics and mining sector resident in Peru

Christiaan Staargaard MSc PGeo ndash Director Over 40 years experience in exploration including as a Director or Senior Officer of public companies since 1990

Lorne Torjhelm ndash Director President RNJ Ventures TSXVPML 5

MANAGEMENT

PANORO HISTORY

6

2011 2010 2012 2009 2008 2007

bull Cotabambas Drill Program

bull $78M Financing

bull Cotabambas Community Agreement

bull $66 M Financing bull Antilla Infill

Drilling

bull 404 Mt Resource at Cotabambas Project

bull $138M Financing bull Cotabambas Drill

Program

bull 154 Mt Resource Antilla Project

bull Cotabambas Community Agreement

bull Antilla Drill Program

bull Antilla Community Agreement

bull Acquisition of CDLM

bull 90 Mt Resource at Cotabambas

bull $20M Financing

2017 2016 2018 2015 2014 2013

bull Cotabambas Resource Growth Drilling

bull Antilla Optimization Study

bull Gold Oxides Targets at Cotabambas

bull Antilla PEA amp 382 Mt

Resource

bull Cotabambas Community Agreement

bull Chaupec Target Cluster at Cotabambas

bull Cotabambas PEA Completed amp Optimized

bull Cu Oxide Target at Cotabambas

bull $65 M Financing bull Maria Jose Zone

at Cotabambas bull Cotabambas Drill

Program Completed

bull 722 Mt Resource at Cotabambas Project

bull 334 Mt Resource Antilla Project

bull Cotabambas Drill Program

PANORO HISTORY

6

2011 2010 2012 2009 2008 2007

bull Cotabambas Drill Program

bull $78M Financing

bull Cotabambas Community Agreement

bull $66 M Financing bull Antilla Infill

Drilling

bull 404 Mt Resource at Cotabambas Project

bull $138M Financing bull Cotabambas Drill

Program

bull 154 Mt Resource Antilla Project

bull Cotabambas Community Agreement

bull Antilla Drill Program

bull Antilla Community Agreement

bull Acquisition of CDLM

bull 90 Mt Resource at Cotabambas

bull $20M Financing

2017 2016 2018 2015 2014 2013

bull Cotabambas Resource Growth Drilling

bull Antilla Optimization Study

bull Gold Oxides Targets at Cotabambas

bull Antilla PEA amp 382 Mt

Resource

bull Cotabambas Community Agreement

bull Chaupec Target Cluster at Cotabambas

bull Cotabambas PEA Completed amp Optimized

bull Cu Oxide Target at Cotabambas

bull $65 M Financing bull Maria Jose Zone

at Cotabambas bull Cotabambas Drill

Program Completed

bull 722 Mt Resource at Cotabambas Project

bull 334 Mt Resource Antilla Project

bull Cotabambas Drill Program

AREQUIPA

11

APURIMAC

21

PIURA

6

Source Peru Ministry of Energy amp Mines

TSXVPML 7

Mining Investment By Region

USA 12

China 22

Canada 21

UK 13

Mexico 9

Australia 7

Country US$ Million

China 10189 22 Canada 9877 21 United Kingdom 6000 13

United States 5535 12 Peru 5029 11 Mexico 4160 9 Australia 3135 7 Brazil 1996 4 Japan 490 1

Total 46411 100

PERU A MINING COUNTRY Projects and Investments

whorsquos funding them

CAJAMARCA

22

More than 10 Between 1 amp 10 Less than 1

MOQUEGUA

13

ANTILLA

CUMO PROJECT

COTABAMBAS

CUAUAG PROJECT

GROWING MINING SECTOR

bull Mining Represents approx 14 of Perursquos GDP and Copper Mining accounts for 6

bull Over 95 of Cu Production is exported bull Total Mining Investments during 2016 reached

US$43 Billion bull Mining Project Portfolio $46 billion

KEY FISCAL REFORMS

bull Reduction of Corporate Income Tax Rate to 295 bull Replaced Top Line Royalty with Scaled Royalty on

Operating Margins bull Tax Stability Agreement allows for accelerated

depreciation

POLITICAL AND ECONOMIC STABILITY 1990 TO PRESENT

bull 6 Governments bull 5 Political Parties bull 5 Presidents

MINING FRIENDLY PERU

TSXVPML 8

Pedro Pablo Kuczynski President of Peru

Gonzalo Tamayo Flores Minister of Energy and Mines

Maintaining and Modernizing Pro

Mining Framework

PERU

Corocohuayco Xstrata

Trapiche Buenaventura

Haquira First Quantum

Los Chancas Grupo Mexico

Quechua Pan Pacific Copper

Zafranal Teck Mitsubishi

Soc Minera Cerro Verde

Antapacay Glencore

Antamina Teck

Toromocho Chinalco

Constancia Hudbay Minerals

Las Bambas MMG

Cerro Verde Soc Minera Cerro Verde

Toquepala Grupo Mexico

Tia Maria Grupo Mexico

Quellaveco Anglo American

2013 ndash 2014 9000 MW power capacity growth

2018 - 2024 3000 MW power supply excess

Power Costs (centkWhr) Peru ndash 61

Chile ndash 121 Canada ndash 53

Australia ndash 89

Growing Power Supply

Double Cu Production 2011 to 2016

2016 No 2 Worldwide

Towards Worldrsquos Top

Cu Producer

bull 421000 tonnesyear concentrate

bull 108000 tonnesyear refined Cu

bull 56 of Perursquos 2015 Production

Cotabambas Panoro Minerals

Antilla Panoro Minerals

TSXVPML 9

doub

led

A COPPER COUNTRY WITH POWER

PANORO PROJECTSrsquo DISTRICT POTENTIAL

TSXVPML 10

Acquired 2014 $70B Development

MMG Las Bambas

$15B Development

Glencore Antapacay

$45B Expansion

Freeport-McMoRan Cerro Verde

Acquired 2010

First Quantum Minerals Haquira

Acquired 2011 $17B Development

Hudbay Minerals Constancia

SUMMARY OF COTABAMBAS AND ANTILLA PROJECTS PEA RESULTS

Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information

TSXVPML 11

KEY PROJECT PARAMETERS

COTABAMBAS CUAUAG

PROJECT

ANTILLA CUMO PROJECT

Mill Feed life of mine million tonnes 4831 3504 Mill Feed daily tonnes 80000 40000 Strip Ratio life of mine 125 1 085 1

Before Tax1

NPV75 million USD 1052 491 IRR 204 221 Payback years 32 33

After Tax1

NPV75 million USD 683 225 IRR 167 151 Payback years 36 41

Annual Average Payable Metals

Cu thousand tonnes 705 368 Au thousand ounces 95 - Ag thousand ounces 1018 - Mo thousand tonnes - 09

Initial Capital Cost million USD 1533 603 Project economics estimated at commodity prices of Cu = $US300lb Au = $US1250oz Ag = $US1850oz Mo = $US12lb

$1052M NPV 204 IRR

32 Year Payback

$683M NPV 167 IRR

36 Year Payback

C1 $122lb Cu C2 $194lb Cu

155 M lbs Cu 95 k oz Au

1018 k oz Ag

26 B lbs Cu 16 M oz Au 17 M oz Ag

COTABAMBAS PROJECT

S E P T E M B E R 2 0 1 5 P E A

AFTER TAX

LIFE OF MINE PAYABLE METALS

CASH COSTS NETS OF BY PRODUCTS CREDITS

ANNUAL PAYABLE METALS

Note Cu = $US300lb Au = $US1250oz Ag = $US1850oz

Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information

BEFORE TAX

TSXVPML 12

27 Cu 11 gt Au 134 gt Ag

CLEAN CONCENTRATE

Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information

Add Low Cost

Oxides

Add High Grade Sulphides

Reduce Costs

Improve Metallurgical

Recovery

Increase Margins

2

1

TSXVPML 13

COTABAMBAS PROJECT CAPITAL COST AND ENHANCEMENTS

Grow Resource

COTABAMBAS INITIAL CAPEX (US$ MILLIONS)

Item Cost

Mine Equipment $236

Mine Development $127

Mine Infrastructure $17

Tailings Starter Dams $4

Tailings Disposal System $73

Process Plant $505

Site Infrastructure $67

Off Site Infrastructure $27

Mine Closure $50

Subtotal $1106

Owners Cost $40

Indirect Costs $152

Subtotal $1298

Contingencies $235

Initial Capital Cost $1533

1

COTABAMBAS PROJECT

Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information

Company Year Drill Holes

Metres

Antofagasta 1995 to 2002 24 8538

CDLM 2002 to 2007 10 3252

Panoro 2007 to 2012 29 17785

Panoro 2012 to 2013 81 40467

Panoro 2013 to 2014 11 4946

Panoro 2017 to 2018 50 14000

Total 155 88988

Resource Category

Zone Million tonnes

Cutoff Grade Cueq

Cu

Au gt

Ag gt

Indicated Hypogene 842 020 037 021 273

Supergene 89 020 073 031 307

Oxide Cu-Au 238 020 049 024 263

Oxide Au 02 020 - 066 374

Total 1171 020 042 023 274

Inferred Hypogene 521 020 029 018 241

Supergene 74 020 073 018 193

Oxide Cu-Au 758 020 041 015 182

Oxide Au 12 020 - 061 327

Total 6053 020 031 017 233 Source April 2015 NI 43-101 Technical Report prepared by Amec Foster Wheeler amp Tetra Tech

CLUSTER 1

TSXVPML 14

DEPOSIT RESOURCE amp GROWTH POTENTIAL

Maria Jose Targets

Breccia Target

North Pit

South Pit

Petra-David Target

Buenavista Targets

Line Limit of MAG (2011) Line Limit of MAG (2017)

Legend

PEA PIT

Andesite Hornblendic Quartz Monzonite I Hornblendic Quartz Monzonite II Hornblendic Quartz Monzonite III Latite

Colluvial

Lithology

Diorite Main Quartz Monzonite Monzonite Limestone

Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information

BRECCIA TARGET

2017 SCHEDULE

2

COTABAMBAS PROJECT

Completed January

TSXVPML 15

2017 CLUSTER 1 EXPLORATION PROGRAM

PETRA-DAVID TARGET

3

4

Mapping Sampling

Trenching

Geophysics

BUENAVISTA TARGETS

bull High Grade Sulphides bull Near Surface bull 170 Mt Potential bull 10000 m drilling planned

bull Gold Oxide Announced April 2017 bull Near Surface bull Intersected in 2014 Drilling over

145 gt Au bull 35 Mt Potential 05 Moz Potential bull 1000 m drilling planned

bull Copper Oxides bull Near Surface bull 60 Mt Potential bull 1000 m drilling planned

bull High Grade Sulphides bull Near Surface bull 70 Mt Potential bull 2000 m drilling planned

MARIA JOSE TARGETS

1

Community Agreement

Completed February - March

Completed March - April

Completed April

Drill Program (mobilization Apr) Underway April - December

Metallurgical Testing November

GROWING SCALE POTENTIAL FROM CLUSTER 1

Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information

COTABAMBAS PROJECT

TSXVPML 16

EXPLORATION TARGET RICH CLUSTER 1

DEFINING POTENTIAL TO INCREASE LOW COST GOLD OXIDE AND COPPER OXIDE COMPONENTS

HIGH GRADE NEAR SURFACE SULPHIDES GROWTH POTENTIAL

COTABAMBAS PROJECT

TSXVPML 17

CHAUPEC TARGET

bull USD $15M BudgetedFinanced for 2017 Drill Program bull 5000 m Drilling BudgetedFinanced

bull Porphyry Skarn type mineralization evidenced with 810 systematic rock samples

bull Anomalies I and II are Skarn and Anomaly III is Porphyry all outcropping at surface

PROJECT SCALE EXPANSION POTENTIAL

CLUSTER 1

1 Ccalla 2 Azulccacca 3 Cochapata 4 Maria Jose 5 Buenavista 6 Guaclle

CLUSTER 2

7 Chaupec 8 Jean Louis 9 Ccarayoc

OTHER TARGETS

10 Antildearqui 11 Cullusayhuas 12 Chuyllullo

2010 2014

2017

2017

2018

2017

CLUSTER 2

CLUSTER 1

Azulccacca Deposit

Buenavista Target

Guaclle Target

Chaupec Target

Ccayrayoc Target

Jean Louis Target

Maria Jose Target

Ccalla Deposit

Cochapata Target Sulfobamba

Ferrobamba

Chalcobamba

Las Bambasrsquo pits overlay Panororsquos targets for scale comparison only

COTABAMBAS PROJECT TARGETS

Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information

TSXVPML 18

HIGHER NPV

HIGHER IRR REDUCED CASH COSTS

REDUCED PAYBACK

REDUCED START-UP CAPITAL

LONGER MINE LIFE

INCREASE HIGH GRADE RESOURCE

ADD LOW COST RESOURCE

IMPROVE METALLURGICAL

RECOVERIES

EXPLORE SCALE CHANGING

POTENTIAL

OXIDE CU HEAP LEACH amp SXEW

OXIDE AUAG HEAP LEACH

MIXED amp OXIDE RESOURCES SKARN DISCOVERY NEAR SURFACE SULPHIDES

ENHANCEMENT OBJECTIVES

INCREASE RESOURCE INCREASE AVERAGE GRADE INCREASE PAYABLE METALS

Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information

ANTILLA PROJECT

NPV $US 491 M IRR 221

$US 126 B pretax $US 725 after tax

C1 $183lb C2 $ 235lb

NPV $US 225 M IRR 151 $US 603 M $US 324 M 33 year pretax

41 year after tax

NOTE Cu = $US300lb Mo = $US1200lb

TSXVPML 19

Antilla Initial CAPEX (US$ millions)

Item Cost

Mine Equipment $51

Mine Development $55

Process Plant $187

Tailings Storage Facility $18

Infrastructure $85

Subtotal $396

Owners Cost $28

Indirect Costs $82

Subtotal $506

Contingencies $97

Total Initial Capital Cost $603

PEA FINANCIAL METRICS

Initial Capital Pretax After Tax Payback Period Cash Costs LOM Cashflow LOM Sust

Capex

OPEN PIT

TAILINGS AREA

PLANTSITE AREA

WASTEROCK AREA

STOCKPILE

Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information

081Strip Ratio 297 Mt wasterock

LOM Payable Metal 194 Blbs Cu 44 Mlb Mo

150k dtpa Cu con 255 Cu

Payable Metal 81 Mlbsyear Cu

18 Mlbsyear Mo

350 Mt Mill Feed 40000 tpd

24 year LOM

031 Cu 85 0009 Mo 67

PEA DESIGN PARAMETERS

48 wasterock to build Tails Dam

124k dtpa Mo con 355 Cu

HIGH GRADE NEAR AT SURFACE

HIGH GRADE NEAR AT SURFACE

Note Cu = $US300lb Mo = $US1200lb TSXVPML 20

ANTILLA PROJECT PEA SUMMARY

ANTILLA PROJECT

Optimize Mine Plan Focus on high grade oxides amp secondary sulphides

TSXVPML 21

SCALED DEVELOPMENT

Reduce Throughput Evaluate processing

throughput scenarios between 10-40 ktpd

Lower Capital and Operating Costs

Explore low-cost heap leach amp SXEW facilities

Reduce Sustaining Capital Costs

Eliminate tailings management facility and

mill infrastructure

Maximize Project Cash Flows

Enhance early returns by delaying waste stripping

bull Develop low-cost high-margin leaching operation

bull Reduce development capital requirements to pave the way to financing

bull Focus on higher grade resource to maintain project returns

SCALED STAGED DEVELOPMENT PLAN POTENTIAL JV OPPORTUNITIES

FOCUSED ON REDUCING DEVELOPMENT CAPEX amp ENHANCING PROJECT RETURNS

FUNDED TO DECEMBER 2018 FUNDING IN PLACE 2016 - 2019

Upfront Payment

Wheaton Precious Metals will make an upfront cash payment of US$140 million plus a Production Payment for an amount of silver equal to 100 of silver production and an amount of gold equal to 25 of gold production

Production Payment

Wheaton Precious Metals will make an ongoing payment equal to the lesser of (i) US$450 in the case of delivered gold ounces and US$590 in the case of delivered silver ounces and (ii) the applicable prevailing market price

Early Deposit

US$14 million will be paid by Wheaton Precious Metals as an early deposit US$2 million will be paid in the first year following closing with US$15 million paid annually thereafter

Exploration Matching Provision

Wheaton Precious Metals to match equity proceeds of up to a total of US$35 million raised in the first two years following signing of PMPA to fund exploration at the Cotabambas Project

Wheaton Precious Metals Option

Wheaton Precious Metals will have the option to terminate the PMPA either 90 days following delivery of a Feasibility Study or at any time upon giving Panoro three monthsrsquo notice Wheaton Precious Metals can elect to receive a portion of the early deposit either as cash or shares upon termination with Panoro having

rights to defer cash payments over an up to two year period

BuyBack Option

Following a change of control subject to certain conditions Panoro has a one-time option to repurchase 50 of the precious metals stream with a payout based on the greater of (i) a minimum fixed return (ii) a return based on appreciation of precious metals prices over the term of the PMPA and (iii) a return based on appreciation of the Panoro share price over the term of the PMPA

TRANSACTION OVERVIEW

FUNDING TO DECEMBER 2018 M$CAD

July 1 Cash Position 10

WPM Basic Funding (Jul 2016 ndash Dec 2018) 39

WPM Matching Funds (2016 ) 26

Private Placement (Aug 2016) 66

Total Funding to December 2018 141

POTENTIAL FUNDING M$CAD

Financing (2017) - Contingent 20

WPM Matching Funds (2017) 20

Warrant Exercise (Aug 2018) 50

Total Additional Funding - Contingent 90

TSXVPML 22

GROWING MINING SECTOR

bull Mining Represents approx 14 of Perursquos GDP and Copper Mining accounts for 6

bull Over 95 of Cu Production is exported bull Total Mining Investments during 2016 reached

US$43 Billion bull Mining Project Portfolio $46 billion

KEY FISCAL REFORMS

bull Reduction of Corporate Income Tax Rate to 295 bull Replaced Top Line Royalty with Scaled Royalty on

Operating Margins bull Tax Stability Agreement allows for accelerated

depreciation

POLITICAL AND ECONOMIC STABILITY 1990 TO PRESENT

bull 6 Governments bull 5 Political Parties bull 5 Presidents

MINING FRIENDLY PERU

TSXVPML 8

Pedro Pablo Kuczynski President of Peru

Gonzalo Tamayo Flores Minister of Energy and Mines

Maintaining and Modernizing Pro

Mining Framework

PERU

Corocohuayco Xstrata

Trapiche Buenaventura

Haquira First Quantum

Los Chancas Grupo Mexico

Quechua Pan Pacific Copper

Zafranal Teck Mitsubishi

Soc Minera Cerro Verde

Antapacay Glencore

Antamina Teck

Toromocho Chinalco

Constancia Hudbay Minerals

Las Bambas MMG

Cerro Verde Soc Minera Cerro Verde

Toquepala Grupo Mexico

Tia Maria Grupo Mexico

Quellaveco Anglo American

2013 ndash 2014 9000 MW power capacity growth

2018 - 2024 3000 MW power supply excess

Power Costs (centkWhr) Peru ndash 61

Chile ndash 121 Canada ndash 53

Australia ndash 89

Growing Power Supply

Double Cu Production 2011 to 2016

2016 No 2 Worldwide

Towards Worldrsquos Top

Cu Producer

bull 421000 tonnesyear concentrate

bull 108000 tonnesyear refined Cu

bull 56 of Perursquos 2015 Production

Cotabambas Panoro Minerals

Antilla Panoro Minerals

TSXVPML 9

doub

led

A COPPER COUNTRY WITH POWER

PANORO PROJECTSrsquo DISTRICT POTENTIAL

TSXVPML 10

Acquired 2014 $70B Development

MMG Las Bambas

$15B Development

Glencore Antapacay

$45B Expansion

Freeport-McMoRan Cerro Verde

Acquired 2010

First Quantum Minerals Haquira

Acquired 2011 $17B Development

Hudbay Minerals Constancia

SUMMARY OF COTABAMBAS AND ANTILLA PROJECTS PEA RESULTS

Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information

TSXVPML 11

KEY PROJECT PARAMETERS

COTABAMBAS CUAUAG

PROJECT

ANTILLA CUMO PROJECT

Mill Feed life of mine million tonnes 4831 3504 Mill Feed daily tonnes 80000 40000 Strip Ratio life of mine 125 1 085 1

Before Tax1

NPV75 million USD 1052 491 IRR 204 221 Payback years 32 33

After Tax1

NPV75 million USD 683 225 IRR 167 151 Payback years 36 41

Annual Average Payable Metals

Cu thousand tonnes 705 368 Au thousand ounces 95 - Ag thousand ounces 1018 - Mo thousand tonnes - 09

