Graphite Discovery Grows Significantly at Obonga

Panther Metals PLC (LSE:PALM) the company focused on mineral exploration in Canada, is pleased to provide the additional graphite assay results for drill hole BBR22_AW-P1-1, following additional sample submissions targeting crystalline or 'flake' graphite.

The additional sampling is part of a review of the graphitic core drilled at the Awkward Prospect in the autumn of 2022 and a comprehensive historical data review which has extended the graphite potential.

The Awkward Prospect area is prospective for sulphide bearing magmatic conduits and graphite and is located in the eastern side of the Company's Obonga Project, which covers 90% (291 km2) of the district scale Obonga Greenstone Belt in northwest Ontario.

Highlights

• Results extend the downhole intersection of graphitic carbon to 27.2m @ 2.25 % TGC between 12m to 43.3m downhole.
• Key downhole Total Graphitic Carbon ('TGC') intersections as follows:

o 27.2 m @ 2.25 % TGC from 12m downhole, including;

§ 4.0 m @ 3.64 % TGC from 14.0 m, with

1.0 m @ 5.15 % TGC from 16.0 m ;

§ 6.0 m @ 3.60 % TGC from 19.0 m, with

1.0 m @ 5.12 % TGC from 21.0 m ; and

§ 8.0 m @ 2.42 % TGC from 27.0 m, with

• 2.0 m @ 4.16 % TGC from 29.0 m downhole.

Darren Hazelwood, Chief Executive Officer, commented:

"It is important we are cautious at this time due to the potential scale but graphite is known to be abundant in the Obonga area.

Historically graphite was ignored, but it is now a critical ingredient for the decarbonisation of the global economy. Any graphite discovery in a major mining jurisdiction is significant, but one at surface, with substantial scale potential and within trucking distance of a major port, offers outstanding potential.

Our current graphite target area is around 21.5 km2, our geological interpretation and historical records confirm the potential for widespread graphite. Whilst investigations are currently at an early stage, we have already engaged with the Ontario government as they look to create a circular economy by connecting explorers directly with end users."

Background

In October-November 2022 Panther undertook a 9 hole 1,500m diamond drilling programme over the Wishbone, Survey and Awkward Prospect areas. The Awkward drilling comprised three holes (totalling 243m) designed to test the first 3 of 20 conductive plate targets identified by Maxwell Plate Modelling of electromagnetic ('EM') geophysical data. The 20 conductive plates outline four distinct conductive lineations or 'Trends' which are interpreted to relate to sulphide bearing magmatic conduits and graphite.

The most southerly of the conductive lineations, Trend 3, was intersected by Panther diamond drill hole BBR22_AW-P1-1. The 91m long hole intersected 35.1m of graphitic metasediment from 8.4m downhole near the western end of Trend 3.

As a precursor to complete hole sampling an initial 2.65m assayed interval from the 35.1m wide graphitic zone, was submitted to ALS Laboratories for Total Graphitic Carbon ('TGC') analysis (by method C- IR18) in order to confirm the presence of crystalline 'flake' graphite as observed during core logging. This assayed interval totalled 2.65 m @ 4.02% TGC from 21m, including 1m @ 5.12% TGC from 21m 1.

As the graphite mineralisation was open above and below the sampled interval. Follow-up sampling was conducted extending the total downhole intersection of graphitic carbon to 27.2m @ 2.25 % TGC between 12m to 43.3m downhole.

The updated assay results for drill hole BBR22_AW-P1-1 are as follows:

Drillhole BBR22_AW-P1-1 Total Graphitic Carbon Assay Results

• 27.2 m @ 2.25 % Total Graphitic Carbon ('TGC') from 12m downhole, including;

o 4.0 m @ 3.64 % TGC from 14.0 m, with

§ 1.0 m @ 5.15 % TGC from 16.0 m ;

o 6.0 m @ 3.60 % TGC from 19.0 m, with

§ 1.0 m @ 5.12 % TGC from 21.0 m ; and

o 8.0 m @ 2.42 % TGC from 27.0 m, with

§ 2.0 m @ 4.16 % TGC from 29.0 m downhole.

Based on the plate modelling Trend 3 is currently circa 730m long but remains open to the east. Additional drilling will be required to confirm that the graphite extends to the full length of Trend 3, but current interpretation based on conductance levels supports the continuation of the graphite body.

Based on preliminary interpretation of the EM data there is the prospect that additional plate modelling eastwards of Trend 3 could extend the conductive lineation a further 4.1km to the east, which would significantly enlarge the potential size of a graphite target.

Further Graphite Targets

On 29 December 2023 Panther announced the Obonga Project Awkward East Claim Purchase Agreement 2, which has enlarged the Awkward Prospect area by an additional 7.25km2 to the east.

A review of historical reports for the Awkward East area has shown that a single 55m long diamond hole (Number 66-1) drilled by Cantri Mines Limited in June 1966 intersected three graphitic 'flow' zones interbedded with rhyolite on the western end of the Awkward East claim block. Whilst this drill hole was a single isolated hole it is located on the eastern end of a 6.5km long conductive lineament (the 'Cantri Trend') based on the Garden-Obonga Airborne Geophysical Survey flown by the Ontario Government in late 1999. It is noteworthy that the Cantri Trend runs to 2km to the north and parallel to Panther's Trend 3 and that both can in part be attributed to graphite.

Initial geological interpretation has established a preliminary graphite target area in the region of 21.5 km2 across the Awkward and Awkward East prospect areas.

In addition to the graphite potential Awkward remains a highly anomalous magnetic target, interpreted to be a layered mafic intrusion and magmatic conduit based on mapped geology and airborne geophysics. Historic sampling in the area returned anomalous platinum and palladium (Pt, Pd) values, while historic drilling on the periphery of the target intersected non-assayed massive sulphide and copper (assumed to be chalcopyrite), non-assayed disseminated pyrite and chalcopyrite in coarse gabbro, and non-assayed 'marble cake' gabbro (matching the description of the Lac des Iles Mine varitexture gabbro ore zone).

References

1: Company announcement, dated 2 February 2023, 'Obonga: Flake Graphite Discovery'

( https://polaris.brighterir.com/public/panther_metals/news/rns/story/xzjzl3w )

2: Company announcement, dated 29 December 2023, 'Obonga Project Awkward East Claim Purchase Agreement'

( https://polaris.brighterir.com/public/panther_metals/news/rns/story/xlj3d7r )

Obonga Project

Dotted Lake Project

Manitou Lakes Project

Fulcrum Metals Plc

Panther Metals Australia

Conclusion