Strong Tailings Leach Results

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 detailing further results from the Phase 1 Sampling and Testing Programme at Fulcrum's Teck-Hughes Gold Tailings Project in Ontario, Canada.

The initial tailings composite sample leaching results using Extrakt Processing Solutions LLC ("Extrakt") non-toxic technology has achieved strong initial gold recovery rates of up to 59.4%. On 7 May 2024 Fulcrum reported average weighted grade derived from six site composite tailings samples is 0.717g/t Au, which is 16.9% higher than the historic weighted average of the composites for the same six sampling sites.

Panther currently holds a total of 7,625,122 ordinary shares in Fulcrum representing a 15.26% 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:

"The Extrakt Processing Solutions non-toxic leaching technology is showing very encouraging initial results for recovering gold from historical tailings dumps, against a backdrop of more stringent and environmentally friendly requirements for the mining industry. Gold tailings offer the potential for low CAPEX and high returns with the right reprocessing solution.

These initial results are extremely encouraging providing Fulcrum a solid base from which to develop their business model. I expect the market to begin taking serious note of what's potentially developing within this company as the risk/reward profile decreases at the very moment the opportunities grow.

The industry is watching, whilst the market sleeps, Fulcrum are beginning to deliver something unique to London that could have global implications."

Fulcrum Announcement Highlights

• Proportionate mixed composite tailings sample of all six sites grading 0.723g/t Au was submitted for batch leach testing using Extrakt technology for gold recovery rates *.
• Preliminary leaching results from the "as-received" composite sample achieves strong initial gold recovery rates of up to 59.4% *.
• Optimisation of operational parameters are underway to achieve targeted recovery rates beyond 60% focussing on overall efficiency and cost effectiveness.

References *: See Fulcrum announcement dated 7 May 2024

Ryan Mee, Chief Executive Officer of Fulcrum, commented:

"The success of every tailings project is dependent on the efficiency and effectiveness of the technology used. I am thrilled with the exceptional gold grades from our initial sampling and testing programme which are 16.9% higher than the historical reported average grade, and with Extrakt's non-toxic technology achieving initial leaching gold recovery rates of over 59%. It is important to note that no metallurgical studies have been completed at Teck-Hughes before and that recovery rates from refractory gold without cyanide or pre-treatment are usually below 40%, so to achieve the recovery rates that we have on samples with no pre-treatment or re-grinding is outstanding and hugely encouraging.

"The work undertaken so far provides a compelling pathway to transform mine tailings from an environmental liability into a sustainable resource by extracting metals from mine waste through innovative technology.

"I look forward to providing further updates on the leaching test work optimisation at Teck-Hughes and developing the exciting potential of Fulcrum's tailings business in Ontario".

Phase 1 Sampling and Testing Programme Summary

The programme, which is designed to evaluate the efficiency of Extrakt's processing technology in recovering gold from the tailings at the Teck-Hughes Project, has been very successful to date. Sampling and analysis of the gold content of the tailings produced composite samples for each of the six sites returning an average weighted grade of 0.717g/t Au which is 16.9% higher (announced 7 May 2024) than historic sampling of the same sites. Initial leach tests using the Extrakt Technology has reported gold recovery rates of up to 59.4%, using the as-received composite sample with no re-grinding.

Further leach tests are underway to optimise the operational parameters to achieve beyond 60% recovery focussing on overall efficiency and cost effectiveness.

Licensing discussions with Extrakt

Fulcrum announced on 30 November 2023 that, inter alia, it had entered into a mining option agreement to acquire the Teck-Hughes Project. Since this announcement, Fulcrum has been advancing its discussions with Extrakt, a sustainable technology company which uses separation technology to extract metals from tailings without the use of cyanide, about the licensing of its proprietary technology. On 24 January 2024, Fulcrum entered into a phased study and testing programme for the project. Fulcrum is continuing term sheet stage discussions in relation to a wider licencing framework in Ontario.

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Conclusion