Obonga: Awkward PGE and Nickel Assay Results

Panther Metals Plc (LSE: PALM), the exploration company focused on mineral projects in Canada, is pleased to announce the assay results from the resampling of historical drill core into the northern side of the Awkward Target ("Awkward") at the Obonga Project ("Obonga" or the "Property"), which covers over 90% of the Obonga Greenstone Belt, in Ontario, Canada.

The assay of drill core samples from two holes drilled in 2013 has yielded previously un-assayed Platinum Group Element ("PGE"), Nickel (Ni) and Copper (Cu) results which are deemed highly encouraging for the existence of the targeted mineral system with individual results up to 1.07% Ni, 0.14 g/t Platinum (Pt), 0.11 g/t Palladium (Pd), 2.18 g/t Silver (Ag) and 0.42% Cu.

Highlights

• Historical drill core from north of the Awkward Target located and acquired.
• Twenty drill core samples taken from two holes drilled by Navigator Minerals in 2013. Rationale for resampling: holes not previously assayed for PGEs.
• Results confirm Awkward bears Nickel and PGEs mineralisation that could be in potentially economic concentrations within a feeder conduit and / or a layered magmatic system.
• Core examined by specialists from the Ontario Geological Survey (OGS) who concluded the Awkward intrusion bears many characteristics (size, age, rock types, mineralisation, interpreted conduit) that make it favourable for PGE exploration.
• The OGS noted Awkward shares characteristics with the intrusion that hosts Impala's 3 Moz Lac des Iles PGE mine located 85 km to the south, including

o Varitexture gabbro which bears a visual similarity to one of the main ore-hosting horizons at the Lac des Iles mine, and

o Massive sulphide rip-up clasts that may represent remobilisation from a magma conduit or other massive sulphide horizon within the intrusion.

• Nickel grades are consistent with Mount Keith Deposit Type ranges. The BHP owned Mount Keith mine in Western Australia is one of the world's largest low grade, economically mined, disseminated nickel sulphide deposit with a grade of around 0.57% Ni.

Darren Hazelwood, Chief Executive Officer, commented:

"Our latest results continue to build a strong case for Awkward as a significant nickel sulphide discovery. The geological setting is comparable to BHP's Mt Keith deposit in Western Australia, with the added potential of a high-grade core within what we're calling the Awkward conduit. Importantly, all the key signals are aligning - from encouraging pathfinder results in the TEE Zone and our graphite discovery, to supporting data from Navigator Minerals samples and recent government work in Thunder Bay identifying the same rock types found at Impala's Lac des Iles mine.

Notably, back in 1967, it is reported that Newmont identified the potential for around 1 billion tonnes at between 0.19-0.2% nickel in the Awkward area - although unverified this is an early indication of the potential scale that may be present within the system.

This growing body of evidence points to Awkward being a large-scale and high-impact exploration opportunity. While we have had early discussions with potential partners, the risk/reward profile at this stage clearly favours Panther. We believe we are at the beginning of something significant, and we're committed to unlocking the early stages of the value curve, delivering maximum upside for our shareholders."

Background

Awkward is a PGE, Ni and Cu magmatic sulphide prospective conduit and layered mafic intrusive target. The target comprises a highly anomalous geophysical target comprising a coincident magnetic remnant low and electromagnetic conductor. Historical surface sampling in the target area returned anomalous palladium (Pd) and platinum (Pt) up to a reported 1.23 g/t Pd+Pt and historical drilling on the periphery of the target intersected un-assayed massive and disseminated sulphide and chalcopyrite in course gabbro and 'marble cake' textured gabbro which matches the description of the varitexture gabbro ore zone within Impala's Lac des Iles Platiunum Mine located due south of Obonga.

The drill core has recently been re-examined and re-assayed in conjunction with specialists from the Ontario Geological Survey ("OGS") Resident Geologist Programme, who visited Awkward in November 2024, and whose field visit is covered in the OGS Open File Report 6417 (2025). The rationale for resampling the core was that Navigator Minerals did not assay for PGE in their 2013 programme despite the Awkward intrusion bearing many characteristics (size, age, rock types, mineralisation, interpreted conduit) that make it favourable for PGE exploration.

Specifically, the intrusion shares many of these characteristics with the intrusion that hosts Impala's 3 Moz Lac des Iles PGE mine located 85 km to the south. The drill core includes two types of rock that are very prospective for this mineralisation, both of which have never been seen at surface at Awkward and never analysed for PGEs:

• Varitextured, "marble cake" gabbro that bears a visual similarity to one of the main ore-hosting horizons at the Lac des Iles mine, and
• Massive sulphide rip-up clasts that may represent remobilisation from a magma conduit or other massive sulphide horizon within the intrusion.

Twenty drill core samples were selected for submittal to sample preparation at the OGS laboratory in Sudbury and for subsequent assay at accredited ALS Laboratories (by ALS methods PGM-ICP23 and ME-MS61r).

The samples represent intersections from drill holes PL-13-01 and PL-13-03, with selected assay results set out in Table 1.

The assay results are deemed highly encouraging for the presence of potentially economic concentrations of nickel and platinum group elements in a layered intrusive and feeder conduit. Moreover, the Company has noted similarities with the Mount Keith Deposit Type. The Mount Keith mine owned by BHP in Western Australia is the world's largest low grade, economically mined, disseminated nickel sulphide deposit with a grade of around 0.57% Ni.

A review of historical information relating to the Awkward area notes that Newmont identified the potential for around 1 billion tonnes at between 0.19-0.2% Ni in the area in 1967. Whilst the Company has yet to locate the supporting technical evidence, this observation supports the potential for Mount Keith comparables.

Table 1: Summary of Drill Core Assay Results

(Drill hole locations: PL-13-01 UTM16N 312165E 5536265N, PL-13-03: UTM16N 312348E 5537443N)

Panther's 2022 diamond drilling programme tested three of the 20 conductive plates (three holes totalling 243m drilled) with hole BBR22_AW-P1-1 intersecting 27.2 m @ 2.25 % Total Graphitic Carbon ('TGC') from 12m downhole in 'Trend 3'. Whilst this drilling did not interest the targeted massive sulphide bearing pipe, it was deemed very positive as the graphite is interpreted to have resulted from the high heat flow associated with a proximal magmatic conduit. The remainder of the conductive plates are as yet untested and Panther is currently designing follow-up work at Awkward which will be outlined in due course.

References

• OGS Open File Report 6417 (2025). ( https://www.geologyontario.mines.gov.on.ca/persistent-linking?publication=OFR6417 )
• Panther Metals PLC, announcement, Graphite Discovery Grows Significantly at Obonga

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

• Mount Keith deposit information ( https://portergeo.com.au/database/mineinfo.asp?mineid=mn005 )

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:

Obonga Project - Expanding Canada's Next VMS and Critical Minerals District

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