Dotted Lake Project Update

Panther Metals PLC (LSE:PALM) the company focused on mineral exploration in Canada, is pleased to provide an update on the Phase 1 Diamond Drilling Programme at the Dotted Lake Project ("Dotted Lake" or the "Project"), the 100% owned exploration property situated on the north limb of the Schreiber-Hemlo Greenstone Belt in Ontario, Canada.

The programme is focussed on nickel (Ni), cobalt (Co), copper (Cu), gold (Au) and platinum group element ("PGE") bearing sulphide mineralisation associated with four initial target areas (Figure 1) in an undercover mafic-ultramafic intrusive complex in the north-east of the Dotted Lake area.

Progress Update

• Phase 1 Diamond Drilling Programme has successfully completed the drill testing of the initial Target Areas C, D, E & F, with a total of 1,558m, an increase of 30% on the proposed 1,200m, drilled across five holes (Table 1 and Figure 1).
• Geotechnical and magnetic susceptibility logging of the structurally orientated drill core has been completed. Detailed geological logging, core cutting and sampling is ongoing.
• First batch of drill core samples from hole DL24-001 have been submitted to ALS Laboratories for assay using ALS methods ME-MS61r (4 acid multielement package) and PGM-ICP23 (Pt, Pd and Au by fire assay and ICP-AES finish)1. Results will be reported once they are received and interpreted.
• Drilling has intersected a variety of lithologies, including the ultramafic intrusive complex, with geological core logging noting serpentinite alteration, chromite layering, the presence of nickel, chrome and copper bearing minerals and quartz veins prospective for gold.
• Additional soil geochemical survey data currently pending for the east half of the work area (covering Target E & Target F) and to west and surrounds of Lampson Lake.
• New trail network installed on the eastern side of the north shore of Dotted Lake, provides the required access for further rapid development of the Project.
• The current programme is subject to a pause whilst assay results are awaited. The drill rig is remaining on site to allow for a speedy mobilisation to site in early 2025 on the back of positive results, in keeping with Panther Metals stated intention to accelerate fieldwork.

Table 1: Phase 1 Diamond Drilling Programme Hole Summary

Notes: Coordinates projection: UTM Zone 16N NAD83 Datum.

Figure 1: Dotted Lake Phase 1 Diamond Drill Programme Hole Locations

Correlations with Previous Gold Results

Diamond drill holes DL24-001, DL24-002 and DL24-003 together with previous Panther drill hole PAN21_DL_001 (drilled in 2021), provide coverage of a 1.4km strike length of a structurally complex zone of shearing and faulting which runs parallel to the trend of the ultramafic intrusive bodies. Preliminary interpretation is that the ultramafic magmas exploited and intruded this structural scale zone of weakness which can be traced for several kilometres across the Dotted Lake Project area.

Gold in soil anomalies from the Company's 2021 soil sampling programme also correlate well with the trend of the interpreted intrusive bodies and the zone of structural weakness and with quartz vein hosted gold and sulphide mineralisation observed in PAN21_DL_001 and in historic trench Tr-10-4 (which returned up to 18.9g/t Au).

Diamond drill hole PAN21_DL_001, which was drilled directly below Tr-10-4, returned over five intersections grading up to 2.57g/t Au, with 11 intersections greater than 0.5g/t Au (announced 22 January 2022) and with 19 intersections greater than 0.2g/t Au between 14m and 341m downhole depth.

• PAN21_DL_001 Drill Intersections (first announced 22 January 2022):

o Five intersections > 1g/t Au:

0.9m @ 1.73 g/t Au from 47.3m

1.0m @ 1.05 g/t Au from 122.2m

1.0m @ 1.59 g/t Au from 136.2m

1.0m @ 1.04t Au from 158.2m

1.1m @ 1.4 g/t Au from 228.3m (inc. 0.5m @ 2.57 g/t Au from 228.3m)

o Eleven Intersections >0.5g/t Au, including two 2m wide composites:

2m @ 0.87 g/t Au from 122.2m ( inc. 1m @ 1.05 g/t Au from 122.2m)

2m @ 0.96 g/t Au from 158.2m ( inc. 1m @ 1.04 g/t Au from 158.2m)

Reference Notes

1: Four-acid digestion paired with Inductively Coupled Plasma Mass Spectrometry (ICP-MS) and Inductively Coupled Plasma Atomic Emission Spectrometry (ICP-AES) with rare earth element (REE) analytes included. Four-acid multi-element analysis is an effective tool in mineral exploration because of its ability to provide a full pathfinder element suite as well as a cost-effective proxy for mineralogy. A four-acid digestion utilises a combination of nitric, perchloric, and hydrofluoric acids with a final dissolution stage using hydrochloric acid. This digestion breaks down most silicate and oxide minerals allowing for the "near-total" recovery of most minerals and analytes.

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Conclusion