Strategic Placing

Panther Metals (LSE: PALM), the exploration company focused on mineral projects in Canada, is pleased to announce that it has raised gross proceeds of £2,500,000 through a placing of 1,851,852 ordinary shares of no par value ("Ordinary Shares"; the "Placing Shares") at a price of 135 pence per Placing Share (the "Placing Price"; the "Placing").

The Placing, which received substantial backing from new and existing institutional investors and existing shareholders of the Company, was significantly oversubscribed and subject to scale back.

Darren Hazelwood, Chief Executive Officer, commented:

"The sulphide mineralisation observed in the first diamond drill hole of the current Wishbone drilling programme is particularly encouraging when viewed alongside the results from previous drilling at Wishbone, where we intersected 3.6 metres grading 3.9% zinc, including 2.0 metres at 6.8% zinc and 4.3 g/t silver, with individual assays returning up to 11.65% zinc.

Importantly, the first drill hole (BR26-WB-P1-1) has intersected significant intervals of visually identified massive sulphide and semi-massive mineralisation, bearing all the signs of a fertile volcanogenic massive sulphide (VMS) system, providing further support for our geological model and reinforcing the prospectivity of the Wishbone target area.

Whilst visual observations are not a substitute for laboratory assays, the quantity and apparent thickness of massive sulphide encountered is highly encouraging and compares favourably with mineralisation associated with previous high-grade zinc intersections. The £2.5 million fundraising will enable the Company to undertake a comprehensive drilling campaign aimed at defining the scale and continuity of the mineralised system."

Placing Details

The Placing Shares represent approximately 21% of the Company's existing issued Ordinary Share. The Placing Price represents a 3.5% discount to the mid-market closing price of the Company's shares on 17 June 2026, being the latest practicable date prior to the publication of this Announcement.

Optiva Securities Ltd is acting as placing agent in connection with the Placing.

Use of proceeds

The ned proceeds of the Placing will primarily support the expansion of the ongoing Phase 1 diamond drilling programme at the Wishbone VMS Prospect on the Obonga Project, northwest Ontario, Canada. Additional capital allocation will allow the mobilisation of a second diamond core drilling rig to accelerate and extend past the initial 2,000 metre drilling budget.

The first diamond core drill hole (BR26-WB-P1-1) at Wishbone, which attained a downhole depth of approximately 185m at end of day shift 17 June 2026 local time, had intersected six distinct zones of massive, semi-massive and iron-silicate dominated sulphide mineralisation commencing at a downhole depth of 77.75m to the current logged downhole depth of 167m.

These include 3.45m of pyrrhotite dominated massive sulphide and 9.9m of semi-massive sulphide from 77.75m downhole depth. Between 98m to 105m downhole depth, visual core logging has identified sulphide rich metasediments interpreted as greenalite exhalite rocks which may have formed when iron and silica rich hydrothermal fluids mixed with seawater in proximity to the ancient seafloor hydrothermal vents associated with volcanogenic massive sulphide base and precious metal mineralisation. These greenalites continue alternating in sulphide tenor from 112.5m to 119m with further pyrrhotite massive sulphide (137m to 139m) and semi-massive sulphide to current logged depth of 167m.

An allocation from the additional funds secured will also allow the Company to advance the Winston Tailings Project through the Recovery of Minerals permitting process by supporting additional phases of Extrakt metallurgical testwork and recovery plant design and plans.

In addition to extending the Wishbone drilling programme and Winston Tailings testwork the net proceeds will provide working capital to strengthen the business balance sheet as it enters the Canadian market via a dual listing on the Canadian Stock Exchange. It will also provide flexibility should positive results be generated from the current drilling programme or from the Dotted Lake magnesium extraction testwork which is currently ongoing.

Admission and Total Voting Rights

Application will be made for the Placing Shares to be admitted to trading on the main market for listed securities of London Stock Exchange plc ("Admission"). It is anticipated that Admission will become effective, and that dealings in the Placing Shares will commence, at 8.00 a.m. (London time) on 24 June 2026.

The Placing Shares will, when issued rank pari passu in all respects with the existing issued Ordinary Shares of the Company.

Immediately following Admission, and in accordance with the FCA's Disclosure Guidance and Transparency Rule 5.6.1, the Company's total issued share capital will comprise 10,631,838 Ordinary Shares, each with one vote. This figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.

The person responsible for releasing this announcement pursuant to UK MAR is Darren Hazelwood, Chief Executive Officer of the Company.