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PANTHER METALS PLC

("Panther" or the "Company")

(Incorporated in the Isle of Man with company number 009753V)

10 April 2024

Fulcrum Metals: Option Agreement to Acquire Gold Tailings Project

Panther Metals PLC (LSE:PALM) the company focused on developing Canada's next VMS camp and graphite deposit, is pleased to note the Fulcrum Metals PLC ("Fulcrum", LON: FMET) announcement that it has entered into an option agreement to acquire a 100% interest in the Syvanite Gold Tailings Project which is strategically located 3km from their existing Tech-Hughes Gold Tailings Project, in Ontario, Canada. The option agreement offers the potential to substantially increase Fulcrum's footprint within the Kirkland Lake gold camp.

Panther currently holds a total of 9,971,839 ordinary shares in Fulcrum representing a 19.99% interest in the entire issued share capital of Fulcrum, plus 714,286 warrants exercisable at 17.5p with a two-year life from 14 February 2023 and a further 476,190 warrants exercisable at 26.25p with a three-year life. Panther also retains a 2% net smelter return ("NSR") royalty over the Big Bear Project.

CEO, Darren Hazelwood, commented:

"Fulcrum's ability to secure access to a second gold tailings project within such close proximity to their Tech-Hughes gold tailing project is a significant win for the company given the potential economic returns available through tailings reprocessing and mine waste management opportunities.  The close proximity of the two projects offers added potential for increased economies of scale.

As Fulcrum looks to develop near term cash-flow from these gold projects, the wider provincial scale potential for tailings reprocessing opportunities utilising the Extrakt technology in Ontario is likely to become increasingly apparent both to the company and to Panther as a significant shareholder."

Fulcrum Announcement Highlights

·    Fulcrum signed option to acquire 100% of the Sylvanite Gold Tailings Project, at the ex-producing Sylvanite mine.  Sylvanite was the fourth largest gold producing mine in the Kirkland Lake gold camp having milled 4.58 million tonnes of ore and produced 1.67 million ounces between 1927 and 1961.

·    Non-compliant historical tailings resource estimate of up to 67,051 ounces of gold in tailings cannot be currently classified in accordance with NI 43-101.*

·    Based on recovery test work undertaken in 2008 it was suggested that a combination of gravity, grinding and flotation techniques might be able to boost the recovery of gold from tailings to 70%.

·    Larger scale pilot plant tests were performed in 2010 and 2012 using up to 850kg of sample material which recovered approximately 65-72% of gold to a rougher concentrate.*

·    Based on these results, the October 2012 continuous pilot plant campaign (undertaken by Advanced Reclaim Inc) was considered successful with the primary objectives of:

o  demonstrating a viable and scalable non-chemical mineral processing approach to recovering a saleable gold concentrate; and

o  leaving reprocessed tailings with properties suitable for use as a subsoil when restoring vegetation cover on the former tailings area.

·    Sylvanite is less than 3km from the Teck Hughes gold tailings project which represents an opportunity for Fulcrum to optimise resources and leverage synergies across both projects.

·    Sylvanite and Teck-Hughes provide Fulcrum with the potential to become cash generative using the Extrakt Process Solution tailings technology.

*See disclosures in Fulcrum announcement.

Ryan Mee, Chief Executive Office of Fulcrum Metals plc, commented:

"We are thrilled to sign our second gold tailings agreement and add Sylvanite to our project portfolio. Sylvanite is less than 3km from our first gold tailings investment, Teck-Hughes. This not only enhances our presence in the Kirkland Lake gold camp, one of the most productive gold camps in Canada, but provides us with an opportunity to create a tailings hub and, therefore, economies of scale. 

Historic results confirm that Sylvanite has the potential to become a viable project, particularly in light of the current gold spot price hovering around USD$2,200 per ounce, whilst our estimated acquisition cost is less than USD$3.80 per ounce. Investing in these tailings projects presents an exciting opportunity for Fulcrum as it brings low discovery risk assets in established mining camps into our portfolio which are less capital-intensive to advance to production and cash flow. This approach not only conserves cash resources but offers significant upside potential to Fulcrum shareholders.

Sampling at Sylvanite and test work with Extrakt Process Solutions will follow once the current test work programme at Teck-Hughes is completed. I look forward to updating the market on our progress as we seek to evolve into a significant exploration and development company".

Further information and the terms of the option agreement are available in the full Fulcrum RNS announcement which is available at: https://fulcrummetals.com/news/

For further information please contact:

Panther Metals PLC:

Darren Hazelwood, Chief Executive Officer:            +44(0) 1462 429 743

                                                                       +44(0) 7971 957 685

Brokers:

Tavira Financial Limited                     

Christopher James Kipling                               +44(0) 203 833 3743

SI Capital Limited

Nick Emerson                                                  +44(0) 1438 416 500

Axis Capital Markets Limited

Ben Tadd

Lewis Jones                                                     +44 (0)20 3026 0449

Notes to Editors

Panther Metals PLC is an exploration company listed on the main market of the London Stock Exchange. Panther is focussed on the discovery of commercially viable mineral deposits. The Company's operational focus is on established mining jurisdictions with the capacity for project scalability. Drill targets are assessed rapidly utilising a combination of advanced technologies and extensive geological data to decipher potential commercial viability and act accordingly. Panther's current geological portfolio comprises of three highly prospective properties in Ontario, Canada while the developing investment wing focuses on the targeting of nickel and gold in Australia.

