Termination of Manitou Lakes Option Agreement

Panther Metals PLC (LSE:PALM) the company focused on mineral exploration in Canada, announces the termination of the option and sale and purchase agreement announced 7 April 2022 (the "Agreement"), with Shear Gold Exploration Corporation ("Shear Gold") over the Manitou Lakes Project ("Manitou Lakes" or the "Project"), on the Eagle - Manitou Lakes Greenstone Belt in Ontario, Canada.

Darren Hazelwood, Chief Executive Officer, commented:

"Manitou Lakes remains a potentially highly prospective early-stage gold project in a very promising location in Ontario; the termination of the option Agreement is merely reflective of developments within Panther's wider exploration portfolio and our current geography of focus that would leave the asset unduly isolated over the next two years if we were to continue with the Agreement.

Panther's growth strategy is now focused on the critical minerals sector, a sector which attracts growing support at both Canadian federal and provincial level, plus an increasing amount of overseas strategic funding options.

We have advanced our Dotted Lake and Obonga projects, beyond generative exploration to delineate multiple drill ready discovery and resource targets that now demand our focus. In that context diverting resources into Manitou Lakes (which is at a far earlier stage in the exploration cycle) would be a distraction from our core focus.

The Directors have a clear vision of steering the business towards the more advanced, highly prospective, new discoveries whilst maintaining a structure that rewards our investors.

Termination of the Agreement allows Shear Gold the opportunity to drive Manitou Lakes forward and we wish them every success."

Obonga Project

Dotted Lake Project

Manitou Lakes Project

Fulcrum Metals Plc

Panther Metals Australia

Conclusion