Dotted Lake Drilling Report

Panther Metals PLC (LSE:PALM) the company focused on mineral exploration in Canada, is pleased to announce that drill core assay results confirm a 1.2km long open-ended gold trend and the intersection of high grade zinc/gold VMS style1 mineralisation 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 first batch of assay results from the Phase 1 Diamond Drilling Programme comprise downhole intersections from drillhole DL24-001 which has returned highly anomalous gold, silver, zinc and base metal assays at Target D on the southern shore of Lampson Lake (Figure 1, Table 1). Drill core assay results are by ALS Laboratories methods ME-MS61r (4 acid multielement package) and PGM-ICP23 (Pt, Pd and Au by fire assay and ICP-AES finish)2. Interpretation is currently ongoing with the findings outlined below.

Darren Hazelwood, CEO, commented:

"Below the overburden of Dotted Lake, a large mineralised system has, until now, remained largely undisturbed, only providing small glimpses of its potential at surface. The assay results from the first of five drill holes, have confirmed our greatest hopes and theories: gold over a widening area, and a VMS system containing high grade zinc and gold optimally located between the Geco VMS mine to the north and Barrick's Hemlo gold mine to the south.

We are systematically building our understanding of the Project and at every turn our confidence grows. Our visuals of the core were encouraging, resulting in the drill rig being left on site, and this first batch of assay results has already confirmed that our confidence wasn't misplaced. Discussions are underway with our Project partners and we look forward to providing further updates regarding plans to utilise the frozen ground of winter and the drill rig on site as we accelerate this Project."

Results and Analysis - Uncovering a Discovery of Major Gold Trend and VMS System

• Multielement analysis of drill hole assay results show strong correlation between gold, silver, copper, lead, zinc and barium indicating the mineralisation is linked to a volcanic-associated submarine hydrothermal system as associated with a metamorphosed volcanogenic massive sulphide ("VMS") style of mineralisation (see Figure 2 and Figure 3).
• Significant downhole gold intersections:

o 0.5m @ 1.15 g/t Au from 11.8m;

o 4.5m @ 0.64g/t Au from 156.3m, including

§ 0.9m @ 1.55g/t Au, 1.4g/t Ag & 2.08% Zn from 156.3m (Figure 2); and

o 1.0m @ 0.53 g/t Au & 1.24 g/t Ag from 105.0m.

Significant downhole zinc intersections:

o 5.5m @ 1.21 % Zn from 155.3m including

§ 2.7m @ 2.42% Zn from 155.3m and

§ 1.0m @ 3.8% Zn from 155.3m (Figure 2)

• Zinc intersections in DL24-001 are located 1.2km south-west of the Fairservice Zinc Showing (Figure 1) where high-grade zinc (12% Zn with 2.2 g/t Au) is considered to represent remobilised and metamorphosed VMS mineralisation. Zinc and gold are closely associated together in DL24-001 and also correlate well with conventional magnetic inversion domain boundaries in the magnetic susceptibility model (Figure 4).
• The large metamorphosed VMS-style Geco deposit, located 30km north of Dotted Lake near Manitouwadge, was mined by Noranda from 1954 to 1995 and produced 49.4 Mt of ore grading 1.86% Cu, 3.78% Zn, 50.04 g/t Ag.
• Gold trend now extends for 1.2km and is open in both directions. Intersections in DL24-001 correlate with an open-ended 750m long gold in-soil anomaly, offset from the western end of the 1.2km gold in soil anomaly which extends westwards from the Panther 2021 drill hole which intersected over 9 separate gold intervals grading up to 2.57g/t Au3, and from trench Tr-10-4 which returned gold samples up to 18.9g/t Au.
• DL24-001 intersected predominantly seafloor volcano-sedimentary derived metavolcanic packages. Ultramafic intrusions were not intersected, with these bodies interpreted from the magnetisation vector inversion ("MVI") Magnetic Susceptibility Model to be possibly located at a greater depth below Lampson Lake (see Figure 5).
• The current programme is subject to a pause as further 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 our fieldwork.

Table 1: Diamond Drillhole DL24-001 Details

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

Figure 1: DL24-001 Drill Hole Location with Surface Gold and Zinc Anomalies / Trends and Lineaments

Figure 2: Photography of DL24-001 Drill Core over the interval from 155.3m to 160.8m downhole depth which returned 4.5m @ 0.64g/t Au from 156.3m and 5.5m @ 1.21 % Zn from 155.3m. Photograph markup shows additional high grade intervals such as 1.0m @ 3.80 % Zn & 1.06 g/t Ag from 155.3m, 0.9m @ 1.55 g/t Au. 1.40 g/t Ag & 2.08 % Zn from 156.3m, 0.8m @ 1.07 % Zn from 157.2m and 1.5m @ 0.66 g/t Au from 159.3m.

A:

B:

Figure 3: Diamond Drill Hole DL24-001 Multielement Correlations (A & B) Supports VMS Style Mineralisation Source. Note: For illustration purposes zinc concentration is capped at 10,000 ppm in figure 2 B; actual zinc concentrations exceed 38,000 ppm Zn.

A:

B:

Figure 4: DL24-001 Drill Hole Lithology 4 over Conventional Magnetic Inversion Magnetic Susceptibility Model, with: (A) Gold Intersections; (B) Zinc Assay Traces. Gold and zinc mineralisation display good correlation with conventional magnetic inversion domain boundaries.

A:

B:

Figure 5: DL24-001 Drill Hole Lithology 4 over Magnetisation Vector Inversion (MVI) Magnetic Susceptibility Model, with: (A) Gold Intersections; (B) Zinc Assay Traces. Gold and zinc mineralisation does not display strong correlation with MVI domain boundaries. The lightest pink in the MVI model may be correlates with underlying ultramafic intrusive.

Reference Notes

1: 'VMS style' relates to metamorphosed volcanogenic massive sulphide ("VMS") style of mineralisation associated with a volcanic-associated submarine hydrothermal system.

2: 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.

3: 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 downhole gold intersections:

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)

4: Lithology codes shown in figures 2 & 3:

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.

Conclusion