Intrusive Layering Grades Strengthening With Depth

Intrusive Layering Shows Grades Strengthening With Depth

Panther Metals PLC (LSE:PALM) the company focused on mineral exploration in Canada, is very pleased to announce the fourth batch ("Batch 4") of drill core assay results including diamond drill holes DL24-003 and DL24-002, 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.

Batch 4 assay results for DL24-002 show a 214.7m wide open-ended zone of intrusive ultramafic derived magnesium (Mg) rich serpentinite grading up to 21.7% Mg, which is mineralised with the platinum group elements ("PGE"), platinum (Pt) and palladium (Pd), nickel (Ni), chromium (Cr) and silver (Ag), between 113.3m downhole to end of hole at 328m.

The DL24-002 Ni and Cr assay result grade variations show layering with three distinct higher grade zones within the bottom 112m of the hole, with grades ranging up to 3.05% Ni Equivalent ("NiEq") as well as overlimit Cr. As hole DL24-002 was ended inside the intrusive, the prospect of strengthening grade-layering with depth is considered strong.

Darren Hazelwood, CEO, commented:

"The final batch of drill core assay results from the Phase 1 Drill Programme have confirmed a further wide zone of magnesium-rich serpentinite intrusive and additional high grade Cr overlimit intercepts.

We are very pleased to note that hole DL24-002, which was ended within the intrusive body, is displaying strengthening nickel grade layering with depth, with the bottom two layers intersected each exceed 3% Ni equivalent over a combined 19.5m wide interval. This layering bodes very well for grades continuing to increase with depth towards the base of the intrusive. This layering is the subject of ongoing interpretation and modelling work, whilst we await the re-assay results from the high grade Cr samples."

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.

• Batch 4 results show DL24-002 displays increased grade layering in the bottom 112m of the open-ended hole with three distinct higher grade layers 7.5m @ 3.05% NiEq from 258.5m downhole.
• Diamond drill hole DL24-002 intersected downhole 214.7m wide open-ended zone of Mg-rich serpentinite intrusive from 113.3m to end of hole at 328m, with higher grade layering including:

o 12.0m @ 0.18 % Ni, 0.01 g/t Pt, 0.02 g/t Pd, 0.60 % Cr* & 19.7 % Mg from 304.0m, equivalent to:

§ 12.0m @ 3.04 % NiEq from 304.0m

o 7.5m @ 0.20 % Ni, 0.02 g/t Pt, 0.04 g/t Pd, 0.49 % Cr & 20.0 % Mg from 258.5m, equivalent to:

§ 7.5m @ 3.05% NiEq from 258.5m

o 36.3m @ 0.13 % Ni, 0.01 g/t Pt, 0.02 g/t Pd, 0.43 % Cr & 18.8 % Mg from 216.0m, equivalent to:

§ 36.3m @ 2.78 % NiEq from 216.0m

• Total of 3 samples returned 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 4 assay results also include samples collected in the upper 120m of drill hole DL24-003, above the ultramafic serpentinite intrusive intersection which totalled 129.0m @ 2.12 % NiEq from 172.0m (reported 21 March 2025).

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 The Batch 3 results, reported 21 March 2025, gave 94m and 129m wide intercepts of mineralised Mg-rich serpentinite.4

Modelling and interpretation of results is ongoing. Updated results, tables and cross-sections will be published once the Cr overlimit re-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 )

4: Company announcement, Dotted Lake: Drilling Results, Assay Results Confirm Magnesium Rich Serpentinite, Wide Drill Intercepts Continue to Reinforce Ultramafic Intrusive Fertility, dated 21 March 2025.

( https://polaris.brighterir.com/public/panther_metals/news/rns/story/x2pqjlw )

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