Initial Capital Cost million USD 1533 603 Project economics estimated at commodity prices of Cu = $US300lb Au = $US1250oz Ag = $US1850oz Mo = $US12lb

$1052M NPV 204 IRR

32 Year Payback

$683M NPV 167 IRR

36 Year Payback

C1 $122lb Cu C2 $194lb Cu

155 M lbs Cu 95 k oz Au

1018 k oz Ag

26 B lbs Cu 16 M oz Au 17 M oz Ag

COTABAMBAS PROJECT

S E P T E M B E R 2 0 1 5 P E A

AFTER TAX

LIFE OF MINE PAYABLE METALS

CASH COSTS NETS OF BY PRODUCTS CREDITS

ANNUAL PAYABLE METALS

Note Cu = $US300lb Au = $US1250oz Ag = $US1850oz

Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information

BEFORE TAX

TSXVPML 12

27 Cu 11 gt Au 134 gt Ag

CLEAN CONCENTRATE

Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information

Add Low Cost

Oxides

Add High Grade Sulphides

Reduce Costs

Improve Metallurgical

Recovery

Increase Margins

2

1

TSXVPML 13

COTABAMBAS PROJECT CAPITAL COST AND ENHANCEMENTS

Grow Resource

COTABAMBAS INITIAL CAPEX (US$ MILLIONS)

Item Cost

Mine Equipment $236

Mine Development $127

Mine Infrastructure $17

Tailings Starter Dams $4

Tailings Disposal System $73

Process Plant $505

Site Infrastructure $67

Off Site Infrastructure $27

Mine Closure $50

Subtotal $1106

Owners Cost $40

Indirect Costs $152

Subtotal $1298

Contingencies $235

Initial Capital Cost $1533

1

COTABAMBAS PROJECT

Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information

Company Year Drill Holes

Metres

Antofagasta 1995 to 2002 24 8538

CDLM 2002 to 2007 10 3252

Panoro 2007 to 2012 29 17785

Panoro 2012 to 2013 81 40467

Panoro 2013 to 2014 11 4946

Panoro 2017 to 2018 50 14000

Total 155 88988

Resource Category

Zone Million tonnes

Cutoff Grade Cueq

Cu

Au gt

Ag gt

Indicated Hypogene 842 020 037 021 273

Supergene 89 020 073 031 307

Oxide Cu-Au 238 020 049 024 263

Oxide Au 02 020 - 066 374

Total 1171 020 042 023 274

Inferred Hypogene 521 020 029 018 241

Supergene 74 020 073 018 193

Oxide Cu-Au 758 020 041 015 182

Oxide Au 12 020 - 061 327

Total 6053 020 031 017 233 Source April 2015 NI 43-101 Technical Report prepared by Amec Foster Wheeler amp Tetra Tech

CLUSTER 1

TSXVPML 14

DEPOSIT RESOURCE amp GROWTH POTENTIAL

Maria Jose Targets

Breccia Target

North Pit

South Pit

Petra-David Target

Buenavista Targets

Line Limit of MAG (2011) Line Limit of MAG (2017)

Legend

PEA PIT

Andesite Hornblendic Quartz Monzonite I Hornblendic Quartz Monzonite II Hornblendic Quartz Monzonite III Latite

Colluvial

Lithology

Diorite Main Quartz Monzonite Monzonite Limestone

Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information

BRECCIA TARGET

2017 SCHEDULE

2

COTABAMBAS PROJECT

Completed January

TSXVPML 15

2017 CLUSTER 1 EXPLORATION PROGRAM

PETRA-DAVID TARGET

3

4

Mapping Sampling

Trenching

Geophysics

BUENAVISTA TARGETS

bull High Grade Sulphides bull Near Surface bull 170 Mt Potential bull 10000 m drilling planned

bull Gold Oxide Announced April 2017 bull Near Surface bull Intersected in 2014 Drilling over

145 gt Au bull 35 Mt Potential 05 Moz Potential bull 1000 m drilling planned

bull Copper Oxides bull Near Surface bull 60 Mt Potential bull 1000 m drilling planned

bull High Grade Sulphides bull Near Surface bull 70 Mt Potential bull 2000 m drilling planned

MARIA JOSE TARGETS

1

Community Agreement

Completed February - March

Completed March - April

Completed April

Drill Program (mobilization Apr) Underway April - December

Metallurgical Testing November

GROWING SCALE POTENTIAL FROM CLUSTER 1

Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information

COTABAMBAS PROJECT

TSXVPML 16

EXPLORATION TARGET RICH CLUSTER 1

DEFINING POTENTIAL TO INCREASE LOW COST GOLD OXIDE AND COPPER OXIDE COMPONENTS

HIGH GRADE NEAR SURFACE SULPHIDES GROWTH POTENTIAL

COTABAMBAS PROJECT

TSXVPML 17

CHAUPEC TARGET

bull USD $15M BudgetedFinanced for 2017 Drill Program bull 5000 m Drilling BudgetedFinanced

bull Porphyry Skarn type mineralization evidenced with 810 systematic rock samples

bull Anomalies I and II are Skarn and Anomaly III is Porphyry all outcropping at surface

PROJECT SCALE EXPANSION POTENTIAL

CLUSTER 1

1 Ccalla 2 Azulccacca 3 Cochapata 4 Maria Jose 5 Buenavista 6 Guaclle

CLUSTER 2

7 Chaupec 8 Jean Louis 9 Ccarayoc

OTHER TARGETS

10 Antildearqui 11 Cullusayhuas 12 Chuyllullo

2010 2014

2017

2017

2018

2017

CLUSTER 2

CLUSTER 1

Azulccacca Deposit

Buenavista Target

Guaclle Target

Chaupec Target

Ccayrayoc Target

Jean Louis Target

Maria Jose Target

Ccalla Deposit

Cochapata Target Sulfobamba

Ferrobamba

Chalcobamba

Las Bambasrsquo pits overlay Panororsquos targets for scale comparison only

COTABAMBAS PROJECT TARGETS

Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information

TSXVPML 18

HIGHER NPV

HIGHER IRR REDUCED CASH COSTS

REDUCED PAYBACK

REDUCED START-UP CAPITAL

LONGER MINE LIFE

INCREASE HIGH GRADE RESOURCE

ADD LOW COST RESOURCE

IMPROVE METALLURGICAL

RECOVERIES

EXPLORE SCALE CHANGING

POTENTIAL

OXIDE CU HEAP LEACH amp SXEW

OXIDE AUAG HEAP LEACH

MIXED amp OXIDE RESOURCES SKARN DISCOVERY NEAR SURFACE SULPHIDES

ENHANCEMENT OBJECTIVES

INCREASE RESOURCE INCREASE AVERAGE GRADE INCREASE PAYABLE METALS

Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information

ANTILLA PROJECT

NPV $US 491 M IRR 221

$US 126 B pretax $US 725 after tax

C1 $183lb C2 $ 235lb

NPV $US 225 M IRR 151 $US 603 M $US 324 M 33 year pretax

41 year after tax

NOTE Cu = $US300lb Mo = $US1200lb

TSXVPML 19

Antilla Initial CAPEX (US$ millions)

Item Cost

Mine Equipment $51

Mine Development $55

Process Plant $187

Tailings Storage Facility $18

Infrastructure $85

Subtotal $396

Owners Cost $28

Indirect Costs $82

Subtotal $506

Contingencies $97

Total Initial Capital Cost $603

PEA FINANCIAL METRICS

Initial Capital Pretax After Tax Payback Period Cash Costs LOM Cashflow LOM Sust

Capex

OPEN PIT

TAILINGS AREA

PLANTSITE AREA

WASTEROCK AREA

STOCKPILE

Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information

081Strip Ratio 297 Mt wasterock

LOM Payable Metal 194 Blbs Cu 44 Mlb Mo

150k dtpa Cu con 255 Cu

Payable Metal 81 Mlbsyear Cu

18 Mlbsyear Mo

350 Mt Mill Feed 40000 tpd

24 year LOM

031 Cu 85 0009 Mo 67

PEA DESIGN PARAMETERS

48 wasterock to build Tails Dam

124k dtpa Mo con 355 Cu

HIGH GRADE NEAR AT SURFACE

HIGH GRADE NEAR AT SURFACE

Note Cu = $US300lb Mo = $US1200lb TSXVPML 20

ANTILLA PROJECT PEA SUMMARY

ANTILLA PROJECT

Optimize Mine Plan Focus on high grade oxides amp secondary sulphides

TSXVPML 21

SCALED DEVELOPMENT

Reduce Throughput Evaluate processing

throughput scenarios between 10-40 ktpd

Lower Capital and Operating Costs

Explore low-cost heap leach amp SXEW facilities

Reduce Sustaining Capital Costs

Eliminate tailings management facility and

mill infrastructure

Maximize Project Cash Flows

Enhance early returns by delaying waste stripping

bull Develop low-cost high-margin leaching operation

bull Reduce development capital requirements to pave the way to financing

bull Focus on higher grade resource to maintain project returns

SCALED STAGED DEVELOPMENT PLAN POTENTIAL JV OPPORTUNITIES

FOCUSED ON REDUCING DEVELOPMENT CAPEX amp ENHANCING PROJECT RETURNS

FUNDED TO DECEMBER 2018 FUNDING IN PLACE 2016 - 2019

Upfront Payment

Wheaton Precious Metals will make an upfront cash payment of US$140 million plus a Production Payment for an amount of silver equal to 100 of silver production and an amount of gold equal to 25 of gold production

Production Payment

Wheaton Precious Metals will make an ongoing payment equal to the lesser of (i) US$450 in the case of delivered gold ounces and US$590 in the case of delivered silver ounces and (ii) the applicable prevailing market price

Early Deposit

US$14 million will be paid by Wheaton Precious Metals as an early deposit US$2 million will be paid in the first year following closing with US$15 million paid annually thereafter

Exploration Matching Provision

Wheaton Precious Metals to match equity proceeds of up to a total of US$35 million raised in the first two years following signing of PMPA to fund exploration at the Cotabambas Project

Wheaton Precious Metals Option

Wheaton Precious Metals will have the option to terminate the PMPA either 90 days following delivery of a Feasibility Study or at any time upon giving Panoro three monthsrsquo notice Wheaton Precious Metals can elect to receive a portion of the early deposit either as cash or shares upon termination with Panoro having

rights to defer cash payments over an up to two year period

BuyBack Option

Following a change of control subject to certain conditions Panoro has a one-time option to repurchase 50 of the precious metals stream with a payout based on the greater of (i) a minimum fixed return (ii) a return based on appreciation of precious metals prices over the term of the PMPA and (iii) a return based on appreciation of the Panoro share price over the term of the PMPA

TRANSACTION OVERVIEW

FUNDING TO DECEMBER 2018 M$CAD

July 1 Cash Position 10

WPM Basic Funding (Jul 2016 ndash Dec 2018) 39

WPM Matching Funds (2016 ) 26

Private Placement (Aug 2016) 66

Total Funding to December 2018 141

POTENTIAL FUNDING M$CAD

Financing (2017) - Contingent 20

WPM Matching Funds (2017) 20

Warrant Exercise (Aug 2018) 50

Total Additional Funding - Contingent 90

TSXVPML 22

PERU

Corocohuayco Xstrata

Trapiche Buenaventura

Haquira First Quantum

Los Chancas Grupo Mexico

Quechua Pan Pacific Copper

Zafranal Teck Mitsubishi

Soc Minera Cerro Verde

Antapacay Glencore

Antamina Teck

Toromocho Chinalco

Constancia Hudbay Minerals

Las Bambas MMG

Cerro Verde Soc Minera Cerro Verde

Toquepala Grupo Mexico

Tia Maria Grupo Mexico

Quellaveco Anglo American

2013 ndash 2014 9000 MW power capacity growth

2018 - 2024 3000 MW power supply excess

Power Costs (centkWhr) Peru ndash 61

Chile ndash 121 Canada ndash 53

Australia ndash 89

Growing Power Supply

Double Cu Production 2011 to 2016

2016 No 2 Worldwide

Towards Worldrsquos Top

Cu Producer

bull 421000 tonnesyear concentrate

bull 108000 tonnesyear refined Cu

bull 56 of Perursquos 2015 Production

Cotabambas Panoro Minerals

Antilla Panoro Minerals

TSXVPML 9

doub

led

A COPPER COUNTRY WITH POWER

PANORO PROJECTSrsquo DISTRICT POTENTIAL

TSXVPML 10

Acquired 2014 $70B Development

MMG Las Bambas

$15B Development

Glencore Antapacay

$45B Expansion

Freeport-McMoRan Cerro Verde

Acquired 2010

First Quantum Minerals Haquira

Acquired 2011 $17B Development

Hudbay Minerals Constancia

SUMMARY OF COTABAMBAS AND ANTILLA PROJECTS PEA RESULTS

Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information

TSXVPML 11

KEY PROJECT PARAMETERS

COTABAMBAS CUAUAG

PROJECT

ANTILLA CUMO PROJECT

Mill Feed life of mine million tonnes 4831 3504 Mill Feed daily tonnes 80000 40000 Strip Ratio life of mine 125 1 085 1

Before Tax1

NPV75 million USD 1052 491 IRR 204 221 Payback years 32 33

After Tax1

NPV75 million USD 683 225 IRR 167 151 Payback years 36 41

Annual Average Payable Metals

Cu thousand tonnes 705 368 Au thousand ounces 95 - Ag thousand ounces 1018 - Mo thousand tonnes - 09

Initial Capital Cost million USD 1533 603 Project economics estimated at commodity prices of Cu = $US300lb Au = $US1250oz Ag = $US1850oz Mo = $US12lb

$1052M NPV 204 IRR

32 Year Payback

$683M NPV 167 IRR

36 Year Payback

C1 $122lb Cu C2 $194lb Cu

155 M lbs Cu 95 k oz Au

1018 k oz Ag

26 B lbs Cu 16 M oz Au 17 M oz Ag

COTABAMBAS PROJECT

S E P T E M B E R 2 0 1 5 P E A

AFTER TAX

LIFE OF MINE PAYABLE METALS

CASH COSTS NETS OF BY PRODUCTS CREDITS

ANNUAL PAYABLE METALS

Note Cu = $US300lb Au = $US1250oz Ag = $US1850oz

Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information

BEFORE TAX

TSXVPML 12

27 Cu 11 gt Au 134 gt Ag

CLEAN CONCENTRATE

Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information

Add Low Cost

Oxides

Add High Grade Sulphides

Reduce Costs

Improve Metallurgical

Recovery

Increase Margins

2

1

TSXVPML 13

COTABAMBAS PROJECT CAPITAL COST AND ENHANCEMENTS

Grow Resource

COTABAMBAS INITIAL CAPEX (US$ MILLIONS)

Item Cost

Mine Equipment $236

Mine Development $127

Mine Infrastructure $17

Tailings Starter Dams $4

Tailings Disposal System $73

Process Plant $505

Site Infrastructure $67

Off Site Infrastructure $27

Mine Closure $50

Subtotal $1106

Owners Cost $40

Indirect Costs $152

Subtotal $1298

Contingencies $235

Initial Capital Cost $1533

1

COTABAMBAS PROJECT

Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information

Company Year Drill Holes

Metres

Antofagasta 1995 to 2002 24 8538

CDLM 2002 to 2007 10 3252

Panoro 2007 to 2012 29 17785

Panoro 2012 to 2013 81 40467

Panoro 2013 to 2014 11 4946

Panoro 2017 to 2018 50 14000

Total 155 88988

Resource Category

Zone Million tonnes

Cutoff Grade Cueq

Cu

Au gt

Ag gt

Indicated Hypogene 842 020 037 021 273

Supergene 89 020 073 031 307

Oxide Cu-Au 238 020 049 024 263

Oxide Au 02 020 - 066 374

Total 1171 020 042 023 274

Inferred Hypogene 521 020 029 018 241

Supergene 74 020 073 018 193

Oxide Cu-Au 758 020 041 015 182

Oxide Au 12 020 - 061 327

Total 6053 020 031 017 233 Source April 2015 NI 43-101 Technical Report prepared by Amec Foster Wheeler amp Tetra Tech

CLUSTER 1

TSXVPML 14

DEPOSIT RESOURCE amp GROWTH POTENTIAL

Maria Jose Targets

Breccia Target

North Pit

South Pit

Petra-David Target

Buenavista Targets

Line Limit of MAG (2011) Line Limit of MAG (2017)

Legend

PEA PIT

Andesite Hornblendic Quartz Monzonite I Hornblendic Quartz Monzonite II Hornblendic Quartz Monzonite III Latite

Colluvial

Lithology

Diorite Main Quartz Monzonite Monzonite Limestone

Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information

BRECCIA TARGET

2017 SCHEDULE

2

COTABAMBAS PROJECT

Completed January

TSXVPML 15

2017 CLUSTER 1 EXPLORATION PROGRAM

PETRA-DAVID TARGET

3

4

Mapping Sampling

Trenching

Geophysics

BUENAVISTA TARGETS

bull High Grade Sulphides bull Near Surface bull 170 Mt Potential bull 10000 m drilling planned

bull Gold Oxide Announced April 2017 bull Near Surface bull Intersected in 2014 Drilling over

145 gt Au bull 35 Mt Potential 05 Moz Potential bull 1000 m drilling planned

bull Copper Oxides bull Near Surface bull 60 Mt Potential bull 1000 m drilling planned

bull High Grade Sulphides bull Near Surface bull 70 Mt Potential bull 2000 m drilling planned

MARIA JOSE TARGETS

1

Community Agreement

Completed February - March

Completed March - April

Completed April

Drill Program (mobilization Apr) Underway April - December

Metallurgical Testing November

GROWING SCALE POTENTIAL FROM CLUSTER 1

Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information

COTABAMBAS PROJECT

TSXVPML 16

EXPLORATION TARGET RICH CLUSTER 1

DEFINING POTENTIAL TO INCREASE LOW COST GOLD OXIDE AND COPPER OXIDE COMPONENTS

HIGH GRADE NEAR SURFACE SULPHIDES GROWTH POTENTIAL

COTABAMBAS PROJECT

TSXVPML 17

CHAUPEC TARGET

bull USD $15M BudgetedFinanced for 2017 Drill Program bull 5000 m Drilling BudgetedFinanced

bull Porphyry Skarn type mineralization evidenced with 810 systematic rock samples

bull Anomalies I and II are Skarn and Anomaly III is Porphyry all outcropping at surface

PROJECT SCALE EXPANSION POTENTIAL

CLUSTER 1

1 Ccalla 2 Azulccacca 3 Cochapata 4 Maria Jose 5 Buenavista 6 Guaclle

CLUSTER 2

7 Chaupec 8 Jean Louis 9 Ccarayoc

OTHER TARGETS

10 Antildearqui 11 Cullusayhuas 12 Chuyllullo

2010 2014

2017

2017

2018

2017

CLUSTER 2

CLUSTER 1

Azulccacca Deposit

Buenavista Target

Guaclle Target

Chaupec Target

Ccayrayoc Target

Jean Louis Target

Maria Jose Target

Ccalla Deposit

Cochapata Target Sulfobamba

Ferrobamba

Chalcobamba

Las Bambasrsquo pits overlay Panororsquos targets for scale comparison only

COTABAMBAS PROJECT TARGETS

Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information

TSXVPML 18

HIGHER NPV

HIGHER IRR REDUCED CASH COSTS

REDUCED PAYBACK

REDUCED START-UP CAPITAL

LONGER MINE LIFE

INCREASE HIGH GRADE RESOURCE

ADD LOW COST RESOURCE

IMPROVE METALLURGICAL

RECOVERIES

EXPLORE SCALE CHANGING

POTENTIAL

OXIDE CU HEAP LEACH amp SXEW

OXIDE AUAG HEAP LEACH

MIXED amp OXIDE RESOURCES SKARN DISCOVERY NEAR SURFACE SULPHIDES

ENHANCEMENT OBJECTIVES

INCREASE RESOURCE INCREASE AVERAGE GRADE INCREASE PAYABLE METALS

Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information

ANTILLA PROJECT

NPV $US 491 M IRR 221

$US 126 B pretax $US 725 after tax

C1 $183lb C2 $ 235lb

NPV $US 225 M IRR 151 $US 603 M $US 324 M 33 year pretax

41 year after tax

NOTE Cu = $US300lb Mo = $US1200lb

TSXVPML 19

Antilla Initial CAPEX (US$ millions)

