Obonga Agreement Extension

Panther Metals plc (LSE:PALM) the company focused on developing Canada's next VMS camp and graphite deposit, is pleased to announce an extension to the Obonga Project purchase agreement (the "Extension Agreement") with Broken Rock Resources Ltd ("Broken Rock") over the Obonga Project in Ontario, Canada.

The Extension Agreement allows for an additional year to meet the exploration commitment (announced 2 August 2021) 1 over Panther's flagship project, which has advanced from a greenfield regional data based target area, through proof of concept to drilling success and base metal volcanogenic massive sulphide ("VMS") and graphite discoveries 2, 3, 4.

The Panther exploration commitment entails funding 8,000 meters of drilling on the Obonga 285km2 claim package (and all associated costs including assay results and core storage); and to make available a budget of not less than CAN$1,000,000 (which has already been met by Panther) over an initial four year period, ending 31 July 2025, to fund all other operating costs on the area covered by the Claims (including trail building, field work, community relations, access rights and personnel costs).

Darren Hazelwood, Chief Executive Officer, commented:

"Our work on a Obonga has gained tremendous traction across the sector. The discovery of two separate VMS systems combined with a graphite opportunity, over a substantial but undefined area from surface, represents huge upside potential.

This zero cost, one year extension to our purchase agreement provides some guidance in relation to our own ambitions we have a clear and concise pathway on how we plan to execute on our strategy and I look forward to updating the market on an exciting year ahead."

Obonga Project Background

• Total Area: 285.0 km2
• Potential: Canada's Next Mining District

Further drilling in late 2022 reaffirmed the potential 3, with intersections such as 3.6m @ 3.9% Zn, including 2m @ 6.8% Zn & 4.3 g/t Ag, indicating proximity to metal-fertile fluid flow. The discovery of the Wishbone VMS system is pivotal, boding well for the existence of additional VMS bodies in the vicinity, given their tendency to occur in clusters.

References

1: Company announcement, dated 2 August 2021, 'Acquisition, issue of equity, grant of options and total voting rights, Canada - Major Acquisition on the Obonga Greenstone Belt'

( https://polaris.brighterir.com/public/panther_metals/news/rns/story/xz9m6or )

( https://polaris.brighterir.com/public/panther_metals/news/rns/story/x4gy0kx )

3: Company announcement, dated 18 January 2022, 'VMS Mineral System Discovered on Obonga Project'

( https://polaris.brighterir.com/public/panther_metals/news/rns/story/x8kld5x )

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

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

5: Company announcement, dated 11 January 2024, 'Graphite Discovery Grows Significantly at Obonga'

( https://polaris.brighterir.com/public/panther_metals/news/rns/story/wv484pw )

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Conclusion