Australia: Coglia Ni-Co Project Scoping Study

Panther Metals PLC (LSE:PALM) the company focused on mineral exploration in Canada, is pleased to note the Panther Metals Ltd ("Panther Australia") Australian Securities Exchange ("ASX") announcement of the Scoping Study results for the Coglia Nickel-Cobalt Project ("Coglia" or the "Project") in Western Australian. Panther Metals Plc hold 23.54% of the outstanding shares in Panther Metals Ltd (ASX:PNT).

The Coglia Scoping Study has established a robust net present value ("NPV" @ 8% discount) of A$409M, with an internal rate of return ("IRR") of 31.8% and a 3.2 year payback period on a pre-production Capital expenditure ("CAPEX") of A$376.9M based on conceptual open pit mining with processing of the current potential mining inventory to be undertaken onsite at a newly constructed bioleach extraction facility.

Announcement highlights are outlined below, further details including cautionary statements, illustrative figures and maps are provided in the ASX Announcement via the Panther Australia website: https://www.panthermetals.com.au

Darren Hazelwood, Chief Executive Officer, commented:

"This Scoping Study, whilst conservative in many aspects, provides clear evidence of the value building in Panther Australia. Assigning the company a 5% valuation on the Coglia NPV alone would see a share price in-excess of A$0.23.

As we see markets globally start to recover from the recent bear market, Panther Australia looks exceptionally well positioned to benefit."

Announcement Highlights

• Exceptional results from Scoping Study: NPV8 of A$409M, IRR 31.8%, 3.2 year payback.
• A$776.6M 10 year mine life cash flow; low pre-production CAPEX of A$376.9M, Life of Mine C1 Cash Cost of US$4.10/lb, US$8.16/lb Ni sell price.
• Globally competitive all-in sustaining cost ("AISC") of US$4.68/lb.
• Conservative 50% recovery applied, with 94.7kt nickel and 9.3kt cobalt metal tonnes recovered.
• Bulk of the 102.8Mt nickel- cobalt Mineral Resource estimate ("MRE") excluded. The scoping study only considered 32.3Mt of the MRE, leaving substantial future upside.
• Environmentally friendly bio-heap leaching strategy. This eliminates the need for a capital-intensive on-site acid plant, minimising upfront costs.
• Substantial future opportunities: potential to further upgrade the Inferred component of the MRE into Indicated classification and enhance recovery estimates via infill drilling and further metallurgical test work.
• Daniel Tuffin, Managing Director and CEO of Panther Australia, commented:

"We are extremely pleased with these amazing early-stage Scoping Study outcomes. These results, which are based on less than a third of the current MRE's size, demonstrate the incredible potential of the Coglia Nickel-Cobalt Project. Even at these conservative levels, Coglia is economically robust with an indicated initial life of mine ('LOM') of 10 years and a LOM cashflow of $A776.6M.

Our planned 3.5Mtpa environmentally friendly bioleach facility not only reflects our commitment to environmental stewardship but also positions the Company as a global leader in sustainable processing practices. As we delve deeper into the project's development, the scalability of Coglia becomes increasingly apparent. We are on the cusp of unlocking its full potential, with substantial opportunities for future expansion and enhancement."

Important Note - Cautionary Statement: The Scoping Study is a preliminary technical and economic assessment of the potential viability of the Project. It is based on low level technical and economic assessments that are not sufficient to support estimation of Ore Reserves. Further evaluation work and studies are required to provide assurance of an economic development case. See the ASX Announcement for further details.

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