Fulcrum Metals – Exercise of Dunn Option

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 that it has exercised an agreement (the "Dunn Option") to acquire a 100% interest in the Charlot-Neely, South Pendleton and Snowbird uranium projects located in Saskatchewan, Canada.

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.

The Dunn Option Uranium Projects were owned by Gary Clayton Dunn and Jonathan Stewart Dunn (the "Dunn Option Vendors"), who granted the Dunn Option to Fulcrum, thereby giving Fulcrum the option to acquire a 100% interest in the Dunn Option Uranium Projects. On receipt of the Dunn Option, Fulcrum paid a cash consideration to the Dunn Option Vendors of CA$5,000 and upon exercising the Dunn Option on 28 June 2024, Fulcrum has paid the Dunn Option Vendors a further cash consideration of CA$60,000. Following the exercise of the Dunn Option, the Dunn Option Uranium Projects have been transferred to FMCL.

This takes the Company one step closer to a definitive agreement with Terra Balcanica Resources Corp. over the sale of all of its uranium projects totalling over 59,000 hectares and comprising: Charlot-Neely Lake, Fontaine Lake, Snowbird and South Pendleton. The Company anticipates the completion of the definitive agreement imminently and will update the market in due course.

Obonga Project

Dotted Lake Project

Manitou Lakes Project

Fulcrum Metals Plc

Panther Metals Australia

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