Obonga Project

Panther Metals acquired the Obonga Greenstone Belt in July 2021 and have already identified five prospective primary targets: Wishbone, Awkward, Survey, Ottertooth and Silver Rim. A successful Phase 1 drilling campaign at Wishbone in Autumn 2021 revealed the presence of significant VMS-style mineralised systems on the property - the first such discovery across the entire greenstone belt. Intercepts include 27.3m of massive sulphide in hole one, and 51m of sulphide-dominated mineralisation in hole two. Both drill holes contained multiple lenses. Anomalous high-grade copper in lake sediment close to the target area has also been identified, increasing confidence in the prospectivity of the location.

Awkward is a highly anomalous magnetic target, interpreted to be a layered mafic intrusion and magmatic conduit based on mapped geology and airborne geophysics. Historic sampling in the area returned anomalous platinum and palladium (Pt, Pd) values, while historic drilling on the periphery of the target intersected non-assayed massive sulphide and copper (assumed to be chalcopyrite), non-assayed disseminated pyrite and chalcopyrite in coarse gabbro, and non-assayed 'marble cake' gabbro (matching the description of the Lac des Iles Mine varitexture gabbro ore zone).

Two additional named targets, Survey and Ottertooth, both displays further coincident magnetic and electromagnetic anomalies and are adjacent to the contact between intrusive and extrusive mafic rocks. Historic drilling at Survey intersected several meters of massive sulphides in multiple intersections (main parts of the anomaly remain untested) while Ottertooth remains untested in its entirety.

Dotted Lake Project

Panther Metals acquired the Dotted Lake Project in July 2020, it is situated approximately 16km from Barrick Gold's renowned Hemlo Gold Mine. An extensive soil programme conducted in 2021 identified numerous gold and base metal targets, all within the same geological footprint. Following the installation of a new trail providing direct access to the target location, an initial drilling programme in Autumn 2021 confirmed the presence of gold mineralisation within this system with anomalous gold continuing along strike and present within the surrounding area.

Manitou Lakes Project

The Manitou Lakes gold project is located approximately 300km's east of Thunder Bay, Ontario and covers a total area of around 98sq km's.

There are over 200 known gold occurrences on the Manitou Lakes project area with the wider Eagle/Manitou Lakes greenstone belt hosting numerous historic gold producers and is prospective for Archean age orogenic gold and associated base metal deposits.

Exploration work conducted by Shear Gold on the Project to date has identified numerous gold bearing structures and favourable geological host rocks through early-stage mapping and surface sampling. The work has focussed on two target areas, being the West Limb Gold Property and the Glass Reef Gold Property, both of which host historic gold mines which have never been systematically explored using modern techniques or drill tested

Fulcrum Metals Plc

Fulcrum Metals PLC (LON: FMET) is an AIM listed exploration company which finances and manages exploration projects focused on Canada, widely recognised as a top mining jurisdiction.

FMET currently holds a beneficial 100% interest in highly prospective gold and base metals projects in Ontario and Uranium projects in Saskatchewan.

Fulcrum's strategy is to focus on discovery and commercialisation of its Projects through targeted exploration programmes. The primary focus is to make an economic discovery on the flagship Schreiber-Hemlo Properties and establishing the prospectivity of its wider Ontario and Saskatchewan portfolio with a view to securing potential joint venture and/or acquisition interest.

Panther Metals Plc own 20% of the issued share capital of Fulcrum Metals Plc and a 2% NSR on the Big Bear project.

Panther Metals Australia

Following the listing of Panther Metals' Australian assets on the Australian Securities Exchange ("ASX") in December 2021. The ASX listing has provided the Australian projects with the necessary capital to advance drill-ready targets focused on nickel and gold (within the Tier 1 Mining Districts of Laverton WA and in the NT). Through this spin-out Panther holds an attractive investment prospect, without any disruption to the Company's capital structure and without any financial obligations.

Conclusion

Panther Metals understand that the commercial realities of building an exploration company requires expertise in geology, finance, and the markets within which they operate. The Company's extensive network of industry leaders allows it to meet these objectives. Ultimately however, drilling success is the only route to discovery: the fundamental objective of any exploration company. Once Panther's world-class geological team identify the anomalies, they work hard to get drilling. The drill hole is the only place where substantial and sustained capital growth originates and it's with that operational focus Panther Metals will continue to advance.