Combining Hard Assets with Digital Currency

Panther Metals Plc (LSE: PALM), the exploration company focused on mineral projects in Canada, is pleased to announce the successful opening of a Bitcoin Treasury account and its strategy on the digital asset backed mechanism it will use to finance the purchase of the Pick Lake deposit ("Pick Lake"), a constituent of the Winston Project, in Ontario, Canada.1

The Bitcoin Treasury account is held with leading Bitcoin services provider CoinCorner Ltd ("CoinCorner"), based in the Isle of Man.

Simultaneously, Evoke Solutions a UK-based Bitcoin consultancy has been appointed to advise Panther on the operational setup, security protocols, and governance structures for its Bitcoin Treasury.

Panther plans to purchase £4 million of Bitcoin to hold in its Bitcoin Treasury. The Bitcoin Treasury will be funded by two sources, conversion monies from existing warrants and the balance raised via the capital markets (together the "Capital Raise").

Upon completion of the Capital Raise, Panther plans to utilise a loan facility secured on its Bitcoin holdings, to finance the Pick Lake purchase fee.

This strategic financing approach enables Panther to unlock liquidity from the Bitcoin Treasury by using a portion of that holding as collateral for the Bitcoin (BTC) secured loan of approximately £1.3 million. This allows the Company to complete the Pick Lake acquisition whilst retaining its total exposure to Bitcoin.

The Company considers that the net effect of maintaining £4 million BTC holding, together with the 100% ownership of the Pick Lake deposit opens an entirely new, innovative way to accelerate the growth of the business. To hedge against the BTC exposure the Company will use traditional funding mechanisms to maintain the £4 million Bitcoin Treasury should this be required.

Looking forward, Panther will seek to increase the Bitcoin Treasury, utilising a similar funding structure as set out in this announcement, prior to further increasing its fiat priced commodity holdings. At this stage however, the Company has no plans to access any additional capital against current or future Bitcoin holdings.

Panther is uniquely positioned to adopt this strategy due to the combination of its listing on the Main Market of the London Stock Exchange, and the digital currency regulatory advantages of the Company being domiciled in the Isle of Man. Panther is immediately starting the process to gain an OTC Markets listing.3

Whilst the Company's core business is and will remain focused on building real world Critical Mineral commodity-based assets valued in fiat currencies, this financing strategy will make Panther a dominant player in bridging the gap between the fiat system and decentralised digital cryptocurrency.

Highlights

• Capital Raise for up to £4,000,000 to exclusively fund Bitcoin Treasury Reserve held with CoinCorner.
• Bitcoin Reserve is part of a hybrid treasury model that blends traditional hard assets with Bitcoin decentralised cryptocurrency.
• Panther's physical commodity inventory, encompassing Critical Minerals, gold and other precious metals, will see continued growth, supported by the Bitcoin Treasury.
• Funds from the exercise of existing Warrants during the Capital Raise process will be credited towards the £4 million total, to minimise the dilutive effect for current shareholders.
• Critical Minerals are considered the building blocks of the green and digital economy.
• Pick Lake Mining Property hosts approximately 85% of the 2.34 Mt Total Mineral Resources on the Winston Project.
• The 2021 Feasibility Study valued the Winston Project at a NPV8% of C$175.8 M pre-tax, assuming zinc priced at US$2,700/t, copper at US$7,300/t, gold at US$1,635/oz & silver at US$21/oz. At a derisked 6% discount Pre-tax NPV = C$213.2M. based on an Ore Reserve of 1.96Mt @ 13.9% Zn, 0.6% Cu with significant gold and silver credits.

About CoinCorner

CoinCorner Ltd is a Isle of Man based, Bitcoin focused, company with experience serving individuals, businesses, high net worth individuals, family offices and trusts. Established in 2014 they have over 4,000 commercial clients, 350,000 users and are available in over 40 countries. Their business clients include the likes of well-known brands such as Costa Coffee and Hotel Chocolate, and provide multi-currency accounts including Pounds Sterling, Euro, Bitcoin and Tether (USDT, Stablecoin).

About Evoke Solutions

Evoke Digital Solutions Ltd ("Evoke Solutions", www.evokesolutions.io) is a United Kingdom based Bitcoin digital asset advisory firm working with individuals, companies, and investment groups on the secure implementation of Bitcoin strategies. With expertise in multi-signature wallet architecture, governance, and operational security, Evoke supports clients in designing infrastructure aligned to their strategic objectives. Advisory services are tailored to each client's preferred custody and capital structure.

Darren Hazelwood, Chief Executive Officer, commented:

"Panther Metals is taking a bold step forward by combining the strength of traditional hard assets with the strategic benefits of digital finance. By establishing the Bitcoin Treasury, we're not only diversifying our funding strategy - we're positioning the Company to access faster, more flexible capital, while protecting long-term shareholder value.

