Kalaka and Bido Project Update

Panthera Resources Plc (AIM: PAT), the diversified gold exploration and development company with assets in West Africa and India, is pleased to announce assay results for follow up Leachwell testing of selected samples from the 2023 drilling programme at the Kalaka Project in Mali (as announced on 9 October 2023).

Highlights

• Leachwell analysis1 of 23 samples from the 2023 Reverse Circulation (RC) drilling programme on the K1A mineralisation target at the Kalaka Project are consistent with previous fire assay2 results
• The Leachwell technique provides a preliminary indication of excellent leachability by conventional processing
• Results are an essential milestone to advance the K1A target area as a potential bulk volume, low grade gold development project
• At the Bido project in Burkina Faso, the Company has now completed its earn in to hold an 80% interest in the project

Kalaka Project

At the Kalaka Project, Panthera and DFR Gold Inc (DFR) each have 40% interest, held through their shareholdings in Maniger Ltd. The remaining 20% interest is owned by a local partner, Golden Spear Mali SARL. Panthera is the operator of the project.

Leachwell Test work Results for Kalaka

Panthera has completed Leachwell analysis of 23 samples from 3 of the RC drilled holes completed in 2023 at the K1A Prospect at the Kalaka Project in Mali. The work was carried out to identify if Kalaka's mineralisation would respond to conventional metallurgical processing. With this positive test-work returning cyanide ("CN") extractable gold of at least 89%, the Company has identified a potential pathway to advance the project as a bulk volume low grade gold project.

Leachwell results have been received for all samples submitted to the SGS Laboratory located in Bamako, who for operational reasons sent the samples to their laboratory in Ouagadougou, Burkina Faso, for processing. The Leachwell analytical technique is formulated for treating large samples, typically weighing 2kg or greater, by fast cyanide leach gold assaying. The technique provides a preliminary indication of the CN leachability of pre-metallurgical sample testing.

The test work indicated that CN extractable gold for the:

• near surface oxide samples reported on average 87% recovery (samples from Drill hole KRC-23-005)
• transitional zone samples reported on average 90% recovery (samples from Drill hole KRC-23-006); and
• unoxidized, sulphide-bearing samples reported on average 89% recovery (samples from Drill hole KRC-23-007).

Table 1 below details the Leachwell (CN extractable gold) gold results and analysis.

Table 1

The Company has also noted that when the one high grade 'outlier' pair sample is removed, the total Leachwell and Tails increases the average gold grade from 0.57g/t to 0.66g/t, representing a 16% increase.

As reported previously on 9 October 2023 significant mineralisation was intersected in the 2023 drilling campaign at the K1A prospect, including in KRC_23_007 with 12 m @ 1.62 g/t Au extending to the end of the hole. Mineralisation from this drilling campaign (in the three holes sampled) is comparable to that identified by historical drilling.

Update on Potential

At the K1A target area, the Company's Competent Person Report (prepared by Golder Associates Pty Ltd), which was disclosed in the Company's AIM Admission Document, reported that drilling by past explorers defined a potential endowment of 250,000 to 500,000 ounces. Furthermore, Golder Associates Pty Ltd ("Golder") reported that this represents an exploration target where further infill drilling may lead to the estimation of a Mineral Resource.

More recently, follow-up work by Panthera including re-examination of all available drill data at K1A, identified a mineralised envelope that broadly conforms to the potential endowment mentioned by Golder. This work identifies an exploration target of between 0.5 Moz to 1 Moz gold. Importantly, the Company is yet to drill the northern extension of the mineralisation at K1A together with several similar targets on the project area. Taken together this would potentially expand the exploration target to approximately 3 Moz of gold.

The very positive Leachwell test results provide support to the strategy of continuing and expanding work at Kalaka, and in particular at the K1A target and extensions. One of the principal elements in being able to report a JORC compliant mineral resource estimate is that the competent person must be reasonably assured at each step in the estimation process, that such a resource will over time, prove to be commercially viable. The Leachwell results give encouragement to that proposition, even at the expected low grade level (of the order of 0.5 g/t Au) of the bulk tonnage target.

Bido Project

The Company is also pleased to advise that it has now completed the earn in obligations at Bido in Burkina Faso and now owns an 80% interest in the project.

The Company may acquire the remaining 20% by expenditure of a further US$1,000,000 on exploration and development within a period of two years, subject to the vendor's rights of a buy back right of 1% interest in the Tenements and Associated Rights for the price of US$1,000,000.

A royalty will be payable to the vendor on all minerals produced by exercise of rights under the Tenements which shall be calculated at the rate of 1% of the net smelter returns (NSR) on all minerals extracted from the Properties pursuant to the Tenements, inclusive of any withholding tax (if any) payable in respect of those royalties and shall be paid quarterly. Payments via the NSR will be capped at US$3 million in total.

The tenement lies within the Boromo greenstone belt which is principally composed of Paleoproterozoic Birimian terrain within the West African Man Craton. This belt also hosts the Poura gold deposit (1 to 2 Moz), situated about 50 km to the SSW of the area, as well as numerous gold occurrences. The Perkoa VMS deposit is located about 35 km to the north of the area.

Multiple priority drilling targets have now been identified by Panthera for testing.

Notes:

1. The Leachwell analytical technique is formulated for treating large samples, typically weighing 2kg or heavier, by fast cyanide ("CN") leach gold analysis. The technique provides a preliminary indication of the CN leachability of pre-metallurgical sample testing. As Leachwell analysis is carried out on larger samples (typically 2 kg or more in weight it can be considered representative of gold content especially when particle gold may occur. After the CN gold leaching cycle has been completed the CN solution is analysed. The 'tails' after the gold extraction by the CN method are then processed using fire assay technique to identify the residual content of gold in the sample.

• Fire assay method has been practiced for millennia and has been considered the benchmark for gold analysis since the mid-twentieth century. This well-understood technique provides accurate results across geological sample types. However, practiced skill is essential to achieving a successful fire assay. A range of fire assay methods are available with 30g or 50g sample aliquots taken after a larger representative sample has been crushed and pulverised for homogenisation. Multiple options for detection ranges to suit the needs of the project.

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