Gold Intercepts Show Potential at 40 Mile Camp

Panther Metals PLC (LSE:PALM) the company focused on mineral exploration in Canada, is pleased to note the Panther Metals Ltd ("Panther Australia") Australian Securities Exchange ("ASX") announcement detailing significant gold intercepts from a 1,800m aircore drilling campaign undertaken over the Ridge Target within the 40 Mile Camp Prospect in the Laverton Goldfields of Western Australia.

The Picnic Ridge work comprised the first drilling campaign within the 40 Mile Camp prospect which covers an area of 25km2. The 50m by 100m grid drilling programme, with 60m deep 60° inclined drillholes, was designed to systematically test the first of many anomalous targets generated from exploration of the greater area by Panther Australia.

Drilling successfully intercepted highly anomalous zones of gold mineralisation over a 550m long strike length, which remains open at depth and along strike, indicating potential to further grow Picnic Ridge. The drill intercepts also validate the need to follow-up on the deeper three-dimensional geophysics inversion targets in the area and provide significant confidence to the wider exploration model for the 40 Mile Camp and 40 Mile Camp East prospect areas.

Panther Metals Plc hold 23.54% of the outstanding shares in Panther Metals Ltd (ASX:PNT).

Further details, illustrative figures and maps are available to view in the ASX Announcement via the Panther Australia website: https://www.panthermetals.com.au

Darren Hazelwood, Chief Executive Officer, commented:

"The maiden drilling campaign at the 40 Mile Camp prospect has provided very encouraging gold intercepts over the Picnic Ridge target and the team in Australia are planning a follow-up drilling programme to extend the target along strike and to test the gold mineralisation at depth.

These results provide a solid foundation for the team to build something exciting at 40 Mile Camp which is located within the highly productive Laverton Goldfields area of Western Australia."

Announcement Highlights

• Inaugural aircore drill campaign within the expansive 25km2 40 Mile Camp area hits significant gold intercepts; the new "Picnic Ridge" target area had previously never been drilled.
• Historic holes in the vicinity had a maximum depth of 3.6m; too shallow to test any of the targets identified by the Company's recent regional exploration.
• Potential for growth of a new gold province in the Laverton Goldfields gains further momentum; modelling identifies strong correlations between geological trends, geophysical anomalies, the latest drilling results, and surface geochemistry.
• Drilling indicates that the target is open along strike over 550m; further drilling now planned to test the area at depth and along strike.
• Best shallow aircore drilling downhole intercepts:

o 1m @ 1.29g/t Au from 7m

o 3m @ 0.41g/t Au from 32m

o 2m @ 0.37g/t Au from 40m

o 2m @ 0.31g/t Au from 43m

Obonga Project

Dotted Lake Project

Manitou Lakes Project

Fulcrum Metals Plc

Panther Metals Australia

Conclusion