Appointment of adviser

Winston Project: Advisory Board Appointment

Panther Metals Plc (LSE: PALM), the exploration company focused on mineral projects in Canada, is pleased to announce the appointment of Mr Kerem Usenmez MSc. P.Eng to the Company's Advisory Board.

Kerem brings a wealth of knowledge and experience on the Winston Project ("Winston" or the "Project") the high-grade, advanced stage, polymetallic zinc, copper and precious metal property which is the subject of option and purchase agreements announced 17 June 2025.1

Kerem has more than 25 years of mining industry and leadership experience, covering all stages from exploration through to mine development, and is a licensed engineer in the Canadian provinces of Manitoba and Ontario. Kerem is a member of the board of directors of the Prospectors and Developers Association of Canada (the "PDAC") where he Chairs the Securities and Public Affairs Committees, and is President and Chief Executive officer of Canadian listed rare earth element and lithium explorer Volta Metals Ltd (CSE:VLTA).

Kerem was previously CEO of Metallum Resources Inc the company which formerly held the Winston Project prior to its takeover by Frontier Energy, and under whose tenure he advanced the Project, through the 2021 NI 43-101 compliant Feasibility Study. In so doing Metallum's market capitalisation grew to well over CAN$50 million. In this previous role Kerem forged strong relationships with local stakeholders at Winston and is well respected by the First Nation community. He also has strong links within the Canadian capital markets and as a qualified geological engineer possesses an intimate technical knowledge of the opportunity presented by the Winston Project.

Kerem will commence his Advisory Board position upon the successful completion of the Winston acquisition. In respect to his position at Volta, Kerem will not provide any advice or guidance to Panther or its subsidiaries on any project linked to lithium or rare earth elements.

Darren Hazelwood, Chief Executive Officer, commented:

"We are delighted Kerem has agreed to join Panther as an advisor to the Board. His knowledge and intimate understanding of the Winston Project opportunity brings us a significant head start as we progress the Project and the Company up the value curve.

Kerem has a huge belief in the Project and a strong grasp of the geology, engineering and logistical planning. Very importantly, he has forged great local relationships and is well respected by everyone who has dealt with him. Kerem's capability and energy will be invaluable. In his previous tenure with Winston, Kerem opened doors to a number of North American project financing options, and with his appointment those options will become part of Panther's network.

The Board looks forward to working with Kerem as together we continue to build and grow the substantial value proposition that is Winston."

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 )

The Panther Metals Winston Project, located 150km 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
• 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