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PANTHER METALS PLC

("Panther" or the "Company")

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

6 May 2026

Obonga Update: Drill Pad Preparation

Ground Preparations for Critical Mineral Focussed Drill Programmes at the Wishbone VMS and Awkward Conduit Targets

Panther Metals Plc (LSE: PALM), the exploration company focused on mineral projects in Canada, is pleased to provide an update on onsite preparation work at the Obonga Project in Ontario, Canada.

Drill pad preparations have commenced at two highly-prospective targets on the Obonga Project: the Wishbone Prospect, which is an emerging and highly prospective zinc (Zn) and copper (Cu) base metal volcanogenic massive sulphide ("VMS") system; and at the Awkward Conduit Prospect which hosts an interpreted magmatic conduit prospective for hosting magmatic sulphides including nickel (Ni), copper, platinum group elements ("PGE") and associated elements.

Drill pad preparations which include clearing of vegetation at permitted drill locations will be commencing onsite during the coming week, under the direction of geological contractor Bayside Geoscience Inc ("Bayside"). The drill pad preparation work is covered by Wishbone Exploration Permit PR-24-000022 and Awkward Exploration Permit PR-24-000076, which are valid through to 20 June 2027 and 17 July 2027 respectively.

Further details of the Wishbone and Awkward targets are provided below and are summarised in the Technical Presentation available on the Company website at: https://panthermetals.com/investors/presentation

A video illustrating the results of the Magnetic Survey inversion modelling and the size and morphology of the Wishbone VMS Target and the relationship with highly anomalous copper in lake sediments is available to view on the Panther Metals PLC YouTube channel at https://youtube.com/shorts/POMgfQuSc44?feature=share

Darren Hazelwood, Chief Executive Officer commented:

"We are pleased to be commencing drill pad construction works at both the Wishbone and Awkward prospects, a key milestone as we move decisively toward our upcoming drilling programme.

At Wishbone, the previously reported zinc and copper intersection highlights the potential for a material mineralised system. At Awkward, our conduit-style model-interpreted as a potentially sulphide laden magmatic feeder pipe-represents a highly compelling target with the potential to host a significant new deposit.

With drilling imminent, we are entering an exciting phase of exploration and remain focused on delivering strong, value-driven results for shareholders."

The Wishbone Prospect is situated in a similar geological environment to the Mattabi VMS camp, hosted within the Sturgeon Lake Greenstone Belt, located approximately 75km due west. The Mattabi camp hosted five commercially viable VMS mining operations that produced from the early 1970's into the 1990's. The Mattabi mine being the most prolific, reportedly produced 13.5 Mt of ore with an average grade of 7.5% Zn, 0.88% Cu, 0.77% Pb and 3.10 oz/t (96.42g/t) Ag in the period 1970-1983. It was reportedly discovered through drilling of airborne geophysics anomalies.

Historical drilling 800m north of the Wishbone anomaly in the 1970s intersected massive stringer and disseminated sulphide, and drilling by BHP in the 1990s intersected massive stringer and disseminated sulphide 600m south of the anomaly. BHP ranked the Wishbone anomaly a high priority for follow up in 1992, however no further work was completed prior to 2021. Airborne geophysics datasets compiled since that time have shown that the historical drilling failed to intersect the major anomalies. Drilling undertaken by Panther in 2021/2022, intersected wide massive sulphide and semi-massive sulphide mineralisation intersections at Wishbone including intersections up to 11.65% Zn.

The 2025 magnetic geophysics survey (Figure 1), data inversion and structural model have been used to refine the planned diamond drill programme at Wishbone. Highly anomalous copper in lake and stream sediments are located directly above the Wishbone target area, and drain off the site of to both the north and south (Figure 2).

The Awkward Prospect hosts a PGE, Ni and Cu magmatic sulphide prospective conduit (also known as a chonolith) and layered magmatic intrusive target. The target comprises a highly anomalous geophysical target comprising a coincident magnetic remnant low and electromagnetic conductor. Historical surface sampling in the target area returned anomalous palladium (Pd) and platinum (Pt) up to a reported 1.23 g/t Pd+Pt and historical drilling on the periphery of the target intersected un-assayed massive and disseminated sulphide and chalcopyrite in course gabbro and 'marble cake' textured gabbro which matches the description of the varitexture gabbro ore zone within Impala's Lac des Iles Platiunum Mine located due south of Obonga.

The Awkward intrusion has many characteristics (size, age, rock types, mineralisation, interpreted conduit) that make it favourable for PGE exploration. Specifically, the Awkward intrusion shares many of these characteristics with the intrusion that hosts Impala's 3 Moz Lac des Iles PGE mine located 85 km to the south, including varitextured, "marble cake" gabbro that bears a visual similarity to one of the main ore-hosting horizons at the Lac des Iles mine, and massive sulphide rip-up clasts that may represent remobilisation from a magma conduit or other massive sulphide horizon within the intrusion.

A summary of historical prospecting records at Awkward is presented in Figure 3, this depicts the location of coincident geophysical magnetic low and electromagnetic conductivity anomalies interpreted to be related to the targeted magmatic conduit. The Awkward drill pad preparations are starting in the Target 1 area shown.

