Bitcoin Strategic Update

Panther Metals Plc (LSE: PALM), the exploration company focused on mineral projects in Canada, is pleased to provide an update on the Bitcoin strategy as the Company refines the treasury model and aligns to target the world's highest per-capita ownership cryptocurrency market. This strategy complements and enhances the Company's exciting ongoing exploration related critical mineral developments in Ontario, Canada.

Further to the announcement of the Bitcoin Treasury model, Bitcoin purchase, and the subsequent market update to align digital asset holdings with publicly traded structures, Panther is pleased to provide further detail on how it is executing the next phase of growth focusing on digital asset-backed expansion and international positioning.1, 2, 3

Being both an Isle of Man registered company and London Main Market listed, Panther is in a unique position to benefit from the regulatory environment around the interaction opportunity of Crypto-assets, fiat currency and traditional share ownership.

Based on recent developments Panther no longer plans to proceed with a traditional £4 million capital raise via the public markets. The Company's Bitcoin Treasury funding model is to be built around a Bitcoin-backed equity issuance strategy, designed to preserve shareholder value and drive strategic asset growth.

This strategy involves:

• New Panther shares issued in exchange for Bitcoin, giving individuals or entities the opportunity to exit their Bitcoin positions, giving them access to critical mineral asset-backed listed equity on the London Main Market.
• For regulatory compliance this involves the conversion of Bitcoin into Pounds Stirling (GBP), immediately prior to the share transaction.
• Upon receipt of the GBP Panther then immediately reinvests the funds into Bitcoin, adding to the Company's long-term Bitcoin Treasury reserves.
• This strategy is designed to create a virtuous cycle: asset-backed growth, capital efficiency, and a unique investment proposition within the listed equity space.

Dubai Presence Under Active Review

As part of the aforementioned Bitcoin Treasury strategy, Panther is currently assessing the optimal route to establish a presence in Dubai, United Arab Emirates ("UAE"), which is one of the most progressive global jurisdictions for digital finance.

The two primary options under review are:

• Establishing an operational base in Dubai to build a direct presence, or
• Partnering with a regulated digital currency brokerage already licensed and operating in the UAE.

Any decision will be based on strategic alignment, speed to market, and regulatory advantage.

Why the UAE?

The UAE offers the following potential benefits aligning with Panther's Bitcoin Treasury strategy:

• Attractive tax environment supportive of digital asset businesses,
• World's highest per-capita digital currency ownership, indicating a mature and engaged market,
• A geopolitical and economic bridge between East and West, supporting Panther's global vision, and
• Forward-looking, transparent regulatory environment that promotes innovation in digital finance.

As a company listed on the Main Market of the London Stock Exchange, this strategy enables Panther to bridge the worlds of regulated capital markets and digital assets. It supports long-term value creation, global positioning, and sustainable asset growth - all while maintaining regulatory compliance and shareholder alignment.

Panther is now actively reviewing the UAE establishment options and will provide further updates as the Dubai plans move forward and the deployment of the strategy that will create a true hedge between digital currency and commodity backed assets starts to come to fruition.

References

• Panther Metals PLC, announcement, Panther Metals: Combining Hard Assets with Digital Currency, dated 23 June 2025 ( https://polaris.brighterir.com/public/panther_metals/news/rns/story/xej4ljw )
• Panther Metals PLC, announcement, Panther Metals: Bitcoin Purchase, dated 24 June 2025 ( https://polaris.brighterir.com/public/panther_metals/news/rns/story/x56em2r )
• Panther Metals PLC, announcement, Investor Update - Strategic Bitcoin Treasury Development, dated 7 July 2025 ( https://polaris.brighterir.com/public/panther_metals/news/rns/story/x56p58r )

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