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DEVELOPING PERUS COPPER POTENTIAL Corporate Presentation July 2017 TSXV:PML FORWARD LOOKING STATEMENTS Information and statements contained in this news release that are not historical facts are forward-looking


  1. DEVELOPING PERU’S COPPER POTENTIAL Corporate Presentation July 2017 TSXV:PML

  2. FORWARD LOOKING STATEMENTS Information and statements contained in this news release that are not historical facts are “forward-looking information” 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: • acceleration of payments by Wheaton Precious Metals to match third party financing by Panoro targeted for exploration at the Cotabambas Project • payment by Wheaton Precious Metals of US$140 million in installments • negotiation of a definitive PMPA • Panoro weathering the current depressed equity and commodity markets, minimizing dilution to existing shareholders and making targeted investments into exploration at the Cotabambas Project • mineral resource estimates and assumptions • the PEA, including, but not limited to, base case parameters and assumptions, forecasts of net present value, internal rate of return and payback; • 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 Panoro’s control; risks relating to Panoro’s ability to enforce Panoro’s legal rights under permits or licenses or risk that Panoro’s will become subject to litigation or arbitration that has an adverse outcome; • risks relating to Panoro’s projects being in Peru, including political, economic and regulatory instability; • risks relating to the uncertainty of applications to obtain, extend or renew licenses and permits; • risks relating to potential challenges to Panoro’s right to explore and/or develop its projects; • risks relating to mineral resource estimates being based on interpretations and assumptions which may result in less mineral production under actual circumstances; • risks relating to Panoro’s operations being subject to environmental and remediation requirements, which may increase the cost of doing business and restrict Panoro’s operations; • risks relating to being adversely affected by environmental, safety and regulatory risks, including increased regulatory burdens or delays and changes of law; • risks relating to inadequate insurance or inability to obtain insurance; • risks relating to the fact that Panoro’s properties are not yet in commercial production; • risks relating to fluctuations in foreign currency exchange rates, interest rates and tax rates; and • risks relating to Panoro’s 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. TSXV:PML 2

  3. INVESTMENT HIGHLIGHTS T WO D IVERSIFIED C OPPER P ROJECTS AT PEA S TAGE K NOWLEDGEABLE I NVESTORS / P ARTNERS - F LAGSHIP C OTABAMBAS P ROJECT - C U 5.2 B LB - A U 4.2 M OZ - A G 55.7 M OZ - M O 28.7 M LB - A NTILLA P ROJECT I NVESTORS - C U 2.7 B LB - M O 78.1 M LB B OARD & M ANAGEMENT S TRATEGIC L OCATION IN S OUTHERN P ERU - F OUR O PEN C OPPER M INES C OPPER S UPPLY S HORTAGE ON H ORIZON - $15B INVESTMENT COMPLETE – D ECLINING G RADES - D EMONSTRATED PERMITTING SUCCESS R EDUCED E XPLORATION – - I NFRASTRUCTURE IN P LACE AND A VAILABLE D EVELOPMENT D ELAYS – - R OAD , R AILWAY , P ORT , P OWER , F RESH W ATER - P RO MINING COUNTRY & GOVERNMENT - 25 YEARS ’ SUCCESS F UNDED TO 2019 - N ATIONAL F OCUS ON G ROWING C OPPER S ECTOR – W HEATON P RECIOUS M ETALS A GREEMENT M ACRO E CONOMIC AND P OLITICAL S TABILIT Y - – 2016 P RIVATE P LACEMENT TSXV:PML 3

  4. CAPITAL STRUCTURE & SHARE PERFORMANCE Tickers TSX-V:PML Lima:PML Frankfurt:PZM $0.17 Share Price $0.13 - $0.22 52 Week Low-High Shares Issued 258.1M (6.4% Insiders) Warrants 18.4M Options 8.8M Fully Diluted 285.3M (11.1% Insiders) Market Capitalization $44.0M Funded to Dec 2018 $14.1M TSXV:PML 4

  5. MANAGEMENT & DIRECTORS – PERU EXPERIENCE M ANAGEMENT M ANAGEMENT D IRECTORS William Boden, CPA,CA – Chairman Luquman Shaheen, PEng, PE, MBA – President & Chief Former Chairman of First Coal Corporation Executive Officer & Director Over 27 years experience in mining sector, 20 years Augusto Baertl – Director experience in Peru and Latin America Over 50 years of experience in the Peruvian and International Mining Sectors Shannon Ross, CPA,CA – Chief Financial Officer Ronald Hall – Director Over 25 years experience in accounting and financial Over 40 years of experience in the management, operation, management in the public and mining industry evaluation and design of mining projects globally Yves Barsimantov – Vice President Operations & Peru Anthony Laub – Director General Manager Partner at Laub & Quijandria Consultores y Abogados 20 years management experience with Peruvian banking, Christian Pilon – Executive Director Peru – Director fishing and mining sectors Over 30 years of experience in applied geophysics and mining sector, resident in Peru Luis Vela, P.Geo., MSc.Econ.Geology – Vice President Exploration Christiaan Staargaard, MSc, PGeo – Director Over 25 years exploration experience in Peru and Chile Over 40 years experience in exploration including as a mining sectors Director or Senior Officer of public companies since 1990 Lorne Torjhelm – Director President RNJ Ventures TSXV:PML 5

  6. PANORO HISTORY 2007 2008 2009 2010 2011 2012 • Acquisition of • 154 Mt Resource • Antilla Drill • 404 Mt Resource • $6.6 M Financing • Cotabambas CDLM Antilla Project Program • Antilla Infill at Cotabambas Drill Program • 90 Mt Resource at • Cotabambas • Antilla Community Project Drilling • $7.8M Financing Cotabambas Community Agreement • $13.8M Financing • $20M Financing Agreement • Cotabambas Drill Program • Cotabambas Community Agreement 2013 2014 2015 2016 2017 2018 • 722 Mt Resource • $6.5 M Financing • Cotabambas PEA • Cotabambas at Cotabambas • Maria Jose Zone Completed & Resource Growth Project • Antilla PEA & 382 Mt at Cotabambas Optimized Drilling • 334 Mt Resource Resource • Cotabambas Drill • Cu Oxide Target • Antilla Optimization Antilla Project Program at Cotabambas Study • Cotabambas Drill Completed • Gold Oxides Targets Program • Cotabambas Community at Cotabambas Agreement • Chaupec Target Cluster at Cotabambas 6

  7. PERU A MINING COUNTRY Projects a nd Inv estm ents w ho’s fund ing them Canada Mining Inv estm ent 21% By Region UK 13% USA 12% PIURA 6% Mexico 9 % China 22% More than 10% Between 1% & 10% Less than 1% CAJAMARCA Australia 22% 7% Country US$ Million % China 10,189 22% COTABAMBAS Canada 9,877 21% C U / A U / A G APURIMAC P ROJECT United 6,000 13% 21% Kingdom United States 5,535 12% ANTILLA Peru 5,0 29 11% AREQUIPA C U / M O P ROJECT Mexico 4,160 9% 11% Australia 3,135 7% MOQUEGUA Brazil 1,996 4% Source: Peru Ministry of Energy & Mines 13% Japan 490 1% Total 46,411 100% TSXV:PML 7

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