Dotted Lake: Drilling Results

Assay Results Confirm Magnesium Rich Serpentinite, Wide Drill Intercepts Continue to Reinforce Ultramafic Intrusive Fertility

Panther Metals PLC (LSE:PALM) the company focused on mineral exploration in Canada, is very pleased to announce the third batch ("Batch 3") of drill core assay results including diamond drill holes DL24-004 and DL24-003, for 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 latest geochemical assay results confirm 94m and 129m wide intercepts of ultramafic intrusive are in a magnesium (Mg) rich serpentinite. The serpentinite, which forms through the alteration of ultrabasic rock, grades up to 20.6% Mg, as well as being mineralised with the platinum group elements ("PGE"), platinum (Pt) and palladium (Pd), nickel (Ni), chromium (Cr) and silver (Ag).

Darren Hazelwood, CEO, commented:

"These latest results have grown the lateral extent of the large ultramafic rock intrusion to over 2.8km between diamond drill holes 3 and 4.

Very excitingly, the latest results not only continue to show the intrusive contains metals typically associated with ultramafic rocks, such as nickel, copper, cobalt, chromium, and PGMs, but it has also undergone metamorphism and alteration to become magnesium rich serpentinite with 94m to 129m wide intercepts grading up to 20.6% Mg, equivalent to 34.2% MgO.

The separation of magnesium from serpentinite has never been applied on an industrial scale, despite success under laboratory and small pilot plant conditions. However, given the potential in-situ value contained within this ultramafic system Panther will be conducting further research on the subject.

Assuming 100% metal recoverability and 100% payability, the addition of the magnesium intersections would equate to a nickel metal equivalent of 94m @ 2.64 % Ni equivalent and 129m @ 2.12 % Ni equivalent in drill holes 4 and 3 respectively.

We also eagerly await the additional chromium over limit assay results and the remainder of the assays for holes 3 and 2."

Highlights

Cautionary note: The nickel metal equivalent ("NiEq") calculations included below do not consider any metallurgical factors and assume 100% recovery and 100% payability of all metals (Ni, Pt, Pd, Au, Cr, Ag, Cu, Co & Mg), as a result the stated equivalents are provided for illustrative purposes only.

• Assays classify the extensive ultramafic body as a magnesium (Mg) rich serpentinite which is mineralised with platinum group elements, Pt and Pd, as well as Ni, Cr and Ag, and which displays distinct ultramafic layering. These factors define Dotted Lake as being part of a Fertile Mineral System.1
• Additional results widen diamond drill hole DL24-004 downhole intersection to:

o 94.4m @ 0.12 % Ni, 0.01 g/t Pt, 0.02 g/t Pd, 0.45 % Cr* & 17.7 % Mg from 152.6m. Previously reported as 53.0m @ 0.14 % Ni, 0.01 g/t Pt, 0.03 g/t Pd & 0.89 % Cr* from 194.0m

o 94.4m @ 2.64 % NiEq from 152.6m

o Total of 5 samples returned intersections with overlimit chromium (>1% Cr)

Diamond drill hole DL24-003 downhole intersection:

o 129.0m @ 0.09 % Ni, 0.01 g/t Pt, 0.02 g/t Pd, 0.33 % Cr* & 14.4 % Mg from 172.0m

o 129.0m @ 2.12 % NiEq from 172.0m

o Total of 8 samples returned intersections with overlimit chromium (>1% Cr)

• The 13 intersections with overlimit chromium (>1% Cr) are currently being reanalysed using the ore grade 'OG62' overlimit assay method for high grade chromium. The above stated Cr* intersections are currently underestimated due to the overlimit samples and will be restated once the assays become available.

* subject to increase due to overlimit Cr assays.

The Batch 3 assay results include the upper 96.75m sampled in drill hole DL24-004, confirming a 94m wide ultramafic serpentinite intrusive intersection. The assay batch also contains results for hole DL24-003 samples between 120m to 329m downhole depth, including an additional 129m wide magnesium rich serpentinite also mineralised with PGE, Pt, Pd, Ni, Cr and Ag.

The magnesium rich serpentinite intersections in DL24-003 and DL24-004 are located approximately 2.8km apart but are interpreted from geophysics as being part of the same intrusive system.

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 2024.2 The Batch 2 results, reported 17 March 2025, verified an extensive mineralised ultramafic body and to Dotted Lake being part of a Fertile Mineral System.3

Modelling and interpretation of results is ongoing. Updated overlimit results, tables and cross-sections will be published once the remaining batch of drill core assay results are received and interpreted.

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

1: 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.

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

3: Company announcement, Dotted Lake: Drilling Results. Batch 2 Drill Core Assay Results Confirm Ultramafic Intrusive Fertility, dated 17 March 2025.

( https://polaris.brighterir.com/public/panther_metals/news/rns/story/w3y6jdx )

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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