Item Cost

Mine Equipment $51

Mine Development $55

Process Plant $187

Tailings Storage Facility $18

Infrastructure $85

Subtotal $396

Owners Cost $28

Indirect Costs $82

Subtotal $506

Contingencies $97

Total Initial Capital Cost $603

PEA FINANCIAL METRICS

Initial Capital Pretax After Tax Payback Period Cash Costs LOM Cashflow LOM Sust

Capex

OPEN PIT

TAILINGS AREA

PLANTSITE AREA

WASTEROCK AREA

STOCKPILE

Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information

081Strip Ratio 297 Mt wasterock

LOM Payable Metal 194 Blbs Cu 44 Mlb Mo

150k dtpa Cu con 255 Cu

Payable Metal 81 Mlbsyear Cu

18 Mlbsyear Mo

350 Mt Mill Feed 40000 tpd

24 year LOM

031 Cu 85 0009 Mo 67

PEA DESIGN PARAMETERS

48 wasterock to build Tails Dam

124k dtpa Mo con 355 Cu

HIGH GRADE NEAR AT SURFACE

HIGH GRADE NEAR AT SURFACE

Note Cu = $US300lb Mo = $US1200lb TSXVPML 20

ANTILLA PROJECT PEA SUMMARY

ANTILLA PROJECT

Optimize Mine Plan Focus on high grade oxides amp secondary sulphides

TSXVPML 21

SCALED DEVELOPMENT

Reduce Throughput Evaluate processing

throughput scenarios between 10-40 ktpd

Lower Capital and Operating Costs

Explore low-cost heap leach amp SXEW facilities

Reduce Sustaining Capital Costs

Eliminate tailings management facility and

mill infrastructure

Maximize Project Cash Flows

Enhance early returns by delaying waste stripping

bull Develop low-cost high-margin leaching operation

bull Reduce development capital requirements to pave the way to financing

bull Focus on higher grade resource to maintain project returns

SCALED STAGED DEVELOPMENT PLAN POTENTIAL JV OPPORTUNITIES

FOCUSED ON REDUCING DEVELOPMENT CAPEX amp ENHANCING PROJECT RETURNS

FUNDED TO DECEMBER 2018 FUNDING IN PLACE 2016 - 2019

Upfront Payment

Wheaton Precious Metals will make an upfront cash payment of US$140 million plus a Production Payment for an amount of silver equal to 100 of silver production and an amount of gold equal to 25 of gold production

Production Payment

Wheaton Precious Metals will make an ongoing payment equal to the lesser of (i) US$450 in the case of delivered gold ounces and US$590 in the case of delivered silver ounces and (ii) the applicable prevailing market price

Early Deposit

US$14 million will be paid by Wheaton Precious Metals as an early deposit US$2 million will be paid in the first year following closing with US$15 million paid annually thereafter

Exploration Matching Provision

Wheaton Precious Metals to match equity proceeds of up to a total of US$35 million raised in the first two years following signing of PMPA to fund exploration at the Cotabambas Project

Wheaton Precious Metals Option

Wheaton Precious Metals will have the option to terminate the PMPA either 90 days following delivery of a Feasibility Study or at any time upon giving Panoro three monthsrsquo notice Wheaton Precious Metals can elect to receive a portion of the early deposit either as cash or shares upon termination with Panoro having

rights to defer cash payments over an up to two year period

BuyBack Option

Following a change of control subject to certain conditions Panoro has a one-time option to repurchase 50 of the precious metals stream with a payout based on the greater of (i) a minimum fixed return (ii) a return based on appreciation of precious metals prices over the term of the PMPA and (iii) a return based on appreciation of the Panoro share price over the term of the PMPA

TRANSACTION OVERVIEW

FUNDING TO DECEMBER 2018 M$CAD

July 1 Cash Position 10

WPM Basic Funding (Jul 2016 ndash Dec 2018) 39

WPM Matching Funds (2016 ) 26

Private Placement (Aug 2016) 66

Total Funding to December 2018 141

POTENTIAL FUNDING M$CAD

Financing (2017) - Contingent 20

WPM Matching Funds (2017) 20

Warrant Exercise (Aug 2018) 50

Total Additional Funding - Contingent 90

TSXVPML 22

PANORO PROJECTSrsquo DISTRICT POTENTIAL

TSXVPML 10

Acquired 2014 $70B Development

MMG Las Bambas

$15B Development

Glencore Antapacay

$45B Expansion

Freeport-McMoRan Cerro Verde

Acquired 2010

First Quantum Minerals Haquira

Acquired 2011 $17B Development

Hudbay Minerals Constancia

SUMMARY OF COTABAMBAS AND ANTILLA PROJECTS PEA RESULTS

Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information

TSXVPML 11

KEY PROJECT PARAMETERS

COTABAMBAS CUAUAG

PROJECT

ANTILLA CUMO PROJECT

Mill Feed life of mine million tonnes 4831 3504 Mill Feed daily tonnes 80000 40000 Strip Ratio life of mine 125 1 085 1

Before Tax1

NPV75 million USD 1052 491 IRR 204 221 Payback years 32 33

After Tax1

NPV75 million USD 683 225 IRR 167 151 Payback years 36 41

Annual Average Payable Metals

Cu thousand tonnes 705 368 Au thousand ounces 95 - Ag thousand ounces 1018 - Mo thousand tonnes - 09

Initial Capital Cost million USD 1533 603 Project economics estimated at commodity prices of Cu = $US300lb Au = $US1250oz Ag = $US1850oz Mo = $US12lb

$1052M NPV 204 IRR

32 Year Payback

$683M NPV 167 IRR

36 Year Payback

C1 $122lb Cu C2 $194lb Cu

155 M lbs Cu 95 k oz Au

1018 k oz Ag

26 B lbs Cu 16 M oz Au 17 M oz Ag

COTABAMBAS PROJECT

S E P T E M B E R 2 0 1 5 P E A

AFTER TAX

LIFE OF MINE PAYABLE METALS

CASH COSTS NETS OF BY PRODUCTS CREDITS

ANNUAL PAYABLE METALS

Note Cu = $US300lb Au = $US1250oz Ag = $US1850oz

Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information

BEFORE TAX

TSXVPML 12

27 Cu 11 gt Au 134 gt Ag

CLEAN CONCENTRATE

Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information

Add Low Cost

Oxides

Add High Grade Sulphides

Reduce Costs

Improve Metallurgical

Recovery

Increase Margins

2

1

TSXVPML 13

COTABAMBAS PROJECT CAPITAL COST AND ENHANCEMENTS

Grow Resource

COTABAMBAS INITIAL CAPEX (US$ MILLIONS)

Item Cost

Mine Equipment $236

Mine Development $127

Mine Infrastructure $17

Tailings Starter Dams $4

Tailings Disposal System $73

Process Plant $505

Site Infrastructure $67

Off Site Infrastructure $27

Mine Closure $50

Subtotal $1106

Owners Cost $40

Indirect Costs $152

Subtotal $1298

Contingencies $235

Initial Capital Cost $1533

1

COTABAMBAS PROJECT

Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information

Company Year Drill Holes

Metres

Antofagasta 1995 to 2002 24 8538

CDLM 2002 to 2007 10 3252

Panoro 2007 to 2012 29 17785

Panoro 2012 to 2013 81 40467

Panoro 2013 to 2014 11 4946

Panoro 2017 to 2018 50 14000

Total 155 88988

Resource Category

Zone Million tonnes

Cutoff Grade Cueq

Cu

Au gt

Ag gt

Indicated Hypogene 842 020 037 021 273

Supergene 89 020 073 031 307

Oxide Cu-Au 238 020 049 024 263

Oxide Au 02 020 - 066 374

Total 1171 020 042 023 274

Inferred Hypogene 521 020 029 018 241

Supergene 74 020 073 018 193

Oxide Cu-Au 758 020 041 015 182

Oxide Au 12 020 - 061 327

Total 6053 020 031 017 233 Source April 2015 NI 43-101 Technical Report prepared by Amec Foster Wheeler amp Tetra Tech

CLUSTER 1

TSXVPML 14

DEPOSIT RESOURCE amp GROWTH POTENTIAL

Maria Jose Targets

Breccia Target

North Pit

South Pit

Petra-David Target

Buenavista Targets

Line Limit of MAG (2011) Line Limit of MAG (2017)

Legend

PEA PIT

Andesite Hornblendic Quartz Monzonite I Hornblendic Quartz Monzonite II Hornblendic Quartz Monzonite III Latite

Colluvial

Lithology

Diorite Main Quartz Monzonite Monzonite Limestone

Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information

BRECCIA TARGET

2017 SCHEDULE

2

COTABAMBAS PROJECT

Completed January

TSXVPML 15

2017 CLUSTER 1 EXPLORATION PROGRAM

PETRA-DAVID TARGET

3

4

Mapping Sampling

Trenching

Geophysics

BUENAVISTA TARGETS

bull High Grade Sulphides bull Near Surface bull 170 Mt Potential bull 10000 m drilling planned

bull Gold Oxide Announced April 2017 bull Near Surface bull Intersected in 2014 Drilling over

145 gt Au bull 35 Mt Potential 05 Moz Potential bull 1000 m drilling planned

bull Copper Oxides bull Near Surface bull 60 Mt Potential bull 1000 m drilling planned

bull High Grade Sulphides bull Near Surface bull 70 Mt Potential bull 2000 m drilling planned

MARIA JOSE TARGETS

1

Community Agreement

Completed February - March

Completed March - April

Completed April

Drill Program (mobilization Apr) Underway April - December

Metallurgical Testing November

GROWING SCALE POTENTIAL FROM CLUSTER 1

Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information

COTABAMBAS PROJECT

TSXVPML 16

EXPLORATION TARGET RICH CLUSTER 1

DEFINING POTENTIAL TO INCREASE LOW COST GOLD OXIDE AND COPPER OXIDE COMPONENTS

HIGH GRADE NEAR SURFACE SULPHIDES GROWTH POTENTIAL

COTABAMBAS PROJECT

TSXVPML 17

CHAUPEC TARGET

bull USD $15M BudgetedFinanced for 2017 Drill Program bull 5000 m Drilling BudgetedFinanced

bull Porphyry Skarn type mineralization evidenced with 810 systematic rock samples

bull Anomalies I and II are Skarn and Anomaly III is Porphyry all outcropping at surface

PROJECT SCALE EXPANSION POTENTIAL

CLUSTER 1

1 Ccalla 2 Azulccacca 3 Cochapata 4 Maria Jose 5 Buenavista 6 Guaclle

CLUSTER 2

7 Chaupec 8 Jean Louis 9 Ccarayoc

OTHER TARGETS

10 Antildearqui 11 Cullusayhuas 12 Chuyllullo

2010 2014

2017

2017

2018

2017

CLUSTER 2

CLUSTER 1

Azulccacca Deposit

Buenavista Target

Guaclle Target

Chaupec Target

Ccayrayoc Target

Jean Louis Target

Maria Jose Target

Ccalla Deposit

Cochapata Target Sulfobamba

Ferrobamba

Chalcobamba

Las Bambasrsquo pits overlay Panororsquos targets for scale comparison only

COTABAMBAS PROJECT TARGETS

Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information

TSXVPML 18

HIGHER NPV

HIGHER IRR REDUCED CASH COSTS

REDUCED PAYBACK

REDUCED START-UP CAPITAL

LONGER MINE LIFE

INCREASE HIGH GRADE RESOURCE

ADD LOW COST RESOURCE

IMPROVE METALLURGICAL

RECOVERIES

EXPLORE SCALE CHANGING

POTENTIAL

OXIDE CU HEAP LEACH amp SXEW

OXIDE AUAG HEAP LEACH

MIXED amp OXIDE RESOURCES SKARN DISCOVERY NEAR SURFACE SULPHIDES

ENHANCEMENT OBJECTIVES

INCREASE RESOURCE INCREASE AVERAGE GRADE INCREASE PAYABLE METALS

Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information

ANTILLA PROJECT

NPV $US 491 M IRR 221

$US 126 B pretax $US 725 after tax

C1 $183lb C2 $ 235lb

NPV $US 225 M IRR 151 $US 603 M $US 324 M 33 year pretax

41 year after tax

NOTE Cu = $US300lb Mo = $US1200lb

TSXVPML 19

Antilla Initial CAPEX (US$ millions)

Item Cost

Mine Equipment $51

Mine Development $55

Process Plant $187

Tailings Storage Facility $18

Infrastructure $85

Subtotal $396

Owners Cost $28

Indirect Costs $82

Subtotal $506

Contingencies $97

Total Initial Capital Cost $603

PEA FINANCIAL METRICS

Initial Capital Pretax After Tax Payback Period Cash Costs LOM Cashflow LOM Sust

Capex

OPEN PIT

TAILINGS AREA

PLANTSITE AREA

WASTEROCK AREA

STOCKPILE

Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information

081Strip Ratio 297 Mt wasterock

LOM Payable Metal 194 Blbs Cu 44 Mlb Mo

150k dtpa Cu con 255 Cu

Payable Metal 81 Mlbsyear Cu

18 Mlbsyear Mo

350 Mt Mill Feed 40000 tpd

24 year LOM

031 Cu 85 0009 Mo 67

PEA DESIGN PARAMETERS

48 wasterock to build Tails Dam

124k dtpa Mo con 355 Cu

HIGH GRADE NEAR AT SURFACE

HIGH GRADE NEAR AT SURFACE

Note Cu = $US300lb Mo = $US1200lb TSXVPML 20

ANTILLA PROJECT PEA SUMMARY

ANTILLA PROJECT

Optimize Mine Plan Focus on high grade oxides amp secondary sulphides

TSXVPML 21

SCALED DEVELOPMENT

Reduce Throughput Evaluate processing

throughput scenarios between 10-40 ktpd

Lower Capital and Operating Costs

Explore low-cost heap leach amp SXEW facilities

Reduce Sustaining Capital Costs

Eliminate tailings management facility and

mill infrastructure

Maximize Project Cash Flows

Enhance early returns by delaying waste stripping

bull Develop low-cost high-margin leaching operation

bull Reduce development capital requirements to pave the way to financing

bull Focus on higher grade resource to maintain project returns

SCALED STAGED DEVELOPMENT PLAN POTENTIAL JV OPPORTUNITIES

FOCUSED ON REDUCING DEVELOPMENT CAPEX amp ENHANCING PROJECT RETURNS

FUNDED TO DECEMBER 2018 FUNDING IN PLACE 2016 - 2019

Upfront Payment

Wheaton Precious Metals will make an upfront cash payment of US$140 million plus a Production Payment for an amount of silver equal to 100 of silver production and an amount of gold equal to 25 of gold production

Production Payment

Wheaton Precious Metals will make an ongoing payment equal to the lesser of (i) US$450 in the case of delivered gold ounces and US$590 in the case of delivered silver ounces and (ii) the applicable prevailing market price

Early Deposit

US$14 million will be paid by Wheaton Precious Metals as an early deposit US$2 million will be paid in the first year following closing with US$15 million paid annually thereafter

Exploration Matching Provision

Wheaton Precious Metals to match equity proceeds of up to a total of US$35 million raised in the first two years following signing of PMPA to fund exploration at the Cotabambas Project

Wheaton Precious Metals Option

Wheaton Precious Metals will have the option to terminate the PMPA either 90 days following delivery of a Feasibility Study or at any time upon giving Panoro three monthsrsquo notice Wheaton Precious Metals can elect to receive a portion of the early deposit either as cash or shares upon termination with Panoro having

rights to defer cash payments over an up to two year period

BuyBack Option

Following a change of control subject to certain conditions Panoro has a one-time option to repurchase 50 of the precious metals stream with a payout based on the greater of (i) a minimum fixed return (ii) a return based on appreciation of precious metals prices over the term of the PMPA and (iii) a return based on appreciation of the Panoro share price over the term of the PMPA

TRANSACTION OVERVIEW

FUNDING TO DECEMBER 2018 M$CAD

July 1 Cash Position 10

WPM Basic Funding (Jul 2016 ndash Dec 2018) 39

WPM Matching Funds (2016 ) 26

Private Placement (Aug 2016) 66

Total Funding to December 2018 141

POTENTIAL FUNDING M$CAD

Financing (2017) - Contingent 20

WPM Matching Funds (2017) 20

Warrant Exercise (Aug 2018) 50

Total Additional Funding - Contingent 90

TSXVPML 22

SUMMARY OF COTABAMBAS AND ANTILLA PROJECTS PEA RESULTS

Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information

TSXVPML 11

KEY PROJECT PARAMETERS

COTABAMBAS CUAUAG

PROJECT

ANTILLA CUMO PROJECT

Mill Feed life of mine million tonnes 4831 3504 Mill Feed daily tonnes 80000 40000 Strip Ratio life of mine 125 1 085 1

Before Tax1

NPV75 million USD 1052 491 IRR 204 221 Payback years 32 33

After Tax1

NPV75 million USD 683 225 IRR 167 151 Payback years 36 41

Annual Average Payable Metals

Cu thousand tonnes 705 368 Au thousand ounces 95 - Ag thousand ounces 1018 - Mo thousand tonnes - 09

Initial Capital Cost million USD 1533 603 Project economics estimated at commodity prices of Cu = $US300lb Au = $US1250oz Ag = $US1850oz Mo = $US12lb

$1052M NPV 204 IRR

32 Year Payback

$683M NPV 167 IRR

36 Year Payback

C1 $122lb Cu C2 $194lb Cu

155 M lbs Cu 95 k oz Au

1018 k oz Ag

26 B lbs Cu 16 M oz Au 17 M oz Ag

COTABAMBAS PROJECT

S E P T E M B E R 2 0 1 5 P E A

AFTER TAX

LIFE OF MINE PAYABLE METALS

CASH COSTS NETS OF BY PRODUCTS CREDITS

ANNUAL PAYABLE METALS

Note Cu = $US300lb Au = $US1250oz Ag = $US1850oz

Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information

BEFORE TAX

TSXVPML 12

27 Cu 11 gt Au 134 gt Ag

CLEAN CONCENTRATE

Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information

Add Low Cost

Oxides

Add High Grade Sulphides

Reduce Costs

Improve Metallurgical

Recovery

Increase Margins

2

1

TSXVPML 13

COTABAMBAS PROJECT CAPITAL COST AND ENHANCEMENTS

Grow Resource

COTABAMBAS INITIAL CAPEX (US$ MILLIONS)

Item Cost

Mine Equipment $236

Mine Development $127

Mine Infrastructure $17

Tailings Starter Dams $4

Tailings Disposal System $73

Process Plant $505

Site Infrastructure $67

Off Site Infrastructure $27

Mine Closure $50

Subtotal $1106

Owners Cost $40

Indirect Costs $152

Subtotal $1298

Contingencies $235

Initial Capital Cost $1533

1

COTABAMBAS PROJECT

Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information

Company Year Drill Holes

Metres

Antofagasta 1995 to 2002 24 8538

CDLM 2002 to 2007 10 3252

Panoro 2007 to 2012 29 17785

Panoro 2012 to 2013 81 40467

Panoro 2013 to 2014 11 4946

Panoro 2017 to 2018 50 14000

Total 155 88988

Resource Category

Zone Million tonnes

Cutoff Grade Cueq

Cu

Au gt

Ag gt

Indicated Hypogene 842 020 037 021 273

Supergene 89 020 073 031 307

Oxide Cu-Au 238 020 049 024 263

Oxide Au 02 020 - 066 374

Total 1171 020 042 023 274

Inferred Hypogene 521 020 029 018 241

Supergene 74 020 073 018 193

Oxide Cu-Au 758 020 041 015 182

Oxide Au 12 020 - 061 327

Total 6053 020 031 017 233 Source April 2015 NI 43-101 Technical Report prepared by Amec Foster Wheeler amp Tetra Tech

CLUSTER 1

TSXVPML 14

DEPOSIT RESOURCE amp GROWTH POTENTIAL

Maria Jose Targets

Breccia Target

North Pit

South Pit

Petra-David Target

Buenavista Targets

Line Limit of MAG (2011) Line Limit of MAG (2017)

Legend

PEA PIT

Andesite Hornblendic Quartz Monzonite I Hornblendic Quartz Monzonite II Hornblendic Quartz Monzonite III Latite

Colluvial

Lithology

Diorite Main Quartz Monzonite Monzonite Limestone

Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information

BRECCIA TARGET

2017 SCHEDULE

2

COTABAMBAS PROJECT

Completed January

TSXVPML 15

2017 CLUSTER 1 EXPLORATION PROGRAM

PETRA-DAVID TARGET

3

4

Mapping Sampling

Trenching

Geophysics

BUENAVISTA TARGETS

bull High Grade Sulphides bull Near Surface bull 170 Mt Potential bull 10000 m drilling planned

bull Gold Oxide Announced April 2017 bull Near Surface bull Intersected in 2014 Drilling over

145 gt Au bull 35 Mt Potential 05 Moz Potential bull 1000 m drilling planned

bull Copper Oxides bull Near Surface bull 60 Mt Potential bull 1000 m drilling planned

bull High Grade Sulphides bull Near Surface bull 70 Mt Potential bull 2000 m drilling planned

