Carolina Gold Carolina Gold

Brewer is the premier brownfields gold-copper target Brewer is the premier brownfields gold-copper target in the eastern USA in the eastern USA

THE THE PUCPUC REPORTREPORT

Copyright ©2020 Pancontinental Resources Corporation. All rights reserved.May 2020

MESSAGE FROM PANCON’S PRESIDENT & CEO

INSIDE PUC REPORTGold & Copper Insights• Month over month and year to date

commodity prices and charts

Industry News• OceanaGold’s South Carolina mine stays

open• In uncertain times, global metals exchange

volumes surge• Mining projects to slow further in Q2 2020• Gold price to surge past $3,000 says Bank

of America• How Much Gold is Gone? Quantifying

COVID-19 Mine Closures• Pandemic puts China metals supply chain

in jeopardy• Best and worst COVID-19 scenarios for

Gold • Gold price could approach all time-high in

2020 • Miners will weather the covid-19 storm• Gold heads for weekly gain despite inves-

tors cashing out• Gold to benefit from quick COVID-19

responses• Extended lockdowns to hit copper produc-

tion• Surging profits seen as no safety net for

winning gold stocks• Scotiabank to close its metals business

+++ MORE INSIDE!

Dear Pancon Shareholders & Followers,

Greetings from the Carolinas! I hope you and your family are staying safe and healthy.

Despite the uncertainty in our world today, with the COVID-19 pandemic and resulting social and economic concerns, I am happy to report that Pancon Resources is in a good position to create shareholder value in the near term.

Pancon’s sole focus is ‘Carolina Gold.’ All of our time, personnel and funding is devoted to discovering new gold-copper mineralization at the former Brewer Gold Mine property on the prolific and underexplored Carolina Slate Belt in South Carolina, USA.

The initial term of our Brewer option agreement has been extended by 6 months, giving us until April 2022 to spend US$2 million on exploration and operating expenses. At that point we can extend the option term another 18 months, to October 2023.

Meantime, we are now processing about 60 samples from historic Brewer drill core using X-Ray Diffraction (XRD) technology in order to produce new data on Brewer mineralogy that will help us further optimize and de-risk our initial diamond drilling work, to com-mence in coming months. Meantime, we plan to conduct several types of geophysical surveys at and around Brewer, to give us even more data for our conceptual modeling and drill planning.

Last week I spent time at Brewer and we released a short video on April 27. We are re-leasing another video today, which we hope you enjoy.

Thank you for your investment and your trust. I wish you and your family continued good health and safety.

Layton CroftPancon President & CEO

Price in US$ per tonne

Gold (Au)

Copper (Cu)

Mar 31, 2020 $1,587.90 $4,797.00

April 30, 2020 $1,687.90 $5,231.00

Change (+/-) $100.00 $434.00

MoM (%) +6.30% +9.05%

Source: The London Metal Exchange* Gold price per ounce/copper price per tonne

May 2020May 2020

The PUC ReportMay 2020

Page 2Copyright ©2020 Pancontinental Resources Corporation. All rights reserved.

GOLD CHART

YEAR TO DATE

Price as of Jan 1, 2020: $1,525.50/oz

MONTH OVER MONTH

Price as of April 30, 2020: $1,687.90/oz

COPPER CHART

YEAR TO DATE

Price as of Jan 1, 2020: $6,165.00/t

MONTH OVER MONTH

Price as of April 30, 2020: $5,231.00/t

Pancon Supporting the Community During COVID-19 Pandemic

Pancon is proud to support the

HELPING HANDS OUTREACH CENTER FOOD BANK

Serving Pageland, Jefferson and Mt. Croghan residents, this charity organization donate food for families in need every Monday from 10 am to 2pm.

HELPING HANDS OUTREACH CEN-TER-FOOD BANK205 W. PIGG ST.PAGELAND, SC 29728

Click here to follow them on Facebook.

Pancon Price Chart YTD

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$0.01

$0.02

$0.03

$0.04

$0.05

$0.06

Jan Feb March April

Price as of Jan 2, 2020: $0.02

Price as of April 30, 2020: $0.055

• MoM: +22%• YTD: + 120%

The PUC ReportMay 2020

Page 3Copyright ©2020 Pancontinental Resources Corporation. All rights reserved.

INDUSTRY NEWS

OceanaGold’s South Carolina mine stays openApril 1, 2020

In uncertain times, global metals exchange volumes surgeApril 8, 2020

Mining projects to slow further in Q2 2020April 17, 2020

Gold price to surge past $3,000 says Bank of AmericaApril 21, 2020

How Much Gold is Gone? Quantifying COVID-19 Mine ClosuresApril 22, 2020

Pandemic puts China metals supply chain in jeopardyApril 22, 2020

Best and worst COVID-19 scenarios for Gold April 23, 2020

Gold price could approach all time-high in 2020 April 23, 2020

Miners will weather the covid-19 stormApril 24, 2020

Gold heads for weekly gain despite inves-tors cashing outApril 24, 2020

Gold to benefit from quick COVID-19 responsesApril 27, 2020

Extended lockdowns to hit copper produc-tionApril 27, 2020

Surging profits seen as no safety net for winning gold stocksApril 28, 2020

Scotiabank to close its metals businessApril 28, 2020

PANCON VIDEO SERIES

Pancon has started releasing short, informative (and fun) videos from the Pancon team as we gear up to focus on making a new gold-copper discovery in South Carolina.

