Closing of Flow Through Share Fundraise

Panther Metals (LSE: PALM), the exploration company focused on mineral projects in Canada, is pleased to announce the closing of the Canadian flow-through share offering announced on 9 October 2026 (the "Flow-Through Placing").

The Flow-Through Placing has raised gross proceeds of GBP£2,220,000/CAD$4,158,064 through the issue of 980,398 units (the "FT Units") at an issue price of CAD$4.24 (£2.26) per FT Unit. Each FT Unit is comprised of one ordinary share (each an "FT Share") and one-half of one ordinary share purchase warrant (each whole warrant, a "Warrant") of the Company, each of which qualifies as a "flow-through share" as defined in subsection 66(15) of the Income Tax Act (Canada). Each Warrant entitles the holder to subscribe for one new ordinary share in the capital of the Company at a price of £2.67 for a period of 36 months from the closing date. The FT Shares rank pari passu in all respects with the existing issued ordinary shares of the Company. Following closing, SI Capital Limited has facilitated the secondary sale of the FT Units to select institutional investors by way of the UK Block Trade described in the announcement of 9 October 2026

The proceeds of the Flow-Through Placing will be used to incur Qualifying Expenses (as defined in the announcement of 9 October 2026), which will be renounced to subscribers in accordance with the Income Tax Act (Canada), and will not be used for working capital purposes. The Flow-Through Placing will primarily support the continuation of the Phase 1 diamond drilling programme at the Wishbone VMS Prospect on the Obonga Project, northwest Ontario, Canada into 2027.

Darren Hazelwood, Chief Executive Officer, commented:

"The successful completion of this flow-through financing represents a significant milestone for Panther Metals and, we believe, establishes a new funding pathway for UK-listed exploration companies operating in Canada.

This is a remarkable achievement for the Company, demonstrating what can be accomplished through innovation, determination and a willingness to challenge established financing conventions. I have always been prepared to challenge accepted norms where there is a clear financial benefit to doing so, and this transaction is a perfect example of that approach.

The benefits are clear: access to a highly attractive source of exploration capital for the Company, enhanced funding efficiency for shareholders and tax advantages for eligible Canadian subscribers.

I would like to personally thank everyone involved in bringing this transaction to a successful conclusion. A considerable amount of work has gone into establishing a structure that has the potential to benefit not only Panther, but other UK-listed explorers seeking to develop Canadian mineral assets.

We have not simply completed a financing; we believe we have opened a door that has not previously been used by solely UK-listed explorers. That is something everyone involved should be extremely proud of."