Pantheon Resources (PANR) AGM 2025 summary

Opening remarks and agenda

• Welcomed attendees, introduced new CEO Max Easley, and acknowledged outgoing leadership's contributions.

• Outlined the meeting would cover business updates, resource potential, and strategic direction.

• Formalities of the AGM were conducted before the investor presentation commenced at 3:10 pm.

Board and executive committee updates

• Max Easley appointed as CEO, bringing extensive North Slope and unconventional resource experience.

• Leadership team includes experienced professionals with backgrounds in petroleum engineering, geology, finance, and commercial management.

• Team has a track record of successful ventures and operational expertise in Alaska.

• Jay Cheatham recognized for his role in the leadership transition and company development.

Financial performance review

• Current funding position is strong, with recent $35 million raised and sufficient cash for near-term operations.

• Estimated $300 million required to reach cash flow self-sufficiency, with strategies in place to minimize shareholder dilution.

• Gas Sales Precedent Agreement provides visibility toward $250 million in project finance.

• 2.6 billion boe resource opportunity with 1.6 Bbbls of ANS crude and 6.6 Tcf of natural gas in 2C contingent resources.

• Market capitalization of $955M/£740M and targeted NPV-10 value of approximately $7 billion.