Conditional Placing to raise £455,000

Panther Metals plc (LSE:PALM) the company focused on mineral exploration in Canada, announces the completion of a conditional placing, confirming it has placed 910,000 ordinary shares of no par value (the "Placing Shares") at a price of 50 pence per Placing Share (the "Placing Price") in a placing (the "Placing"), raising gross proceeds of £455,000. The Placing is subject to the publication of a prospectus and applications will been made to the Financial Conduct Authority for admission of the Placing Shares to the equity shares (transition) category (under Chapter 22 of the UK listing rules made by the FCA under section 73A of FSMA ("UKLRs")) and to the London Stock Exchange (the "LSE") for admission to trading of the Placing Shares on the LSE's Main Market for listed securities (together "Admission"). It is expected that the prospectus will be published in mid-February 2025 and Admission will take place shortly thereafter. The Company will make further announcements in due course.

Each Placing Share will be issued with one warrant attached entitling the holder to subscribe for one new ordinary share at a price of 75 pence (the "Warrants"). The Warrants have a life of 36 months from the date of Admission.

The Placing Shares being issued will represent approximately 17.63% of the Company's enlarged Ordinary Share capital following the Placing.

The Placing Price represents a 37.5% discount to the mid-market closing price of the Company's shares on 17 January 2025, the date of the arrangement of the Placing.

SI Capital Limited acted as sole placing agent in respect of the Placing.

When issued, the Placing Shares will be credited as fully paid and will rank pari passu in all respects with the existing Ordinary Shares in the share capital of the Company, including the right to receive all dividends and other distributions declared, made, or paid on or in respect of such shares after the date of issue of the Placing Shares.

Use of the Placing Proceeds

Panther Metals has advanced the Dotted Lake Project (the "Project") in Ontario via the successful drilling programme conducted in the autumn of 2024, for which the assay results of a further four diamond drill holes are currently awaited.

The assay results for the first drillhole, DL24-001, returned highly anomalous gold, silver, zinc and base metal assays which confirmed a 1.2km long open-ended gold trend and the intersection of high grade zinc/gold volcanogenic massive sulphide (" VMS") style mineralisation1. The assay results awaited include the samples from the holes which intersected the layered ultramafic intrusive body which based on findings to date is considered prospective for Ni, Co, Au and Platiunum Group Element mineralisation.

The funds raised will enable the Company to progress the very prospective Project in the best interest of shareholders following receipt of the remaining drill core and soil sample assays.

Total Voting Rights

Following Admission, the Company's total issued share capital will consist of 5,189,080 Ordinary Shares. The Company does not hold any Ordinary Shares in treasury.

Therefore, following Admission, the total number of voting rights in Panther Metals plc will be 5,189,080. Following Admission this figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.

Darren Hazelwood, Chief Executive Officer, commented:

"The business continues to accelerate the development of the exciting Dotted Lake Project in Ontario. The successful drilling programme conducted in the autumn of 2024 has added value with the delineation of a 1.2km long open-ended gold trend and the intersection of high grade zinc/gold VMS style mineralisation, whilst the assay results of the further four diamond drill holes are eagerly awaited.

Without doubt the exploration industry continues to face headwinds in the equity markets at a time when governments and majors are increasing options for explorers: an unprecedented situation. Global supply chains will begin to suffer within a relatively short timeframe driving capital back into explorers at sensible levels.

We continue to advance our portfolio and I'm pleased we have the additional capital to push our projects on."

Reference Notes

( https://polaris.brighterir.com/public/panther_metals/news/rns/story/xe33gor )

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