21 August 2023

Panthera Resources Plc

("Panthera" or "the Company")

Completion of Drilling at Kalaka Project

Panthera Resources Plc (AIM: PAT), the diversified gold exploration and development company with assets in West Africa and India, is pleased to announce that the drilling programme at the Kalaka Project in Mali has ended with all samples shipped to the laboratory.

Drilling Programme Summary

·       Completed 8 reverse circulation (RC) drill holes for 705 metres advance

·       Completed drill holes at the K1A prospect in support for future mineral resource estimation and metallurgical testing

·       Programme interrupted due to heavy rain - the planned northern exploration holes will be tested at a later date

·       Samples  have been submitted to the SGS Laboratory in Bamako with results expected  in late September

Background

Kalaka is a joint venture which the Company and DFR Gold Inc are directly interested in through a joint 50:50 ownership interest in Maniger Ltd, a British Virgin Islands holding company.  Kalaka is operated by the Company. Panthera and DFR both respectively hold 40% indirect interests in Kalaka with a local Mali company, Golden Spear Mali SARL, owning the balancing 20%.

The project is located in southeast Mali, between the Morila and the Syama gold mines approximately 260 km southeast of Bamako. It lies approximately 80 km south of Morila (8Moz gold) and 85 km northwest of Resolute's Syama mine (6 Moz gold).  The project is situated adjacent and to the east of the regional Banifin Shear Zone where the strike direction of the foliation is approximately N40° with a dip of 60° to the northwest.

Modern exploration has included airborne geophysical surveys, soil sampling, structural interpretations, geological mapping, and preliminary drilling activities focussed on the metasediments.  This has included diamond, air core (AC), reverse circulation (RC) and Rotary Air Blast (RAB) drilling.  During 2021 Panthera completed 2,430m of shallow AC drilling. On the K1A prospect multiple intersections exceeding 150m at 0.5 g/t have been identified by Diamond and RC drilling.

The primary mineralisation at the K1A prospect, is associated with an intrusive tonalite / micro granodiorite within metasediments. The alteration envelope is dominantly characterised by silica-feldspar flooding and sulphide mineralisation. Elsewhere there are also numerous artisanal workings within the Kalaka tenement, mainly targeting eluvial gold.

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                                                                                                                                                  

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Qualified Person

The technical information contained in this disclosure has been read and approved by Ian S Cooper (BSc, ARSM, FAusIMM, FGS), who is a qualified geologist and acts as the Qualified Person under the AIM Rules - Note for Mining and Oil & Gas Companies.  Mr Cooper is a geological consultant to Panthera Resources PLC.

UK Market Abuse Regulation (UK MAR) Disclosure

The information contained within this announcement is deemed by the Company to constitute inside information for the purposes of Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310. Upon the publication of this announcement via a Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain.

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.

**ENDS**