Dotted Lake Permit Issued

Panther Metals plc (LSE:PALM) the company focused on mineral exploration in Canada, is pleased to announce the receipt of Exploration Permit PR-23-000215 (the "Permit") covering the Awkward West Prospect ("Awkward") at the Company's Obonga Project ("Obonga") located on the Obonga Greenstone Belt in northern Ontario.

The Permit is valid through to 17 July 2027 and allows for a comprehensive programme of critical mineral discovery focussed works on the highly prospective intrusive linked nickel-copper-cobalt and Platinum Group Metal targe in the north-east of the Dotted Lake project area. Details of the exciting target are outlined below.

Darren Hazelwood, Chief Executive Officer, commented:

"Dotted Lake has generated a huge amount of interest since the Canadian listed exploration junior 'GT Resources Inc' began unravelling the new district scale potential along their Tyko One Belt - a target that ultimately led to Glencore taking a stake in that business.

The parallels drawn between those discoveries and what is known about the north shore of Dotted Lake has not been missed by the industry. To date I've fended off any interest; for a junior explorer to have this strength of target, in proximity and comparable to GT's greenfield success, is a rare situation, and Panther's potential for growth is highly favourable given the technical similarities. Owning 100% of this project with no underlying financial instruments has strengthened our hand, the Exploration Permit was the only requirement, and excitedly this is now in place.

With the Permit now in place our options expand. All options will naturally be considered, but in the true spirit of exploration, risk capital deserves the opportunity for the greatest return.

Currently almost no opportunity exists outside of GT Resources for anyone else to enter this new district. Panther has already constructed a trail on the property and so combined with historic logging roads, the required infrastructure is largely in place.

With our 3D geophysical modelling on the north shore underway and discussions at an advanced stage in Canada on how we will finance and conduct a comprehensive programme at Dotted Lake, I look forward to updating the market in the very near future."

Table 1: Exploration Permit and Prospect Details

Dotted Lake Project Background: Critical Mineral Potential

• Total Area: 36.9 km2
• Significant Neighbours: Barrick Gold (Hemlo Mine) to south, GT Resources (TSXV: GT) (Glencore 16.7% stake) to east.

The Dotted Lake Project encompasses a substantial 36.9 km² within the North Limb of the Schreiber-Helmo Greenstone Belt, situated 16 km north of Barrick Gold's Hemlo Gold Mine which has produced over 22 Moz of gold over 30 years to date and 9 km from GT Resources recent discovery at West Pickle Lake on their Tyko One Belt. The area is considered very prospective for ultramafic intrusive related nickel and base metal mineralisation as well as gold.

The Dotted Lake area has undergone Panther's airborne electromagnetic and magnetics geophysics survey, extensive soil sampling and stratigraphic drilling, laying the groundwork for potential discoveries. Three dimensional inversion modelling of Panther's geophysical data is currently underway.

Figure 2: Location of the Dotted Lake Project, East of Thunder Bay, Ontario, Canada

Panther Metals acquired 100% of the Dotted Lake Project in July 2020. An extensive soil programme conducted in 2021 identified numerous gold and base metal targets, all within the same geological footprint as Hemlo. Following the reopening of a historical trail providing direct access to the target location, an initial drilling programme in the autumn of 2021 confirmed the presence of gold mineralisation within this system with anomalous gold continuing along strike and present within the surrounding area. Dotted Lake sits upon 2.7 billion year old, Archaean age, rocks that form the north-eastern 'Dotted Lake Arm' of the Schreiber-Hemlo Greenstone Belt. Geology consists sequences of foliated, fine grained, dark green, amphibole rich metavolcanic rocks situated within an east-northeast trending isoclinal syncline. The metavolcanics have been intruded by granitoid rocks of the Dotted Lake Batholith in the southeast of the property whilst In the northeast an ultramafic intrusive complex flanks the two.

Figure 3: Dotted Lake Geochemical Soil Sampling Anomalies

Nickel and Cobalt Targets

Panther also digitised historical exploration data in conjunction with the airborne and soil survey data. This work defined a new area, in the northeast of the Dotted Lake property, which is also considered very prospective zone for nickel mineralisation and which is underlain by an ultramafic intrusive complex. The historical geochemical soil survey data based on work undertaken by Clear Mines Ltd in August 1983, shows a 2.8km long linear broadly east-west striking zone of elevated nickel in soil coinciding with a mapped ultramafic / gabbro intrusive unit and a distinct geophysical anomaly (Figure 5).

The western end of the ultramafic intrusive is shown on government mapping to lie beneath the lake, however the geophysics survey and the Panther soil survey data indicates that the intrusive rocks extend further to the west and may underlie the soil survey Anomaly A and Anomaly C (Figure 4) as reported 9 November 2021.

Figure 4: Panther Soil Nickel Results and Clear Mines Survey Historical Soil Assay Results

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Panther Metals Australia

Conclusion