Chairman's Statement

The start of 2023 presented a significant milestone for Panther Metals plc ("Panther"), with the drill core assay results from the Autumn 2022 drilling programme in Canada confirming the discovery of a new volcanogenic massive sulphide ("VMS") mineral system at the Obonga Project's Survey Target. The discovery coincided with further drilling success at Wishbone with significant and high-grade zinc ("Zn") intersections up to 11.65% Zn, that together confirms the Obonga Greenstone Belt as an emerging new VMS and Base Metal Camp located only 75km east of the former Mattabi/Sturgeon Lake Mining Camp on the Wabigoon Greenstone Belt, where five past producing mines were operated by Noranda between 1972 to 1991.

The drill assay results also confirmed the Intersection of flake graphite at Obonga's Awkward Target. Graphite, like Zn, is on the Canadian Critical Minerals List with an identified supply risk fuelled by the high-purity graphite demand for the rapidly growing electric vehicle ("EV") and energy storage industry.

Also in January, inaugural High Pressure Acid Leach ("HPAL") test work results for the Panther Metals Ltd ("Panther Australia", ASX:PNT) Coglia Nickel-Cobalt Project ("Coglia"), in Western Australia, yielded positive results bolstering Panther's then 36.6% holding in Panther Australia. In May, following a successful rights issue raising $3,040,000 Australian dollars ("AUD"), Panther Australia embarked on a second drilling campaign seeking to grow the current 70.6Mt Inferred Mineral Resource at Coglia. The results of this programme of works, which completed post period end in August, are currently eagerly awaited as Panther currently hold 23.54% of the outstanding ordinary shares in Panther Australia.

In February, Panther realised a material gain with the successful AIM IPO of Fulcrum Metals plc (LON:FMET). The vending in of Panther's Big Bear Project in Canada as a cornerstone asset resulted in Panther gaining a 20% stake in Fulcrum, as well as warrants, cash and a royalty, with Panther's interest valued at £1.745 million at 17.5 pence per ordinary share (the "Fulcrum Placing Price"). Fulcrum remain very active in Canada, and we monitor their progress with interest.

Against a backdrop of cautious market sentiment around the resource sector, in a period that saw the FTSE All Share Precious Metals and Mining Index fall by 9%, Panther continued to advance and grow the business whilst preserving the Company's capital structure. In late spring the gold focussed Manitou Lakes Project was granted an Exploration Permit which will facilitate induced polarisation and electromagnetic geophysics surveys over an exciting shear zone gold anomaly as well as surface stripping and drilling of resulting gold targets. The Company also acquired 171 additional mining claims providing coverage of highly anomalous values of a variety of critical minerals, including uranium, rare earth and lithium from government high density lake sediment and water geochemical samples. This new area, called Obonga North, forms a contiguous addition to the Obonga Project and coincides with a major structural feature which helps to make the acquired exploration ground especially prospective.

At the close of the period, Panther submitted a drilling permit application for the Dotted Lake property, over an area that is considered very prospective for ultramafic intrusive related nickel and base metal mineralisation, and over which Panther has flown airborne geophysics, and which has produced very anomalous nickel, cobalt and copper soil sampling anomalies. It is noteworthy that on a neighbouring property, 9km to the east, a new zone of massive nickel-copper sulphide mineralisation has been drilled by Palladium One Mining Inc (TSXV:PDM.V) at their Tyko Project. Panther's drilling permit should allow up to 15 diamond drill holes as well as associated geophysics and trench sampling.

With a significant pipeline of high-quality exploration targets, focussed on critical minerals, in a Tier 1 mining jurisdiction, as well as material holdings in two other well respected explorers, the Board consider Panther will enjoy a significant rerating when the market turns to the positive. Having actively maintained our strategy to protect our capital structure to maintain shareholder value, we see the prospect of delivering significant shareholder returns and would like to thank everyone for the support.

Nicholas O'Reilly

Non-Executive Chairman

22 September 2023

Operational Highlights

Key operational milestones achieved during the six-month period to 30 June 2023

Canada

Obonga

On 2 February 2023, the Company reported that the results from the latest round of diamond drilling confirmed the discovery of an VMS mineral system at the Obonga Project. The Survey Prospect is confirmed as a new VMS. In addition, at the Wishbone VMS System, drilling has given further wide massive sulphide intersections and Zn intersections of up to 11.65% Zn.

