Dotted Lake Update

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PANTHER METALS PLC

("Panther" or the "Company")

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

22^nd February 2021

Canada: Dotted Lake Property - Geophysics Survey Update

Panther Metals PLC (LSE:PALM) the company focused on mineral exploration in Canada and Australia, is pleased to announce the receipt of the processed high-resolution  Airborne Electromagnetic ("AEM") and Magnetics geophysics survey data and associated maps and report over the Dotted Lake Property on the north limb of the Schreiber-Hemlo greenstone belt in Ontario, Canada.

Highlights

·  Processed data, mapping and report received for the Dotted Lake Property high-resolution airborne electromagnetic ("AEM") and magnetics ("Mag") geophysics survey (announced 13 October 2020).

·    Canadian airborne geophysics survey company Prospectair Geosurveys ("Prospectair") flew the 818 line-km survey utilising helicopter-borne sensors over a series of seven flights conducted between 9^th -11^th December 2020.  Prospectair also successfully flew geophysics over Panther's Big Bear Project in June 2020.

·    A total of 138 geophysical anomalies have been identified by the survey, these are now being evaluated and prioritised for follow-up investigation.

·    Dotted Lake Property is located 93km east of Panther's Big Bear Gold Project, 18km north of the Barrick Hemlo Mine and 34km north-east of the Marathon Palladium Project where a proposed open pit mine for palladium, platinum, gold and copper is currently undergoing permitting and planning by Generation Mining,

Darren Hazelwood, CEO, commented:

"We are delighted to announce the receipt of the processed airborne geophysics survey data, maps and report for the Dotted Lake Property in Canada. The survey was flown by Prospectair, the same company who flew AEM and Mag over the Big Bear Gold Project survey in June of 2020.

The processed data and report recommendations for the Dotted Lake survey are now being evaluated and will be used to help direct further work in addition to the drilling that is already planned for the property".

Survey Technical Details

The Dotted Lake Property area was flown with traverse lines at 50m spacing and control lines spaced every 500m. The survey lines were oriented 162degN with control lines oriented perpendicular to traverse lines. The nominal flying height aimed by the pilot was 85m, but the active topography resulted in the average helicopter height above ground of 86m, with the mag sensor and receiver coil at 61m, and the transmitter loop at 36m above the

ground. The average survey flying speed (calculated equivalent ground speed) was 31.1m/s.

Airborne Magnetometers: Geometrics G-822A

Both the ground and heliborne systems use a non-oriented (strap-down) optically-pumped Cesium split-beam sensor. These magnetometers have a sensitivity of 0.005 nT and a range of 15,000 to 100,000 nT with a sensor noise of less than 0.02 nT. The heliborne sensor is mounted in a bird made of non-magnetic material located 25 m below the helicopter when flying. Total magnetic field measurements are recorded at 10 Hz in the aircraft. The ground system is recording magnetic data at 1 sample every second with a GSM-19 Overhauser base-station magnetometer.

Real-Time Differential GPS: Omnistar DGPS

PROSPECTAIR uses an OmniStar differential GPS navigation system to provide real-time guidance for the pilot and to position data to an absolute accuracy of better than 5 m. The Omnistar receiver provides real-time differential GPS for the Agis on-board navigation system. The differential data set is relayed to the helicopter via the Omnistar network of geosynchronous satellites for the survey location. The receiver optimises the corrections for the current location.

Airborne Navigation and Data Acquisition System: Pico-Envirotec AGIS-XP system

The Airborne Geophysical Information System (AGIS-XP) is an advanced, software driven instrument specifically designed for mobile aerial or ground geophysical survey work. The AGIS instrumentation package includes an advanced Satellite navigation (GPS), real-time flight path information that is displayed over a map image (BMP format) of the area, and reliable data acquisition software. Thanks to simple interfacing, the radar and barometric altimeters, the RSI spectrometer, the Geometrics magnetometer and the ProspecTEM time-domain electromagnetic system data are easily integrated into the data acquisition system and digitally recorded. Automatic synchronisation to the GPS position and time provides very close correlation between data and geographical position. The AGIS is equipped with a software suite allowing easy maintenance, upgrades, data QC, and project and survey area layout planning.

Time-Domain Electromagnetic System: ProspecTEM

Prospectair Geosurveys significantly modified and improved the Emosquito II that was built by THEM Geophysics of Gatineau (Québec) to develop ProspecTEM. It is a powerful light-weight system adapted for small size helicopters and easy manoeuvrability enabling the system to be flown as close to the ground as safely possible and ensuring maximum data resolution. Advanced signal processing technique and a full processing package was developed in house to optimise the ProspecTEM data.

The ProspecTEM system employs a transient or time-domain electromagnetic transmitter that drives an alternating current through an insulated electrical coil system. The towing bridle is constructed from a Kevlar rope and multi-paired shielded cables. It is attached to the helicopter by a weak link assembly. An onboard harness with outboard connectors mounted on a plate allows for quick disconnection or connection of the exterior elements. The system uses a 4 KW generator and a large condenser to transmit alternating 2.75-ms half sine pulses with intervening off-times of 13.916 ms electric pulse, 60 pulses per second.

Panther Metals PLC:

Darren Hazelwood, Chief Executive Officer:            +44(0) 1462 429 743 and +44(0) 7971 957 685                                                     

Mitchell Smith, Chief Operating Officer:        +1(604) 209 6678

Brokers:

SI Capital Limited

Nick Emerson                                                 +44(0) 1438 416 500

Peterhouse Capital Limited

Guy Miller and Duncan Vasey                       +44(0) 20 7469 0930