MARIA JOSE TARGETS

1

Community Agreement

Completed February - March

Completed March - April

Completed April

Drill Program (mobilization Apr) Underway April - December

Metallurgical Testing November

GROWING SCALE POTENTIAL FROM CLUSTER 1

Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information

COTABAMBAS PROJECT

TSXVPML 16

EXPLORATION TARGET RICH CLUSTER 1

DEFINING POTENTIAL TO INCREASE LOW COST GOLD OXIDE AND COPPER OXIDE COMPONENTS

HIGH GRADE NEAR SURFACE SULPHIDES GROWTH POTENTIAL

COTABAMBAS PROJECT

TSXVPML 17

CHAUPEC TARGET

bull USD $15M BudgetedFinanced for 2017 Drill Program bull 5000 m Drilling BudgetedFinanced

bull Porphyry Skarn type mineralization evidenced with 810 systematic rock samples

bull Anomalies I and II are Skarn and Anomaly III is Porphyry all outcropping at surface

PROJECT SCALE EXPANSION POTENTIAL

CLUSTER 1

1 Ccalla 2 Azulccacca 3 Cochapata 4 Maria Jose 5 Buenavista 6 Guaclle

CLUSTER 2

7 Chaupec 8 Jean Louis 9 Ccarayoc

OTHER TARGETS

10 Antildearqui 11 Cullusayhuas 12 Chuyllullo

2010 2014

2017

2017

2018

2017

CLUSTER 2

CLUSTER 1

Azulccacca Deposit

Buenavista Target

Guaclle Target

Chaupec Target

Ccayrayoc Target

Jean Louis Target

Maria Jose Target

Ccalla Deposit

Cochapata Target Sulfobamba

Ferrobamba

Chalcobamba

Las Bambasrsquo pits overlay Panororsquos targets for scale comparison only

COTABAMBAS PROJECT TARGETS

Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information

TSXVPML 18

HIGHER NPV

HIGHER IRR REDUCED CASH COSTS

REDUCED PAYBACK

REDUCED START-UP CAPITAL

LONGER MINE LIFE

INCREASE HIGH GRADE RESOURCE

ADD LOW COST RESOURCE

IMPROVE METALLURGICAL

RECOVERIES

EXPLORE SCALE CHANGING

POTENTIAL

OXIDE CU HEAP LEACH amp SXEW

OXIDE AUAG HEAP LEACH

MIXED amp OXIDE RESOURCES SKARN DISCOVERY NEAR SURFACE SULPHIDES

ENHANCEMENT OBJECTIVES

INCREASE RESOURCE INCREASE AVERAGE GRADE INCREASE PAYABLE METALS

Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information

ANTILLA PROJECT

NPV $US 491 M IRR 221

$US 126 B pretax $US 725 after tax

C1 $183lb C2 $ 235lb

NPV $US 225 M IRR 151 $US 603 M $US 324 M 33 year pretax

41 year after tax

NOTE Cu = $US300lb Mo = $US1200lb

TSXVPML 19

Antilla Initial CAPEX (US$ millions)

Item Cost

Mine Equipment $51

Mine Development $55

Process Plant $187

Tailings Storage Facility $18

Infrastructure $85

Subtotal $396

Owners Cost $28

Indirect Costs $82

Subtotal $506

Contingencies $97

Total Initial Capital Cost $603

PEA FINANCIAL METRICS

Initial Capital Pretax After Tax Payback Period Cash Costs LOM Cashflow LOM Sust

Capex

OPEN PIT

TAILINGS AREA

PLANTSITE AREA

WASTEROCK AREA

STOCKPILE

Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information

081Strip Ratio 297 Mt wasterock

LOM Payable Metal 194 Blbs Cu 44 Mlb Mo

150k dtpa Cu con 255 Cu

Payable Metal 81 Mlbsyear Cu

18 Mlbsyear Mo

350 Mt Mill Feed 40000 tpd

24 year LOM

031 Cu 85 0009 Mo 67

PEA DESIGN PARAMETERS

48 wasterock to build Tails Dam

124k dtpa Mo con 355 Cu

HIGH GRADE NEAR AT SURFACE

HIGH GRADE NEAR AT SURFACE

Note Cu = $US300lb Mo = $US1200lb TSXVPML 20

ANTILLA PROJECT PEA SUMMARY

ANTILLA PROJECT

Optimize Mine Plan Focus on high grade oxides amp secondary sulphides

TSXVPML 21

SCALED DEVELOPMENT

Reduce Throughput Evaluate processing

throughput scenarios between 10-40 ktpd

Lower Capital and Operating Costs

Explore low-cost heap leach amp SXEW facilities

Reduce Sustaining Capital Costs

Eliminate tailings management facility and

mill infrastructure

Maximize Project Cash Flows

Enhance early returns by delaying waste stripping

bull Develop low-cost high-margin leaching operation

bull Reduce development capital requirements to pave the way to financing

bull Focus on higher grade resource to maintain project returns

SCALED STAGED DEVELOPMENT PLAN POTENTIAL JV OPPORTUNITIES

FOCUSED ON REDUCING DEVELOPMENT CAPEX amp ENHANCING PROJECT RETURNS

FUNDED TO DECEMBER 2018 FUNDING IN PLACE 2016 - 2019

Upfront Payment

Wheaton Precious Metals will make an upfront cash payment of US$140 million plus a Production Payment for an amount of silver equal to 100 of silver production and an amount of gold equal to 25 of gold production

Production Payment

Wheaton Precious Metals will make an ongoing payment equal to the lesser of (i) US$450 in the case of delivered gold ounces and US$590 in the case of delivered silver ounces and (ii) the applicable prevailing market price

Early Deposit

US$14 million will be paid by Wheaton Precious Metals as an early deposit US$2 million will be paid in the first year following closing with US$15 million paid annually thereafter

Exploration Matching Provision

Wheaton Precious Metals to match equity proceeds of up to a total of US$35 million raised in the first two years following signing of PMPA to fund exploration at the Cotabambas Project

Wheaton Precious Metals Option

Wheaton Precious Metals will have the option to terminate the PMPA either 90 days following delivery of a Feasibility Study or at any time upon giving Panoro three monthsrsquo notice Wheaton Precious Metals can elect to receive a portion of the early deposit either as cash or shares upon termination with Panoro having

rights to defer cash payments over an up to two year period

BuyBack Option

Following a change of control subject to certain conditions Panoro has a one-time option to repurchase 50 of the precious metals stream with a payout based on the greater of (i) a minimum fixed return (ii) a return based on appreciation of precious metals prices over the term of the PMPA and (iii) a return based on appreciation of the Panoro share price over the term of the PMPA

TRANSACTION OVERVIEW

FUNDING TO DECEMBER 2018 M$CAD

July 1 Cash Position 10

WPM Basic Funding (Jul 2016 ndash Dec 2018) 39

WPM Matching Funds (2016 ) 26

Private Placement (Aug 2016) 66

Total Funding to December 2018 141

POTENTIAL FUNDING M$CAD

Financing (2017) - Contingent 20

WPM Matching Funds (2017) 20

Warrant Exercise (Aug 2018) 50

Total Additional Funding - Contingent 90

TSXVPML 22

$1052M NPV 204 IRR

32 Year Payback

$683M NPV 167 IRR

36 Year Payback

C1 $122lb Cu C2 $194lb Cu

155 M lbs Cu 95 k oz Au

1018 k oz Ag

26 B lbs Cu 16 M oz Au 17 M oz Ag

COTABAMBAS PROJECT

S E P T E M B E R 2 0 1 5 P E A

AFTER TAX

LIFE OF MINE PAYABLE METALS

CASH COSTS NETS OF BY PRODUCTS CREDITS

ANNUAL PAYABLE METALS

Note Cu = $US300lb Au = $US1250oz Ag = $US1850oz

Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information

BEFORE TAX

TSXVPML 12

27 Cu 11 gt Au 134 gt Ag

CLEAN CONCENTRATE

Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information

Add Low Cost

Oxides

Add High Grade Sulphides

Reduce Costs

Improve Metallurgical

Recovery

Increase Margins

2

1

TSXVPML 13

COTABAMBAS PROJECT CAPITAL COST AND ENHANCEMENTS

Grow Resource

COTABAMBAS INITIAL CAPEX (US$ MILLIONS)

Item Cost

Mine Equipment $236

Mine Development $127

Mine Infrastructure $17

Tailings Starter Dams $4

Tailings Disposal System $73

Process Plant $505

Site Infrastructure $67

Off Site Infrastructure $27

Mine Closure $50

Subtotal $1106

Owners Cost $40

Indirect Costs $152

Subtotal $1298

Contingencies $235

Initial Capital Cost $1533

1

COTABAMBAS PROJECT

Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information

Company Year Drill Holes

Metres

Antofagasta 1995 to 2002 24 8538

CDLM 2002 to 2007 10 3252

Panoro 2007 to 2012 29 17785

Panoro 2012 to 2013 81 40467

Panoro 2013 to 2014 11 4946

Panoro 2017 to 2018 50 14000

Total 155 88988

Resource Category

Zone Million tonnes

Cutoff Grade Cueq

Cu

Au gt

Ag gt

Indicated Hypogene 842 020 037 021 273

Supergene 89 020 073 031 307

Oxide Cu-Au 238 020 049 024 263

Oxide Au 02 020 - 066 374

Total 1171 020 042 023 274

Inferred Hypogene 521 020 029 018 241

Supergene 74 020 073 018 193

Oxide Cu-Au 758 020 041 015 182

Oxide Au 12 020 - 061 327

Total 6053 020 031 017 233 Source April 2015 NI 43-101 Technical Report prepared by Amec Foster Wheeler amp Tetra Tech

CLUSTER 1

TSXVPML 14

DEPOSIT RESOURCE amp GROWTH POTENTIAL

Maria Jose Targets

Breccia Target

North Pit

South Pit

Petra-David Target

Buenavista Targets

Line Limit of MAG (2011) Line Limit of MAG (2017)

Legend

PEA PIT

Andesite Hornblendic Quartz Monzonite I Hornblendic Quartz Monzonite II Hornblendic Quartz Monzonite III Latite

Colluvial

Lithology

Diorite Main Quartz Monzonite Monzonite Limestone

Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information

BRECCIA TARGET

2017 SCHEDULE

2

COTABAMBAS PROJECT

Completed January

TSXVPML 15

2017 CLUSTER 1 EXPLORATION PROGRAM

PETRA-DAVID TARGET

3

4

Mapping Sampling

Trenching

Geophysics

BUENAVISTA TARGETS

bull High Grade Sulphides bull Near Surface bull 170 Mt Potential bull 10000 m drilling planned

bull Gold Oxide Announced April 2017 bull Near Surface bull Intersected in 2014 Drilling over

145 gt Au bull 35 Mt Potential 05 Moz Potential bull 1000 m drilling planned

bull Copper Oxides bull Near Surface bull 60 Mt Potential bull 1000 m drilling planned

bull High Grade Sulphides bull Near Surface bull 70 Mt Potential bull 2000 m drilling planned

MARIA JOSE TARGETS

1

Community Agreement

Completed February - March

Completed March - April

Completed April

Drill Program (mobilization Apr) Underway April - December

Metallurgical Testing November

GROWING SCALE POTENTIAL FROM CLUSTER 1

Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information

COTABAMBAS PROJECT

TSXVPML 16

EXPLORATION TARGET RICH CLUSTER 1

DEFINING POTENTIAL TO INCREASE LOW COST GOLD OXIDE AND COPPER OXIDE COMPONENTS

HIGH GRADE NEAR SURFACE SULPHIDES GROWTH POTENTIAL

COTABAMBAS PROJECT

TSXVPML 17

CHAUPEC TARGET

bull USD $15M BudgetedFinanced for 2017 Drill Program bull 5000 m Drilling BudgetedFinanced

bull Porphyry Skarn type mineralization evidenced with 810 systematic rock samples

bull Anomalies I and II are Skarn and Anomaly III is Porphyry all outcropping at surface

PROJECT SCALE EXPANSION POTENTIAL

CLUSTER 1

1 Ccalla 2 Azulccacca 3 Cochapata 4 Maria Jose 5 Buenavista 6 Guaclle

CLUSTER 2

7 Chaupec 8 Jean Louis 9 Ccarayoc

OTHER TARGETS

10 Antildearqui 11 Cullusayhuas 12 Chuyllullo

2010 2014

2017

2017

2018

2017

CLUSTER 2

CLUSTER 1

Azulccacca Deposit

Buenavista Target

Guaclle Target

Chaupec Target

Ccayrayoc Target

Jean Louis Target

Maria Jose Target

Ccalla Deposit

Cochapata Target Sulfobamba

Ferrobamba

Chalcobamba

Las Bambasrsquo pits overlay Panororsquos targets for scale comparison only

COTABAMBAS PROJECT TARGETS

Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information

TSXVPML 18

HIGHER NPV

HIGHER IRR REDUCED CASH COSTS

REDUCED PAYBACK

REDUCED START-UP CAPITAL

LONGER MINE LIFE

INCREASE HIGH GRADE RESOURCE

ADD LOW COST RESOURCE

IMPROVE METALLURGICAL

RECOVERIES

EXPLORE SCALE CHANGING

POTENTIAL

OXIDE CU HEAP LEACH amp SXEW

OXIDE AUAG HEAP LEACH

MIXED amp OXIDE RESOURCES SKARN DISCOVERY NEAR SURFACE SULPHIDES

ENHANCEMENT OBJECTIVES

INCREASE RESOURCE INCREASE AVERAGE GRADE INCREASE PAYABLE METALS

Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information

ANTILLA PROJECT

NPV $US 491 M IRR 221

$US 126 B pretax $US 725 after tax

C1 $183lb C2 $ 235lb

NPV $US 225 M IRR 151 $US 603 M $US 324 M 33 year pretax

41 year after tax

NOTE Cu = $US300lb Mo = $US1200lb

TSXVPML 19

Antilla Initial CAPEX (US$ millions)

Item Cost

Mine Equipment $51

Mine Development $55

Process Plant $187

Tailings Storage Facility $18

Infrastructure $85

Subtotal $396

Owners Cost $28

Indirect Costs $82

Subtotal $506

Contingencies $97

Total Initial Capital Cost $603

PEA FINANCIAL METRICS

Initial Capital Pretax After Tax Payback Period Cash Costs LOM Cashflow LOM Sust

Capex

OPEN PIT

TAILINGS AREA

PLANTSITE AREA

WASTEROCK AREA

STOCKPILE

Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information

081Strip Ratio 297 Mt wasterock

LOM Payable Metal 194 Blbs Cu 44 Mlb Mo

150k dtpa Cu con 255 Cu

Payable Metal 81 Mlbsyear Cu

18 Mlbsyear Mo

350 Mt Mill Feed 40000 tpd

24 year LOM

031 Cu 85 0009 Mo 67

PEA DESIGN PARAMETERS

48 wasterock to build Tails Dam

124k dtpa Mo con 355 Cu

HIGH GRADE NEAR AT SURFACE

HIGH GRADE NEAR AT SURFACE

Note Cu = $US300lb Mo = $US1200lb TSXVPML 20

ANTILLA PROJECT PEA SUMMARY

ANTILLA PROJECT

Optimize Mine Plan Focus on high grade oxides amp secondary sulphides

TSXVPML 21

SCALED DEVELOPMENT

Reduce Throughput Evaluate processing

throughput scenarios between 10-40 ktpd

Lower Capital and Operating Costs

Explore low-cost heap leach amp SXEW facilities

Reduce Sustaining Capital Costs

Eliminate tailings management facility and

mill infrastructure

Maximize Project Cash Flows

Enhance early returns by delaying waste stripping

bull Develop low-cost high-margin leaching operation

bull Reduce development capital requirements to pave the way to financing

bull Focus on higher grade resource to maintain project returns

SCALED STAGED DEVELOPMENT PLAN POTENTIAL JV OPPORTUNITIES

FOCUSED ON REDUCING DEVELOPMENT CAPEX amp ENHANCING PROJECT RETURNS

FUNDED TO DECEMBER 2018 FUNDING IN PLACE 2016 - 2019

Upfront Payment

Wheaton Precious Metals will make an upfront cash payment of US$140 million plus a Production Payment for an amount of silver equal to 100 of silver production and an amount of gold equal to 25 of gold production

Production Payment

Wheaton Precious Metals will make an ongoing payment equal to the lesser of (i) US$450 in the case of delivered gold ounces and US$590 in the case of delivered silver ounces and (ii) the applicable prevailing market price

Early Deposit

US$14 million will be paid by Wheaton Precious Metals as an early deposit US$2 million will be paid in the first year following closing with US$15 million paid annually thereafter

Exploration Matching Provision

Wheaton Precious Metals to match equity proceeds of up to a total of US$35 million raised in the first two years following signing of PMPA to fund exploration at the Cotabambas Project

Wheaton Precious Metals Option

Wheaton Precious Metals will have the option to terminate the PMPA either 90 days following delivery of a Feasibility Study or at any time upon giving Panoro three monthsrsquo notice Wheaton Precious Metals can elect to receive a portion of the early deposit either as cash or shares upon termination with Panoro having

rights to defer cash payments over an up to two year period

BuyBack Option

Following a change of control subject to certain conditions Panoro has a one-time option to repurchase 50 of the precious metals stream with a payout based on the greater of (i) a minimum fixed return (ii) a return based on appreciation of precious metals prices over the term of the PMPA and (iii) a return based on appreciation of the Panoro share price over the term of the PMPA

TRANSACTION OVERVIEW

FUNDING TO DECEMBER 2018 M$CAD

July 1 Cash Position 10

WPM Basic Funding (Jul 2016 ndash Dec 2018) 39

WPM Matching Funds (2016 ) 26

Private Placement (Aug 2016) 66

Total Funding to December 2018 141

POTENTIAL FUNDING M$CAD

Financing (2017) - Contingent 20

WPM Matching Funds (2017) 20

Warrant Exercise (Aug 2018) 50

Total Additional Funding - Contingent 90

TSXVPML 22

Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information

Add Low Cost

Oxides

Add High Grade Sulphides

Reduce Costs

Improve Metallurgical

Recovery

Increase Margins

2

1

TSXVPML 13

COTABAMBAS PROJECT CAPITAL COST AND ENHANCEMENTS

Grow Resource

COTABAMBAS INITIAL CAPEX (US$ MILLIONS)

Item Cost

Mine Equipment $236

Mine Development $127

Mine Infrastructure $17

Tailings Starter Dams $4

Tailings Disposal System $73

Process Plant $505

Site Infrastructure $67

Off Site Infrastructure $27

Mine Closure $50

Subtotal $1106

Owners Cost $40

Indirect Costs $152

Subtotal $1298

Contingencies $235

Initial Capital Cost $1533

1

COTABAMBAS PROJECT

Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information

Company Year Drill Holes

Metres

Antofagasta 1995 to 2002 24 8538

CDLM 2002 to 2007 10 3252

Panoro 2007 to 2012 29 17785

Panoro 2012 to 2013 81 40467

Panoro 2013 to 2014 11 4946

Panoro 2017 to 2018 50 14000

Total 155 88988

Resource Category

Zone Million tonnes

Cutoff Grade Cueq

Cu

Au gt

Ag gt

Indicated Hypogene 842 020 037 021 273

Supergene 89 020 073 031 307

Oxide Cu-Au 238 020 049 024 263

Oxide Au 02 020 - 066 374

Total 1171 020 042 023 274

Inferred Hypogene 521 020 029 018 241

Supergene 74 020 073 018 193

Oxide Cu-Au 758 020 041 015 182

Oxide Au 12 020 - 061 327

Total 6053 020 031 017 233 Source April 2015 NI 43-101 Technical Report prepared by Amec Foster Wheeler amp Tetra Tech

CLUSTER 1

TSXVPML 14

DEPOSIT RESOURCE amp GROWTH POTENTIAL

Maria Jose Targets

Breccia Target

North Pit

South Pit

Petra-David Target

Buenavista Targets

Line Limit of MAG (2011) Line Limit of MAG (2017)

Legend

PEA PIT

Andesite Hornblendic Quartz Monzonite I Hornblendic Quartz Monzonite II Hornblendic Quartz Monzonite III Latite

Colluvial

Lithology

Diorite Main Quartz Monzonite Monzonite Limestone

Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information

BRECCIA TARGET

2017 SCHEDULE

2

COTABAMBAS PROJECT

Completed January

TSXVPML 15

2017 CLUSTER 1 EXPLORATION PROGRAM

PETRA-DAVID TARGET

3

4

Mapping Sampling

Trenching

Geophysics

BUENAVISTA TARGETS

bull High Grade Sulphides bull Near Surface bull 170 Mt Potential bull 10000 m drilling planned

bull Gold Oxide Announced April 2017 bull Near Surface bull Intersected in 2014 Drilling over

145 gt Au bull 35 Mt Potential 05 Moz Potential bull 1000 m drilling planned

bull Copper Oxides bull Near Surface bull 60 Mt Potential bull 1000 m drilling planned

bull High Grade Sulphides bull Near Surface bull 70 Mt Potential bull 2000 m drilling planned

