Batch 2 Assay Results

Batch 2 Drill Core Assay Results Confirm Ultramafic Intrusive Fertility

Panther Metals PLC (LSE:PALM) the company focused on mineral exploration in Canada, is very pleased to announce the second batch ("Batch 2") of drill core assay results from the Phase 1 Diamond Drilling Programme (the "Drill Programme") at the Dotted Lake Project ("Dotted Lake" or the "Project"), on the north limb of the Schreiber-Hemlo Greenstone Belt in Ontario, Canada.

The Batch 2 assay results only include the bottom 53m of the 94m wide ultramafic intrusive intersection sampled in drill hole DL24-004, the results include sampled intervals from 194.0m to 247.0m downhole depth, with the assay results for the remaining 96.75m sampled awaited. Batch 2 also contains assays for the entirety of sampled intervals in hole DL24-005 (9.2 to 322.2m). See Table 1 and Figure 1 for drill hole locations.

The drill core assay results for DL24-001 (Batch 1) confirmed a 1.2km long open-ended gold trend and the intersection of high-grade zinc/gold volcanogenic massive sulphide ("VMS") style mineralisation as reported 30 December 2024.1

Darren Hazelwood, CEO, commented:

"Our two primary objectives of the Dotted Lake drilling campaign have been met and exceeded with the partial assay results for drill hole DL24-004 alone. We have verified the existence of an extensive ultramafic body and have shown that the body is mineralised. DL24-005 also returned highly anomalous promising results to the north of the intrusive contact boundary.

The hole 4 assay results comprise only 53m of the 94m ultramafic intrusive intersection assayed, with the remaining assays for this hole awaited. Drill holes two and three, some 2.5km to the west, also intersected the ultramafic body, and those results are also awaited.

Without doubt these results have the potential to be the start of something very special. Previous to this campaign the mineralised nature and morphology of the ultramafic intrusive was a theory, again the Panther team have provided further evidence of their remarkable capabilities."

Technical Highlights

• Assays confirm the targeted intrusive is an extensive ultramafic body which is mineralised with platinum group elements ("PGE"), platinum (Pt) and palladium (Pd), as well as nickel (Ni), chromium (Cr) and silver (Ag), and which displays distinct ultramafic layering. These factors point to Dotted Lake being part of a Fertile Mineral System.2
• Drill hole DL24-004 intersected 53.0m @ 0.14 % Ni, 0.01 g/t Pt, 0.03 g/t Pd, 0.89 % Cr* from 194.0m.
• Drill hole DL24-005 intersected 55.1m of anomalous Ag, Pt, Pd plus anomalous Cr without intersecting ultramafic, plus 0.4m @ 1.63 g/t Au from 123.5m.
• Modelling and interpretation of results is ongoing, updated overlimit results, tables and cross-sections will be published once the remaining two batches of drill core assay results are received and interpreted.

Drill Hole PL24-004

• PL24-004 is one of three drill holes to intersect the targeted intrusive body and the first hole for which ultramafic assay results have been received.

o Assay results received for bottom 1/3 of hole (194 to 247m end of hole).

§ Assay for the remaining 96.75m sampled will include a further 41m intersection which is logged at ultramafic.

§ End of drill hole remains in ultramafic (hole did not hit the intrusive base or pass out the other side).

o Drilling has confirmed the intrusive is an ultramafic with varying degrees of serpentinisation.

o Results show the intrusive is fertile in Ni/Cr/PGE and that detailed mineralogical analysis is warranted.

o Five samples returned intersections with overlimit chromium (>1% Cr), these samples will be reanalysed using the ore grade 'OG62' overlimit assay method for high grade chromium. The below stated Cr intersections are currently underestimated due to the overlimit samples.

o DL24-004 (partial results) include samples from 195m to 247m downhole depths:

• 53.0m @ 0.14 % Ni, 0.01 g/t Pt, 0.03 g/t Pd, 0.89 % Cr*, 0.01 % Co, 0.02 % Cu & 0.06 g/t Ag from 194.0m, including;

o 4.6m @ 0.17 % Ni, 0.03 g/t Pt, 0.09 g/t Pd, 0.89 % Cr*, 0.02 % Co, 0.06 % Cu & 0.31 g/t Ag from 196.7m; and

o 7.0m @ 0.15 % Ni, 0.02 g/t Pt, 0.04 g/t Pd, 0.82 % Cr*, 0.01 % Co, 0.02 % Cu & 0.06 g/t Ag from 233.0m

* subject to increase due to overlimit Cr assays.