This hybrid approach allows us to leverage Bitcoin to fund high-quality mineral projects like Pick Lake whilst being less dilutive to our shareholder base, due to the more attractive terms being offered by the digital space. It's a model that aligns Panther with the future of finance - where digital assets can be used as productive capital, not just passive holdings.

In today's inflationary environment and volatile capital markets, Bitcoin provides a unique hedge against fiat currency risk. Combined with our focus on Critical Minerals - the building blocks of the green and digital economies - we're creating a powerful platform for growth, resilience, and value creation.

This is not just an innovative financing tool - it's a strategic shift. By blending the stability of physical resources with the flexibility of digital capital, Panther is building a business that can thrive through market cycles and remain ahead of the curve. Our goal is simple: to deliver long-term returns by staying agile, asset-backed, and forward-looking."

References

• Panther Metals PLC, announcement, Winston High-Grade Brownfield Critical Minerals Project: Panther Metals Secures Feasibility Study Stage Multi Element VMS Opportunity, dated 17 June 2025 (https://www.londonstockexchange.com/news-article/PALM/winston-high-grade-brownfield-critical-minerals/17088910 )
• OTC Markets: OTC Markets Group Inc. is a New York based financial services corporation that operates a financial market providing price and liquidity information for almost 12,400 over-the-counter (OTC) securities.

The Panther Metals Winston Project, located 50 km east of Thunder Bay, Ontario, Canada, is an advanced stage polymetallic zinc, copper and precious metal property comprising a high-grade critical mineral mine redevelopment and resource building opportunity. Based on a Feasibility Study published in 2021 the Project is expected to generate average life of mine ("LOM") annual EBITDA of C$67.64 million (M) and have a pre-tax NPV8% of C$ 175.8 M and IRR of 26%, with further strong exploration potential for defining additional Mineral Resources and Mineral Reserves from the two main deposits as well as additional near-mine volcanogenic massive sulphide ("VMS") exploration targets.

2021 Feasibility Study Headline Metrics

• NPV8%: C$175.8M pre-tax, assuming zinc priced at US$2,700/t, copper at US$7,300/t, gold at US$1,635/oz & silver at US$21/oz. At a derisked 6% discount

Pre-tax NPV = C$213.2M.

• IRR: 26% pre-tax
• EBITDA : C$574.9M (gross), C$67.64M (annual). Gross revenue: C$983.3M
• CAPEX: C$145.1 M
• OPEX: C$65.17/t
• LOM: Initial 8.5 year life of mine, with 3.5 year pay-back period.

Strong potential to increase LOM.

• Indicated Resource 2.07 Million Tonnes @ 18% Zn
• Volcanogenic Massive Sulphide mineralisation well understood by Panther.
• Positive First Nation engagement.
• Strong Institutional and Governmental support for future financing options.

The 2021 Feasibility Study1 for the Winston Project detailed a strong economic case for mine redevelopment for a 1,000 tonnes per day underground operation with a net present value (NPV8%) of C$171.5M and pre-tax internal rate of return (IRR) of 26% based on an Ore Reserve of 1.96Mt @ 13.9% Zn, 0.6% Cu with significant gold and silver credits (Table 1) producing an expected 69.8 thousand tonnes per year (ktpa) of zinc concentrate and 5.3 ktpa of copper concentrate over an initial 8.5 year mine life. The Project boasts a high-grade CIM compliant Indicated Mineral Resource2 of 2.07Mt averaging 17.9% zinc, 0.8% copper, 0.4 g/t gold, and 34 g/t silver plus Inferred 0.27Mt @ 16.2% Zn, 1.0% Cu, 0.3g/t Au & 37.2g/t Ag (Table 2). Project is located only 20km from the trans-Canada highway and infrastructure including power, tailings storage facility, transport links and underground development are already in place. The previous mining operation closed in February 1999 due to very low zinc prices at the time. In total, 3.4 million tonnes grading 1.0% copper and 16% zinc was mined and processed. The total project area covers approximately 60.4km2 and comprises both patented freehold, leased and Crown-land mining claims.

Table 1: Winston Project Mineral Reserve

Notes: JORC (2012) compliant Mineral Reserve effective date 5 July 2019. Ore Reserves are based solely on Indicated Mineral Resources and are reported above an average net smelter return (NSR) cut-off grade of US$98 /t equivalent to 5.2% Zn. 1

Table 2: Winston Project Mineral Resource Estimate at 3% Zn cut-off grade

Technical References:

Commercial Strategy - Discovery-Driven Value Creation