Tailings Project Option

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 that they have entered into an option agreement (the 'Option Agreement') to acquire a 100% interest in the Teck Hughes Gold Tailings project ('Teck-Hughes'), located in Kirkland Lake, Ontario, Canada.

In addition, the Fulcrum have announced that they are in advanced discussions with Extrakt Process Solutions ('Extrakt'), regarding the licensing of its proprietary separation technology to extract metals from mine processing tailings without the use of cyanide.

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 agreed Option Agreement to acquire 100% of Teck-Hughes Gold Tailings Project. The historical Teck-Hughes mine milled 9,565,302 tonnes of ore and produced 3,700,007 ounces of gold between 1917 and 1968.
• Historic drilling campaigns have been taken across the tailings, the first in 1980 (9 holes) and the most recent between 2018/19 and 2022:

o As part of the most recent campaigns a total of 95 auger samples were assayed with the highest sample returning 1.23g/t Au and with 72 of the 95 samples assaying between 0.5 to 0.8 g/t Au, and an average sample grade 0.66g/t Au.

o Based on all the drilling data a historical (non-compliant) unverified estimate of 6.5Mt of tailings containing 138,460 ounces contained gold was reported. The estimate has not been verified by Fulcrum and the tailings body requires detailed follow-up sampling work and modelling in order to state a compliant Mineral Resource for the tailings.

• Fulcrum is in advanced discussions with Extrakt for the use of its non-cyanide gold leaching tailings extraction technology.
• Testing of tailing material from Teck-Hughes, using Extrakt's technology, is scheduled for Q1 2024.
• This represents an opportunity for Fulcrum to utilise tailings extraction technology with the potential to deliver a cash generative metal project.

Darren Hazelwood, Chief Executive Officer, commented:

"The Teck-Hughes Gold Tailings Project offers Fulcrum the exciting proposition of generating cashflow using an environmentally considerate tailings reprocessing and residual gold extraction technology ,in the relative near-term and for a low upfront acquisition cost.

We look forward to further updates from Fulcrum as the opportunity progresses."

Further details on the Option Agreement, historical background and a map are available in the Fulcrum announcement which is available to view at https://fulcrummetals.com/news/

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