MARIA JOSE TARGETS

1

Community Agreement

Completed February - March

Completed March - April

Completed April

Drill Program (mobilization Apr) Underway April - December

Metallurgical Testing November

GROWING SCALE POTENTIAL FROM CLUSTER 1

Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information

COTABAMBAS PROJECT

TSXVPML 16

EXPLORATION TARGET RICH CLUSTER 1

DEFINING POTENTIAL TO INCREASE LOW COST GOLD OXIDE AND COPPER OXIDE COMPONENTS

HIGH GRADE NEAR SURFACE SULPHIDES GROWTH POTENTIAL

COTABAMBAS PROJECT

TSXVPML 17

CHAUPEC TARGET

bull USD $15M BudgetedFinanced for 2017 Drill Program bull 5000 m Drilling BudgetedFinanced

bull Porphyry Skarn type mineralization evidenced with 810 systematic rock samples

bull Anomalies I and II are Skarn and Anomaly III is Porphyry all outcropping at surface

PROJECT SCALE EXPANSION POTENTIAL

CLUSTER 1

1 Ccalla 2 Azulccacca 3 Cochapata 4 Maria Jose 5 Buenavista 6 Guaclle

CLUSTER 2

7 Chaupec 8 Jean Louis 9 Ccarayoc

OTHER TARGETS

10 Antildearqui 11 Cullusayhuas 12 Chuyllullo

2010 2014

2017

2017

2018

2017

CLUSTER 2

CLUSTER 1

Azulccacca Deposit

Buenavista Target

Guaclle Target

Chaupec Target

Ccayrayoc Target

Jean Louis Target

Maria Jose Target

Ccalla Deposit

Cochapata Target Sulfobamba

Ferrobamba

Chalcobamba

Las Bambasrsquo pits overlay Panororsquos targets for scale comparison only

COTABAMBAS PROJECT TARGETS

Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information

TSXVPML 18

HIGHER NPV

HIGHER IRR REDUCED CASH COSTS

REDUCED PAYBACK

REDUCED START-UP CAPITAL

LONGER MINE LIFE

INCREASE HIGH GRADE RESOURCE

ADD LOW COST RESOURCE

IMPROVE METALLURGICAL

RECOVERIES

EXPLORE SCALE CHANGING

POTENTIAL

OXIDE CU HEAP LEACH amp SXEW

OXIDE AUAG HEAP LEACH

MIXED amp OXIDE RESOURCES SKARN DISCOVERY NEAR SURFACE SULPHIDES

ENHANCEMENT OBJECTIVES

INCREASE RESOURCE INCREASE AVERAGE GRADE INCREASE PAYABLE METALS

Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information

ANTILLA PROJECT

NPV $US 491 M IRR 221

$US 126 B pretax $US 725 after tax

C1 $183lb C2 $ 235lb

NPV $US 225 M IRR 151 $US 603 M $US 324 M 33 year pretax

41 year after tax

NOTE Cu = $US300lb Mo = $US1200lb

TSXVPML 19

Antilla Initial CAPEX (US$ millions)

Item Cost

Mine Equipment $51

Mine Development $55

Process Plant $187

Tailings Storage Facility $18

Infrastructure $85

Subtotal $396

Owners Cost $28

Indirect Costs $82

Subtotal $506

Contingencies $97

Total Initial Capital Cost $603

PEA FINANCIAL METRICS

Initial Capital Pretax After Tax Payback Period Cash Costs LOM Cashflow LOM Sust

Capex

OPEN PIT

TAILINGS AREA

PLANTSITE AREA

WASTEROCK AREA

STOCKPILE

Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information

081Strip Ratio 297 Mt wasterock

LOM Payable Metal 194 Blbs Cu 44 Mlb Mo

150k dtpa Cu con 255 Cu

Payable Metal 81 Mlbsyear Cu

18 Mlbsyear Mo

350 Mt Mill Feed 40000 tpd

24 year LOM

031 Cu 85 0009 Mo 67

PEA DESIGN PARAMETERS

48 wasterock to build Tails Dam

124k dtpa Mo con 355 Cu

HIGH GRADE NEAR AT SURFACE

HIGH GRADE NEAR AT SURFACE

Note Cu = $US300lb Mo = $US1200lb TSXVPML 20

ANTILLA PROJECT PEA SUMMARY

ANTILLA PROJECT

Optimize Mine Plan Focus on high grade oxides amp secondary sulphides

TSXVPML 21

SCALED DEVELOPMENT

Reduce Throughput Evaluate processing

throughput scenarios between 10-40 ktpd

Lower Capital and Operating Costs

Explore low-cost heap leach amp SXEW facilities

Reduce Sustaining Capital Costs

Eliminate tailings management facility and

mill infrastructure

Maximize Project Cash Flows

Enhance early returns by delaying waste stripping

bull Develop low-cost high-margin leaching operation

bull Reduce development capital requirements to pave the way to financing

bull Focus on higher grade resource to maintain project returns

SCALED STAGED DEVELOPMENT PLAN POTENTIAL JV OPPORTUNITIES

FOCUSED ON REDUCING DEVELOPMENT CAPEX amp ENHANCING PROJECT RETURNS

FUNDED TO DECEMBER 2018 FUNDING IN PLACE 2016 - 2019

Upfront Payment

Wheaton Precious Metals will make an upfront cash payment of US$140 million plus a Production Payment for an amount of silver equal to 100 of silver production and an amount of gold equal to 25 of gold production

Production Payment

Wheaton Precious Metals will make an ongoing payment equal to the lesser of (i) US$450 in the case of delivered gold ounces and US$590 in the case of delivered silver ounces and (ii) the applicable prevailing market price

Early Deposit

US$14 million will be paid by Wheaton Precious Metals as an early deposit US$2 million will be paid in the first year following closing with US$15 million paid annually thereafter

Exploration Matching Provision

Wheaton Precious Metals to match equity proceeds of up to a total of US$35 million raised in the first two years following signing of PMPA to fund exploration at the Cotabambas Project

Wheaton Precious Metals Option

Wheaton Precious Metals will have the option to terminate the PMPA either 90 days following delivery of a Feasibility Study or at any time upon giving Panoro three monthsrsquo notice Wheaton Precious Metals can elect to receive a portion of the early deposit either as cash or shares upon termination with Panoro having

rights to defer cash payments over an up to two year period

BuyBack Option

Following a change of control subject to certain conditions Panoro has a one-time option to repurchase 50 of the precious metals stream with a payout based on the greater of (i) a minimum fixed return (ii) a return based on appreciation of precious metals prices over the term of the PMPA and (iii) a return based on appreciation of the Panoro share price over the term of the PMPA

TRANSACTION OVERVIEW

FUNDING TO DECEMBER 2018 M$CAD

July 1 Cash Position 10

WPM Basic Funding (Jul 2016 ndash Dec 2018) 39

WPM Matching Funds (2016 ) 26

Private Placement (Aug 2016) 66

Total Funding to December 2018 141

POTENTIAL FUNDING M$CAD

Financing (2017) - Contingent 20

WPM Matching Funds (2017) 20

Warrant Exercise (Aug 2018) 50

Total Additional Funding - Contingent 90

TSXVPML 22

COTABAMBAS PROJECT

Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information

Company Year Drill Holes

Metres

Antofagasta 1995 to 2002 24 8538

CDLM 2002 to 2007 10 3252

Panoro 2007 to 2012 29 17785

Panoro 2012 to 2013 81 40467

Panoro 2013 to 2014 11 4946

Panoro 2017 to 2018 50 14000

Total 155 88988

Resource Category

Zone Million tonnes

Cutoff Grade Cueq

Cu

Au gt

Ag gt

Indicated Hypogene 842 020 037 021 273

Supergene 89 020 073 031 307

Oxide Cu-Au 238 020 049 024 263

Oxide Au 02 020 - 066 374

Total 1171 020 042 023 274

Inferred Hypogene 521 020 029 018 241

Supergene 74 020 073 018 193

Oxide Cu-Au 758 020 041 015 182

Oxide Au 12 020 - 061 327

Total 6053 020 031 017 233 Source April 2015 NI 43-101 Technical Report prepared by Amec Foster Wheeler amp Tetra Tech

CLUSTER 1

TSXVPML 14

DEPOSIT RESOURCE amp GROWTH POTENTIAL

Maria Jose Targets

Breccia Target

North Pit

South Pit

Petra-David Target

Buenavista Targets

Line Limit of MAG (2011) Line Limit of MAG (2017)

Legend

PEA PIT

Andesite Hornblendic Quartz Monzonite I Hornblendic Quartz Monzonite II Hornblendic Quartz Monzonite III Latite

Colluvial

Lithology

Diorite Main Quartz Monzonite Monzonite Limestone

Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information

BRECCIA TARGET

2017 SCHEDULE

2

COTABAMBAS PROJECT

Completed January

TSXVPML 15

2017 CLUSTER 1 EXPLORATION PROGRAM

PETRA-DAVID TARGET

3

4

Mapping Sampling

Trenching

Geophysics

BUENAVISTA TARGETS

bull High Grade Sulphides bull Near Surface bull 170 Mt Potential bull 10000 m drilling planned

bull Gold Oxide Announced April 2017 bull Near Surface bull Intersected in 2014 Drilling over

145 gt Au bull 35 Mt Potential 05 Moz Potential bull 1000 m drilling planned

bull Copper Oxides bull Near Surface bull 60 Mt Potential bull 1000 m drilling planned

bull High Grade Sulphides bull Near Surface bull 70 Mt Potential bull 2000 m drilling planned

MARIA JOSE TARGETS

1

Community Agreement

Completed February - March

Completed March - April

Completed April

Drill Program (mobilization Apr) Underway April - December

Metallurgical Testing November

GROWING SCALE POTENTIAL FROM CLUSTER 1

Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information

COTABAMBAS PROJECT

TSXVPML 16

EXPLORATION TARGET RICH CLUSTER 1

DEFINING POTENTIAL TO INCREASE LOW COST GOLD OXIDE AND COPPER OXIDE COMPONENTS

HIGH GRADE NEAR SURFACE SULPHIDES GROWTH POTENTIAL

COTABAMBAS PROJECT

TSXVPML 17

CHAUPEC TARGET

bull USD $15M BudgetedFinanced for 2017 Drill Program bull 5000 m Drilling BudgetedFinanced

bull Porphyry Skarn type mineralization evidenced with 810 systematic rock samples

bull Anomalies I and II are Skarn and Anomaly III is Porphyry all outcropping at surface

PROJECT SCALE EXPANSION POTENTIAL

CLUSTER 1

1 Ccalla 2 Azulccacca 3 Cochapata 4 Maria Jose 5 Buenavista 6 Guaclle

CLUSTER 2

7 Chaupec 8 Jean Louis 9 Ccarayoc

OTHER TARGETS

10 Antildearqui 11 Cullusayhuas 12 Chuyllullo

2010 2014

2017

2017

2018

2017

CLUSTER 2

CLUSTER 1

Azulccacca Deposit

Buenavista Target

Guaclle Target

Chaupec Target

Ccayrayoc Target

Jean Louis Target

Maria Jose Target

Ccalla Deposit

Cochapata Target Sulfobamba

Ferrobamba

Chalcobamba

Las Bambasrsquo pits overlay Panororsquos targets for scale comparison only

COTABAMBAS PROJECT TARGETS

Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information

TSXVPML 18

HIGHER NPV

HIGHER IRR REDUCED CASH COSTS

REDUCED PAYBACK

REDUCED START-UP CAPITAL

LONGER MINE LIFE

INCREASE HIGH GRADE RESOURCE

ADD LOW COST RESOURCE

IMPROVE METALLURGICAL

RECOVERIES

EXPLORE SCALE CHANGING

POTENTIAL

OXIDE CU HEAP LEACH amp SXEW

OXIDE AUAG HEAP LEACH

MIXED amp OXIDE RESOURCES SKARN DISCOVERY NEAR SURFACE SULPHIDES

ENHANCEMENT OBJECTIVES

INCREASE RESOURCE INCREASE AVERAGE GRADE INCREASE PAYABLE METALS

Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information

ANTILLA PROJECT

NPV $US 491 M IRR 221

$US 126 B pretax $US 725 after tax

C1 $183lb C2 $ 235lb

NPV $US 225 M IRR 151 $US 603 M $US 324 M 33 year pretax

41 year after tax

NOTE Cu = $US300lb Mo = $US1200lb

TSXVPML 19

Antilla Initial CAPEX (US$ millions)

Item Cost

Mine Equipment $51

Mine Development $55

Process Plant $187

Tailings Storage Facility $18

Infrastructure $85

Subtotal $396

Owners Cost $28

Indirect Costs $82

Subtotal $506

Contingencies $97

Total Initial Capital Cost $603

PEA FINANCIAL METRICS

Initial Capital Pretax After Tax Payback Period Cash Costs LOM Cashflow LOM Sust

Capex

OPEN PIT

TAILINGS AREA

PLANTSITE AREA

WASTEROCK AREA

STOCKPILE

Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information

081Strip Ratio 297 Mt wasterock

LOM Payable Metal 194 Blbs Cu 44 Mlb Mo

150k dtpa Cu con 255 Cu

Payable Metal 81 Mlbsyear Cu

18 Mlbsyear Mo

350 Mt Mill Feed 40000 tpd

24 year LOM

031 Cu 85 0009 Mo 67

PEA DESIGN PARAMETERS

48 wasterock to build Tails Dam

124k dtpa Mo con 355 Cu

HIGH GRADE NEAR AT SURFACE

HIGH GRADE NEAR AT SURFACE

Note Cu = $US300lb Mo = $US1200lb TSXVPML 20

ANTILLA PROJECT PEA SUMMARY

ANTILLA PROJECT

Optimize Mine Plan Focus on high grade oxides amp secondary sulphides

TSXVPML 21

SCALED DEVELOPMENT

Reduce Throughput Evaluate processing

throughput scenarios between 10-40 ktpd

Lower Capital and Operating Costs

Explore low-cost heap leach amp SXEW facilities

Reduce Sustaining Capital Costs

Eliminate tailings management facility and

mill infrastructure

Maximize Project Cash Flows

Enhance early returns by delaying waste stripping

bull Develop low-cost high-margin leaching operation

bull Reduce development capital requirements to pave the way to financing

bull Focus on higher grade resource to maintain project returns

SCALED STAGED DEVELOPMENT PLAN POTENTIAL JV OPPORTUNITIES

FOCUSED ON REDUCING DEVELOPMENT CAPEX amp ENHANCING PROJECT RETURNS

FUNDED TO DECEMBER 2018 FUNDING IN PLACE 2016 - 2019

Upfront Payment

Wheaton Precious Metals will make an upfront cash payment of US$140 million plus a Production Payment for an amount of silver equal to 100 of silver production and an amount of gold equal to 25 of gold production

Production Payment

Wheaton Precious Metals will make an ongoing payment equal to the lesser of (i) US$450 in the case of delivered gold ounces and US$590 in the case of delivered silver ounces and (ii) the applicable prevailing market price

Early Deposit

US$14 million will be paid by Wheaton Precious Metals as an early deposit US$2 million will be paid in the first year following closing with US$15 million paid annually thereafter

Exploration Matching Provision

Wheaton Precious Metals to match equity proceeds of up to a total of US$35 million raised in the first two years following signing of PMPA to fund exploration at the Cotabambas Project

Wheaton Precious Metals Option

Wheaton Precious Metals will have the option to terminate the PMPA either 90 days following delivery of a Feasibility Study or at any time upon giving Panoro three monthsrsquo notice Wheaton Precious Metals can elect to receive a portion of the early deposit either as cash or shares upon termination with Panoro having

rights to defer cash payments over an up to two year period

BuyBack Option

Following a change of control subject to certain conditions Panoro has a one-time option to repurchase 50 of the precious metals stream with a payout based on the greater of (i) a minimum fixed return (ii) a return based on appreciation of precious metals prices over the term of the PMPA and (iii) a return based on appreciation of the Panoro share price over the term of the PMPA

TRANSACTION OVERVIEW

FUNDING TO DECEMBER 2018 M$CAD

July 1 Cash Position 10

WPM Basic Funding (Jul 2016 ndash Dec 2018) 39

WPM Matching Funds (2016 ) 26

Private Placement (Aug 2016) 66

Total Funding to December 2018 141

POTENTIAL FUNDING M$CAD

Financing (2017) - Contingent 20

WPM Matching Funds (2017) 20

Warrant Exercise (Aug 2018) 50

Total Additional Funding - Contingent 90

TSXVPML 22

Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information

BRECCIA TARGET

2017 SCHEDULE

2

COTABAMBAS PROJECT

Completed January

TSXVPML 15

2017 CLUSTER 1 EXPLORATION PROGRAM

PETRA-DAVID TARGET

3

4

Mapping Sampling

Trenching

Geophysics

BUENAVISTA TARGETS

bull High Grade Sulphides bull Near Surface bull 170 Mt Potential bull 10000 m drilling planned

bull Gold Oxide Announced April 2017 bull Near Surface bull Intersected in 2014 Drilling over

145 gt Au bull 35 Mt Potential 05 Moz Potential bull 1000 m drilling planned

bull Copper Oxides bull Near Surface bull 60 Mt Potential bull 1000 m drilling planned

bull High Grade Sulphides bull Near Surface bull 70 Mt Potential bull 2000 m drilling planned

MARIA JOSE TARGETS

1

Community Agreement

Completed February - March

Completed March - April

Completed April

Drill Program (mobilization Apr) Underway April - December

Metallurgical Testing November

GROWING SCALE POTENTIAL FROM CLUSTER 1

Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information

COTABAMBAS PROJECT

TSXVPML 16

EXPLORATION TARGET RICH CLUSTER 1

DEFINING POTENTIAL TO INCREASE LOW COST GOLD OXIDE AND COPPER OXIDE COMPONENTS

HIGH GRADE NEAR SURFACE SULPHIDES GROWTH POTENTIAL

COTABAMBAS PROJECT

TSXVPML 17

CHAUPEC TARGET

bull USD $15M BudgetedFinanced for 2017 Drill Program bull 5000 m Drilling BudgetedFinanced

bull Porphyry Skarn type mineralization evidenced with 810 systematic rock samples

bull Anomalies I and II are Skarn and Anomaly III is Porphyry all outcropping at surface

PROJECT SCALE EXPANSION POTENTIAL

CLUSTER 1

1 Ccalla 2 Azulccacca 3 Cochapata 4 Maria Jose 5 Buenavista 6 Guaclle

CLUSTER 2

7 Chaupec 8 Jean Louis 9 Ccarayoc

OTHER TARGETS

10 Antildearqui 11 Cullusayhuas 12 Chuyllullo

2010 2014

2017

2017

2018

2017

CLUSTER 2

CLUSTER 1

Azulccacca Deposit

Buenavista Target

Guaclle Target

Chaupec Target

Ccayrayoc Target

Jean Louis Target

Maria Jose Target

Ccalla Deposit

Cochapata Target Sulfobamba

Ferrobamba

Chalcobamba

Las Bambasrsquo pits overlay Panororsquos targets for scale comparison only

COTABAMBAS PROJECT TARGETS

Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information

TSXVPML 18

HIGHER NPV

HIGHER IRR REDUCED CASH COSTS

REDUCED PAYBACK

REDUCED START-UP CAPITAL

LONGER MINE LIFE

INCREASE HIGH GRADE RESOURCE

ADD LOW COST RESOURCE

IMPROVE METALLURGICAL

RECOVERIES

EXPLORE SCALE CHANGING

POTENTIAL

OXIDE CU HEAP LEACH amp SXEW

OXIDE AUAG HEAP LEACH

MIXED amp OXIDE RESOURCES SKARN DISCOVERY NEAR SURFACE SULPHIDES

ENHANCEMENT OBJECTIVES

INCREASE RESOURCE INCREASE AVERAGE GRADE INCREASE PAYABLE METALS

Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information

ANTILLA PROJECT

NPV $US 491 M IRR 221

$US 126 B pretax $US 725 after tax

C1 $183lb C2 $ 235lb

NPV $US 225 M IRR 151 $US 603 M $US 324 M 33 year pretax

41 year after tax

NOTE Cu = $US300lb Mo = $US1200lb

TSXVPML 19

Antilla Initial CAPEX (US$ millions)