The Survey VMS discovery, together with the Wishbone VMS System, located 6.8km to the east, confirms the Obonga Greenstone belt as a new emerging VMS Camp, located advantageously close to national railroad transport links and the industrial port city of Thunder Bay, also approximately 75km east of the former Mattabi/Sturgeon Lake Mining Camp on the Wabigoon Greenstone Belt, where five past producing mines were operated by Noranda Minerals between 1972 to 1991.

The latest round of diamond drilling outlined potentially significant intersections of near surface crystalline 'flake' graphite at the Obonga Project, Awkward Prospect.

On 12 May 2023, the Company announced the acquisition of 171 additional mining claims that are directly contiguous to the Obonga Project and which provide coverage of exploration ground considered highly prospective for critical metals on the northwest corner of the Obonga greenstone belt.

Manitou Lakes

On 3 May 2023 the Company announced the award of Exploration Permit PR-23-000024 (the "Permit") for drilling at the Manitou Lakes Project ("Manitou Lakes" or the "Project") in Ontario, Canada.

The Permit, which is valid through to 24 April 2026, covers the Barker Prospect on the West Limb area of the Project and allows for ground and down-hole geophysics, bedrock stripping and up to 23 drill holes over an area encompassing 7 mining claims.

Dotted Lake

On 27 June 2023, the Company provided an exploration permitting update for the Dotted Lake property in the Province of Ontario Canada. Panther have submitted a comprehensive exploration and drill permit application (number PR-23-000215) that covers 57 claim cells on the north and northwest side of our 100% owned Dotted Lake. The area is considered very prospective for ultramafic intrusive related nickel and base metal mineralisation.

Australia

On 30 January 2023, the Company announced the following positive High Pressure Acid Leach ("HPAL") test work results for Coglia in Western Australia:

·      initial High Pressure Acid Leach (HPAL) testing by ALS Laboratories complete;

·      testwork confirmed final nickel extraction at 92.6% and cobalt extraction at 73.9%;

·      testwork based on blended sample from six drill holes encompassing the current Mineral Resource;

·      blended sample dominantly in the -38 μm size fraction;

·      nickel grade is higher in finer fractions, indicating beneficiation may negate the requirement for milling; and

·      further bench test work is now being planned with ALS to provide detailed data for future mining studies

On 28 March 2023, the Company announced that Panther Australia launched a new prospectus in respect of a renounceable rights issue to raise up to A$2.7 million AUD to grow the nickel-cobalt Mineral Resource at its flagship Coglia Project in Western Australia. On 28 April 2023, the Company informed shareholders that Panther Australia had closed its rights issue to raise A$2.7 million AUD to grow the nickel-cobalt Mineral Resource at its flagship Coglia Project in Western Australia. A Follow-on Placement of A$308,750 AUD was instituted to accommodate a portion of the excess demand from both existing shareholders and new institutional and professional investors.

The proceeds from the rights issue and the Follow-on Placement will be used for the following:

·      Coglia Nickel-Cobalt: Conducting a 7,500m targeted extensional drilling program to significantly increase the current JORC compliant 70.6 million tonne nickel-cobalt Inferred Mineral Resource;

·      Red Flag Nickel Sulphide: Maiden drilling campaign on this newly discovered nickel sulphide project area, once access is secured;

·      Burtville East: Expansion drilling on this shallow, bonanza grade, gold prospect;

·      40 Mile Camp: Maiden drilling campaign on a largely untested 5.0 x 2.5 km anomalous gold and nickel prospect, once access is secured; and

·      for general working capital and to cover costs associated with the Rights Issue and the Follow-on Placement.

As a result of the rights issue and placing, the Company is holding 23.54% of the outstanding ordinary shares in Panther Australia (ASX:PNT).

