Obonga Project: Wishbone Drill Programme Update

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PANTHER METALS PLC

("Panther" or the "Company")

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

10 July 2026

Obonga Project: Wishbone Drill Programme Update

Panther Metals Plc (LSE: PALM), the exploration company focused on mineral projects in Canada, is pleased to provide an update in relation to the Phase 1 diamond drill programme at the Wishbone volcanogenic hosted massive sulphide ("VMS") prospect on the Company's Obonga Project located upon the Obonga Greenstone Belt, Ontario, Canada.

Further to the placing announced 18 June 2026 and the extension of the Obonga option agreement to 30 April 2027 (announced 6 July 2026), the Company's drilling contractor is commissioning a second diamond core drill rig in advance of it mobilising to the Obonga site from Manitoba. Once onsite the additional drilling capacity will accelerate exploration past the originally planned 2,000 metre drilling budget.

The first diamond core drill hole (BR26-WB-P1-1) at Wishbone, successfully attained the planned downhole depth of 300m, it intersected nine distinct zones of massive, semi-massive and iron-silicate dominated sulphide mineralisation commencing at a downhole depth of 77.75m to a downhole depth of 245m.

These intersections included 3.45m of pyrrhotite dominated massive sulphide and 9.9m of semi-massive sulphide from 77.75m downhole depth. Between 98m to 105m downhole depth, visual core logging has identified sulphide rich metasediments interpreted as greenalite exhalite rocks which may have formed when iron and silica rich hydrothermal fluids mixed with seawater in proximity to the ancient seafloor hydrothermal vents associated with VMS and precious metal mineralisation. These greenalites continued alternating in sulphide tenor from 112.5m to 119m with further pyrrhotite massive sulphide (137m to 139m) and semi-massive sulphide intervals (162m to 172m, 187.5m to 188m and 237m to 240m).

The second diamond core drill hole (BR26-WB-P1-2) at Wishbone, has intersected the target VMS horizons along strike to the south with a projected end of hole depth horizontal spacing between the inclined holes of circa 170m.

In BR26-WB-P1-2 alternating massive and semi-massive sulphide has been intersected between 63.5m and 78.4m downhole and between 107m and 120m downhole. Alternating sulphide rich metasediments interpreted as greenalite exhalite rocks and semi-massive sulphides continue from 120m to the currently logged core depth of 158m downhole.

A further two drill pads have been prepared ready to commence following a scheduled rig maintenance and a fifth drill pad will be ready in advance of the second drill rig arriving onsite.

Darren Hazelwood, Chief Executive Officer commented:

"The sulphide mineralisation observed in the first and second diamond drill holes of the current Wishbone drilling programme is particularly encouraging when viewed alongside the assay results from previous drilling at Wishbone, where we intersected 3.6 metres grading 3.9% zinc, including 2.0 metres at 6.8% zinc and 4.3 g/t silver, with individual assays returning up to 11.65% zinc.

Whilst the drill core has yet to be cut, sampled and laboratory assayed, the visual core logging of significant widths of sulphide mineralisation, which coincides with our three-dimensional geophysical inversion model, show we are building out a large-scale VMS system at Wishbone".

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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 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.