Tully Gold Project

Panther Metals PLC (LSE:PALM) the company focused on mineral exploration in Canada, is pleased to note the Fulcrum Metals PLC ("Fulcrum", LON: FMET) announcement detailing the winter drilling programme preparatory work streams and further high grade historical drill hole intercepts at their Tully Gold Project ("Tully" or the "Project") in Ontario, Canada.

Panther currently holds a total of 9,971,839 ordinary shares in Fulcrum representing a 19.99% interest in the entire issued share capital of Fulcrum, plus 714,286 warrants exercisable at 17.5p with a two-year life from 14 February 2023 and a further 476,190 warrants exercisable at 26.25p with a three-year life. Panther also retains a 2% net smelter return ("NSR") royalty over the Big Bear Project.

Fulcrum Announcement Highlights

• A review of the available historical paperwork by Fulcrum has identified original assay certificates detailing significant mineralised intercepts from drill hole 97-01 which was part of Black Pearl Minerals Inc.'s drilling programme in 1997. This data pre-dates the data set previously analysed by Fulcrum which focused on the most recent SGX drill programmes during 2011-2013 which was detailed in the announcement of the Tully acquisition on 7th August 2023 and stated that assays run as high as 560g/t gold.

The verification of the assay certificates to the expanded dataset confirms exceptionally high-grade intercepts, above that previously announced by Fulcrum as follows:

o Drill hole 97-01: 5.7 metres grading 322.02g/t Au from 215.7 metres downhole including: -

§ 0.6m @ 131.45g/t Au from 217.7 m;

§ 0.5m @ 2,555.5g/t Au from 218.3 m; and

§ 0.5m @ 1,020.38g/t Au from 218.8 m.

• A total 138 pallets of drill core were located from which an inventory has been compiled to assist with the pre-drilling activities assessment set out further down.
• Project area access roads found to be in good condition, with only minor trail clearing for the drill programme anticipated.
• Winter drilling programme preparatory work streams: The 3-4 week planned programme of preparatory work includes:

o Comprehensively review all digital data.

o Establish controls on mineralisation and typical grade distribution, in particular target areas such as drill holes at depth down plunge to the northeast beyond the current resource which include drill holes:

§ 13-22: 6.5m @ 8.00g/t Au from 600m downhole depth;

§ 13-15: 14.1m @ 20.1g/t Au from 247.35m, which indicates potential for resource extension at depth and to the east.

o Review and identify any holes that were not included in the 2013 mineral resource estimate such as drill holes:

§ 69-04: 0.6m @ 203.3g/t Au,

§ 69-069A: 3.5m @ 36.4g/t Au, and

§ 69-12: 5m @ 11.2g/t Au.

o Locate sample pulp-reject material from historical holes of interest.

o Sampling of selected drill core intervals and/or reject material for analysis via a combination of Metallic Screen Assay and Photon Assay analysis (provided by MSA labs in Timmins, Ontario). These methods are commonly used in areas where nuggety gold is believed to cause inconsistent fire-assay results.

o Identify drill holes that may be suitable for hyperspectral core scanning analysis.

o Local logistics as needed to prepare for the upcoming programme.

o Deliver the final winter drill programme.

Darren Hazelwood, Chief Executive Officer, commented:

"We are very pleased to note the progress being made by Fulcrum at Tully, including the discovery of further high grade gold drilling results from the 1997 drilling programme.

The catalogue of strong historical results bodes very well for Fulcrums own winter drilling programme, which is expected to commence in the next few weeks."

Further details and photographs are available in the Fulcrum announcement which is available to view at https://fulcrummetals.com/news/

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