THIS ANNOUNCEMENT, INCLUDING THE APPENDIX AND THE INFORMATION IN IT, IS RESTRICTED AND IS NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, THE REPUBLIC OF SOUTH AFRICA, JAPAN, NEW ZEALAND, SINGAPORE OR ANY OTHER JURISDICTION IN WHICH SUCH PUBLICATION, RELEASE OR DISTRIBUTION WOULD BE UNLAWFUL.

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF EU REGULATION 596/2014 (WHICH FORMS PART OF DOMESTIC UK LAW PURSUANT TO THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("EUWA")) ("UK MAR"). IN ADDITION, MARKET SOUNDINGS (AS DEFINED IN UK MAR) WERE TAKEN IN RESPECT OF CERTAIN OF THE MATTERS CONTAINED WITHIN THIS ANNOUNCEMENT, WITH THE RESULT THAT CERTAIN PERSONS BECAME AWARE OF INSIDE INFORMATION (AS DEFINED UNDER UK MAR). UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THOSE PERSONS THAT RECEIVED INSIDE INFORMATION IN A MARKET SOUNDING ARE NO LONGER IN POSSESSION OF SUCH INSIDE INFORMATION, WHICH IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

29 March 2023

Panthera Resources Plc

("Panthera" or "the Company")

Equity Financing

Panthera Resources plc (AIM: PAT), the gold exploration and development company with assets in India and West Africa, is pleased to announce that it has arranged an equity capital fundraise with new and existing investors for approximately £1,005,150 (before expenses) by way of a placing and subscription (the "Placing" and the "Subscription" respectively) (together the "Equity Financing") of a total of 23,650,590 ordinary shares of 1 pence each in the Company (the "New Ordinary Shares") at a price of 4.25 pence per new Ordinary Share (the "Placing Price"). Novum Securities Limited ("Novum") are acting as brokers in connection with the Placing (the "Broker").

Details of the Equity Financing

The Equity Financing comprises a placing of 4,235,294 New Ordinary Shares (the "Placing Shares") and a subscription of 19,415,296 New Ordinary Shares (the "Subscription Shares") at the Placing Price.  The Equity Financing has been conducted as a private placement and subscription under the Company's existing allotment and pre-emption disapplication authorities and participation has not been made available to members of the public. The Equity Financing is conditional, inter alia, on admission of the New Ordinary Shares to trading on AIM ("Admission") becoming effective.

In addition, subscribers will also receive one option for every two Ordinary Shares subscribed for, exercisable at a price of 6.68 pence on or before 10 December 2025 (the 'Option'), with each Option entitling the holder to acquire one new Ordinary Share upon exercise of the Option. In aggregate 11,825,295 Options will be issued as part of the Equity Financing.

It is intended that the proceeds of the Equity Financing will be used towards its activities in India and West Africa and meeting the Company's working capital commitments.

The Company has received binding subscription commitments of 11,170,588 shares and indicative subscription commitments of 12,480,002  from subscribers to the equity capital raising to subscribe for New Ordinary Shares at the Placing Price respectively. The Subscription is subject to terms and conditions agreed between the Company and each of the subscribers for the Subscription Shares and is conditional, inter alia, on Admission.

Novum has entered into a placing agreement ('Placing Agreement') with the Company under which Novum has, on the terms and subject to the conditions set out therein (including Admission), undertaken to use its reasonable endeavours to procure subscribers for the Placing Shares at the Placing Price.  The Placing Agreement contains certain warranties and indemnities from the Company in favour of Novum. The Placing is not being underwritten by Novum or any other person. Furthermore, the Placing is not conditional on the Subscription becoming wholly unconditional.

The Placing is conditional, inter alia, upon Admission on or before 19 April 2023 (which date may be extended by Novum and the Company but not beyond 26 April 2023), and the Placing Agreement not being terminated in accordance with its terms prior to Admission.

Admission and total voting rights

Application will be made in due course to the London Stock Exchange plc ("LSE") for the 23,650,590 New Ordinary Shares to be admitted to trading on AIM, which is expected to occur on or around 19 April 2023.

