Dotted Lake Project: Update

Panther Metals PLC (LSE:PALM) the company focused on mineral exploration in Canada, is pleased to provide an exploration update for the Dotted Lake Project ("Dotted Lake" or the "Project") where Panther is targeting, orogenic gold, magmatic intrusive hosted nickel-cobalt- platinum group element ("PGE") and volcanogenic massive sulphide ("VMS") related base metal deposits, in Ontario Canada.

The Dotted Lake is a unique and evolving exploration asset situated just 16 km northeast of the Barrick Mining Corporation Hemlo gold mine, which has produced more than 21 Moz gold to date, and within 2 km of provincial Highway 614, offering excellent logistical advantages with direct access to the Trans-Canada Highway and Trans-Canada Railroad to the south.

The Project tenure is in good standing for multiple years with no underlying agreements or royalties, enabling Panther to systematically build value through focused exploration.

CEO, Darren Hazelwood.

"Dotted Lake continues to surprise and excite. What began as a greenfield prospect is quickly becoming a highly credible exploration project across multiple commodities. The work to date has demonstrated tangible value and generated a lot of sector interest, reinforcing this Project is well worth progressing.

The scale of the magmatic ultramafic intrusive system, early gold and zinc hits, and expert belief in massive sulphide potential all underscore the value we are building. Our team is focused on advancing this asset with discipline and technical excellence."

Dotted Lake - Emerging as a Multi-Commodity Opportunity

Over the past year, Panther has made significant progress in transforming Dotted Lake from a greenfield prospect into a credible multi-commodity exploration project. The 2024 five hole exploration drill and soil programme has confirmed a dynamic geological setting that hosts multiple styles of mineralisation, including ultramafic-hosted nickel, structurally controlled gold, and zinc-bearing VMS potential.

Key Exploration Highlights:

High-Impact Soil Geochemistry:

Extensive soil geochemical sampling programmes in 2021 and 2024 have identified widespread anomalies, including:

o Copper up to 1,665 ppm

o Nickel up to 480 ppm

o Cobalt up to 62 ppm

o Zinc up to 432 ppm

o Silver up to 0.99 g/t

o Gold up to 377 ppb

These anomalies define a series of trends including a 5 km long nickel trend, a 3 km gold trend and a 3.5 km zinc corridor, representing high-priority target zones, see Figure 1 to 4 and 2021-2024 Soil Presentation

( https://panthermetals.com/investors/presentation )

Drilling Success - Nickel, Zinc & Gold Confirmed:

Initial diamond drilling has confirmed widespread mineralisation across multiple targets:

o Nickel, Chromium, PGE:

§ Over 214 m of open-ended nickel-bearing ultramafic intrusive intersected in hole DL24-002, with 129m intersected in DL24-003 and 94m intersected in DL24-004 (see Figure 5 & 6)

§ Grades up to 0.25% Ni highlighting the scale and consistency of the intrusive system.

§ Ultramafic layering confirmed by cyclical 5m wide banding of elevated chromite grading up to 6.65 %, 0.1 g/t Platinum & 0.24 g/t Palladium.

o Zinc:

§ DL24-001 intersected wide predominantly seafloor volcano-sedimentary derived packages prospective for hosting VMS mineralisation, with

§ 5.5m @ 1.21 % Zn from 155.3m, including

• 2.7m @ 2.42% Zn from 155.3m and
• 1.0m @ 3.8% Zn from 155.3m

o Gold:

§ PM21-DL-001: nine separate gold intervals grading up to 2.57g/t Au (2021 drill hole)

§ DL24-001: three separate gold intervals grading up to 1.55 g/t Au

§ DL24-005: three anomalous intervals grading up to 1.63 g/t Au

Magmatic Intrusive System with Scale:

Only three holes drilled to date into the ultramafic magmatic intrusive, but results already show distinct ultramafic layering, with regional geological experts confident the system has strong potential to host massive sulphide mineralisation.

VMS Potential Active in All Programmes:

The combination of base metal intercepts, favourable stratigraphy, and structural setting supports a compelling case for volcanogenic massive sulphide (VMS) mineralisation, which will remain an integrated focus in ongoing exploration.

Gold Feeder System Indicators:

Structural mapping and anomalous geochemistry indicate potential for Hemlo-style gold mineralisation, with multiple fault zones and deformation corridors providing fluid pathways for orogenic gold deposition as supported by the highly anomalous gold in soil trends.

Next Steps - Geophysics to Refine Drill Targets

To define priority drill targets for massive sulphide discovery within the ultramafic system, Panther will undertake a targeted ground based Induced Polarisation ("IP") geophysical survey during summer 2025. This survey aims to identify conductive bodies associated with sulphide mineralisation and will complement existing geological and geochemical datasets to refine drill planning.

Infrastructure Advantage

Dotted Lake benefits from exceptional infrastructure:

• Located just 2 km from a major road and 16 km from the Trans-Canada Highway and Trans-Canada Railroad
• On-site trail network and logistical planning significantly reduce operational costs
• The project is fully permitted and drill-ready for continued field activity.

Maps and Illustrations

Figure 1: Dotted Lake Nickel in Soil Trend (see also Figure 4)

Figure 2: Dotted Lake Gridded Gold in Soil Anomaly Trend

Figure 3: Dotted Lake Gridded Zinc in Soil Anomaly Trend

Figure 4: Dotted Lake Three Dimensional East-West Long Section View of Modelled Ultramafic below Nickel in Soil Anomalies

Figure 5: Section Slice Though Modelled Ultramafic Intrusive Showing Ni Graphs for Drill Holes DL24-002 & DL24-003. Note DL24-002 Is Open-Ended. Looking towards NE

Figure 6: Section Slice Showing Ni Graphs for Drill Holes DL24-002 / 003 / 004. Note DL24-004 & DL24-002 are Open-Ended. View Looking SW, Intrusive Body Removed for Clarity

Obonga Project

Dotted Lake Project

Conclusion