Obonga Project: 3 Year Option

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PANTHER METALS PLC

("Panther" or the "Company")

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

15 January 2026

Obonga Project: 3 Year Option on Gold and Base Metal Targets

Panther Metals Plc (LSE: PALM), the exploration company focused on mineral projects in Canada, is pleased to announce the signing of a three year term purchase option agreement (the "Purchase Option") over three multicell mining claims (the "Properties" or "Claims") which comprise the Otter Gold, Z2 Gold and Wig properties which are located in the Obonga project area, the highly prospective Obonga greenstone belt located,160km north of Thunder Bay, Ontario, Canada.

The Purchase Option signed with Mrs Karen Siltamaki is a partial replacement for the purchase option agreement announced 22 November 2021 signed with her late spouse Mr Aki Siltamaki ¹ and secures Panther options over the Properties through to January 2029.

Darren Hazelwood, Chief Executive Officer commented:

"The new purchase option agreement over the Siltamaki properties at Obonga secures Panther's rights over three promising gold and base metal prospects through to 2029."

Property Summary

The locations of the Properties relative to the Obonga Project area are shown on Figure 1 below. The Otter Gold Property is located adjacent and to the south of Panther's Wishbone Volcanic Massive Sulphide ("VMS") discovery.^2,3 The Wig Property is directly adjacent to the north-western side of Panther's Awkward Prospect and Wig supplements and is prospective for intrusive hosted palladium, platinum, nickel, copper, and cobalt mineralisation. The Z2 Gold property is located on the southern boundary of the Obonga Project and covers magnetic and electromagnetic geophysical targets where limited drilling in the 1970s intersected disseminated sulphide mineralisation, and gold and zinc intersections including 0.76m @ 5.64g/t Au and 3m @ 0.49% Zn.

Transaction Details

The Purchase Option for the three Properties, listed in Table 1 and shown on Figure 1, and held 100% by Mrs Karen Siltamaki, allows Panther the option to purchase the Claims for a total cash consideration of CAN$200,000 and the award of a 1.5% net smelter return ("NSR") royalty as summarised below. 

In addition, in order to complete the purchase Panther will need to have drilled no less than an aggregate 1,800 metres within the total package of claims during the three-year option period, and as a minimum will need to conduct at least one diamond drill hole on each of the individual claim areas.

Deal Summary:

The Purchase Option price, payable on the signing of the agreement is CAD$10,000 with further payments of CAD$10,000 due on each anniversary of the date of signing, for three consecutive years.

The Purchase Option gives Panther the option to purchase the Claims, and the project documents for a consideration comprising:

·    CAD$200,000 in cash; and

·    1.5% NSR royalty (which has provision for Panther to reduce the royalty to 1.0% NSR through a CAD$1,000,000 buy-back).

The 1.5% NSR royalty is on the net value of all ores, minerals, metals, and materials mined and removed from the four claims included in the option agreement and sold or deemed to have been sold by or for the Royalty Payor and a 1.5% a gross overriding royalty for diamonds.

Table 1:  Claims subject to the Purchase Option

Figure 1: Location of the Siltamaki Purchase Option Properties Relative to The Obonga Project Wishbone, Survey and Awkward Prospects on the Obonga Project

References

1.             Company announcement, Canada - Obonga Project Additional Claim Purchase Option, dated 22 November 2021 ( https://polaris.brighterir.com/public/panther_metals/news/rns/story/w0mpjnx )

2.             Company announcement, dated 2 February 2023, 'Obonga: New VMS Camp Discovered & High Grades Intersected' ( https://polaris.brighterir.com/public/panther_metals/news/rns/story/x4gy0kx )

3.             Company announcement, dated 18 January 2022, 'VMS Mineral System Discovered on Obonga Project' (  https://polaris.brighterir.com/public/panther_metals/news/rns/story/x8kld5x )

For further information, please contact:

Obonga Project - Expanding Canada's Next VMS and Critical Minerals District

Panther Metals' Obonga Project in Ontario continues to demonstrate significant potential as a leading exploration initiative targeting both base and critical minerals. Since acquiring the Obonga Greenstone Belt in July 2021, the Company has rapidly advanced five high-priority targets: Wishbone, Awkward, Survey, Ottertooth, and Silver Rim.

In June 2024, Panther secured a key Exploration Permit for the Wishbone Prospect, valid through 2027, authorizing extensive drilling and geophysical surveys. Previous campaigns confirmed compelling volcanogenic massive sulphide (VMS)-style mineralisation, highlighted by intercepts such as 27.3m of massive sulphide and 51m of sulphide-dominated mineralisation with multiple mineralised lenses. High-grade copper anomalies in lake sediment further enhance the prospectivity of this landmark target.

July 2024 saw Panther awarded an Exploration Permit for Awkward West, supporting an aggressive exploration program including up to 31 drill holes. Historic drilling here revealed notable graphite mineralisation-27.2m at 2.25% Total Graphitic Carbon (TGC) with zones exceeding 5% TGC-alongside promising signs of nickel, copper, and platinum group elements, aligning with Panther's strategic focus on critical minerals.

Additional exploration efforts include high-resolution magnetic geophysical surveys across key prospects, optimizing drill targeting and advancing the geological model. Survey and Ottertooth remain highly prospective, with multiple magnetic and electromagnetic anomalies and historic intercepts of massive sulphides, many targets still largely untested.

Obonga's combination of VMS-style base metals and critical mineral potential, situated in a stable and mining-friendly jurisdiction with strong infrastructure, positions Panther Metals to unlock a district-scale mineral system with significant commercial upside.

Dotted Lake Project - Hemlo-Adjacent Gold Opportunity with Growing Momentum

Panther Metals' Dotted Lake Project, acquired in July 2020, lies just 16km from Barrick Gold's renowned Hemlo Mine, in one of Canada's premier gold-producing regions. The project offers a strategically located and scalable gold exploration play.

Initial soil sampling in 2021 identified numerous gold and base metal targets, and subsequent access improvements facilitated an initial drilling program that confirmed gold mineralisation with anomalous values extending along strike.

In early 2025, Panther completed a follow-up campaign featuring detailed geological mapping, trenching, and targeted diamond drilling. These efforts extended mineralisation both laterally and at depth, identified new structural controls, and reinforced the potential for a broader, high-grade gold system. Multiple zones have been prioritised for expanded drilling, underscoring Dotted Lake's significant upside.

The project's proximity to established infrastructure and Hemlo's extensive mining operations, combined with robust recent results, makes Dotted Lake a key asset in Panther's growth portfolio.

Winston Tailings Project - Gold and Critical Element Production Opportunity

The Winston Tailings Project entails a series of workstreams to quantify, evaluate and permit the contained high-grade gold (Au), gallium (Ga), silver (Ag), zinc (Zn), copper (Cu), indium (In) and cobalt (Co) and other recoverable minerals located within the historic Winston Lake Mine tailings storage facility. Reprocessing the mine tailings, potentially offers Panther the opportunity to unlock residual metal value and contribute to the long-term environmental rehabilitation of the Winston Lake Mine site in Ontario.

Commercial Strategy - Discovery-Driven Value Creation

Panther Metals is committed to creating substantial shareholder value through focused exploration and disciplined capital management. The Company combines deep geological expertise with an understanding of market and financing dynamics to advance high-potential projects efficiently.

With access to a global network of industry leaders and a rigorous operational focus on drilling, Panther prioritises activities that directly contribute to discovery and resource growth. The drill hole remains the ultimate validation in mineral exploration, and Panther's strategy is to fast-track world-class targets into drill-ready assets - delivering tangible results that underpin long-term value creation for shareholders.