Proposed Dual Listing, Loan Settlement & GM

Corporate Update

Proposed Dual Listing, Loan Settlement & General Meeting

Panther Metals PLC (LSE:PALM) the company focused on mineral exploration in Canada, is providing a corporate update to the market as the Company investigates a potential dual listing on the Canadian Stock Exchange ("CSE"). The trigger for this process is derived from an advantageous tax environment for explorers working in Canada and interest in the Company from within the North American investment community.

As a precursor to any dual listing decision Panther has agreed terms to capitalise its only outstanding debt facilities, comprising the £150,000 of unsecured convertible loan notes announced 20 November 2023, which carry an interest rate of 15%. The Company will settle this liability by the issue of new ordinary shares with warrants attached, on the same economic terms as the most recent placing announced on 20 January 2025.

Subject to shareholder approval, the Company will proceed to allot, issue, and admit to listing, a combined total of 362,250 shares at an issue price 50p (the "Settlement Shares") and deliver 362,250 warrants with an exercise price of 75p to the former holders of the loan notes. The warrants will have a life of 3 years and be subject to an "accelerator" requiring the warrants to be exercised should the Panther share price exceed £1.50 at any time over a period of 20 trading days following the date of the issue of the warrants.

Panther is to convene a general meeting to seek authority to issue the Settlement Shares and the shares underlying the warrants. A circular convening a general meeting will be sent to all shareholders shortly and a further announcement made in due course.

Darren Hazelwood, CEO, commented:

"Against the backdrop of the current difficult equity markets, Panther runs the real risk of a low-ball takeover offer as the mining industry continues to engage and acknowledge the prospectivity of both the Dotted Lake and Obonga projects.

Attaining a dual listing on the Canadian Stock Exchange would streamline Panther's access to the advantages of Canada's resource development promoting and critical mineral focussed tax regime. Flow-Through share financing provides the means for exploration to flourish in Canada and contributes nearly 70% of the funds raised on Canadian stock exchanges.

The significant finance premium offered by the Canadian Flow-Through and Critical Mineral tax credit system and the North American investor access advantages for the Company and shareholders can no longer be ignored as we advance our portfolio of projects."

For the purposes of UK MAR, the person who arranged for the release of this announcement was Darren Hazelwood, Chief Executive Officer.

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