Australia: Rights Issue re 7,000m Drill Programme

Panther Metals PLC (LSE:PALM) the company focused on developing critical minerals projects in Ontario, Canada, informs shareholders that Australian Securities Exchange ("ASX") listed Panther Metals Ltd ("Panther Australia", ASX:PNT) has launched a new prospectus in respect of a renounceable rights issue to raise up to A$1,96 million Australian dollars ("AUD") with the use of funds focussed on 7,000m of drilling planned over 10 gold targets at their Laverton Gold Project.

Full details of the Panther Australia ASX announcement and prospectus are available to view at the following link:

Key Details:

• Panther Australia has lodged a prospectus with the Australian Securities and Investments Commission ("ASIC") in respect of a pro-rata renounceable entitlement issue of three (3) Shares for every two (2) Shares held by those Shareholders registered at the Record Date at an issue price of $0.015 per Share together with one free Option for every four Shares applied for and issued, exercisable at $0.030 on or before the date that is 36 months from the date of issue (New Options) to raise up to $1,961,238 (based on the number of Shares on issue as at the date of the Prospectus) (Entitlement Offer). The Entitlement Offer is expected to close at 3:00pm (Australian Western Standard Time) on Tuesday 17 September 2024.

• The Panther Australia Prospectus also contains the following secondary offers: (a) an offer of up to 32,687,310 New Options to Cumulus Wealth Pty Ltd or its nominees ("Cumulus") for acting as sub-underwriter the Entitlement Offer (Sub Underwriter Offer); and (b) an offer of 10,000,000 New Options to Cumulus (or its nominees) for acting as lead manager to the Entitlement Offer (Lead Manager Offer), (together with the Entitlement Offer, the Offers). The Entitlement Offer is conditionally underwritten by Westar Capital Limited.
• Funds raised from the Entitlement Offer are to be used principally to fund 7,000m of exploration drilling over 10 highly prospective gold targets at the Laverton Gold Project, this includes:

o Burtville East: 1,300m of drilling the bonanza gold target at Burtville East. Intercepts from the 2022 600m RC campaign included: BVE006: 15m @ 53.94g/t Au from 27m, inc. 1m@478g/t from 28m; BVE009: 10m @ 7.15g/t Au from 84m, including, 1m @ 62.80g/t Au from 91m; BVE002: 1m @ 73.3g/t Au from 93m. Best historic intercept was 5m at 23g/t Au, including a peak intercept of 1m at 110g/t Au (MLJC-49).

o Ironstone Gold: 1,800m planned over two separate target areas with the northern area targeting historic drilling that includes: CWRC013: 9m @ 46.5g/t Au from 113m and CWRC003: 4.5m @ 5.5g/t Au from 119m.

o Rainer: Largely untested since 1995, historic intercepts circa that period included: LEP328: 12m @ 1.32g/t from 36m and LEP418: 4m @ 3.35g/t from 64m. Drilling to test gold occurrences over the target.

o Comet Well Area: 2,200m campaign planned to test the Comet Well and Comet Well South Areas over three target areas. This includes the nugget rich Comet Well area where over 40 ounces of gold was recovered via detecting in 2016, and the newly identified (and largely untested) Comet Well South target area that displays high gold anomalies.

o Funding towards Coglia Nickel-Cobalt Project will be focussed on advancing metallurgical studies, specifically around the use of environmentally friendly bacteria to extract nickel and cobalt via low capital cost heap leaching.

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Conclusion