Obonga Awkward East Claim Purchase Agreement

MARKET SOUNDINGS WERE TAKEN FROM CERTAIN PERSONS IN RELATION TO THE PLACING AND THE SUBSCRIPTION. THIS INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN AND SUCH PERSONS SHALL THEREFORE CEASE TO BE IN POSSESSION OF INSIDE INFORMATION.

PANTHER METALS PLC

("Panther" or the "Company")

(Incorporated in the Isle of Man with company number 009753V)

Obonga Project Awkward East Claim Purchase Agreement

Panther Metals PLC (LSE:PALM) the company focused on mineral exploration in Canada, is pleased to announce the signing of a purchase option agreement over 35 single cell mining claims (the "Claims") covering a total area of 7.25km2 to enlarge the Awkward Prospect area eastwards. The additional claims increase the Obonga Project area to 292.25km2 of prospective greenstone belt coverage,160km north of Thunder Bay in the Province of Ontario, Canada.

Darren Hazelwood, Panther Chief Executive Officer, commented:

"The Awkward location on Obonga has already generated industry interest and strengthening our position makes strategic sense as we look to accelerate our growth in 2024. This claim purchase agreement extends the coverage of ground prospective for critical minerals eastwards from the Obonga Project's Awkward Prospect."

Transaction Details

The purchase option agreement ("Purchase Option") for the 35 Claims (as shown in Figure 1 and Table 1) allows Panther the option to purchase the Claims from the vendors for a total cash consideration of CAN$100,000 and the award of a 2.0% net smelter return ("NSR") royalty (which has provision for Panther to reduce the royalty to 1.0% NSR royalty through a CAD$1,000,000 buy-back).

In addition, in order to complete the purchase Panther will need to have conducted exploratory drilling activities in the area covered by the Claims with a minimum aggregate expenditure of CAD$300,000 over the three year option period, such that spending on such activities is not less than (i) CAD$50,000 prior to the first anniversary of the grant of the Purchase Option; (ii) not less than CAD$100,000 between the first and second anniversaries of the grant of the Purchase Option; and (iii) not less than CAD$150,000 between the second and third anniversaries of the grant of the Purchase Option provided that any expenditure in years 1 and 2 in excess of CAD$150,000 may be carried over and offset against the minimum spend commitment in year 3.

The Purchase Option price, payable on the signing of the agreement is CAD$15,000 with a further payment of CAD$15,000 due on first anniversary of the date of signing.

Figure 1: Location of the Purchase Option Claims with the Obonga Project Outline

Projection: UTM 16N NAD83

Table 1: Claims subject to the Purchase Option

CLAIM TENURE NUMBER

638074

638075

638076

638077

638078

638079

638080

638081

638082

638083

638084

638085

638086

638087

638088

638089

638090

638091

638092

638093

638094

638095

638096

638097

638098

638099

638100

638101

638102

638103

638104

638105

638106

638107

638108

Obonga Project

Dotted Lake Project

Manitou Lakes Project

Fulcrum Metals Plc

Panther Metals Australia

Conclusion