Pantheon Resources (PANR) Investor update summary

Strategic and Financial Update

• Raised $16.25 million via private placement and completed a $35 million bond, strengthening the balance sheet and enabling immediate Dubhe-1 mobilization.

• Converted $11.4 million of debt to equity and accelerated amortization payments, reducing leverage and enhancing financial flexibility.

• Funding strategy prioritizes least value-dilutive sources, including equity, vendor financing, debt, and farm-outs.

• Strengthened position for gas commercialization and stakeholder negotiations, aiming to avoid past underfunding and maintain leverage.

• Targeting financial self-sufficiency through phased Ahpun field development, with $300 million total estimated cost.

Portfolio Overview and Resource Base

• Holds 100% working interest in ~258,000 acres on Alaska's North Slope.

• Certified resources of ~2.6 billion barrels of oil equivalent, with initial focus on Ahpun field's 282 million barrels.

• Key assets include Kodiak (1,208 mmbbl oil, 5,396 Bcf gas) and Ahpun (361 mmbbl oil, 1,228 Bcf gas).

• Market cap of $382 million and targeted NPV-10 of ~$7 billion.

• No known biodiversity or environmental issues; all state lands.

Resource and Operational Highlights

• Infrastructure advantages include proximity to Dalton Highway and TAPS pipeline, enabling year-round access and lower costs.

• Dubhe-1 appraisal well marks transition from exploration to appraisal and development, targeting SMD D and SMD-B reservoirs.

• Offset wells have produced oil, supporting confidence in resource deliverability.

• Dubhe pad completed June 2025, capable of supporting multiple wells and production facilities.

• Permit to drill filed; initial well construction underway.