Fulcrum Metals Report Positive Study - Teck Hughes

Panther Metals PLC (LSE:PALM) the company focused on mineral exploration in Canada, is pleased to note the positive results announced by Fulcrum Metals Plc (AIM:FMET) in relation to its 100% owned Teck Hughes tailings project in Ontario, Canada, advancing the pathway to an exclusive technology agreement with Extrakt and alliance partners Bechtel.

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 the company, plus 476,190 warrants exercisable at 26.25p with a three-year life from 14 February 2023. Panther also retains a 2% net smelter return ("NSR") royalty over the Big Bear Project.

Highlights of Study

• Proof of concept provides scalable opportunity to introduce tailings from several local sites and replicate across Canada
• US$33 million pre-tax Net Present Value at a 7.5% discount ("NPV7.5") with an Internal Rate of Return ("IRR") of 21.4% based on a 9 year operational life just at Teck-Hughes
• Circa 3-year payback period from production
• Based on an initial scenario of 2,000 tonne per day ("Mt/day") of tailings, non-optimised gold recovery of 59.4% and leach time of 6 hours
• Refining the leaching technology and optimisation of test work parameters has the potential to increase gold recovery to at least 70%
• Sensitivity analysis shows a 25% increase on recovery rates to 74% suggesting an initial scenario of:

o Increase of NPV7.5 to US$75.5 million pre-tax

o Increase IRR to 37.7%; and

o Reduction of payback period to less than 2 years from production.

• Additional upside potential from reducing leach times, additional reagent and water recycling, vacuum filtration of residue and recovery of other minerals held in the pregnant leach
• The Company now plans to focus on optimising all parameters and further evaluate the resource to enhance ore grade and volume

William Florman, President of Extrakt, commented:

"We are encouraged by the results of the conceptual study. The initial unoptimised gold leach recovery rates from the Teck Hughes refractory tailings are very positive and demonstrate the robustness of the technology with refractory ore. With the plant design conceptualised and first phase testing complete, the work we have accomplished with Fulcrum provides a solid basis focus on optimising the leaching technology and capabilities of the reprocessing facility.

"We look forward to working with Fulcrum to finalise the master licensing agreement and to help unlock further potential for tailings in this region using Extrakt's technology through our relationship with Fulcrum."

Ryan Mee, Chief Executive Office of Fulcrum, commented:

"We are delighted with this unoptimised study which has successfully established proof of concept at the Teck Hughes Gold tailings project. The operating design integrates Extrakt's breakthrough non-cyanide leaching technology with a comprehensive tailings management plant, enabling the reprocessing of mine waste to generate meaningful returns while enhancing environmental sustainability.

"These fantastic results firmly position Fulcrum as a prospective leader in tailings reprocessing. I am excited about what can be delivered through optimisation, scalability through creating a tailings hub at Teck Hughes and how we can use this concept to help address the many historic gold mine waste sites throughout Canada."

"Importantly, this study provides the technical detail required to enable us to move forward with Extrakt and its alliance partner, Bechtel Energy Technologies & Solutions, Inc., on the technology exclusivity agreement for historic gold mine waste sites in the regions of Timmins and Kirkland Lake - two of Canada's most productive and important gold camps."

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