Australian Asset Plans

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY IN OR INTO AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA, THE UNITED STATES OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF REGULATION 2014/596/EU (WHICH FORMS PART OF DOMESTIC UK LAW PURSUANT TO THE EUROPEAN UNION (WITHDRAWAL) ACT 2018) ("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)

15 April 2021

Panther Metals Plans to List Australian Assets on the ASX Exchange

Panther Metals PLC (LSE:PALM) the company focused on mineral exploration in Canada and Australia, is pleased to announce its intention to pursue a listing of its Australian assets on the Australian Securities Exchange (the "ASX" or "ASX Exchange").

Darren Hazelwood, Chief Executive Officer, commented:

"Our confidence in the Company's portfolio of assets has only strengthened over the last year. As a team with world-class capabilities in the exploration sector we have quickly identified, and acted on, a route to allow each asset to receive the required capital allocation it justly deserves, whilst continuing to create value for our shareholders. The independent listing of Panther Australia not only provides the required capital to develop the assets in that business, but it also simultaneously gives a market value to our subsidiary.

The ASX listing will allow Panther to maintain a material investment in our Australian assets whilst raising new capital for them. In addition, the listing facilitates the integration of the Bonanza and Bluebrook exploration properties into the expanded Australian operation and allows for the financial independence of Panther Australia.

This provides significant upside for Panther and allows us to better manage the opportunities associated with our Canadian assets, whilst obtaining the ASX listing of Panther Australia will also allow us to give serious consideration to other opportunities that could form a generative pipeline in the future.

I'm delighted with the foundation the proposed ASX transaction will give the business, providing cost-efficient exploration capital which works for the company and its shareholders, as we target future growth through exploration success and other innovative ways to expand Panther Metals PLC."

Details of Proposed Actions

 The key points for Panther shareholders are as follows:

·    Panther confirms its intention to make an initial public offering ("IPO") and listing of its Australian assets on the ASX Exchange and in preparation for this has converted its subsidiary company in Australia from Pty. Ltd. status to an UPC company: Panther Metals Limited.

·    Panther Metals Limited will undertake a pre-IPO seed funding round to be initiated with immediate effect.

·    All costs related to the Australian business going forward will be funded directly by Panther Metals Limited utilising new capital raised at the local level.

·    An Independent Geological Report for integration into the ASX Prospectus is nearing completion and additional Prospectus related workstreams have been initiated.

·    The intention is that Panther Metals Limited is expected to raise a minimum of 5 million Australian dollars in new capital in the IPO and initial discussions have commenced with potential brokers.

·    Panther Metals PLC will continue to hold a material position in Panther Metals Limited upon its ASX listing.

·    The option agreement on the Bluebrook and Bonanza mineral exploration licences has been extended until 31^st October 2021 on the same terms as announced on 16^th November 2020 at no additional cost.

·    The Bluebrook and Bonanza mineral exploration licences will be integrated into the new listed vehicle at no direct cost to Panther Metals PLC.

For the purposes of UK MAR, the person responsible for arranging for the release of this announcement on behalf of Panther is Darren Hazelwood, Chief Executive Officer.

Panther Metals PLC:

Darren Hazelwood, Chief Executive Officer:      +44(0) 1462 429 743

                                                                            +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