Obonga: Extension and Amendment of Purchase Terms

Panther Metals PLC (LSE:PALM) the company focused on mineral exploration in Canada, is pleased to announce the amendment and extension to the purchase agreement (the "Amending Agreement") with Broken Rock Resources Ltd ("Broken Rock") over the Obonga Project ("Obonga" or the "Property"), which covers over 90% of the Obonga Greenstone Belt, in Ontario, Canada.

The Amending Agreement to the 2021 purchase agreement (announced 2 August 2021)1,2 allows for an additional year to meet the exploration commitment at Obonga which has advanced from a greenfield regional data based target area, through proof of concept to drilling success with two base metal volcanogenic massive sulphide ("VMS") discoveries, at Wishbone and Survey Lake targets and a graphite discovery in the Awkward area.3,4,5

Under the Amending Agreement the exploration commitment is now spread over five years; whilst the original net smelter return royalty is replaced with a gross revenue royalty equal to 1.5% of the gross value of the sale proceeds actually received by the royalty payor from activity carried out on the Property. In connection with the signing of the Amending Agreement Panther will allot and issue 42,070 new ordinary shares (the "Consideration Shares") with a value of Canadian $30,000 to Broken Rock (based on the mid-market closing price of Panther's ordinary shares on 27 March 2025 and an exchange rate of CAD$1.85 to £1.00.

With Panther's Wishbone and Survey Lake discoveries the Obonga Greenstone Belt has become an emerging base metal VMS Camp. Located approximately a 2.5 hour drive north of Thunder Bay Obonga is situated between the Mattabi/Sturgeon Lake Mining Camp on the Sturgeon Lake Greenstone Belt, where five past producing base metal VMS mines were operated by Noranda Minerals between 1972 to 1991, and the Beardmore-Geraldton Greenstone Belt that hosts over twenty current/former mines including the Equinox Gold Greenstone Gold Mine, one of the largest open-pit mines in Canada, which achieved commercial production in 2024.

When issued, the Consideration Shares will be credited as fully paid and will rank pari passu in all respects with the existing Ordinary Shares in the share capital of the Company, including the right to receive all dividends and other distributions declared, made, or paid on or in respect of such shares after the date of issue of the Consideration Shares.

Application will be made to the Financial Conduct Authority ("FCA") for admission of the Consideration Shares to the equity shares (transition) category of the Official List maintained by the FCA and to the London Stock Exchange (the "LSE") for admission to trading of the Consideration Shares on the LSE's Main Market for listed securities (together "Admission"). It is expected that Admission will take place at 8.00 a.m. on 8 April 2025 and that dealings in the Consideration Shares on the LSE's Main Market for listed securities will commence at the same time.

Total Voting Rights

Following Admission, the Company's total issued share capital consists of 5,231,150 Ordinary Shares. The Company does not hold any Ordinary Shares in treasury.

Therefore, following Admission, the total number of voting rights in Panther Metals plc is 5,321,150. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.

Darren Hazelwood, CEO, commented:

"We are pleased to extend our agreement with Broken Rock Resources, securing additional time to unlock the full potential of the Obonga Project.

With two VMS systems already identified and increasing industry interest in our Awkward conduit theory, we believe Obonga has the makings of Canada's next major base metal and VMS camp.

While Ontario's greenstone belts are well-explored, Obonga remains a frontier with significant untapped potential. Our commitment to systematic exploration continues to yield exciting results, and we look forward to advancing this highly prospective project area. With a robust understanding of the geology, a clear exploration strategy, and a dedicated team, we are confident that Obonga will become a cornerstone asset, driving medium to long-term value for our shareholders and stakeholders alike."

References

1: Company announcement, dated 2 August 2021, 'Acquisition, issue of equity, grant of options and total voting rights, Canada - Major Acquisition on the Obonga Greenstone Belt'

( https://polaris.brighterir.com/public/panther_metals/news/rns/story/xz9m6or )

2: Company announcement, dated 5 March 2024, 'Obonga: Extension of Purchase Agreement'

( https://polaris.brighterir.com/public/panther_metals/news/rns/story/rggz6zr )

3: Company announcement, dated 11 January 2024, 'Graphite Discovery Grows Significantly at Obonga'

( https://polaris.brighterir.com/public/panther_metals/news/rns/story/wv484pw )

( https://polaris.brighterir.com/public/panther_metals/news/rns/story/x4gy0kx )

5: Company announcement, dated 18 January 2022, 'VMS Mineral System Discovered on Obonga Project'

( https://polaris.brighterir.com/public/panther_metals/news/rns/story/x8kld5x )

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Conclusion