On 11 May 2023, the Company announced that a second drilling campaign seeking to grow the current 70.6Mt Inferred Mineral Resource1 at the Coglia Nickel-Cobalt Project in the Eastern Goldfields region of Western Australia is due to commence shortly. The Panther Australia drilling is targeting three key areas, through: infill drilling at the 'Southern JORC Exploration Target'; drilling on the yet untested 'East Target'; and step-out drilling at the 'Central Target'. These targets have the potential to contribute to a material increase in the current Mineral Resource estimate for Coglia. On 1^st August 2023, the Company noted that Panther Australia had completed its second drilling campaign seeking to grow the current 70.6Mt Inferred Mineral Resource at the Coglia Nickel-Cobalt Project in the Eastern Goldfields region of Western Australian. The Panther Australia drilling campaign also targeted additional prospects at 40 Mile Camp, Mt Goose and Comet Well South, these programs are also complete.

On 5 September 2023, the Company announced the acquisition by staking, of two nickel focused exploration licences constituting the Marlin Nickel Sulphide Project ("Marlin Ni Project") with a combined area of 84km², located 10km northeast of their principal Coglia Ni-Co Project in Western Australia.

Corporate and Financial Highlights

Panther Metals plc

Sale of Big Bear to Fulcrum Metals plc

On 10 February 2023, the Company noted that Fulcrum Metals plc announced the successful pricing of an initial public offering and conditional placing (the "Placing") of 17,142,857 ordinary shares at the Fulcrum Placing Price to raise gross proceeds of approximately £3 million.

Fulcrum's Admission to AIM and dealings in its ordinary shares on the AIM market of London Stock Exchange plc commenced at 8.00 a.m. on 14 February 2023 ("Admission") under the TIDM FMET with a market capitalisation at the Placing Price of £8.725 million.

Panther holds a total of 9,971,839 ordinary shares in Fulcrum representing a 20% interest in the entire issued share capital of Fulcrum, valuing Panther's interest at £1.745m at the Placing Price. In addition, Panther holds a total of 714,286 warrants exercisable at 17.5 pence with a two-year life from the date of Admission and a further 476,190 warrants exercisable at 26.25 pence with a three-year life.

The Admission of Fulcrum concludes the sale of the Big Bear Project as announced on 7 April 2022. Panther retains a 2% net smelter return ("NSR") royalty over the Big Bear Project and is in receipt of a £200,000 cash payment from Fulcrum.

On 11 May 2023, the Company noted that Fulcrum announced an update on its exploration activities, including airborne geophysics, remote sensing study and further mining claim acquisitions at its projects in the provinces of Ontario and Saskatchewan in Canada.

On 27 July 2023, the Company provided an update on Fulcrum's exploration activities as follows:

Big Bear Property

·      Integration of Fulcrum's newly acquired airborne data with previous magnetic and EM data over the full Big Bear claim block has significantly enhanced the prospectivity of the property.

·      The recent survey identified 250 new geophysical anomalies, of which 54 are designated for priority investigation.

·      The addition of the new survey data to the historical survey data completed by Panther in 2020, and taking into account any areas of overlap, the total number of geophysical anomalies have increased from 253 to 441 and those designated as priority for investigation increased from 39 to 72.

·      The infill magnetic mapping, particularly in the area of Schreiber Pyramid gold target, shows a number of magnetic structures that correlate with gold mineralisation in bedrock and soils. These structures could link the gold occurrences and require further field checking.

·      Numerous conductive EM anomalies were identified, both localised and more linear features that appear to be linked to banded iron formations ("BIF") which could represent gold targets.

·      The results of the airborne survey will be merged with data from the recent mapping and sampling programme reported as soon as assay results are received and assessed.

Tocheri Lake Property

·      The survey was particularly aimed at potential Ni-Cu-PGE mineralisation similar to recently discovered mineralisation on the Palladium One property immediately to the west (Tyko etc.) related to a series of mafic/ultramafic feeder dykes.

·      A number of distinct magnetic lineaments were identified striking discordant to the main linear trend, which may be indicative of structures of interest for exploration, possibly analogous to features seen on the Palladium One Mining inc. claim block.

·      These distinct magnetic features represent legitimate targets for ground investigation.

