Assays and Project Development

Panther Metals PLC (LSE:PALM) the company focused on mineral exploration in Canada, is pleased to provide an update by Fulcrum Metals Plc (LON: FMET) on the company's Teck-Hughes and Sylvanite gold tailings projects located in the Kirkland Lake area of Ontario, Canada.

Panther currently holds a total of 7,625,122 ordinary shares in Fulcrum representing a 12.38% 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

Highlights

Teck-Hughes Gold Tailings Project

o Four new auger sites report average 0.65g/t gold, 1.3g/t silver and 13g/t tellurium.

o Silver and tellurium - Canada recognises tellurium as a critical mineral - this had not been assayed previously. The Board of Fulcrum believe this could offer by-credits and enhance the project further.

o Ongoing auger hole sampling targeting 16 site locations.

Sylvanite Gold Tailings Project

o Six new auger sites report average 0.58g/t gold, 1.1g/t silver and 13.9g/t tellurium.

o Average of 0.56g/t gold, 1.1g/t silver and 14.6g/t tellurium from duplicates of seven resampled sites sent to Extrakt Process Solutions LLC ("Extrakt") for phase 1 processing test work, broadly in line with historically reported gold grades.

o Silver and tellurium had only been sampled as part of bulk concentrating testing in 2012 with in situ grades of 1g/t and 7.5g/t respectively. Concentrating achieved 21.5g/t gold, 14.1g/t silver and 152g/t tellurium. Concentrating and by-credits could enhance the project further.

o Phase 1 testing continues using Extrakt's proprietary technology on tailings material samples from eight site locations - including metallurgical, ICP assay (minimum 40 elements, including gold), XRD mineralogical analysis and batch leach testing.

• Mechanised auger hole exploration permits under preparation to allow systematic drilling of the tailing orebodies to augment work streams and resource modelling
• Fulcrum management conducted successful site visits to the Teck-Hughes and Sylvanite sites, and meetings with key stakeholders who emphasised support in advancing both gold tailings projects

Ryan Mee, Chief Executive Office of Fulcrum, commented:

"To put it simply the detailed work in progress at the gold tailings projects is delivering. Assay results from additional areas of the tailing orebodies prove abundant gold at surface and new silver and tellurium grades which provide potentially valuable by-products. It is worth noting that the tellurium grades of approximately 14g/t are nearly twice the grade of those reported in the historic sampling for concentrate testing at Sylvanite in 2012 which ultimately achieved 152g/t. This, combined with the fact that tellurium is recognised as a critical mineral in Canada, could also offer further benefit to the projects.

"When evaluating the gold and other minerals present in these tailings deposits, it's important to remember that these deposits sit at surface and consist of millions of tonnes of 'fine' tailings that have already been mined and milled. This presents a significant advantage: there is no need for new discoveries, sub-surface infrastructure, or mine construction. Instead, we are confirming accessible, surface-level gold resources and demonstrating our capability to efficiently extract gold from them. Our workstreams are specifically designed to accomplish this in a cost and time-effective manner.

"Fulcrum is an early mover in targeting reprocessing of historic tailings and our work to date through auger drilling, the excellent leach test work with Extrakt and the positive government and community engagement is putting the company in a strong position. We look forward to providing further updates in due course."

Obonga Project

Dotted Lake Project

Fulcrum Metals Plc

Panther Metals Plc own 12.38% of the issued share capital of Fulcrum Metals Plc and a 2% NSR on the Big Bear project.

Panther Metals Australia

Conclusion