Saskatchewan Uranium Update

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 providing an update on its uranium exploration assets, including a significant increase in total area under licence/option from 184.5km2 to 593.1km2, for its Charlot-Neely Lake, Fontaine Lake, Snowbird and South Pendleton projects in the province of Saskatchewan, 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

• Fulcrum has increased its Saskatchewan uranium footprint by a potential 221% from 18,468 hectares (184.5km2) to 59,310 hectares (593.1km2) through a combination of direct claim staking and an option agreement.
• Fulcrum has entered into an option agreement (the 'Agreement') to acquire 11,480 hectares (114.81km2) across three uranium properties at Snowbird, South Pendleton and Charlot West from independent local prospectors. The Agreement has a close date of 30 June 2024, Fulcrum has paid C$5,000 in cash immediately, with C$60,000 payable in either cash or equity upon exercise of the Agreement. The optioned properties have total work requirements of C$57,073 through to the end of 2024 and are subject to a retained 2% net smelter return royalty.
• The total cost of claim staking was C$17,889, there are no work requirements until October 2025.
• The staked/optioned ground constitutes the following new / enlarged properties:

o Snowbird - 241.87km2 staked and option over 86.49km2, for a total project area of 328.35km2. The property includes several uranium airborne anomalies and rare earth lake sediment anomalies along major faulting on trend with historic uranium mines and major uranium projects.

o South Pendleton - 24.72km2 staked and option over 16.44km2, for a total project area of 41.16 km2. The area is sparsely mapped but within the property are several airborne uranium anomalies in the highly prospective Needle Falls Shear Zone and major faulting on trend with historic uranium mines such as Rabbit Lake and further projects having recently obtained significant partnerships.

o Charlot West (Charlot-Neely Uranium Project) - an additional 27.03km2 staked covering the highly prospective Black Bay Fault contiguous to the Charlot-Neely uranium project and 11.88km2 area optioned to the west of Charlot-Neely, bringing the total project area to 163.72km2 ( increase of 31%).

• Fulcrum has a significant, highly prospective, uranium exploration footprint in Saskatchewan, a recognised leading uranium exploration jurisdiction. They are actively reviewing potential options with interested parties, these options include, but are not limited to, a potential spin out of the Saskatchewan assets as a separate business listed on a recognised exchange and other partnerships. Discussions remain at an early stage and further details will be announced at the appropriate time.

Darren Hazelwood, Chief Executive Officer, commented:

"Fulcrum is looking to unlock the inherent value in their Saskatchewan uranium assets, which are located in a region that is the source of almost a quarter of the world's uranium supply for electrical generation and which hosts the largest high-grade uranium deposits in the world.

The staking and option agreements provide Fulcrum with a significantly enlarged and highly prospective portfolio of uranium assets located on trend with major structures, historical mines and projects that are being developed by well-established uranium companies.

As significant shareholders in Fulcrum, and with the spot price of uranium at a 15-year high, Panther will be following these exciting developments with interest."

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

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