·      Checking of coincident magnetic/weak EM anomalies in the NE of the survey area is also warranted, as they might be indicative of more deeply buried massive sulphide bodies.

Sale of Queensland Asset to ECR Minerals plc

On 5 April 2023, the Company announced that it has entered into a conditional agreement to sell Panther's 30% interest in the Blue Mountain Project, Queensland, Australia, comprising the Denny Gully Gold property, (the "Proposed Acquisition"), to ECR Minerals plc (LON:ECR). If the conditions to completion are satisfied, the total consideration under the agreement is GBP£200,000 of which 30% is due to Panther, to be settled by the issue of 31,913,196 ordinary shares in ECR Minerals plc at a price of 0.6267p. The Proposed Acquisition is conditional, inter alia, upon ECR Minerals plc obtaining Australian Ministerial approval for the transfer of the tenements comprising the Blue Mountain Project. All conditions were satisfied, the ordinary shares were issued. The Company's entire holding in ECR Minerals plc was disposed of after the period end.

Operational Review

Canada

Dotted Lake Project

Dotted Lake Overview

Panther 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 as Hemlo. Following the reopening of a historical trail providing direct access to the target location, an initial drilling programme, consisting of a single 402m deep hole drilled in Autumn 2021 confirmed the presence of gold mineralisation within this system with anomalous gold continuing along strike and present within the surrounding area. The initial objective of this drill hole was to build an understanding of the stratigraphy linked to the Company's airborne geophysics survey and trench sample anomalies, finding gold mineralisation widely dispersed in this hole was considered very encouraging, given the context of the wider prospective Hemlo region.

Dotted Lake Project- Work conducted in 2023

On 27 June 2023, the Company provided an exploration permitting update for the Dotted Lake property in the Province of Ontario Canada. Panther have submitted a comprehensive exploration and drill permit application (number PR-23-000215) that covers 57 claim cells on the north and northwest side of our 100% owned Dotted Lake property (see Table 1). The area is considered very prospective for ultramafic intrusive related nickel and base metal mineralisation.

Table 1: Exploration Permit Application and Prospect Details

In the Autumn of 2022, a compilation study incorporating Panther's airborne geophysics survey and geochemical soil sampling data with historical geochemical soil sampling data, identified a very prospective zone for nickel (Ni) mineralisation (the "Ni Target") 1. The historical soil survey data was digitised from a report based on work undertaken by Clear Mines Ltd in August 1983 (the "Clear Mines Survey"). These study results showed a 2.8km long linear broadly east-west striking zone of elevated nickel in soil coinciding with the mapped ultramafic / gabbro intrusive unit and a distinct geophysical anomaly. 

A map outlining the Ni Target is available to view at the following link: https://www.panthermetals.co.uk/images/dotted-lake-ultramafic.jpg

The Clear Mines Survey consisted of 577 soil samples analysed for 27 elements, collected on a series of north-south lines directly to the east of the Panther 2021 soil survey area 2. Nickel is elevated across the prospect area defined by highs ranging 137 - 235 ppm Ni and peaking at 614ppm Ni in the eastern end. Other soil anomalies across the Ni Target include cobalt (Co) up to 214 ppm Co, copper (Cu) up to 861 ppm Cu. 

The western end of the ultramafic intrusive is shown on government mapping to lie beneath the lake, however the geophysics survey and the Panther soil survey appears to show that the intrusive rocks likely extend further to the west and may underlie the soil survey Anomaly A and Anomaly C as reported 9 November 2021.

Panther's Ni Target is located 9km west of a new zone of massive nickel-copper sulphide mineralisation drilled by Palladium One Mining Inc (TSXV:PDM.V) at their Tyko Project, West Pickle Lake joint venture property with First Class Metals (LSE:FCM). The 7 September 2022 Palladium One announcement 4 for the West Pickle Lake discovery notes massive and semi-massive pentlandite-pyrrhotite-chalcopyrite sulphide mineralisation interpreted to be related to ultramafic chonolith feeder dykes, was intersected in two diamond drill holes. Assay results are yet to be reported.