Item Cost

Mine Equipment $51

Mine Development $55

Process Plant $187

Tailings Storage Facility $18

Infrastructure $85

Subtotal $396

Owners Cost $28

Indirect Costs $82

Subtotal $506

Contingencies $97

Total Initial Capital Cost $603

PEA FINANCIAL METRICS

Initial Capital Pretax After Tax Payback Period Cash Costs LOM Cashflow LOM Sust

Capex

OPEN PIT

TAILINGS AREA

PLANTSITE AREA

WASTEROCK AREA

STOCKPILE

Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information

081Strip Ratio 297 Mt wasterock

LOM Payable Metal 194 Blbs Cu 44 Mlb Mo

150k dtpa Cu con 255 Cu

Payable Metal 81 Mlbsyear Cu

18 Mlbsyear Mo

350 Mt Mill Feed 40000 tpd

24 year LOM

031 Cu 85 0009 Mo 67

PEA DESIGN PARAMETERS

48 wasterock to build Tails Dam

124k dtpa Mo con 355 Cu

HIGH GRADE NEAR AT SURFACE

HIGH GRADE NEAR AT SURFACE

Note Cu = $US300lb Mo = $US1200lb TSXVPML 20

ANTILLA PROJECT PEA SUMMARY

ANTILLA PROJECT

Optimize Mine Plan Focus on high grade oxides amp secondary sulphides

TSXVPML 21

SCALED DEVELOPMENT

Reduce Throughput Evaluate processing

throughput scenarios between 10-40 ktpd

Lower Capital and Operating Costs

Explore low-cost heap leach amp SXEW facilities

Reduce Sustaining Capital Costs

Eliminate tailings management facility and

mill infrastructure

Maximize Project Cash Flows

Enhance early returns by delaying waste stripping

bull Develop low-cost high-margin leaching operation

bull Reduce development capital requirements to pave the way to financing

bull Focus on higher grade resource to maintain project returns

SCALED STAGED DEVELOPMENT PLAN POTENTIAL JV OPPORTUNITIES

FOCUSED ON REDUCING DEVELOPMENT CAPEX amp ENHANCING PROJECT RETURNS

FUNDED TO DECEMBER 2018 FUNDING IN PLACE 2016 - 2019

Upfront Payment

Wheaton Precious Metals will make an upfront cash payment of US$140 million plus a Production Payment for an amount of silver equal to 100 of silver production and an amount of gold equal to 25 of gold production

Production Payment

Wheaton Precious Metals will make an ongoing payment equal to the lesser of (i) US$450 in the case of delivered gold ounces and US$590 in the case of delivered silver ounces and (ii) the applicable prevailing market price

Early Deposit

US$14 million will be paid by Wheaton Precious Metals as an early deposit US$2 million will be paid in the first year following closing with US$15 million paid annually thereafter

Exploration Matching Provision

Wheaton Precious Metals to match equity proceeds of up to a total of US$35 million raised in the first two years following signing of PMPA to fund exploration at the Cotabambas Project

Wheaton Precious Metals Option

Wheaton Precious Metals will have the option to terminate the PMPA either 90 days following delivery of a Feasibility Study or at any time upon giving Panoro three monthsrsquo notice Wheaton Precious Metals can elect to receive a portion of the early deposit either as cash or shares upon termination with Panoro having

rights to defer cash payments over an up to two year period

BuyBack Option

Following a change of control subject to certain conditions Panoro has a one-time option to repurchase 50 of the precious metals stream with a payout based on the greater of (i) a minimum fixed return (ii) a return based on appreciation of precious metals prices over the term of the PMPA and (iii) a return based on appreciation of the Panoro share price over the term of the PMPA

TRANSACTION OVERVIEW

FUNDING TO DECEMBER 2018 M$CAD

July 1 Cash Position 10

WPM Basic Funding (Jul 2016 ndash Dec 2018) 39

WPM Matching Funds (2016 ) 26

Private Placement (Aug 2016) 66

Total Funding to December 2018 141

POTENTIAL FUNDING M$CAD

Financing (2017) - Contingent 20

WPM Matching Funds (2017) 20

Warrant Exercise (Aug 2018) 50

Total Additional Funding - Contingent 90

TSXVPML 22

GROWING SCALE POTENTIAL FROM CLUSTER 1

Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information

COTABAMBAS PROJECT

TSXVPML 16

EXPLORATION TARGET RICH CLUSTER 1

DEFINING POTENTIAL TO INCREASE LOW COST GOLD OXIDE AND COPPER OXIDE COMPONENTS

HIGH GRADE NEAR SURFACE SULPHIDES GROWTH POTENTIAL

COTABAMBAS PROJECT

TSXVPML 17

CHAUPEC TARGET

bull USD $15M BudgetedFinanced for 2017 Drill Program bull 5000 m Drilling BudgetedFinanced

bull Porphyry Skarn type mineralization evidenced with 810 systematic rock samples

bull Anomalies I and II are Skarn and Anomaly III is Porphyry all outcropping at surface

PROJECT SCALE EXPANSION POTENTIAL

CLUSTER 1

1 Ccalla 2 Azulccacca 3 Cochapata 4 Maria Jose 5 Buenavista 6 Guaclle

CLUSTER 2

7 Chaupec 8 Jean Louis 9 Ccarayoc

OTHER TARGETS

10 Antildearqui 11 Cullusayhuas 12 Chuyllullo

2010 2014

2017

2017

2018

2017

CLUSTER 2

CLUSTER 1

Azulccacca Deposit

Buenavista Target

Guaclle Target

Chaupec Target

Ccayrayoc Target

Jean Louis Target

Maria Jose Target

Ccalla Deposit

Cochapata Target Sulfobamba

Ferrobamba

Chalcobamba

Las Bambasrsquo pits overlay Panororsquos targets for scale comparison only

COTABAMBAS PROJECT TARGETS

Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information

TSXVPML 18

HIGHER NPV

HIGHER IRR REDUCED CASH COSTS

REDUCED PAYBACK

REDUCED START-UP CAPITAL

LONGER MINE LIFE

INCREASE HIGH GRADE RESOURCE

ADD LOW COST RESOURCE

IMPROVE METALLURGICAL

RECOVERIES

EXPLORE SCALE CHANGING

POTENTIAL

OXIDE CU HEAP LEACH amp SXEW

OXIDE AUAG HEAP LEACH

MIXED amp OXIDE RESOURCES SKARN DISCOVERY NEAR SURFACE SULPHIDES

ENHANCEMENT OBJECTIVES

INCREASE RESOURCE INCREASE AVERAGE GRADE INCREASE PAYABLE METALS

Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information

ANTILLA PROJECT

NPV $US 491 M IRR 221

$US 126 B pretax $US 725 after tax

C1 $183lb C2 $ 235lb

NPV $US 225 M IRR 151 $US 603 M $US 324 M 33 year pretax

41 year after tax

NOTE Cu = $US300lb Mo = $US1200lb

TSXVPML 19

Antilla Initial CAPEX (US$ millions)

Item Cost

Mine Equipment $51

Mine Development $55

Process Plant $187

Tailings Storage Facility $18

Infrastructure $85

Subtotal $396

Owners Cost $28

Indirect Costs $82

Subtotal $506

Contingencies $97

Total Initial Capital Cost $603

PEA FINANCIAL METRICS

Initial Capital Pretax After Tax Payback Period Cash Costs LOM Cashflow LOM Sust

Capex

OPEN PIT

TAILINGS AREA

PLANTSITE AREA

WASTEROCK AREA

STOCKPILE

Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information

081Strip Ratio 297 Mt wasterock

LOM Payable Metal 194 Blbs Cu 44 Mlb Mo

150k dtpa Cu con 255 Cu

Payable Metal 81 Mlbsyear Cu

18 Mlbsyear Mo

350 Mt Mill Feed 40000 tpd

24 year LOM

031 Cu 85 0009 Mo 67

PEA DESIGN PARAMETERS

48 wasterock to build Tails Dam

124k dtpa Mo con 355 Cu

HIGH GRADE NEAR AT SURFACE

HIGH GRADE NEAR AT SURFACE

Note Cu = $US300lb Mo = $US1200lb TSXVPML 20

ANTILLA PROJECT PEA SUMMARY

ANTILLA PROJECT

Optimize Mine Plan Focus on high grade oxides amp secondary sulphides

TSXVPML 21

SCALED DEVELOPMENT

Reduce Throughput Evaluate processing

throughput scenarios between 10-40 ktpd

Lower Capital and Operating Costs

Explore low-cost heap leach amp SXEW facilities

Reduce Sustaining Capital Costs

Eliminate tailings management facility and

mill infrastructure

Maximize Project Cash Flows

Enhance early returns by delaying waste stripping

bull Develop low-cost high-margin leaching operation

bull Reduce development capital requirements to pave the way to financing

bull Focus on higher grade resource to maintain project returns

SCALED STAGED DEVELOPMENT PLAN POTENTIAL JV OPPORTUNITIES

FOCUSED ON REDUCING DEVELOPMENT CAPEX amp ENHANCING PROJECT RETURNS

FUNDED TO DECEMBER 2018 FUNDING IN PLACE 2016 - 2019

Upfront Payment

Wheaton Precious Metals will make an upfront cash payment of US$140 million plus a Production Payment for an amount of silver equal to 100 of silver production and an amount of gold equal to 25 of gold production

Production Payment

Wheaton Precious Metals will make an ongoing payment equal to the lesser of (i) US$450 in the case of delivered gold ounces and US$590 in the case of delivered silver ounces and (ii) the applicable prevailing market price

Early Deposit

US$14 million will be paid by Wheaton Precious Metals as an early deposit US$2 million will be paid in the first year following closing with US$15 million paid annually thereafter

Exploration Matching Provision

Wheaton Precious Metals to match equity proceeds of up to a total of US$35 million raised in the first two years following signing of PMPA to fund exploration at the Cotabambas Project

Wheaton Precious Metals Option

Wheaton Precious Metals will have the option to terminate the PMPA either 90 days following delivery of a Feasibility Study or at any time upon giving Panoro three monthsrsquo notice Wheaton Precious Metals can elect to receive a portion of the early deposit either as cash or shares upon termination with Panoro having

rights to defer cash payments over an up to two year period

BuyBack Option

Following a change of control subject to certain conditions Panoro has a one-time option to repurchase 50 of the precious metals stream with a payout based on the greater of (i) a minimum fixed return (ii) a return based on appreciation of precious metals prices over the term of the PMPA and (iii) a return based on appreciation of the Panoro share price over the term of the PMPA

TRANSACTION OVERVIEW

FUNDING TO DECEMBER 2018 M$CAD

July 1 Cash Position 10

WPM Basic Funding (Jul 2016 ndash Dec 2018) 39

WPM Matching Funds (2016 ) 26

Private Placement (Aug 2016) 66

Total Funding to December 2018 141

POTENTIAL FUNDING M$CAD

Financing (2017) - Contingent 20

WPM Matching Funds (2017) 20

Warrant Exercise (Aug 2018) 50

Total Additional Funding - Contingent 90

TSXVPML 22

COTABAMBAS PROJECT

TSXVPML 17

CHAUPEC TARGET

bull USD $15M BudgetedFinanced for 2017 Drill Program bull 5000 m Drilling BudgetedFinanced

bull Porphyry Skarn type mineralization evidenced with 810 systematic rock samples

bull Anomalies I and II are Skarn and Anomaly III is Porphyry all outcropping at surface

PROJECT SCALE EXPANSION POTENTIAL

CLUSTER 1

1 Ccalla 2 Azulccacca 3 Cochapata 4 Maria Jose 5 Buenavista 6 Guaclle

CLUSTER 2

7 Chaupec 8 Jean Louis 9 Ccarayoc

OTHER TARGETS

10 Antildearqui 11 Cullusayhuas 12 Chuyllullo

2010 2014

2017

2017

2018

2017

CLUSTER 2

CLUSTER 1

Azulccacca Deposit

Buenavista Target

Guaclle Target

Chaupec Target

Ccayrayoc Target

Jean Louis Target

Maria Jose Target

Ccalla Deposit

Cochapata Target Sulfobamba

Ferrobamba

Chalcobamba

Las Bambasrsquo pits overlay Panororsquos targets for scale comparison only

COTABAMBAS PROJECT TARGETS

Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information

TSXVPML 18

HIGHER NPV

HIGHER IRR REDUCED CASH COSTS

REDUCED PAYBACK

REDUCED START-UP CAPITAL

LONGER MINE LIFE

INCREASE HIGH GRADE RESOURCE

ADD LOW COST RESOURCE

IMPROVE METALLURGICAL

RECOVERIES

EXPLORE SCALE CHANGING

POTENTIAL

OXIDE CU HEAP LEACH amp SXEW

OXIDE AUAG HEAP LEACH

MIXED amp OXIDE RESOURCES SKARN DISCOVERY NEAR SURFACE SULPHIDES

ENHANCEMENT OBJECTIVES

INCREASE RESOURCE INCREASE AVERAGE GRADE INCREASE PAYABLE METALS

Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information

ANTILLA PROJECT

NPV $US 491 M IRR 221

$US 126 B pretax $US 725 after tax

C1 $183lb C2 $ 235lb

NPV $US 225 M IRR 151 $US 603 M $US 324 M 33 year pretax

41 year after tax

NOTE Cu = $US300lb Mo = $US1200lb

TSXVPML 19

Antilla Initial CAPEX (US$ millions)

Item Cost

Mine Equipment $51

Mine Development $55

Process Plant $187

Tailings Storage Facility $18

Infrastructure $85

Subtotal $396

Owners Cost $28

Indirect Costs $82

Subtotal $506

Contingencies $97

Total Initial Capital Cost $603

PEA FINANCIAL METRICS

Initial Capital Pretax After Tax Payback Period Cash Costs LOM Cashflow LOM Sust

Capex

OPEN PIT

TAILINGS AREA

PLANTSITE AREA

WASTEROCK AREA

STOCKPILE

Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information

081Strip Ratio 297 Mt wasterock

LOM Payable Metal 194 Blbs Cu 44 Mlb Mo

150k dtpa Cu con 255 Cu

Payable Metal 81 Mlbsyear Cu

18 Mlbsyear Mo

350 Mt Mill Feed 40000 tpd

24 year LOM

031 Cu 85 0009 Mo 67

PEA DESIGN PARAMETERS

48 wasterock to build Tails Dam

124k dtpa Mo con 355 Cu

HIGH GRADE NEAR AT SURFACE

HIGH GRADE NEAR AT SURFACE

Note Cu = $US300lb Mo = $US1200lb TSXVPML 20

ANTILLA PROJECT PEA SUMMARY

ANTILLA PROJECT

Optimize Mine Plan Focus on high grade oxides amp secondary sulphides

TSXVPML 21

SCALED DEVELOPMENT

Reduce Throughput Evaluate processing

throughput scenarios between 10-40 ktpd

Lower Capital and Operating Costs

Explore low-cost heap leach amp SXEW facilities

Reduce Sustaining Capital Costs

Eliminate tailings management facility and

mill infrastructure

Maximize Project Cash Flows

Enhance early returns by delaying waste stripping

bull Develop low-cost high-margin leaching operation

bull Reduce development capital requirements to pave the way to financing

bull Focus on higher grade resource to maintain project returns

SCALED STAGED DEVELOPMENT PLAN POTENTIAL JV OPPORTUNITIES

FOCUSED ON REDUCING DEVELOPMENT CAPEX amp ENHANCING PROJECT RETURNS

FUNDED TO DECEMBER 2018 FUNDING IN PLACE 2016 - 2019

Upfront Payment

Wheaton Precious Metals will make an upfront cash payment of US$140 million plus a Production Payment for an amount of silver equal to 100 of silver production and an amount of gold equal to 25 of gold production

Production Payment

Wheaton Precious Metals will make an ongoing payment equal to the lesser of (i) US$450 in the case of delivered gold ounces and US$590 in the case of delivered silver ounces and (ii) the applicable prevailing market price

Early Deposit

US$14 million will be paid by Wheaton Precious Metals as an early deposit US$2 million will be paid in the first year following closing with US$15 million paid annually thereafter

Exploration Matching Provision

Wheaton Precious Metals to match equity proceeds of up to a total of US$35 million raised in the first two years following signing of PMPA to fund exploration at the Cotabambas Project

Wheaton Precious Metals Option

Wheaton Precious Metals will have the option to terminate the PMPA either 90 days following delivery of a Feasibility Study or at any time upon giving Panoro three monthsrsquo notice Wheaton Precious Metals can elect to receive a portion of the early deposit either as cash or shares upon termination with Panoro having

rights to defer cash payments over an up to two year period

BuyBack Option

Following a change of control subject to certain conditions Panoro has a one-time option to repurchase 50 of the precious metals stream with a payout based on the greater of (i) a minimum fixed return (ii) a return based on appreciation of precious metals prices over the term of the PMPA and (iii) a return based on appreciation of the Panoro share price over the term of the PMPA

TRANSACTION OVERVIEW

FUNDING TO DECEMBER 2018 M$CAD

July 1 Cash Position 10

WPM Basic Funding (Jul 2016 ndash Dec 2018) 39

WPM Matching Funds (2016 ) 26

Private Placement (Aug 2016) 66

Total Funding to December 2018 141

POTENTIAL FUNDING M$CAD

Financing (2017) - Contingent 20

WPM Matching Funds (2017) 20

Warrant Exercise (Aug 2018) 50

Total Additional Funding - Contingent 90

TSXVPML 22

COTABAMBAS PROJECT TARGETS

Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information

TSXVPML 18

HIGHER NPV

HIGHER IRR REDUCED CASH COSTS

REDUCED PAYBACK

REDUCED START-UP CAPITAL

LONGER MINE LIFE

INCREASE HIGH GRADE RESOURCE

ADD LOW COST RESOURCE

IMPROVE METALLURGICAL

RECOVERIES

EXPLORE SCALE CHANGING

POTENTIAL

OXIDE CU HEAP LEACH amp SXEW

OXIDE AUAG HEAP LEACH

MIXED amp OXIDE RESOURCES SKARN DISCOVERY NEAR SURFACE SULPHIDES

ENHANCEMENT OBJECTIVES

INCREASE RESOURCE INCREASE AVERAGE GRADE INCREASE PAYABLE METALS

Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information

ANTILLA PROJECT

NPV $US 491 M IRR 221

$US 126 B pretax $US 725 after tax

C1 $183lb C2 $ 235lb

NPV $US 225 M IRR 151 $US 603 M $US 324 M 33 year pretax

41 year after tax

NOTE Cu = $US300lb Mo = $US1200lb

TSXVPML 19

Antilla Initial CAPEX (US$ millions)

Item Cost

Mine Equipment $51

Mine Development $55

Process Plant $187

Tailings Storage Facility $18

Infrastructure $85

Subtotal $396

Owners Cost $28

Indirect Costs $82

Subtotal $506

Contingencies $97

Total Initial Capital Cost $603

PEA FINANCIAL METRICS

Initial Capital Pretax After Tax Payback Period Cash Costs LOM Cashflow LOM Sust

Capex

OPEN PIT

TAILINGS AREA

PLANTSITE AREA

WASTEROCK AREA

STOCKPILE

Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information

081Strip Ratio 297 Mt wasterock

LOM Payable Metal 194 Blbs Cu 44 Mlb Mo

150k dtpa Cu con 255 Cu

Payable Metal 81 Mlbsyear Cu

18 Mlbsyear Mo

350 Mt Mill Feed 40000 tpd

24 year LOM

031 Cu 85 0009 Mo 67

PEA DESIGN PARAMETERS

48 wasterock to build Tails Dam

124k dtpa Mo con 355 Cu

HIGH GRADE NEAR AT SURFACE

HIGH GRADE NEAR AT SURFACE

Note Cu = $US300lb Mo = $US1200lb TSXVPML 20

ANTILLA PROJECT PEA SUMMARY

ANTILLA PROJECT

Optimize Mine Plan Focus on high grade oxides amp secondary sulphides

TSXVPML 21

SCALED DEVELOPMENT

Reduce Throughput Evaluate processing

throughput scenarios between 10-40 ktpd

Lower Capital and Operating Costs

Explore low-cost heap leach amp SXEW facilities

Reduce Sustaining Capital Costs

Eliminate tailings management facility and

mill infrastructure

Maximize Project Cash Flows

Enhance early returns by delaying waste stripping

bull Develop low-cost high-margin leaching operation

bull Reduce development capital requirements to pave the way to financing

bull Focus on higher grade resource to maintain project returns

SCALED STAGED DEVELOPMENT PLAN POTENTIAL JV OPPORTUNITIES

FOCUSED ON REDUCING DEVELOPMENT CAPEX amp ENHANCING PROJECT RETURNS

FUNDED TO DECEMBER 2018 FUNDING IN PLACE 2016 - 2019

Upfront Payment

Wheaton Precious Metals will make an upfront cash payment of US$140 million plus a Production Payment for an amount of silver equal to 100 of silver production and an amount of gold equal to 25 of gold production

Production Payment

Wheaton Precious Metals will make an ongoing payment equal to the lesser of (i) US$450 in the case of delivered gold ounces and US$590 in the case of delivered silver ounces and (ii) the applicable prevailing market price

Early Deposit

US$14 million will be paid by Wheaton Precious Metals as an early deposit US$2 million will be paid in the first year following closing with US$15 million paid annually thereafter