Drill Hole PL24-005

• PL24-005 was designed to test electromagnetic ("EM") geophysical conductors modelled on the northern edge of the intrusive.

o Intersected alternating volcanosedimentary, gabbro and porphyritic dykes.

o Bottom 41m of hole displays anomalous Ag, Pt, Pd with the addition of anomalous Cr for the last 12m.

o Assays suggest the end of hole is proximal to the intrusive contact or is influenced by mineralising fluids associated with the intrusion and the shearing, although no ultramafic is seen in the geological logging.

o Relationship between the EM geophysical conductors and the drill findings is currently being studied. Findings will be fed back into the three-dimensional ("3D") inversion model to understand what appears to be a complicated zone influenced by both the ultramafic intrusive and the regional shear structures.

o DL24-005 assays for samples from 9.2 m to 322.2 m downhole depths, intersections include:

0.4m @ 1.63 g/t Au, 0.55 g/t Ag & 629 ppm Cu from 123.5m

o Highly anomalous zones, not hosted by ultramafic, include:

• 40.1m @ 0.14 g/t Ag, 0.01 g/t Pt & 0.01 g/t Pd from 10.2m
• 1.8m @ 0.13 g/t Ag, 0.03 g/t Pt & 0.03 g/t Pd from 66.0m
• 4.2m @ 0.59 g/t Ag, 0.01 g/t Pt, 0.01 g/t Pd & 1,803 ppm Cu from 269.3m
• 9.0m @ 0.03 g/t Ag, 0.01 g/t Pt, 0.01 g/t Pd & 2,060 ppm Cr from 304.0m, including 2m @ 0.39 % Cr from 304m.

Phase 1 Drill Hole Programme Objectives Achieved

Phase 1 Drill Hole Programme has already met the two main technical objectives to test as set out below:

• Verify the existence of an extensive ultramafic intrusive body emplaced along a regional scale shear zone around the northern margin of the granitic Dotted Lake Batholith.

Evidence to Test:

• Historical mapping showed isolated ultramafic outcrops forming small islands in the lake, and in places along the shore waterline.
• Regional scale mapping shows gabbros along the margin.
• Panther's high resolution airborne magnetic and electromagnetic survey data was reinterpreted by Abitibi Geophysics. Three-dimensional inversion modelling of the magnetic susceptibility data pointed to an extensive buried intrusive body.
• Panther's 2021 stratigraphic drill hole (PM21-DL-01), trench sampling and soil sampling showed strong gold anomalism with trench samples up to 18.9g/t Au and the stratigraphic hole intersecting gold and tellurium (over 13 separate intersections from surface to 391m downhole up to 2.57 g/t Au) hosted in shear zone (predominantly granodiorites).

Objective Met:

• Drill holes DL24-002, DL24-003 and DL24-004 intersected ultramafic intrusive bodies at or in close proximity to the 3D inversion modelled contact.
• DL24-005 points to mineralising fluids circulating in the periphery of the contact shear zone.
• Verify the existence of a Fertile Mineral System associated with the shear hosted ultramafic intrusive.

Evidence to Test:

• Panther's 2021 soil sampling data and historical soil data combined from work in 1983, showed strong correlation between the inversion modelled intrusive body and geochemical anomalies for Ni/Co/Au/PGE and Cu as well as other geochemical vectors.

Objective Met:

• Assay results for DL24-004 confirm the ultramafic intrusive that it is mineralised with anomalous levels of PGE, Pt and Pd as well as Ni, Cr and Ag displaying distinct ultramafic layering. These factors point to Dotted Lake being part of a Fertile Mineral System and warrant further detailed study.
• Recently announced results of the 2024 Soil Geochemical Sampling Programme shows strong nickel, copper, gold and multielement anomalism along the interpreted strike of the shear zone and the modelled intrusive body. Highly anomalous soil assays range up to 1,665 ppm copper, 480 ppm nickel, 62 ppm cobalt, 190 ppm zinc, 0.99 ppm silver and 377 ppb gold.3

Table 1: Drill Hole Collar Details for Reported Results

Table notes: Drill hole core diameter NQ2 (50.6mm). Coordinates stated in UTM Zone 16N (NAD83 projection). Hole locations by handheld GPS and may be subject to change depending on differential GPS survey.

Figure 1: Location of Dotted Lake Phase 1 Diamond Drill Programme Drill Holes Note: Holes with results in this release circled in red.

References

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

2: Definition: Fertile Mineral System is a geological term which refers to a geological setting or process that is conducive to the formation and preservation of economically viable mineral deposits, characterised by a source of ore-forming elements, suitable pathways for ore-forming fluids, and favourable geological traps.

3: Company announcement, Dotted Lake: Soil Survey Significantly Enhances Targets, Soil Assay Results Delineate Strong Multielement Trends on Dotted Lake North Shore, dated 13 March 2025.

( https://polaris.brighterir.com/public/panther_metals/news/rns/story/xj2k8gr )

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Conclusion