Subscription to Raise circa £0.64m

Panther Metals PLC (LSE:PALM) the company focused on mineral exploration in Canada, notes the Fulcrum Metals PLC ("Fulcrum", LON: FMET) announcement of a conditional subscription of 8,043,750 new ordinary shares of 1 pence each ("Ordinary Shares") in Fulcrum (the "Subscription") at a price of 8 pence per share (the "Issue Price") raising Fulcrum £643,500 before expenses.

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.

Key Details:

• Subscription to raise gross proceeds of £643,500 through the issue of 8,043,750 Ordinary Shares at 8 pence per Ordinary Share (the "Subscription Shares").
• Fulcrum board of Directors (the "Fulcrum Board") are intending to subscribe for an additional total of circa £114,500 at the Issue Price, following the publication of Fulcrum's interim results for the six months ended 30 June 2024 which are expected to be published by end of September 2024.
• The Subscription, taken with the proposed participation from the Fulcrum Board following announcement of the Fulcrum interims, would result in a total fundraising of circa £733,000 once completed.
• The Subscription Shares will represent 13.7 per cent. of the issued share capital of Fulcrum, as enlarged by the issue of the Subscription Shares and Fee Shares (as detailed in the Fulcrum RNS).
• The net proceeds of the Subscription will be utilised towards:

o Accelerating growth and driving development of the Teck-Hughes and Sylvanite gold tailings projects including:

§ Payment of CA$250,000 for the Teck-Hughes option agreement;

§ Reviewing opportunities for drone supported surveys including Ground Penetrating Radar (GPR) and Light Detection and Ranging (LiDAR) surveys, follow auger sampling and on-site bulk sample extraction and reprocessing to support defining National Instrument 43-101 compliant Mineral Resource;

§ Continuing work with Extrakt, a sustainable technology company which uses separation technology to extract metals from tailings without the use of cyanide, on the application of its non-toxic technology to process tailings material at both projects following successful Phase 1 results at Teck-Hughes that included impressive 59.4% gold recovery rates:

• Progress Phase 1 testing at Sylvanite to establish material characterisation and gold recovery rates; and
• Progress Phase 2 conceptual study at Teck-Hughes to determine the scoping, specification and sizing of major equipment and processes using the scale up data derived from Phase 1.

o Furthering the relationship with Extrakt, and Extrakt's global alliance partner Bechtel Engineering, as Fulcrum seeks to enter into an exclusivity agreement around Extrakt's proprietary processing technology, following on from advanced term sheet discussions with Extrakt;

o Reviewing opportunities to establish a technology testing facility in the Timmins region of Ontario, providing contracting and commercial opportunities;

o Reviewing opportunities to advance drill ready exploration assets in Ontario, in particular the Tully and Big Bear gold projects; and

o Providing Fulcrum with additional working capital and for general corporate purposes.

Further information including the background to and reasons for the Subscription are set out in the Fulcrum RNS announcement available at https://fulcrummetals.com/news/

Obonga Project

Dotted Lake Project

Manitou Lakes Project

Fulcrum Metals Plc

Panther Metals Australia

Conclusion