Fulcrum: Share Sale and revised Lock-in Agreement

Panther Metals PLC (LSE:PALM) the company focused on developing Canada's next VMS camp and graphite deposit, announces it has sold a total of 2,346,717 ordinary shares of 1 p each in Fulcrum Metals PLC ("Fulcrum") (the "Ordinary Shares") on 11 March 2024 at an average price of 15.2 pence per Ordinary Share (the "Transaction").

Following the Transaction, Panther will continue to hold 7,625,122 Ordinary Shares (the "Panther Shares") representing 15.26% of the Fulcrum issued share capital.

Darren Hazelwood, Chief Executive Officer, commented:

"The professionalism and integrity shown by Ryan and the Fulcrum team during our partial disposal process only increases my confidence that the Fulcrum business will deliver.

Whilst managing Panther's own interests, we have delivered a balance that aligns with our shareholders, our plans for the future and the Company's current requirements.

As Fulcrum's Teck-Hughes Gold Tailings Project venture unfolds over the coming months, given the technology available at their disposal and the appetite for gold, I see Fulcrum have the potential to set the London junior market alight. A story I believe the Fulcrum team are currently underplaying.

At Panther Metals, I look forward to updating the market on our advanced plans as the Canadian field season draws ever closer."

Lock-in Agreement

As set out in the Fulcrum's Admission Document dated 8 February 2023 (the "Admission Document"), Panther entered into a lock-in agreement (the "Agreement") with Fulcrum, Allenby Capital Limited ("Allenby Capital") and Clear Capital Markets Limited ("Clear Capital").

In accordance with Rule 7 of the AIM Rules for Companies, the Agreement imposed a 12 month hard lock-in and a 12 month orderly market provision on Panther's shareholding in Fulcrum, with effect from admission of the Fulcrum Ordinary Shares to trading on the AIM market of the London Stock Exchange on 14 February 2023 ("Admission").

Pursuant to the Transaction, Panther has on 11 March 2024 entered into a new lock-in agreement (the "New Agreement"), with Fulcrum, Allenby Capital and Clear Capital, thereby imposing a hard lock-in period on the Panther Shares to 15 May 2025 and the orderly market provision on the Panther Shares for a year thereafter through to 15 May 2026.

The provisions of the New Agreement shall apply to the Panther Shares and any Ordinary Shares allotted and issued to or subsequently acquired by Panther during the locked-in period described in the New Agreement.

The New Agreement is deemed to be a transaction with a related party pursuant to rule 13 of the AIM Rules for Companies (the "AIM Rules") by virtue of Panther being a substantial shareholder of Fulcrum (within the meaning of the AIM Rules).

Obonga Project

Dotted Lake Project

Manitou Lakes Project

Fulcrum Metals Plc

Panther Metals Australia

Conclusion