Pantheon Resources (PANR) Investor update summary

Strategic progress and resource validation

• Independent validation increased oil and gas resources to nearly 1.6 billion barrels and over 6 TCF of gas, with total contingent and prospective resources now exceeding 2 billion barrels across Ahpun and Kodiak fields.

• Ahpun field alone attributed a ~$2 billion NPV10 real value, with updated estimates showing Kodiak at 1.2 billion barrels and Ahpun's prospective resources up by over 600 million barrels.

• Gas resources recognized for the first time, enabling a long-term supply agreement with the state of Alaska and supporting funding for oil development.

• Acreage expanded from 193,000 acres in 2023 to 258,000 acres in 2024, including higher quality reservoirs.

• Independent expert reports confirm strong project economics, with well returns above 100% and profit-to-investment ratios exceeding 2.

Funding strategy and financial outlook

• Funding requirement reduced from $350 million to $60–$85 million to reach FID on Ahpun, aided by the gas transaction with AGDC and potential post-FID debt funding up to $250 million.

• Multiple funding options pursued, including structured instruments, industry transactions, farm-out, debt, equity, and a planned US listing in 2025.

• Strategy prioritizes minimizing dilution, leveraging non-equity funding sources such as gas and helium assets, and maintaining flexibility with multiple backup plans.

• Convertible bond management has reduced dilution and price weakness, with ongoing efforts to replace it with less dilutive financing.

• Funding will be secured incrementally as needed, with announcements on transactions as they close, rather than a single large capital raise.

Operational milestones and development timeline

• Ahpun field expected to reach FID by 2027/28 and production by 2028, with environmental and regulatory approvals targeted by 2027.

• Appraisal drilling in Ahpun East and Megrez planned to confirm resource potential and support development plans.

• AGDC and Enbridge to commence FEED for the gas pipeline within six months, with gas sales agreement expected to support $250 million in debt.

• Peak production for Ahpun projected at 100,000 barrels/day, with overall development potentially reaching 300,000 barrels/day.

• Supply chain and service provider expansion underway to support fracking and drilling operations on the North Slope.