Exploration Matching Provision

Wheaton Precious Metals to match equity proceeds of up to a total of US$35 million raised in the first two years following signing of PMPA to fund exploration at the Cotabambas Project

Wheaton Precious Metals Option

Wheaton Precious Metals will have the option to terminate the PMPA either 90 days following delivery of a Feasibility Study or at any time upon giving Panoro three monthsrsquo notice Wheaton Precious Metals can elect to receive a portion of the early deposit either as cash or shares upon termination with Panoro having

rights to defer cash payments over an up to two year period

BuyBack Option

Following a change of control subject to certain conditions Panoro has a one-time option to repurchase 50 of the precious metals stream with a payout based on the greater of (i) a minimum fixed return (ii) a return based on appreciation of precious metals prices over the term of the PMPA and (iii) a return based on appreciation of the Panoro share price over the term of the PMPA

TRANSACTION OVERVIEW

FUNDING TO DECEMBER 2018 M$CAD

July 1 Cash Position 10

WPM Basic Funding (Jul 2016 ndash Dec 2018) 39

WPM Matching Funds (2016 ) 26

Private Placement (Aug 2016) 66

Total Funding to December 2018 141

POTENTIAL FUNDING M$CAD

Financing (2017) - Contingent 20

WPM Matching Funds (2017) 20

Warrant Exercise (Aug 2018) 50

Total Additional Funding - Contingent 90

TSXVPML 22

Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information

ANTILLA PROJECT

NPV $US 491 M IRR 221

$US 126 B pretax $US 725 after tax

C1 $183lb C2 $ 235lb

NPV $US 225 M IRR 151 $US 603 M $US 324 M 33 year pretax

41 year after tax

NOTE Cu = $US300lb Mo = $US1200lb

TSXVPML 19

Antilla Initial CAPEX (US$ millions)

Item Cost

Mine Equipment $51

Mine Development $55

Process Plant $187

Tailings Storage Facility $18

Infrastructure $85

Subtotal $396

Owners Cost $28

Indirect Costs $82

Subtotal $506

Contingencies $97

Total Initial Capital Cost $603

PEA FINANCIAL METRICS

Initial Capital Pretax After Tax Payback Period Cash Costs LOM Cashflow LOM Sust

Capex

OPEN PIT

TAILINGS AREA

PLANTSITE AREA

WASTEROCK AREA

STOCKPILE

Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information

081Strip Ratio 297 Mt wasterock

LOM Payable Metal 194 Blbs Cu 44 Mlb Mo

150k dtpa Cu con 255 Cu

Payable Metal 81 Mlbsyear Cu

18 Mlbsyear Mo

350 Mt Mill Feed 40000 tpd

24 year LOM

031 Cu 85 0009 Mo 67

PEA DESIGN PARAMETERS

48 wasterock to build Tails Dam

124k dtpa Mo con 355 Cu

HIGH GRADE NEAR AT SURFACE

HIGH GRADE NEAR AT SURFACE

Note Cu = $US300lb Mo = $US1200lb TSXVPML 20

ANTILLA PROJECT PEA SUMMARY

ANTILLA PROJECT

Optimize Mine Plan Focus on high grade oxides amp secondary sulphides

TSXVPML 21

SCALED DEVELOPMENT

Reduce Throughput Evaluate processing

throughput scenarios between 10-40 ktpd

Lower Capital and Operating Costs

Explore low-cost heap leach amp SXEW facilities

Reduce Sustaining Capital Costs

Eliminate tailings management facility and

mill infrastructure

Maximize Project Cash Flows

Enhance early returns by delaying waste stripping

bull Develop low-cost high-margin leaching operation

bull Reduce development capital requirements to pave the way to financing

bull Focus on higher grade resource to maintain project returns

SCALED STAGED DEVELOPMENT PLAN POTENTIAL JV OPPORTUNITIES

FOCUSED ON REDUCING DEVELOPMENT CAPEX amp ENHANCING PROJECT RETURNS

FUNDED TO DECEMBER 2018 FUNDING IN PLACE 2016 - 2019

Upfront Payment

Wheaton Precious Metals will make an upfront cash payment of US$140 million plus a Production Payment for an amount of silver equal to 100 of silver production and an amount of gold equal to 25 of gold production

Production Payment

Wheaton Precious Metals will make an ongoing payment equal to the lesser of (i) US$450 in the case of delivered gold ounces and US$590 in the case of delivered silver ounces and (ii) the applicable prevailing market price

Early Deposit

US$14 million will be paid by Wheaton Precious Metals as an early deposit US$2 million will be paid in the first year following closing with US$15 million paid annually thereafter

Exploration Matching Provision

Wheaton Precious Metals to match equity proceeds of up to a total of US$35 million raised in the first two years following signing of PMPA to fund exploration at the Cotabambas Project

Wheaton Precious Metals Option

Wheaton Precious Metals will have the option to terminate the PMPA either 90 days following delivery of a Feasibility Study or at any time upon giving Panoro three monthsrsquo notice Wheaton Precious Metals can elect to receive a portion of the early deposit either as cash or shares upon termination with Panoro having

rights to defer cash payments over an up to two year period

BuyBack Option

Following a change of control subject to certain conditions Panoro has a one-time option to repurchase 50 of the precious metals stream with a payout based on the greater of (i) a minimum fixed return (ii) a return based on appreciation of precious metals prices over the term of the PMPA and (iii) a return based on appreciation of the Panoro share price over the term of the PMPA

TRANSACTION OVERVIEW

FUNDING TO DECEMBER 2018 M$CAD

July 1 Cash Position 10

WPM Basic Funding (Jul 2016 ndash Dec 2018) 39

WPM Matching Funds (2016 ) 26

Private Placement (Aug 2016) 66

Total Funding to December 2018 141

POTENTIAL FUNDING M$CAD

Financing (2017) - Contingent 20

WPM Matching Funds (2017) 20

Warrant Exercise (Aug 2018) 50

Total Additional Funding - Contingent 90

TSXVPML 22

Luis Vela Vice President of Exploration for Panoro and a qualified person under National Instrument 43-101 has reviewed and approved the scientific and technical information

081Strip Ratio 297 Mt wasterock

LOM Payable Metal 194 Blbs Cu 44 Mlb Mo

150k dtpa Cu con 255 Cu

Payable Metal 81 Mlbsyear Cu

18 Mlbsyear Mo

350 Mt Mill Feed 40000 tpd

24 year LOM

031 Cu 85 0009 Mo 67

PEA DESIGN PARAMETERS

48 wasterock to build Tails Dam

124k dtpa Mo con 355 Cu

HIGH GRADE NEAR AT SURFACE

HIGH GRADE NEAR AT SURFACE

Note Cu = $US300lb Mo = $US1200lb TSXVPML 20

ANTILLA PROJECT PEA SUMMARY

ANTILLA PROJECT

Optimize Mine Plan Focus on high grade oxides amp secondary sulphides

TSXVPML 21

SCALED DEVELOPMENT

Reduce Throughput Evaluate processing

throughput scenarios between 10-40 ktpd

Lower Capital and Operating Costs

Explore low-cost heap leach amp SXEW facilities

Reduce Sustaining Capital Costs

Eliminate tailings management facility and

mill infrastructure

Maximize Project Cash Flows

Enhance early returns by delaying waste stripping

bull Develop low-cost high-margin leaching operation

bull Reduce development capital requirements to pave the way to financing

bull Focus on higher grade resource to maintain project returns

SCALED STAGED DEVELOPMENT PLAN POTENTIAL JV OPPORTUNITIES

FOCUSED ON REDUCING DEVELOPMENT CAPEX amp ENHANCING PROJECT RETURNS

FUNDED TO DECEMBER 2018 FUNDING IN PLACE 2016 - 2019

Upfront Payment

Wheaton Precious Metals will make an upfront cash payment of US$140 million plus a Production Payment for an amount of silver equal to 100 of silver production and an amount of gold equal to 25 of gold production

Production Payment

Wheaton Precious Metals will make an ongoing payment equal to the lesser of (i) US$450 in the case of delivered gold ounces and US$590 in the case of delivered silver ounces and (ii) the applicable prevailing market price

Early Deposit

US$14 million will be paid by Wheaton Precious Metals as an early deposit US$2 million will be paid in the first year following closing with US$15 million paid annually thereafter

Exploration Matching Provision

Wheaton Precious Metals to match equity proceeds of up to a total of US$35 million raised in the first two years following signing of PMPA to fund exploration at the Cotabambas Project

Wheaton Precious Metals Option

Wheaton Precious Metals will have the option to terminate the PMPA either 90 days following delivery of a Feasibility Study or at any time upon giving Panoro three monthsrsquo notice Wheaton Precious Metals can elect to receive a portion of the early deposit either as cash or shares upon termination with Panoro having

rights to defer cash payments over an up to two year period

BuyBack Option

Following a change of control subject to certain conditions Panoro has a one-time option to repurchase 50 of the precious metals stream with a payout based on the greater of (i) a minimum fixed return (ii) a return based on appreciation of precious metals prices over the term of the PMPA and (iii) a return based on appreciation of the Panoro share price over the term of the PMPA

TRANSACTION OVERVIEW

FUNDING TO DECEMBER 2018 M$CAD

July 1 Cash Position 10

WPM Basic Funding (Jul 2016 ndash Dec 2018) 39

WPM Matching Funds (2016 ) 26

Private Placement (Aug 2016) 66

Total Funding to December 2018 141

POTENTIAL FUNDING M$CAD

Financing (2017) - Contingent 20

WPM Matching Funds (2017) 20

Warrant Exercise (Aug 2018) 50

Total Additional Funding - Contingent 90

TSXVPML 22

ANTILLA PROJECT

Optimize Mine Plan Focus on high grade oxides amp secondary sulphides

TSXVPML 21

SCALED DEVELOPMENT

Reduce Throughput Evaluate processing

throughput scenarios between 10-40 ktpd

Lower Capital and Operating Costs

Explore low-cost heap leach amp SXEW facilities

Reduce Sustaining Capital Costs

Eliminate tailings management facility and

mill infrastructure

Maximize Project Cash Flows

Enhance early returns by delaying waste stripping

bull Develop low-cost high-margin leaching operation

bull Reduce development capital requirements to pave the way to financing

bull Focus on higher grade resource to maintain project returns

SCALED STAGED DEVELOPMENT PLAN POTENTIAL JV OPPORTUNITIES

FOCUSED ON REDUCING DEVELOPMENT CAPEX amp ENHANCING PROJECT RETURNS

FUNDED TO DECEMBER 2018 FUNDING IN PLACE 2016 - 2019

Upfront Payment

Wheaton Precious Metals will make an upfront cash payment of US$140 million plus a Production Payment for an amount of silver equal to 100 of silver production and an amount of gold equal to 25 of gold production

Production Payment

Wheaton Precious Metals will make an ongoing payment equal to the lesser of (i) US$450 in the case of delivered gold ounces and US$590 in the case of delivered silver ounces and (ii) the applicable prevailing market price

Early Deposit

US$14 million will be paid by Wheaton Precious Metals as an early deposit US$2 million will be paid in the first year following closing with US$15 million paid annually thereafter

Exploration Matching Provision

Wheaton Precious Metals to match equity proceeds of up to a total of US$35 million raised in the first two years following signing of PMPA to fund exploration at the Cotabambas Project

Wheaton Precious Metals Option

Wheaton Precious Metals will have the option to terminate the PMPA either 90 days following delivery of a Feasibility Study or at any time upon giving Panoro three monthsrsquo notice Wheaton Precious Metals can elect to receive a portion of the early deposit either as cash or shares upon termination with Panoro having

rights to defer cash payments over an up to two year period

BuyBack Option

Following a change of control subject to certain conditions Panoro has a one-time option to repurchase 50 of the precious metals stream with a payout based on the greater of (i) a minimum fixed return (ii) a return based on appreciation of precious metals prices over the term of the PMPA and (iii) a return based on appreciation of the Panoro share price over the term of the PMPA

TRANSACTION OVERVIEW

FUNDING TO DECEMBER 2018 M$CAD

July 1 Cash Position 10

WPM Basic Funding (Jul 2016 ndash Dec 2018) 39

WPM Matching Funds (2016 ) 26

Private Placement (Aug 2016) 66

Total Funding to December 2018 141

POTENTIAL FUNDING M$CAD

Financing (2017) - Contingent 20

WPM Matching Funds (2017) 20

Warrant Exercise (Aug 2018) 50

Total Additional Funding - Contingent 90

TSXVPML 22

FUNDED TO DECEMBER 2018 FUNDING IN PLACE 2016 - 2019

Upfront Payment

Wheaton Precious Metals will make an upfront cash payment of US$140 million plus a Production Payment for an amount of silver equal to 100 of silver production and an amount of gold equal to 25 of gold production

Production Payment

Wheaton Precious Metals will make an ongoing payment equal to the lesser of (i) US$450 in the case of delivered gold ounces and US$590 in the case of delivered silver ounces and (ii) the applicable prevailing market price

Early Deposit

US$14 million will be paid by Wheaton Precious Metals as an early deposit US$2 million will be paid in the first year following closing with US$15 million paid annually thereafter

Exploration Matching Provision

Wheaton Precious Metals to match equity proceeds of up to a total of US$35 million raised in the first two years following signing of PMPA to fund exploration at the Cotabambas Project

Wheaton Precious Metals Option

Wheaton Precious Metals will have the option to terminate the PMPA either 90 days following delivery of a Feasibility Study or at any time upon giving Panoro three monthsrsquo notice Wheaton Precious Metals can elect to receive a portion of the early deposit either as cash or shares upon termination with Panoro having

rights to defer cash payments over an up to two year period

BuyBack Option

Following a change of control subject to certain conditions Panoro has a one-time option to repurchase 50 of the precious metals stream with a payout based on the greater of (i) a minimum fixed return (ii) a return based on appreciation of precious metals prices over the term of the PMPA and (iii) a return based on appreciation of the Panoro share price over the term of the PMPA

TRANSACTION OVERVIEW

FUNDING TO DECEMBER 2018 M$CAD

July 1 Cash Position 10

WPM Basic Funding (Jul 2016 ndash Dec 2018) 39

WPM Matching Funds (2016 ) 26

Private Placement (Aug 2016) 66

Total Funding to December 2018 141

POTENTIAL FUNDING M$CAD

Financing (2017) - Contingent 20

WPM Matching Funds (2017) 20

Warrant Exercise (Aug 2018) 50

Total Additional Funding - Contingent 90

TSXVPML 22

PANORO MINERALS VALUATION METRICS

TSXVPML 23

CURRENT RESOURCES AND PEAs

WITH PROJECTED 2017 INVESTMENTS

COTABAMBAS PROJECT

COTA

BAM

BAS

amp A

NTI

LLA

PRO

JECT

S VA

LUAT

ION

(M C

AD)

COTA

BAM

BAS

VALU

ATIO

N (M

CAD

)

PAYMENTS

USD (M)

Advance $140

Gold Delivery $ 180

Silver Delivery $ 100

Total $ 420

COTABAMBAS PROJECT STREAMING AGREEMENT

STREAM AGREEMENT CAPPED POST 90M AGEQ OZ

OPTION CHANGE OF CONTROL

80 53 40

STREAM REDUCTION IN FUTURE CAPTURES EXPLORATION UPSIDE

FLEXIBILITY FOR ACQUIRER OF PROJECT

Exploration Funding

Development Funding

Validation of Project Flexibility Derisked

Financing

Leveraged for 2016 Placement

Valuation Benchmark

Custom Fit Agreement

24

REGIONAL

COTABAMBAS

Cochasayhuas

Kusiorcco

Promesa

El Rosal Chap - Chapi

JV Utupara

JV

Pataypampa Humamantata Morosayhuas Anyo

Checca

Development

Feasibility

Advanced Exploration

Early Exploration

Level 2 Prospects

Level 1 Prospects

INFRASTRUCTURE DEVELOPMENT

TSXVPML 25

ANTILLA

PANORO EXPLORATION STRATEGY

EXPLORATION DEFINING NEW PROJECTS FOR NEXT PHASE OF PANORO

COTABAMBAS PEA COMPLETED amp

UPDATED

ANTILLA PEA COMPLETED

1 PROJECT ENHANCEMENTS

2 PROJECT EXPANSIONS

3 STRATEGIC POSITIONING

2007 ndash 2014 2014 ndash 2016 2017 ndash 2019

PROMESA ANYO HUMAMANTATA KUSIORCCO

bull 4060 ha bull 5 km by 2 km porphyry bull 772 geochem samples bull 40 km IP bull 45 km Mag bull 37 km SP

bull 5000 ha bull Porphyry amp Skarn bull Hydrothermal Breccia bull 235 geochem samples

bull 3962 ha bull 4km by 17 km mineralized bull Two Porphyry zones bull Two Skarn zones bull IP amp Mag correlated

bull 5000 ha bull 1480 ha porphyry bull 772 geochem samples bull 4 drillholes bull 75 km IP bull 76 km Mag

2019 ndash 2020

PARTNER OR DIVEST

TSXVPML 26

1 2 3 4

COPPER FUNDAMENTALS SHORT TERM SURPLUS LONG TERM SUPPLY CHALLENGES

TSXVPML 27

MODEST SHORT TERM SURPLUS DRIVEN BY ECONOMIC REBALANCING IN CHINA

bull Broad macroeconomic slow down bull Chinese switch to consumer-based growth bull Peak in demand from end-use markets

LONG-TERM SUPPLY DEFICIT EXPECTED

bull Declining copper grades at existing operations

bull Inadequate high-quality discoveries bull Geopolitical risks and challenges restricting

development of greenfield projects

CONTINUED GROWTH IN GLOBAL COPPER DEMAND SUPPORT HIGHER LONG-TERM PRICES

bull Continued demand growth from China and developing countries expected

bull Increasing demand for energy efficient technologies requiring copper-intensive solutions

Source International Copper Association Ltd

Copper SupplyDemand (million tonnes)

STRUCTURAL CHANGES TO COPPER MARKET

NEW COPPER CYCLE EMERGING

Supply Pressures Refined Cu

bull Greater Production

Disruptions in Chile amp Indonesia

bull Declining Mine Grades bull Increasing Closures bull Curtailing Production bull Declining Supply of Scrap bull Peak SXEW Capacity

Reached in 2017 bull Chilean Mine Output

Decline Begins 2014

Shift to Cu Concentrates

bull Prone to Disruptions Technical Issues Slow Ramp-ups Declining Grades Strikes amp Protests Natural Disasters Cutbacks bull China Mine Output Set to

Decline bull Declining Availability of

Clean Concentrates

Concentrate Demand Growth

bull China Growing from Larger Base

bull Economic Rebound ex-China bull China Refocused on

Infrastructure Spending bull China Shifting Model away

from Cathode towards Concentrate imports

bull 2015 Chinese Concentrate Imports Exceed Cathodes (First Time)

Forecasted Shortages

bull Macquarie 10 Mt 2018-2020 bull Canaccord 11 Mt 2018-2019 bull RBC 09 Mt 2017-2019 bull Cu Shortfall Increasingly

from Shortage of Concentrate supply

TSXVPML 28

Large scale copper project greater potential strategic

location

TSXVPML 29

COTABAMBAS

ANTILLA

CONCLUSIONS

COTABAMBAS PROJECT

ANTILLA PROJECT Moderate scale project potential to monetize

FINANCED $141M to $231M funded to

2018 Wheaton Precious Metals Agreement

COPPER Principal commodity with supply constraints coming and demand

strong

PERU Key copper producing nation with national goal to become

largest copper producer nation

VALUATION POTENTIAL Significant Valuation Growth Potential for New Cycle

TSXVPML 30

TSXVPML FrankfurtPZM

BVLPML

For further information contact Luquman Shaheen President and CEO

Phone 6046844246 Email infopanorocom

wwwpanorocom

• Slide Number 1
• Slide Number 2
• Slide Number 3
• Slide Number 4
• Slide Number 5
• Slide Number 6
• Slide Number 7
• Slide Number 8
• Slide Number 9
• Slide Number 10
• Slide Number 11
• Slide Number 12
• Slide Number 13
• Slide Number 14
• Slide Number 15
• Slide Number 16
• Slide Number 17
• Slide Number 18
• Slide Number 19
• Slide Number 20
• Slide Number 21
• Slide Number 22
• Slide Number 23
• Slide Number 24
• Slide Number 25
• Slide Number 26
• Slide Number 27
• Slide Number 28
• Slide Number 29
• Slide Number 30

PAYMENTS

USD (M)