Further updates will be provided in due course.

Wishbone VMS Target Background

In 2021 Panther's two hole, 600m diamond drilling programme, intercepted multiple lenses of sulphide mineralisation including in drill hole BBR21_WB_001 a 27.3m wide intercept of massive sulphide mineralisation and in hole BBR21_WB_002 51m of sulphide-dominated mineralisation.

Wide massive sulphide and semi-massive sulphide mineralisation intersections were made in both drill holes:

¡ WB001: Three wide sulphide intersections:

-     27.3m of massive sulphide from 106.2m ('Upper layer'), with fault at base;

-     2.5m of massive sulphide from 234.8m ('Mid layer'; and

-     1.4m of massive sulphide from 256.6m ('Lower layer')

¡ WB002:  Wide zoned sulphide intersection:

-     51m from 174m comprising a wide zone of sulphide dominated mineralisation, including:

-     17m from 180m of massive sulphide ('Upper zone') and

-     7m from 218m of semi-massive sulphide ('Lower zone')

In Panther's 2022 drill programme, a further three diamond drill holes intersected further massive and semi-massive sulphides, and a zone of zinc mineralisation:

¡ Hole BBR22 WB-P1-2:    Potentially commercial grades of zinc mineralisation:

-     3.6m @ 3.9% Zn from 120m, including

-     2m @ 6.8% Zn, 4.3 g/t Ag and anomalous 0.19% Cu from 120m, with

-     0.5m @ 11.65% Zn, 4.1 g/t Ag and anomalous 0.14% Cu from 120.2m.

¡ Hole BBR22 WB-P2-1:  Further wide zones of massive and semi-massive sulphide mineralisation intersected, interpreted to be related to the high temperature pyrrhotite dominant core of the VMS system:

-     22.4m of massive and semi-massive sulphide from 127m downhole.

¡ Hole BBR22 WB-P3-1 :

-     3.8m of semi-massive sulphide from 163.2m downhole.

The Wishbone discovery was the first significant VMS-style mineralisation to be made on the entire Obonga Greenstone Belt. Given the geological tendency for VMS systems to cluster and repeat and given the presence of highly anomalous copper in lake and stream sediments nearby (see Figure 2).

An important characteristic of VMS deposits is that they typically display a zonation of metals within the massive sulphide body from iron (Fe) and copper at the base to Zn+Fe± Lead ± Barium at the top and margins, related to differing temperature and chemical conditions at mineral deposition. The major observed mineral component of the Wishbone  massive sulphide mineralisation is pyrrhotite with less common pyrite and minor sphalerite and chalcopyrite in distinct zones.

The Wishbone assay result suite, including rare earth element ("REE") analyses, has yielded important geochemical information allowing the classification of the mineralisation, alteration ratios and the development of exploration vectors towards zones of potential economic interest. Wishbone has been classified as a bimodal type deposit, the same type as Canada's Kidd Creek (Ontario) and Noranda (Quebec) VMS deposits.

Awkward Conduit Target Background

The Awkward Prospect hosts a PGE, Ni and Cu magmatic sulphide prospective conduit and layered mafic intrusive target. The target comprises a highly anomalous geophysical target comprising a coincident magnetic remnant low and electromagnetic conductor. Historical surface sampling in the target area returned anomalous palladium (Pd) and platinum (Pt) up to a reported 1.23 g/t Pd+Pt and historical drilling on the periphery of the target intersected un-assayed massive and disseminated sulphide and chalcopyrite in course gabbro and 'marble cake' textured gabbro which matches the description of the varitexture gabbro ore zone within Impala's Lac des Iles Platiunum Mine located due south of Obonga.

A review of historical information relating to the Awkward area notes that Newmont identified the potential for around 1 billion tonnes at between 0.19-0.2% Ni in the area in 1967.

Previous geophysical modelling undertaken by Panther interpreted the course of the magmatic feeder conduit based on Maxwell Plate Modelling of the regional electromagnetic ('EM') geophysical data. The modelling established 20 conductive plates which outline four distinct conductive lineations or 'Trends' which are interpreted to relate to sulphide bearing magmatic conduits and graphite. 

Panther's 2022 diamond drilling programme tested three of the 20 conductive plates (three holes totalling 243m drilled) with hole BBR22_AW-P1-1 intersecting 27.2 m @ 2.25 % Total Graphitic Carbon ('TGC') from 12m downhole in 'Trend 3'.  Whilst this drilling did not interest the targeted massive sulphide bearing pipe, it was deemed very positive as the graphite is interpreted to have resulted from the high heat flow associated with a proximal magmatic conduit. 

The Awkward Exploration Permit PR-24-000076 is valid through to 17 July 2027 and allows for a comprehensive programme of works over the Awkward West area (Figure 5) which includes the Awkward magmatic feeder conduit target focused on a nickel-copper-platinum-palladium discovery.

For further information, please contact:

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 Tailings 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 NI 43-101 compliant 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 Barrick Gold'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 program 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.