Dotted Lake Project: Magnesium Recovery Testwork

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PANTHER METALS PLC

("Panther" or the "Company")

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

23 February 2026

Dotted Lake Project: Magnesium Recovery Testwork

Panther Metals Plc (LSE: PALM), the exploration company focused on mineral projects in Canada, is pleased to provide an update for the Dotted Lake Project ("Dotted Lake" or the "Project") where Panther is targeting, orogenic gold and magmatic intrusive hosted nickel-cobalt- platinum group element ("PGE") and magnesium deposits, in Ontario Canada.

The previously reported results of the 2024 five hole exploration drill and soil geochemical sampling programme confirmed that Dotted Lake hosts multiple styles of mineralisation, including ultramafic-hosted chromium, nickel, platinum group elements and magnesium, and structurally controlled gold, and zinc potential. The drilling confirmed the Dotted Lake ultramafic magmatic intrusive to be a magnesium (Mg) bearing serpentinised peridotite (serpentinite). ^{1, 2, 3}

As part of a series of investigations to evaluate the potential of the Dotted Lake Project, Panther is evaluating opportunities to recover magnesium from serpentine and is particularly interested in alternative extraction technologies capable of improving upon conventional leaching recoveries.

Panther has submitted 134kg of crushed serpentinite drill core, selected from drillholes DL24-002 and DL24-004, for magnesium investigatory test work by Test Design Implement Solutions LLC ("TDI") one of the approved laboratories for testing of the Extrakt Process Solutions LLC ("Extrakt") technologies. The initial phase of work will focus on a high-level assessment of Mg recovery from serpentine using Extrakt's proprietary extraction technology. The objective is to generate baseline metal recovery and process performance data that will inform and support the design and optimisation of subsequent test phases.

A video illustrating the size and morphology of the Dotted Lake ultramafic magmatic intrusive is available to view on the Panther Metals PLC YouTube channel at https://youtu.be/B90KUU6Kk98?si=4WhxNwzU8IKYF0bC

Darren Hazelwood, Chief Executive Officer commented:

"The Dotted Lake 2024 drill programme returned exceptional intersections of magnesium-bearing serpentinite, with grades up to 21.7% Mg across widths of over 200 metres, confirming both the scale and continuity of the ultramafic body and giving us the geological confidence to take the next logical step.

Magnesium is an increasingly critical material in the global transition to lightweight alloys and clean energy technologies, and with intersections of this scale and grade, we believe Dotted Lake may have the potential to be a meaningful source of it.

The submission of 134 kg of crushed drill core to TDI for evaluation of Extrakt's proprietary extraction technology represents a disciplined and targeted approach to unlocking that potential. We have been deliberate about identifying a process route capable of genuinely improving on conventional recoveries, and the initial phase of testwork will provide the baseline data we need to assess this. This is early-stage work, but it is the right work, and I look forward to sharing the results with shareholders in due course."

Magnesium Testwork Background

Three drill holes DL24-002, DL24-003 & DL24-004, intersected the serpentinite (Figure 1 & 2) showing distinct magnesium bearing ultramafic layering, with indications of strong potential to host massive sulphide mineralisation. These intersections included:

·      DL24-002 intersected a 214.7m wide open-ended zone of magnesium (Mg) peridotite derived serpentinite grading up to 21.7% Mg (36% MgO) with platinum (Pt) and palladium (Pd), nickel (Ni), and silver (Ag), and up to 5.47% chromium (Cr) between 113.3m downhole to end of hole at 328m, with

o  36.3m @ 18.8 % Mg (31.2% MgO), 0.13 % Ni, 0.01 g/t Pt, 0.02 g/t Pd & 0.43 % Cr from 216.0m;

o  7.5m @ 20.0 % Mg (33.1% MgO), 0.20 % Ni, 0.02 g/t Pt, 0.04 g/t Pd & 0.49 % Cr from 258.5m;

o  12.0m @ 19.7 % Mg (32.5% MgO), 0.18 % Ni, 0.01 g/t Pt, 0.02 g/t Pd & 0.63 % Cr  from 304.0m.

·      DL24-003 intersected serpentinite with:

o  129.0m @ 14.4 % Mg (23.9% MgO), 0.09 % Ni, 0.01 g/t Pt, 0.02 g/t Pd, 0.37 % Cr from 172.0m and up to 6.65% Cr.

