Option for Gold Tailings Project

Panther Metals PLC (LSE:PALM) the company focused on developing Canada's next VMS camp and graphite deposit, is pleased to note the Fulcrum Metals PLC ("Fulcrum", LON: FMET) announcement that it has entered into an option agreement to acquire a 100% interest in the Syvanite Gold Tailings Project which is strategically located 3km from their existing Tech-Hughes Gold Tailings Project, in Ontario, Canada. The option agreement offers the potential to substantially increase Fulcrum's footprint within the Kirkland Lake gold camp.

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:

"Fulcrum's ability to secure access to a second gold tailings project within such close proximity to their Tech-Hughes gold tailing project is a significant win for the company given the potential economic returns available through tailings reprocessing and mine waste management opportunities. The close proximity of the two projects offers added potential for increased economies of scale.

As Fulcrum looks to develop near term cash-flow from these gold projects, the wider provincial scale potential for tailings reprocessing opportunities utilising the Extrakt technology in Ontario is likely to become increasingly apparent both to the company and to Panther as a significant shareholder."

Fulcrum Announcement Highlights

• Fulcrum signed option to acquire 100% of the Sylvanite Gold Tailings Project, at the ex-producing Sylvanite mine. Sylvanite was the fourth largest gold producing mine in the Kirkland Lake gold camp having milled 4.58 million tonnes of ore and produced 1.67 million ounces between 1927 and 1961.
• Non-compliant historical tailings resource estimate of up to 67,051 ounces of gold in tailings cannot be currently classified in accordance with NI 43-101.*
• Based on recovery test work undertaken in 2008 it was suggested that a combination of gravity, grinding and flotation techniques might be able to boost the recovery of gold from tailings to 70%.
• Larger scale pilot plant tests were performed in 2010 and 2012 using up to 850kg of sample material which recovered approximately 65-72% of gold to a rougher concentrate.*
• Based on these results, the October 2012 continuous pilot plant campaign (undertaken by Advanced Reclaim Inc) was considered successful with the primary objectives of:

o demonstrating a viable and scalable non-chemical mineral processing approach to recovering a saleable gold concentrate; and

o leaving reprocessed tailings with properties suitable for use as a subsoil when restoring vegetation cover on the former tailings area.

• Sylvanite is less than 3km from the Teck Hughes gold tailings project which represents an opportunity for Fulcrum to optimise resources and leverage synergies across both projects.
• Sylvanite and Teck-Hughes provide Fulcrum with the potential to become cash generative using the Extrakt Process Solution tailings technology.

*See disclosures in Fulcrum announcement.

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

"We are thrilled to sign our second gold tailings agreement and add Sylvanite to our project portfolio. Sylvanite is less than 3km from our first gold tailings investment, Teck-Hughes. This not only enhances our presence in the Kirkland Lake gold camp, one of the most productive gold camps in Canada, but provides us with an opportunity to create a tailings hub and, therefore, economies of scale.

Historic results confirm that Sylvanite has the potential to become a viable project, particularly in light of the current gold spot price hovering around USD$2,200 per ounce, whilst our estimated acquisition cost is less than USD$3.80 per ounce. Investing in these tailings projects presents an exciting opportunity for Fulcrum as it brings low discovery risk assets in established mining camps into our portfolio which are less capital-intensive to advance to production and cash flow. This approach not only conserves cash resources but offers significant upside potential to Fulcrum shareholders.

Sampling at Sylvanite and test work with Extrakt Process Solutions will follow once the current test work programme at Teck-Hughes is completed. I look forward to updating the market on our progress as we seek to evolve into a significant exploration and development company".

Further information and the terms of the option agreement are available in the full Fulcrum RNS announcement which is available at: https://fulcrummetals.com/news/

Obonga Project

Dotted Lake Project

Manitou Lakes Project

Fulcrum Metals Plc

Panther Metals Australia

Conclusion