Obonga Project

Obonga Project Overview

Panther acquired the Obonga Greenstone Belt project in July 2021 and have already identified four prospective primary targets: Wishbone, Awkward, Survey and Ottertooth. A successful Phase 1 drilling campaign at Wishbone in Autumn 2021 revealed the presence of significant volcanogenic massive sulphide ("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.

Obonga Project - Work conducted in 2023

On 2 February 2023, the Company reported that the results from the latest round of diamond drilling confirmed the discovery of a VMS mineral system at the Obonga Project. The Survey Prospect is confirmed as a new VMS. In addition, at the Wishbone VMS System, drilling has given further wide massive sulphide intersections and Zn intersections of up to 11.65% Zn.

The Survey VMS discovery, together with the Wishbone VMS System, located 6.8km to the east, confirms the Obonga Greenstone belt as a new emerging VMS Camp, located advantageously close to national railroad transport links and the industrial port city of Thunder Bay, also approximately 75km east of the former Mattabi/Sturgeon Lake Mining Camp on the Wabigoon Greenstone Belt, where five past producing mines were operated by Noranda Minerals between 1972 to 1991.

The latest round of diamond drilling outlined potentially significant intersections of near surface crystalline 'flake' graphite at the Obonga Project, Awkward Prospect.

On 12 May 2023, the Company announced the acquisition of 171 additional mining claims that are directly contiguous to the Obonga Project and which provide coverage of exploration ground considered highly prospective for critical metals on the northwest corner of the Obonga greenstone belt.

Based on a regional structural study and government high-density lake sediment and water sample geochemical datasets, Panther has identified the Scalp Lake area adjoining the north-eastern end of the Obonga Project as very prospective for a variety of metals including lithium, rare-earths, uranium, copper and gold. In addition, the southeast trend of elevated element anomalies from the Scalp Lake area into the central portion of the Awkward batholith may indicate that a pegmatitic rock and/or structure is present in the area, which is considered prospective for both lithium and rare-earth pegmatite exploration given the number of lithium resource stage projects in the wider Armstrong / Lake Nipigon area.

Panther acquired the 171 Single Cell Mining Claims, covering an area of approximately 3,420 hectares, through direct staking. The claims have a renewal date of 1 February 2025 and are directly contiguous to the Obonga Project claims which may facilitate assessment work credit distributions.

Manitou Lakes Project

Manitou Lakes Project Overview

On 7 April 2022, the Company announced that it had entered into an option and sale and purchase agreement with Shear Gold Exploration Corporation ("Shear Gold") to purchase a substantial claim holding (the "Shear Gold Project") including the West Limb and Glass Reef gold properties, on the Eagle - Manitou Lakes Greenstone Belt. The Shear Gold Project covers a total area of approximately 98km² and is located within the gold endowed Kenora Mining District, approximately 300km east of Thunder Bay and equidistant between the towns of Fort Frances and Dryden in north-western Ontario, Canada. The terms of the Agreement include a cash consideration of CAD$11,325 has been paid to Shear Gold Exploration Corporation in order to secure the option and sale and purchase agreement, under which Panther has committed to a minimum spend commitment of CAD$325,000 to be expended over years one and two and a further CAD$400,000 to be expended between the second and fourth annual anniversaries of the sale and purchase agreement. Any excess spend in years one and two can be offset against expenditure in years three and four; A NSR royalty of 2% over the 32 multicell mining claims is granted to Shear Gold; Panther can elect to purchase 50% of the NSR (reducing the remaining royalty to 1%) for the sum CAD$1M at any time; and Panther can elect at any time to purchase the 32 multicell mining claims outright through a payment of CAD$250,000 to Shear Gold.

The Manitou Lakes Project consists of three prospect areas: Glass Reef, West Limb and Catwill.

·      Glass Reef- 720ha

o  Hosts the historic Glass Reef Gold Mine.

o  Favourable structure and bedrock geology.

o  Positive results from 2012 sampling programme.

·      West Limb- 2000+ha of unexplored ground.

o  5km+ strike length on multiple gold bearing structures.

o  Historic exploration focused on high grade visible gold, ignoring low-grade mineralized wall rock.

o  New mineralisation model proposed - Felsic intrusive related in addition to shear zone hosted.

o  Three current mineralisation styles: 1) gold bearing shear zone hosted quartz veins; 2) auriferous shear zones; and 3) Auriferous semi-massive sulphides infilling fissures.

