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PANTHER METALS PLC

("Panther" or the "Company")

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

12 March 2024

Fulcrum: Share Sale and Extension of Lock-in Agreement

Panther Metals PLC (LSE:PALM) the company focused on developing Canada's next VMS camp and graphite deposit, announces it has sold a total of 2,346,717 ordinary shares of 1 p each in Fulcrum Metals PLC ("Fulcrum") (the "Ordinary Shares") on 11 March 2024 at an average price of 15.2 pence per Ordinary Share (the "Transaction").

Following the Transaction, Panther will continue to hold 7,625,122 Ordinary Shares (the "Panther Shares") representing 15.26% of the Fulcrum issued share capital.

Darren Hazelwood, Chief Executive Officer, commented:

"The professionalism and integrity shown by Ryan and the Fulcrum team during our partial disposal process only increases my confidence that the Fulcrum business will deliver.

Whilst managing Panther's own interests, we have delivered a balance that aligns with our shareholders, our plans for the future and the Company's current requirements.

As Fulcrum's Teck-Hughes Gold Tailings Project venture unfolds over the coming months, given the technology available at their disposal and the appetite for gold, I see Fulcrum have the potential to set the London junior market alight. A story I believe the Fulcrum team are currently underplaying.

At Panther Metals, I look forward to updating the market on our advanced plans as the Canadian field season draws ever closer."

Lock-in Agreement

As set out in the Fulcrum's Admission Document dated 8 February 2023 (the "Admission Document"), Panther entered into a lock-in agreement (the "Agreement") with Fulcrum, Allenby Capital Limited ("Allenby Capital") and Clear Capital Markets Limited ("Clear Capital").

In accordance with Rule 7 of the AIM Rules for Companies, the Agreement imposed a 12 month hard lock-in and a 12 month orderly market provision on Panther's shareholding in Fulcrum, with effect from admission of the Fulcrum Ordinary Shares to trading on the AIM market of the London Stock Exchange on 14 February 2023 ("Admission").

Pursuant to the Transaction, Panther has on 11 March 2024 entered into a new lock-in agreement (the "New Agreement"), with Fulcrum, Allenby Capital and Clear Capital, thereby imposing a hard lock-in period on the Panther Shares to 15 May 2025 and the orderly market provision on the Panther Shares for a year thereafter through to 15 May 2026.

The provisions of the New Agreement shall apply to the Panther Shares and any Ordinary Shares allotted and issued to or subsequently acquired by Panther during the locked-in period described in the New Agreement.

The New Agreement is deemed to be a transaction with a related party pursuant to rule 13 of the AIM Rules for Companies (the "AIM Rules") by virtue of Panther being a substantial shareholder of Fulcrum (within the meaning of the AIM Rules).

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.