# Paul Cmrlec Managing Director ## Career chronology - **Current; 2026 Annual Report conflicts between 1 June 2010 and 'since 2011'.: Pantoro Gold** — Managing Director / CEO. [Pantoro 2026 Annual Report]() (pp.19 and 26); [Pantoro Operations Update and Investor Presentation, September 2026]() (p.7) - **Before Pantoro; sequence and dates not established.: Metals X, Harmony Gold and AngloGold Ashanti** — Earlier mining-sector roles; exact titles and dates not stated. [Pantoro 2026 Annual Report]() (p.19); [Pantoro Gold leadership and management]() (Paul Cmrlec biography) ## Contributions and company outcomes ### Q1 FY2027 shows staffing recovery and cost pressure [paul_cmrlec_q1fy27_context] Quarter ended 30 September 2026 · issuer reported · low materiality Pantoro reported 21,864 oz of gold, EBITDA of A$63.1m and AISC of A$3,860/oz for Q1 FY2027. It said contractor staffing improved after shortages affected FY2026 underground operations, while fuel costs were about 8% above budget and October fuel costs were 31% above budget. The report also described Green Lantern open-pit start-up and Norseman exploration/development activity. These are mixed company-level indicators, not individually attributed to Cmrlec. **Attribution:** Role overlaps event; causation unproven. The quarter overlapped his MD role; the report does not establish his personal contribution or responsibility. **Relevance:** Operating and cost trends are relevant to executive oversight after the FY2026 shortfall. [Pantoro Quarterly Activities Report and Appendix 5B, quarter ended 30 September 2026]() (p.3); [Pantoro Quarterly Activities Report and Appendix 5B, quarter ended 30 September 2026]() (p.5) ## Business failures and setbacks ### FY2026 production below revised guidance [paul_cmrlec_fy26_production_shortfall] FY2026 ended 30 June 2026 · issuer reported · medium materiality Pantoro revised FY2026 gold production guidance to 86,000–92,000 ounces in March 2026 after flooding from Ex-Tropical Cyclone Mitchell, equipment/personnel availability, and a planned contractor transition. The July result reported 77,408 ounces, about 10% below the bottom of revised guidance. The issuer attributed the underground shortfall primarily to principal contractor delivery and acute WA labour-market conditions, while open-pit operations were in line with plan. Cmrlec was Managing Director during the period, but these sources do not establish personal causation; this is a delivery outcome during his tenure. **Attribution:** Role overlaps event; causation unproven. The sources attribute operational causes to contractor delivery and labour-market conditions; they do not establish that Cmrlec personally caused the shortfall. **Relevance:** Production delivery and contractor oversight are central responsibilities for a Managing Director of a producing gold company. [December 2025 Half Year Report and FY 2026 Guidance Update]() (FY2026 Guidance Update, 9 March 2026); [Pantoro Gold FY2026 Result and FY2027 Guidance]() (FY2026 Result, 9 July 2026) ## Governance and interests ### CEO rights and termination-benefit approvals proposed [paul_cmrlec_agm_remuneration] Proposal disclosed 23 October 2026; vote scheduled for 24 November 2026 · issuer reported · medium materiality The 2026 AGM notice asks shareholders to approve 457,776 performance rights for Cmrlec and potential termination-benefit arrangements. It describes relative TSR, absolute TSR and ore-reserve-growth hurdles, estimated fair value of about A$741,000 and maximum face value of about A$1.021m. The AGM was scheduled for 24 November 2026, so approval remained pending at cutoff; the proposal is not evidence that rights vested or benefits were paid. **Attribution:** Individual involvement documented. The notice names Cmrlec as the recipient and describes potential termination benefits; the shareholder vote had not occurred by cutoff. **Relevance:** CEO incentives and termination provisions are governance matters for shareholders and the board. [Pantoro 2026 Notice of Annual General Meeting and Proxy Form]() (pp.4-7 and 11-13) ## Suitability for the current role ### Technical and operating background relevant to MD role [paul_cmrlec_current_role_fit] Professional background disclosed by 2026 · analyst inference · low materiality Pantoro reports a mining engineering degree with honours and more than 25 years of mining experience, including earlier work with Metals X, Harmony Gold and AngloGold Ashanti. These sources support relevant technical and sector experience, but do not establish personal results in each role or independently verify the degree. **Attribution:** Responsibility not applicable. This is a role-fit judgment from issuer-reported qualifications and career history; it is not an assessment of personal performance. **Relevance:** Relevant operating and technical experience matters for a producing gold company; incomplete chronology and limited attribution constrain the assessment. [Pantoro 2026 Annual Report]() (p.19); [Pantoro Gold leadership and management]() (Paul Cmrlec biography); [Pantoro Limited: Initiating Coverage]() (p.14) ## Evidence gaps - Full role chronology, earlier employers and dates were not independently established in this limited pass. - Credentials and memberships were not independently verified. - The searches documented here are open-web screening only, not exhaustive criminal, sanctions, litigation, safety or credential checks.