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PANTHER METALS PLC

("Panther" or the "Company")

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

7 August 2023

Fulcrum Metals: Project Acquisition and Fundraise

Panther Metals PLC (LSE:PALM) the company focused on mineral exploration in Canada, is pleased to note that Fulcrum Metals PLC ("Fulcrum", LON: FMET) have announced they have entered into a mineral claim purchase agreement (the "Purchase Agreement") to acquire a 100% interest in the Tully Gold Project ("Tully" or the "Project") close to Timmins, Ontario and an associated capital raise of £520,000 via the issue of a convertible loan note.

Panther currently holds a total of 9,971,839 ordinary shares in Fulcrum representing a 20% 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.

Darren Hazelwood, Chief Executive Officer, commented:

"Obtaining gold ounces in the ground, under a compliant Mineral Resource estimate, is a major advance for any junior exploration company, and the acquisition of the Tully Gold Project marks a significant leap forward for Fulcrum, especially given its location in one of Canada's major mining camps.

Fulcrum are strategically building an exploration business of note in Canada. The time to secure best value from asset purchases is in a depressed market, the timing of this deal looks perfect.

At Panther we continue to see major advances across our investments and internally. We maintain good fiscal management, which combined with our refusal to feed an irrational market, leaves Panther with a great structure, highly prospective assets and a model that won't see excessive dilution for existing investors, as we begin the process of advancing our discoveries in the ground."

The associated announcements are available to view in full on the Fulcrum Metals PLC website
( https://fulcrummetals.com/news/ ), with key points summarised below:

Fulcrum Purchase of Tully Gold Project

Fulcrum have entered into a mineral claim purchase agreement to acquire an advanced gold exploration project with an estimated 107,000 ounce of gold resource (Tully Deposit Mineral Resource estimate, dated 15 December 2013 by Francis Minerals Ltd) at a cost of less than USD$6 per contained ounce.

Key points on Tully Gold Project include:

·    Established mine camp with excellent infrastructure

·    Located along the prolific Timmins-Porcupine Gold Belt which has produced >70Moz gold

·    Total historic gold Mineral Resources of 107,000 ounces; with 76,000 ounces at 6.56g/t Au in Indicated category and 31,000 ounces at 5.17g/t Au in Inferred category, reported consistent with NI 43‐101 reporting requirements.

·    Gold resource delineated over 600 metres of 1,600 metres of traced strike length through drilling.

·    High grade potentially 'free milling' gold associated with pyrite in quartz-carbonate veins - may be amenable to simple gravity separation, subject to recovery test work

·    Visible gold identified in historical drill core.

·    Opportunity to expand resource by strategic infill drilling, drilling along strike and drilling down plunge to the northeast.

·    Drilling by SGX Resources in 2013 extended the deposit 100m eastward and to depth by 250m from limits of previous drilling with peak intercept in drill hole SGX-13-15 of 14m @ 20.1g/t gold from 247.35m which included 472g/t gold over 0.5m.

·    Prospective structures splaying off the Porcupine-Destor Fault are highly prospective for gold and several are yet to be evaluated.

·    Historical development of similar deposits in the Timmins camp has tended to significantly expand the deposits once under development and many extend to considerable depth.

·    Gowest Gold Ltd. are currently restarting underground mine operations at their Bradshaw Gold Project which is within 2km of Tully, the nearby processing facility at Timmins provides potential future commercial opportunities for Fulcrum.

·    Low property maintenance costs - consists of one lease requiring less than CA$1,000 per annum and eleven mining claims requiring CA$4,400 to keep in good standing from 14 July 2027.

Key points on the Fulcrum fundraising and terms of the Loan Notes:

·    Fulcrum have raised £325,000 via the issue of the Loan Notes with the nominal amount of each note being £1, with the Loan Notes due for repayment on 31 July 2025 (the "Redemption Date").

·    Certain directors of Fulcrum have indicated their intention to subscribe for a total of £195,000 of the Loan Notes, which will bring the gross proceeds of the Fundraising to £520,000.

·    The Loan Notes of a Subscriber are convertible at 18.5 pence per Fulcrum ordinary share of 1 pence each ("Ordinary Share") at any time at the election of that Subscriber.

·    Interest is payable on the Loan Notes at 12% per annum compounded semi-annually on 30 June and 31 December each year and to be capitalised and added to the loan principal rather than paid in cash during the term of the loan.

·    The Loan Notes automatically convert into new Ordinary Shares at 18.5 pence per Ordinary Share should the Fulcrum Metals share price be equal to or exceed a volume-weighted average share price of 24 pence for five consecutive trading days.

·    Clear Capital Markets Limited, as broker to the Fundraising, will be issued with 87,838 warrants at a price of 18.5 pence per Ordinary Share exercisable for a period of three years.

Further details and illustrative figures are available to view in the AIM Announcements via the Fulcrum Metals Plc website: www.fulcrummetals.co.uk  

For further information please contact:

Panther Metals PLC:

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

                                                                       +44(0) 7971 957 685

Mitchell Smith, Chief Operating Officer:         +1(604) 209 6678

Broker:

SI Capital Limited

Nick Emerson                                                  +44(0) 1438 416 500

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.