·    DL24-004 intersected serpentinite ranging up to 20.6% Mg (34% MgO) and up to 1.90% Cr with:

o  94.4m @ 17.7 % Mg (29% MgO), 0.12 % Ni, 0.01 g/t Pt, 0.02 g/t Pd, 0.46 % Cr & from 152.6m, including 4.6m @ 0.17 % Ni, 0.03 g/t Pt, 0.09 g/t Pd & 1.13 % Cr from 196.7m

Figure 1: Plan view of modelled Dotted Lake Ultramafic Intrusive Body showing location of Panther diamond drillholes (based on geophysical inversion model, core of intrusive shaded purple).

Figure 2: Oblique three-dimensional view of modelled Dotted Lake Ultramafic Intrusive Body showing location of Panther diamond drillholes (based on geophysical inversion model, core of intrusive shaded purple). For relative scale see Figure 1.⁴

References

1.             Panther Metals PLC, announcement, Dotted Lake Project: Update, dated 23 May 2025

( https://polaris.brighterir.com/public/panther_metals/news/rns/story/rgvg8vr )

2.             Panther Metals PLC, announcement, Dotted Lake: Drilling Results, Assay Results Confirm Magnesium Rich Serpentinite, Wide Drill Intercepts Continue to Reinforce Ultramafic Intrusive Fertility, dated 21 March 2025

( https://polaris.brighterir.com/public/panther_metals/news/rns/story/x2pqjlw )

3.             Panther Metals PLC, announcement, Dotted Lake: Drilling Results, Assay Results Confirm Magnesium Rich Serpentinite, Intrusive Layering Shows Grades Strengthening with Depth, dated 25 March 2025

( https://polaris.brighterir.com/public/panther_metals/news/rns/story/w0kqkpr )

4.             Panther Metals PLC, YouTube channel video: Dotted Lake Ultramafic Intrusion: Magnesium-Rich Serpentinised Peridotite

( https://www.youtube.com/watch?v=B90KUU6Kk98 )

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Obonga Project - Advancing a High-Impact VMS and Critical Minerals District

Panther Metals' Obonga Project in Ontario continues to demonstrate strong potential as a district-scale exploration opportunity targeting base and critical minerals. Since acquiring the Obonga Greenstone Belt in July 2021, the Company has advanced multiple high-priority targets including Wishbone, Awkward, Survey, Ottertooth, and Silver Rim.

On 9 February 2026 Panther announced plans for an approximately 2,000-metre diamond drilling program at the Wishbone Prospect, following the grant of an Exploration Permit in June 2024 valid through 2027. Previous work confirmed compelling VMS-style mineralisation, including 27.3m of massive sulphide and 51m of sulphide-dominated mineralisation across multiple lenses, supported by high-grade copper anomalies in lake sediments.

In July 2024, Panther secured an Exploration Permit for Awkward West, enabling up to 31 drill holes. Historic drilling returned 27.2m at 2.25% TGC, with zones exceeding 5% TGC, alongside indications of nickel, copper, and platinum group elements, aligning with the Company's critical minerals strategy.

High-resolution magnetic and electromagnetic surveys continue to refine drill targeting across Obonga. Survey and Ottertooth remain highly prospective, hosting multiple untested geophysical anomalies and historic massive sulphide intercepts.

     Winston Project - Tailings Evaluation and MRE Pathway

Panther Metals' Winston Project represents a near-term, development-focused opportunity centred on the evaluation of historic mine tailings and has been the subject of prior technical and commercial assessment involving Extrakt.

Current work is focused on tailings sampling, metallurgical testing, and data validation to define metal content, recoverability, and support the preparation of a Mineral Resource estimate (MRE). This approach provides a clear value-creation pathway with lower geological risk than greenfield exploration and aligns with modern reprocessing and critical mineral's themes.

Dotted Lake Project - Hemlo-Adjacent Polymetallic Opportunity

Panther Metals' Dotted Lake Project, acquired in July 2020, is located approximately 16km from the Hemlo Mining Corp.'s Hemlo Mine, within a well-established mining region.

Early exploration identified multiple gold and base metal anomalies, with initial drilling confirming gold mineralisation. In early 2025, follow-up drilling materially advanced the project, confirming nickel and magnesium mineralisation within an ultramafic intrusion and identifying a VMS-style system, significantly expanding the project's polymetallic potential.

The programme refined structural controls, extended mineralisation, and identified multiple new drill targets, positioning Dotted Lake as a high-upside, multi-commodity exploration asset.

    Commercial Strategy - Focused Value Creation

Panther Metals is focused on disciplined, discovery-driven value creation through efficient capital deployment and technical execution. With Obonga delivering high-impact exploration, Winston providing a resource-focused development pathway, and Dotted Lake offering polymetallic upside, the Company maintains a balanced portfolio aligned with favourable commodity market conditions.

The Company's strategy is to advance high-quality assets along the most efficient technical pathway, delivering tangible milestones that underpin long-term shareholder value.