Upon Admission of the 23,650,590 New Ordinary Shares, the Company's issued ordinary share capital will consist of 154,087,991 Ordinary Shares with one voting right each. The Company does not hold any Ordinary Shares in treasury. Therefore, the total number of Ordinary Shares and voting rights in the Company will be 154,087,991. With effect from Admission, this figure may be used by Shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.

Person Discharging Managerial Responsibilities (PDMR) Participation

Mark Cranny, the non-board Chief Financial Officer of the Company, has also agreed to participate in the Equity Financing. Details of the New Ordinary Shares purchased by Mark Cranny are as follows:

Contacts

Panthera Resources PLC

Mark Bolton (Managing Director)                                                                              +61 411 220 942

                                                                                                            [email protected]

Allenby Capital Limited (Nominated Adviser & Joint Broker)             +44 (0) 20 3328 5656

John Depasquale / Vivek Bhardwaj (Corporate Finance)                                                               

Kelly Gardiner / Stefano Aquilino (Sales & Corporate Broking)                                                    

Novum Securities Limited (Joint Broker)                                                      +44 (0) 20 7399 9400

Colin Rowbury                                                                                                                                                  

Financial Public Relations

Vigo Consulting Ltd                                                                                                  +44 (0)20 7390 0230

Oliver Clark

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For more information and to subscribe to updates visit: pantheraresources.com

Forward-looking Statements

This news release contains forward-looking statements that are based on the Company's current expectations and estimates. Forward-looking statements are frequently characterised by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "suggest", "indicate" and other similar words or statements that certain events or conditions "may" or "will" occur. Such forward-looking statements involve known and unknown risks, uncertainties, and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements. Such factors include, among others: the actual results of current exploration activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; possible variations in ore grade or recovery rates; accidents, labour disputes, and other risks of the mining industry; delays in obtaining governmental approvals or financing; and fluctuations in metal prices. There may be other factors that cause actions, events, or results not to be as anticipated, estimated, or intended. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events, or results or otherwise. Forward-looking statements are not guarantees of future performance and accordingly, undue reliance should not be put on such statements due to the inherent uncertainty therein.

Notice to Distributors

Solely for the purposes of the product governance requirement contained in Chapter 3 of the FCA Product Intervention and Product Governance Sourcebook (together, the "UK Product Governance Requirements"), and disclaiming all and any liability, whether arising in tort, contract or otherwise, which any "manufacturer" (for the purposes of the UK Product Governance Requirements) may otherwise have with respect thereto, the Placing Shares have been subject to a product approval process, which has determined that the Placing Shares are: (i) compatible with an end target market of retail investors and investors who meet the criteria of professional clients and eligible counterparties, as defined under the FCA Handbook Conduct of Business Sourcebook, and (ii) eligible for distribution through all permitted distribution channels (the "Target Market Assessment").

Notwithstanding the Target Market Assessment, distributors should note that: the price of the Placing Shares may decline and investors could lose all or part of their investment; the Placing Shares offer no guaranteed income and no capital protection; and an investment in the Placing Shares is compatible only with investors who do not need a guaranteed income or capital protection, who (either alone or in conjunction with an appropriate financial or other adviser) are capable of evaluating the merits and risks of such an investment and who have sufficient resources to be able to bear any losses that may result therefrom. The Target Market Assessment is without prejudice to the requirements of any contractual, legal or regulatory selling restrictions in relation to the Placing Shares. Furthermore, it is noted that, notwithstanding the Target Market Assessment, Allenby Capital Limited will only procure investors who meet the criteria of professional clients and eligible counterparties. For the avoidance of doubt, the Target Market Assessment does not constitute: (a) an assessment of suitability or appropriateness for the purposes of the FCA Handbook Conduct of Business Sourcebook COBS 9A and 10A respectively; or (b) a recommendation to any investor or group of investors to invest in, or purchase, or take any other action whatsoever with respect to the Placing Shares.

Each distributor is responsible for undertaking its own target market assessment in respect of the Placing Shares and determining appropriate distribution channels.

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them

**ENDS**

Annexure