·      Catwill

o  Newly staked ground.

o  No exploration undertaken over claim area despite the presence of gold anomalies.

Manitou Lakes Project - Work conducted in 2023

On 3 May 2032, the Company announced the award of Exploration Permit PR-23-000024 (the "Permit") for drilling at the Manitou Lakes Project (the "Project") in Ontario, Canada.

The Permit, which is valid through to 24 April 2026, covers the Barker Prospect on the West Limb area of the Project and allows for ground and down-hole geophysics, bedrock stripping and up to 23 drill holes over an area encompassing 7 mining claims (see Table 1).

 Table 1: Exploration Permit Details

The Barker Prospect comprises a 700m long, currently open-ended, north-northwest trending shear structure hosted, gold in soil geochemical anomaly located 200m north of the historical Barker Brothers Mine. The prospect was subject to an enlarged soil sampling programme following positive assay results as reported on 1 December 2022. The Permit will facilitate induced polarisation and electromagnetic geophysics surveys over the shear zone gold anomaly and will allow surface stripping and the drilling of identified gold targets.

Financial Review

The Group has reported an unaudited profit for the six months ended 30 June 2023 of £792,012 (six months ended 30 June 2022 - loss £65,793). The basic and diluted earnings per share for the period was 0.85 pence and 0.64 pence respectively (six months ended 30 June 2022 - basic and diluted loss 0.09 pence).

The key performance indicators are set out below:

The Directors are required to provide an Interim Management Report in accordance with the Financial Conduct Authorities ("FCA") Disclosure Guidance and Transparency Rules ("DTR"). The Directors consider the Interim Management Report of this Half Yearly Financial Report provides details of the important events which have occurred during the period and their impact on the financial statements as well as the outlook for the Company for the remaining six months of the year ended 31 December 2023.

The following statement of the Principal Risks and Uncertainties, the Related Party Transactions, the Statement of Directors' Responsibilities and the Operational and Financial Review constitute the Interim Management Report of the Company for the six months ended 30 June 2023.

Principal Risks and Uncertainties

The principal risks and uncertainties of the Company are detailed on page 21 of the Company's most recent Annual Report for the year ended 31 December 2022 which can be found on the Company's website at www.panthermetals.co.uk. The principal risks and uncertainties facing the Company remain unchanged from those disclosed in the Annual Report for the year ended 31 December 2022, and the Board are of the opinion that they will continue to remain unchanged for the forthcoming six-month period.

The principal risks and uncertainties facing the Company are as follows:

•     adverse foreign exchange fluctuations;

•     if the Group is unable to raise additional capital when needed or on suitable terms it could force a delay, reduce or eliminate its exploration development and production plans and efforts; and

•     there are significant risks associated with any discovery and the ability of the Company to then generate any operational cashflows.

Related Party Transactions

There have been no material changes to the related party transactions described in the Annual Report that could influence the financial position or performance of the Company. It is noted that Mitchell Smith is both a director of Panther Metals plc and Fulcrum Metals plc.

Going Concern

As at 30 June 2023, the Group had total cash reserves of £24,458 (31 December 2022: £48,859). The Directors are aware of the reliance on fundraising within the next 12 months and having reviewed the Group's working capital forecasts. They believe the Group is well placed to manage its business risks successfully providing future fundraisings are successful. On 31 August 2023, the Company announced that it has raised in aggregate £200,000 (before expenses) by the issue of 17% unsecured convertible loan notes with a 12-month maturity and possible early conversion and warrants attached on a one-for-one basis with an exercise price of 5.5 pence each. The interim financial statements have been prepared on a going concern basis and do not include adjustments that would result if the Group was unable to continue in operation. As a junior exploration company, the Directors are aware that the Company must go to the marketplace to raise significant funds in the next 12 months to meet its investment and exploration plans and to maintain its listing status.

For and on behalf of the Board of Directors

Darren Hazelwood

Chief Executive Officer

22 September 2023