Fulcrum Metals - Uranium Projects 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 updating the market on significant progress from its uranium projects, Charlot-Neely and Fontaine Lake, in 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.

CEO, Darren Hazelwood, commented:

"Our exposure to uranium via our holding in Fulcrum Metals is largely lost by the market but its significance is growing as we witness a bullish uranium market combined with Fulcrum expanding its own footprint.

I'm looking forward to seeing how the team develop the portfolio via a spin-out or partnership deal that has the potential to benefit Panther at a time we are accelerating our own business model."

Fulcrum News Highlights

• A total of 62 rock samples collected across Charlot-Neely and Fontaine Lake properties:
• Charlot-Neely Project

o 48 rock samples assaying up to 5,680 ppm Uranium (U).

o Identified vein-hosted uranium mineralisation characteristic of the Beaverlodge area, home to several historic uranium mines.

o Potential for unconformity-style uranium mineralisation, deposits that are known to be larger and high grade uranium.

The Fontaine Lake Property

o 14 rock samples assaying up to 7,130ppm U

o Uranium mineralisation indicates potential for lower grade, higher tonnage deposit, comparable to the geological setting of the Rossing deposit in Namibia.

Ryan Mee, Chief Executive Office of Fulcrum Metals plc, commented:

"The first phase exploration of both the Charlot-Neely and Fontaine Lake uranium properties has been very successful with extensive radioactivity and mineralisation confirming the positive potential for discovery. Since the completion of the fieldwork, we have over the last few months substantially and cost effectively increased the Athabasca uranium portfolio from 13,612 hectares to 59,310 hectares, inclusive of the properties under option, and doubled the size of the Charlot-Neely project from 7,625 hectares to 16,372 hectares and the addition of Snowbird and South Pendleton to our projects portfolio.

"We are excited by our Athabasca uranium portfolio which targets major structures, on trend with historic mines and on trend with projects attracting significant investment. This strategic move has proved to be prudent, as the price of uranium continues to rise and M&A activity in the sector increases. Deals of note include the recently announced such as Fortune Bay option agreement for the Murmac and Strike uranium projects totalling CAD$3.4m in cash and shares and funding CAD$6m in exploration expenditures1 just south of our Charlot-Neely property along the Black Bay fault and significant land staking along the major structures on which our projects sit.

"With an exciting and attractive uranium portfolio in what is considered one of the leading uranium districts worldwide, Fulcrum is well positioned to capitalise on any potential opportunities. As previously announced, Fulcrum continues to review spin-out and partnership opportunities with interested parties."

The full Fulcrum announcement is available to view at: https://fulcrummetals.com/news/

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Conclusion