Advance $140

Gold Delivery $ 180

Silver Delivery $ 100

Total $ 420

COTABAMBAS PROJECT STREAMING AGREEMENT

STREAM AGREEMENT CAPPED POST 90M AGEQ OZ

OPTION CHANGE OF CONTROL

80 53 40

STREAM REDUCTION IN FUTURE CAPTURES EXPLORATION UPSIDE

FLEXIBILITY FOR ACQUIRER OF PROJECT

Exploration Funding

Development Funding

Validation of Project Flexibility Derisked

Financing

Leveraged for 2016 Placement

Valuation Benchmark

Custom Fit Agreement

24

REGIONAL

COTABAMBAS

Cochasayhuas

Kusiorcco

Promesa

El Rosal Chap - Chapi

JV Utupara

JV

Pataypampa Humamantata Morosayhuas Anyo

Checca

Development

Feasibility

Advanced Exploration

Early Exploration

Level 2 Prospects

Level 1 Prospects

INFRASTRUCTURE DEVELOPMENT

TSXVPML 25

ANTILLA

PANORO EXPLORATION STRATEGY

EXPLORATION DEFINING NEW PROJECTS FOR NEXT PHASE OF PANORO

COTABAMBAS PEA COMPLETED amp

UPDATED

ANTILLA PEA COMPLETED

1 PROJECT ENHANCEMENTS

2 PROJECT EXPANSIONS

3 STRATEGIC POSITIONING

2007 ndash 2014 2014 ndash 2016 2017 ndash 2019

PROMESA ANYO HUMAMANTATA KUSIORCCO

bull 4060 ha bull 5 km by 2 km porphyry bull 772 geochem samples bull 40 km IP bull 45 km Mag bull 37 km SP

bull 5000 ha bull Porphyry amp Skarn bull Hydrothermal Breccia bull 235 geochem samples

bull 3962 ha bull 4km by 17 km mineralized bull Two Porphyry zones bull Two Skarn zones bull IP amp Mag correlated

bull 5000 ha bull 1480 ha porphyry bull 772 geochem samples bull 4 drillholes bull 75 km IP bull 76 km Mag

2019 ndash 2020

PARTNER OR DIVEST

TSXVPML 26

1 2 3 4

COPPER FUNDAMENTALS SHORT TERM SURPLUS LONG TERM SUPPLY CHALLENGES

TSXVPML 27

MODEST SHORT TERM SURPLUS DRIVEN BY ECONOMIC REBALANCING IN CHINA

bull Broad macroeconomic slow down bull Chinese switch to consumer-based growth bull Peak in demand from end-use markets

LONG-TERM SUPPLY DEFICIT EXPECTED

bull Declining copper grades at existing operations

bull Inadequate high-quality discoveries bull Geopolitical risks and challenges restricting

development of greenfield projects

CONTINUED GROWTH IN GLOBAL COPPER DEMAND SUPPORT HIGHER LONG-TERM PRICES

bull Continued demand growth from China and developing countries expected

bull Increasing demand for energy efficient technologies requiring copper-intensive solutions

Source International Copper Association Ltd

Copper SupplyDemand (million tonnes)

STRUCTURAL CHANGES TO COPPER MARKET

NEW COPPER CYCLE EMERGING

Supply Pressures Refined Cu

bull Greater Production

Disruptions in Chile amp Indonesia

bull Declining Mine Grades bull Increasing Closures bull Curtailing Production bull Declining Supply of Scrap bull Peak SXEW Capacity

Reached in 2017 bull Chilean Mine Output

Decline Begins 2014

Shift to Cu Concentrates

bull Prone to Disruptions Technical Issues Slow Ramp-ups Declining Grades Strikes amp Protests Natural Disasters Cutbacks bull China Mine Output Set to

Decline bull Declining Availability of

Clean Concentrates

Concentrate Demand Growth

bull China Growing from Larger Base

bull Economic Rebound ex-China bull China Refocused on

Infrastructure Spending bull China Shifting Model away

from Cathode towards Concentrate imports

bull 2015 Chinese Concentrate Imports Exceed Cathodes (First Time)

Forecasted Shortages

bull Macquarie 10 Mt 2018-2020 bull Canaccord 11 Mt 2018-2019 bull RBC 09 Mt 2017-2019 bull Cu Shortfall Increasingly

from Shortage of Concentrate supply

TSXVPML 28

Large scale copper project greater potential strategic

location

TSXVPML 29

COTABAMBAS

ANTILLA

CONCLUSIONS

COTABAMBAS PROJECT

ANTILLA PROJECT Moderate scale project potential to monetize

FINANCED $141M to $231M funded to

2018 Wheaton Precious Metals Agreement

COPPER Principal commodity with supply constraints coming and demand

strong

PERU Key copper producing nation with national goal to become

largest copper producer nation

VALUATION POTENTIAL Significant Valuation Growth Potential for New Cycle

TSXVPML 30

TSXVPML FrankfurtPZM

BVLPML

For further information contact Luquman Shaheen President and CEO

Phone 6046844246 Email infopanorocom

wwwpanorocom

• Slide Number 1
• Slide Number 2
• Slide Number 3
• Slide Number 4
• Slide Number 5
• Slide Number 6
• Slide Number 7
• Slide Number 8
• Slide Number 9
• Slide Number 10
• Slide Number 11
• Slide Number 12
• Slide Number 13
• Slide Number 14
• Slide Number 15
• Slide Number 16
• Slide Number 17
• Slide Number 18
• Slide Number 19
• Slide Number 20
• Slide Number 21
• Slide Number 22
• Slide Number 23
• Slide Number 24
• Slide Number 25
• Slide Number 26
• Slide Number 27
• Slide Number 28
• Slide Number 29
• Slide Number 30

REGIONAL

COTABAMBAS

Cochasayhuas

Kusiorcco

Promesa

El Rosal Chap - Chapi

JV Utupara

JV

Pataypampa Humamantata Morosayhuas Anyo

Checca

Development

Feasibility

Advanced Exploration

Early Exploration

Level 2 Prospects

Level 1 Prospects

INFRASTRUCTURE DEVELOPMENT

TSXVPML 25

ANTILLA

PANORO EXPLORATION STRATEGY

EXPLORATION DEFINING NEW PROJECTS FOR NEXT PHASE OF PANORO

COTABAMBAS PEA COMPLETED amp

UPDATED

ANTILLA PEA COMPLETED

1 PROJECT ENHANCEMENTS

2 PROJECT EXPANSIONS

3 STRATEGIC POSITIONING

2007 ndash 2014 2014 ndash 2016 2017 ndash 2019

PROMESA ANYO HUMAMANTATA KUSIORCCO

bull 4060 ha bull 5 km by 2 km porphyry bull 772 geochem samples bull 40 km IP bull 45 km Mag bull 37 km SP

bull 5000 ha bull Porphyry amp Skarn bull Hydrothermal Breccia bull 235 geochem samples

bull 3962 ha bull 4km by 17 km mineralized bull Two Porphyry zones bull Two Skarn zones bull IP amp Mag correlated

bull 5000 ha bull 1480 ha porphyry bull 772 geochem samples bull 4 drillholes bull 75 km IP bull 76 km Mag

2019 ndash 2020

PARTNER OR DIVEST

TSXVPML 26

1 2 3 4

COPPER FUNDAMENTALS SHORT TERM SURPLUS LONG TERM SUPPLY CHALLENGES

TSXVPML 27

MODEST SHORT TERM SURPLUS DRIVEN BY ECONOMIC REBALANCING IN CHINA

bull Broad macroeconomic slow down bull Chinese switch to consumer-based growth bull Peak in demand from end-use markets

LONG-TERM SUPPLY DEFICIT EXPECTED

bull Declining copper grades at existing operations

bull Inadequate high-quality discoveries bull Geopolitical risks and challenges restricting

development of greenfield projects

CONTINUED GROWTH IN GLOBAL COPPER DEMAND SUPPORT HIGHER LONG-TERM PRICES

bull Continued demand growth from China and developing countries expected

bull Increasing demand for energy efficient technologies requiring copper-intensive solutions

Source International Copper Association Ltd

Copper SupplyDemand (million tonnes)

STRUCTURAL CHANGES TO COPPER MARKET

NEW COPPER CYCLE EMERGING

Supply Pressures Refined Cu

bull Greater Production

Disruptions in Chile amp Indonesia

bull Declining Mine Grades bull Increasing Closures bull Curtailing Production bull Declining Supply of Scrap bull Peak SXEW Capacity

Reached in 2017 bull Chilean Mine Output

Decline Begins 2014

Shift to Cu Concentrates

bull Prone to Disruptions Technical Issues Slow Ramp-ups Declining Grades Strikes amp Protests Natural Disasters Cutbacks bull China Mine Output Set to

Decline bull Declining Availability of

Clean Concentrates

Concentrate Demand Growth

bull China Growing from Larger Base

bull Economic Rebound ex-China bull China Refocused on

Infrastructure Spending bull China Shifting Model away

from Cathode towards Concentrate imports

bull 2015 Chinese Concentrate Imports Exceed Cathodes (First Time)

Forecasted Shortages

bull Macquarie 10 Mt 2018-2020 bull Canaccord 11 Mt 2018-2019 bull RBC 09 Mt 2017-2019 bull Cu Shortfall Increasingly

from Shortage of Concentrate supply

TSXVPML 28

Large scale copper project greater potential strategic

location

TSXVPML 29

COTABAMBAS

ANTILLA

CONCLUSIONS

COTABAMBAS PROJECT

ANTILLA PROJECT Moderate scale project potential to monetize

FINANCED $141M to $231M funded to

2018 Wheaton Precious Metals Agreement

COPPER Principal commodity with supply constraints coming and demand

strong

PERU Key copper producing nation with national goal to become

largest copper producer nation

VALUATION POTENTIAL Significant Valuation Growth Potential for New Cycle

TSXVPML 30

TSXVPML FrankfurtPZM

BVLPML

For further information contact Luquman Shaheen President and CEO

Phone 6046844246 Email infopanorocom

wwwpanorocom

• Slide Number 1
• Slide Number 2
• Slide Number 3
• Slide Number 4
• Slide Number 5
• Slide Number 6
• Slide Number 7
• Slide Number 8
• Slide Number 9
• Slide Number 10
• Slide Number 11
• Slide Number 12
• Slide Number 13
• Slide Number 14
• Slide Number 15
• Slide Number 16
• Slide Number 17
• Slide Number 18
• Slide Number 19
• Slide Number 20
• Slide Number 21
• Slide Number 22
• Slide Number 23
• Slide Number 24
• Slide Number 25
• Slide Number 26
• Slide Number 27
• Slide Number 28
• Slide Number 29
• Slide Number 30

PANORO EXPLORATION STRATEGY

EXPLORATION DEFINING NEW PROJECTS FOR NEXT PHASE OF PANORO

COTABAMBAS PEA COMPLETED amp

UPDATED

ANTILLA PEA COMPLETED

1 PROJECT ENHANCEMENTS

2 PROJECT EXPANSIONS

3 STRATEGIC POSITIONING

2007 ndash 2014 2014 ndash 2016 2017 ndash 2019

PROMESA ANYO HUMAMANTATA KUSIORCCO

bull 4060 ha bull 5 km by 2 km porphyry bull 772 geochem samples bull 40 km IP bull 45 km Mag bull 37 km SP

bull 5000 ha bull Porphyry amp Skarn bull Hydrothermal Breccia bull 235 geochem samples

bull 3962 ha bull 4km by 17 km mineralized bull Two Porphyry zones bull Two Skarn zones bull IP amp Mag correlated

bull 5000 ha bull 1480 ha porphyry bull 772 geochem samples bull 4 drillholes bull 75 km IP bull 76 km Mag

2019 ndash 2020

PARTNER OR DIVEST

TSXVPML 26

1 2 3 4

COPPER FUNDAMENTALS SHORT TERM SURPLUS LONG TERM SUPPLY CHALLENGES

TSXVPML 27

MODEST SHORT TERM SURPLUS DRIVEN BY ECONOMIC REBALANCING IN CHINA

bull Broad macroeconomic slow down bull Chinese switch to consumer-based growth bull Peak in demand from end-use markets

LONG-TERM SUPPLY DEFICIT EXPECTED

bull Declining copper grades at existing operations

bull Inadequate high-quality discoveries bull Geopolitical risks and challenges restricting

development of greenfield projects

CONTINUED GROWTH IN GLOBAL COPPER DEMAND SUPPORT HIGHER LONG-TERM PRICES

bull Continued demand growth from China and developing countries expected

bull Increasing demand for energy efficient technologies requiring copper-intensive solutions

Source International Copper Association Ltd

Copper SupplyDemand (million tonnes)

STRUCTURAL CHANGES TO COPPER MARKET

NEW COPPER CYCLE EMERGING

Supply Pressures Refined Cu

bull Greater Production

Disruptions in Chile amp Indonesia

bull Declining Mine Grades bull Increasing Closures bull Curtailing Production bull Declining Supply of Scrap bull Peak SXEW Capacity

Reached in 2017 bull Chilean Mine Output

Decline Begins 2014

Shift to Cu Concentrates

bull Prone to Disruptions Technical Issues Slow Ramp-ups Declining Grades Strikes amp Protests Natural Disasters Cutbacks bull China Mine Output Set to

Decline bull Declining Availability of

Clean Concentrates

Concentrate Demand Growth

bull China Growing from Larger Base

bull Economic Rebound ex-China bull China Refocused on

Infrastructure Spending bull China Shifting Model away

from Cathode towards Concentrate imports

bull 2015 Chinese Concentrate Imports Exceed Cathodes (First Time)

Forecasted Shortages

bull Macquarie 10 Mt 2018-2020 bull Canaccord 11 Mt 2018-2019 bull RBC 09 Mt 2017-2019 bull Cu Shortfall Increasingly

from Shortage of Concentrate supply

TSXVPML 28

Large scale copper project greater potential strategic

location

TSXVPML 29

COTABAMBAS

ANTILLA

CONCLUSIONS

COTABAMBAS PROJECT

ANTILLA PROJECT Moderate scale project potential to monetize

FINANCED $141M to $231M funded to

2018 Wheaton Precious Metals Agreement

COPPER Principal commodity with supply constraints coming and demand

strong

PERU Key copper producing nation with national goal to become

largest copper producer nation

VALUATION POTENTIAL Significant Valuation Growth Potential for New Cycle

TSXVPML 30

TSXVPML FrankfurtPZM

BVLPML

For further information contact Luquman Shaheen President and CEO

Phone 6046844246 Email infopanorocom

wwwpanorocom

• Slide Number 1
• Slide Number 2
• Slide Number 3
• Slide Number 4
• Slide Number 5
• Slide Number 6
• Slide Number 7
• Slide Number 8
• Slide Number 9
• Slide Number 10
• Slide Number 11
• Slide Number 12
• Slide Number 13
• Slide Number 14
• Slide Number 15
• Slide Number 16
• Slide Number 17
• Slide Number 18
• Slide Number 19
• Slide Number 20
• Slide Number 21
• Slide Number 22
• Slide Number 23
• Slide Number 24
• Slide Number 25
• Slide Number 26
• Slide Number 27
• Slide Number 28
• Slide Number 29
• Slide Number 30

COPPER FUNDAMENTALS SHORT TERM SURPLUS LONG TERM SUPPLY CHALLENGES

TSXVPML 27

MODEST SHORT TERM SURPLUS DRIVEN BY ECONOMIC REBALANCING IN CHINA

bull Broad macroeconomic slow down bull Chinese switch to consumer-based growth bull Peak in demand from end-use markets

LONG-TERM SUPPLY DEFICIT EXPECTED

bull Declining copper grades at existing operations

bull Inadequate high-quality discoveries bull Geopolitical risks and challenges restricting

development of greenfield projects

CONTINUED GROWTH IN GLOBAL COPPER DEMAND SUPPORT HIGHER LONG-TERM PRICES

bull Continued demand growth from China and developing countries expected

bull Increasing demand for energy efficient technologies requiring copper-intensive solutions

Source International Copper Association Ltd

Copper SupplyDemand (million tonnes)

STRUCTURAL CHANGES TO COPPER MARKET

NEW COPPER CYCLE EMERGING

Supply Pressures Refined Cu

bull Greater Production

Disruptions in Chile amp Indonesia

bull Declining Mine Grades bull Increasing Closures bull Curtailing Production bull Declining Supply of Scrap bull Peak SXEW Capacity

Reached in 2017 bull Chilean Mine Output

Decline Begins 2014

Shift to Cu Concentrates

bull Prone to Disruptions Technical Issues Slow Ramp-ups Declining Grades Strikes amp Protests Natural Disasters Cutbacks bull China Mine Output Set to

Decline bull Declining Availability of

Clean Concentrates

Concentrate Demand Growth

bull China Growing from Larger Base

bull Economic Rebound ex-China bull China Refocused on

Infrastructure Spending bull China Shifting Model away

from Cathode towards Concentrate imports

bull 2015 Chinese Concentrate Imports Exceed Cathodes (First Time)

Forecasted Shortages

bull Macquarie 10 Mt 2018-2020 bull Canaccord 11 Mt 2018-2019 bull RBC 09 Mt 2017-2019 bull Cu Shortfall Increasingly

from Shortage of Concentrate supply

TSXVPML 28

Large scale copper project greater potential strategic

location

TSXVPML 29

COTABAMBAS

ANTILLA

CONCLUSIONS

COTABAMBAS PROJECT

ANTILLA PROJECT Moderate scale project potential to monetize

FINANCED $141M to $231M funded to

2018 Wheaton Precious Metals Agreement

COPPER Principal commodity with supply constraints coming and demand

strong

PERU Key copper producing nation with national goal to become

largest copper producer nation

VALUATION POTENTIAL Significant Valuation Growth Potential for New Cycle

TSXVPML 30

TSXVPML FrankfurtPZM

BVLPML

For further information contact Luquman Shaheen President and CEO

Phone 6046844246 Email infopanorocom

wwwpanorocom

• Slide Number 1
• Slide Number 2
• Slide Number 3
• Slide Number 4
• Slide Number 5
• Slide Number 6
• Slide Number 7
• Slide Number 8
• Slide Number 9
• Slide Number 10
• Slide Number 11
• Slide Number 12
• Slide Number 13
• Slide Number 14
• Slide Number 15
• Slide Number 16
• Slide Number 17
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STRUCTURAL CHANGES TO COPPER MARKET

NEW COPPER CYCLE EMERGING

Supply Pressures Refined Cu

bull Greater Production

Disruptions in Chile amp Indonesia

bull Declining Mine Grades bull Increasing Closures bull Curtailing Production bull Declining Supply of Scrap bull Peak SXEW Capacity

Reached in 2017 bull Chilean Mine Output

Decline Begins 2014

Shift to Cu Concentrates

bull Prone to Disruptions Technical Issues Slow Ramp-ups Declining Grades Strikes amp Protests Natural Disasters Cutbacks bull China Mine Output Set to

Decline bull Declining Availability of

Clean Concentrates

Concentrate Demand Growth

bull China Growing from Larger Base

bull Economic Rebound ex-China bull China Refocused on

Infrastructure Spending bull China Shifting Model away

from Cathode towards Concentrate imports

bull 2015 Chinese Concentrate Imports Exceed Cathodes (First Time)

Forecasted Shortages

bull Macquarie 10 Mt 2018-2020 bull Canaccord 11 Mt 2018-2019 bull RBC 09 Mt 2017-2019 bull Cu Shortfall Increasingly

from Shortage of Concentrate supply

TSXVPML 28

Large scale copper project greater potential strategic

location

TSXVPML 29

COTABAMBAS

ANTILLA

CONCLUSIONS

COTABAMBAS PROJECT

ANTILLA PROJECT Moderate scale project potential to monetize

FINANCED $141M to $231M funded to

2018 Wheaton Precious Metals Agreement

COPPER Principal commodity with supply constraints coming and demand

strong

PERU Key copper producing nation with national goal to become

largest copper producer nation

VALUATION POTENTIAL Significant Valuation Growth Potential for New Cycle

TSXVPML 30

TSXVPML FrankfurtPZM

BVLPML

For further information contact Luquman Shaheen President and CEO

Phone 6046844246 Email infopanorocom

wwwpanorocom

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Large scale copper project greater potential strategic

location

TSXVPML 29

COTABAMBAS

ANTILLA

CONCLUSIONS

COTABAMBAS PROJECT

ANTILLA PROJECT Moderate scale project potential to monetize

FINANCED $141M to $231M funded to

2018 Wheaton Precious Metals Agreement

COPPER Principal commodity with supply constraints coming and demand

strong

PERU Key copper producing nation with national goal to become

largest copper producer nation

VALUATION POTENTIAL Significant Valuation Growth Potential for New Cycle

TSXVPML 30

TSXVPML FrankfurtPZM

BVLPML

For further information contact Luquman Shaheen President and CEO

Phone 6046844246 Email infopanorocom

wwwpanorocom

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TSXVPML 30

TSXVPML FrankfurtPZM

BVLPML

For further information contact Luquman Shaheen President and CEO

Phone 6046844246 Email infopanorocom

wwwpanorocom

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