Obonga Extension and Issue of Equity

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THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF REGULATION 2014/596/EU WHICH IS PART OF DOMESTIC UK LAW PURSUANT TO THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS (SI 2019/310) ("UK MAR"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION (AS DEFINED IN UK MAR) IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

PANTHER METALS PLC

("Panther" or the "Company")

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

6 July 2026

Obonga: Extension Agreement and Issue of Equity

Panther Metals PLC (LSE: PALM), the exploration company focused on mineral projects in Canada, is pleased to announce an extension amendment to the 2021 sale and purchase agreement (the "Amendment Agreement") with Broken Rock Resources Ltd ("Broken Rock") over the Obonga Project ("Obonga" or the "Property"), which covers over 90% of the Obonga Greenstone Belt, in Ontario, Canada.

The Amendment Agreement extends the terms of the original 2021 purchase agreement (as announced 2 August 2021 and amended 3 April 2025), from the previous expiry date of 31 August 2026, through to 30 April 2027.^1,2

The Amendment Agreement provides Panther with additional operational flexibility to advance and extend the currently ongoing Phase 1 Diamond Drilling Programme, supported by the Company's 18 June 2026 financing, without the constraints of a shortened timeline.³

Separately, following requests from two long-standing service providers, the Company has agreed to settle outstanding invoices through the issuance of shares. These arrangements were agreed prior to the Company's 18 June 2026 fundraising, at a time when preserving cash ahead of securing funding for the Obonga drilling programme was considered prudent. Following the successful financing, Panther offered to settle these invoices in cash; however, both service providers elected to proceed with the original share settlement agreements, reflecting their continued confidence in the Company's future.³

The Company remains committed to disciplined capital management and minimising shareholder dilution wherever possible. All shares will be issued at the 18 June 2026 placing price of 135 pence per share.

Darren Hazelwood, Chief Executive Officer commented:

"The extension of our Obonga Agreement to 30 April 2027 is an outstanding outcome for the Company and our shareholders. I sincerely thank Broken Rock Resources for their support and flexibility in providing the additional time.

This extension gives us the ability to continue the focused, disciplined ongoing diamond drilling campaign at Obonga, whilst allowing us additional time to prioritise quality work and strategic decision-making rather than simply chasing drilling metres against a compressed timeline.

Just as importantly, we can now fund Obonga appropriately, creating a true win-win for all stakeholders. With the time and funding in place, we can maximise the value of every exploration dollar invested.

In relation to the issue of shares to two service providers, while this is not generally consistent with Panther's long-standing commitment to minimising shareholder dilution, it was a pragmatic decision made during a period when the timing and certainty of funding for Obonga were still unclear. With greater funding certainty now established, we fully intend to return to our disciplined approach to capital management and maintaining tight control over dilution wherever possible.

We are entering this next phase of exploration from a position of greater strength, with the runway, funding, and strategic flexibility needed to unlock the full potential of Obonga. We believe this positions the Company exceptionally well for the exciting work ahead."

Obonga Extension

In consideration for the extension provided by the Amendment Agreement, the Company will allot and issue 30,000 new ordinary shares (the "Consideration Shares") to Broken Rock.

The Amendment Agreement extension moves the option expiry date from 31 August 2026 to 30 April 2027, providing the Company with additional time and flexibility to complete its exploration programme and satisfy the remaining terms of the agreement. The CAD$250,000 sale and purchase option payment date is amended to no later than 30 April 2027.

Service Providers

The Company has agreed to issue 14,000 new ordinary shares ("Consideration Shares") as part settlement of amounts owing to a drilling contractor in respect of work undertaken to advance the Obonga exploration programme. The balance of the contractor's fees have been settled in cash.

In addition, the Company has agreed to issue 34,000 new ordinary shares ("Consideration Shares") to a service provider in settlement of consultancy fees relating to the Company's proposed listing on the Canadian Securities Exchange. Both share settlements were agreed prior to the Company's recent fundraising as part of its strategy to preserve cash while advancing key corporate and exploration initiatives.

Consideration Share Placing Details

When issued, the Consideration Shares will be credited as fully paid and will rank pari passu in all respects with the existing Ordinary Shares in the share capital of the Company, including the right to receive all dividends and other distributions declared, made, or paid on or in respect of such shares after the date of issue of the Consideration Shares.

The Consideration Shares being issued will represent approximately 0.73% of the Company's enlarged Ordinary Share capital following the Placing.

It is expected that the allotment, issue and admission of the Ordinary Shares to the Official List by way of a standard listing under Chapter 14 of the Listing Rules published by the Financial Conduct Authority and to trading on the Main Market of London Stock Exchange PLC, will become effective and that dealings in the Ordinary Shares on the Main Market will commence at 8.00 a.m. on 13 July 2026.

Total Voting Rights

Following Admission, the Company's total issued share capital will consist of 10,749,838 Ordinary Shares. The Company does not hold any Ordinary Shares in treasury.

Therefore, following Admission, the total number of voting rights in Panther Metals PLC will be 10,749,838. Following Admission this figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.

References

1.         Company announcement, dated 2 August 2021, 'Acquisition, issue of equity, grant of options and total voting rights, Canada - Major Acquisition on the Obonga Greenstone Belt'  ( https://polaris.brighterir.com/public/panther_metals/news/rns/story/xz9m6or )

2.         Company announcement, dated 3 April 2025, 'Obonga: Extension and Amendment of Purchase Agreement"
( https://polaris.brighterir.com/public/panther_metals/news/rns/story/w1v5q9w  )

3.         Company announcement, dated 18 June 2026, 'Financing to Accelerate Obonga Drilling'    
( https://polaris.brighterir.com/public/panther_metals/news/rns/story/xqekn7x )

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 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 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.