Click on the videos below to see them and don’t forget to visit us for updated content at: www.panconresources/investors/videos/.

The Quest for Carolina Gold at the Former Brewer Gold MineApril 14, 2020

Brewer Gold Project Update from Layton CroftApril 27, 2020

Layton Croft & Criss Capps Update from BrewerApril 28, 2020

NEW VIDEO

NEW VIDEO

The PUC ReportMay 2020

Page 4Copyright ©2020 Pancontinental Resources Corporation. All rights reserved.

BOARD OF DIRECTORS

Don Whalen, ChairmanLayton CroftDavid MosherDavid PetroffRick Mark

TECHNICAL ADVISORY COMMITTEE

Laurie Curtis, Chief Technical AdvisorDavid MosherCriss CappsChris Cherrywell

CAPITAL STRUCTURE (As of 04/30/2020)

TSX Venture PUC

OTCBB PUCCF

Market Capitalization $11.8 million

Share Price $0.055

52-Week Range $0.07 - $0.02

Shares Outstanding 215.2 million

Warrants 62.3 million

Options 17.8 million

Cash on Hand ~$2.8mm

Insiders, Friends & Family ~46%

CONTACT INFORMATION

Website: www.panconresources.com

E: info@panconresources.com

Twitter: @PanconResources

LinkedIn: @Pancon-Resources

Tel: +1.647.202.0994 /+1.980.498.7688

CAROLINA GOLD TEAM

Layton CroftPresident & CEO

Based in Charlotte, NC, an hour from Brewer. More than 15 years of global min-ing industry experience, in senior roles with Ivanhoe Mines, Rio Tinto, Peabody Energy and Duke Energy. Pancon President and CEO since 2017.

Chris Cherrywell, CPGSenior Geologic Advisor

Discovered the Brewer gold deposit in 1983. More than 10 years of exploration and project development experience on the Carolina Gold Belt, including at Haile and Barite Hill. 40 years of global explora-tion and development experience.

Criss Capps, PhD, CPG, QPProject Advisor

Discovered the high-grade Buzzard gold project next to Brewer in 1997. More than 25 years of exploration experience in the Brewer-Haile area, and 40 years total across North America. Co-discovered 6 gold deposits that became the Castle Mountain Gold Mine in California.

Laurence (Laurie) Curtis Chief Technical Advisor

Founded the company that discovered and developed the world class Tujuh Bukit gold-copper district in Indonesia, which has many similarities to Brewer. 45 years of global exploration and executive leader-ship experience.

Disclaimer All information provided in this newsletter is based upon sources that Pancontinental Resources Corporation (“Pancon”) believes to be reliable. Pancon does

not guarantee their accuracy or completeness. Any and all statements as of the date of this newsletter are subject to change without notice. All information

provided on this newsletter must be understood as information presented for discussion only and not investment advice. Pancon advises all readers and

subscribers to seek advice from a registered professional securities representative before deciding to trade in stocks featured on this newsletter or any stocks

for that matter. All statements and expressions of the companies featured are not meant to be a solicitation or recommendation to buy, sell, or hold securities.

Pancon expressly disclaims any obligation to update or revise any such forward-looking statements.

Qualified PersonThe technical information in this newsletter has been prepared in accordance with Canadian regulatory requirements as set out in NI 43-101 and reviewed and

approved by Richard “Criss” Capps, PhD, RPG, SME REG. GEO, a Qualified Person as defined by NI 43-101. Certain technical information within this newslet-

ter is historical in nature and pre-dates NI 43-101 standards, this information is believed to be reliable however the Company has not verified this material.

David MosherTechnical Advisor

Led exploration, development and produc-tion at multiple gold projects and mines in Canada, West Africa and Russia. 40 years of global exploration and mining executive leadership experience.

Margaret Venable, PhD, CPGProject Advisor

Has consulted on projects in the South-eastern USA in the past 10 years including Pancon’s Jefferson gold project, next to Brewer, in 2016-17. Has 35 years of global exploration, discovery, feasibility and mine development experience in North Ameri-ca, Latin America and Asia.

STOCK PERFORMANCE YEAR TO DATE (as of April 30, 2020)

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$0.04

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Jan Feb March April

Price as of Jan 2, 2020: $0.02

Price as of April 30, 2020: $0.055• MoM: +22%• YTD: + 120%