Exercise of Wuo Land 2 Option

Gold exploration and development company Panthera Resources Plc (AIM: PAT), with assets in West Africa and India, is pleased to announce that Moydow Holdings Limited ("Moydow") has exercised its exclusive option to acquire the Wuo Land 2 exploration license ("Wuo Land 2") that comprises part of the Cascades Project ("Cascades" or the "Project") in Burkina Faso (together the "Option").

The Option over Wuo Land 2, which was announced on 14 March 2022, is over 243km2 and covers approximately 30km strike length of identified mineralization at Cascades. Wuo Land 2 hosts significant recent discoveries, including Far East, Sina Yar and TT13-West as well as additional targets planned for future drilling.

The Option is being exercised in accordance with the terms and conditions detailed in the Company's announcement on 14 March 2022.

About Cascades

The Cascades project (formerly called Labola) is owned and managed by Moydow. Panthera currently holds an equity interest of 20% in Moydow with DFR Gold Inc ("DFR") earning an 80% interest and is the operator. DFR has agreed to spend up to US$18 million (Earn-In) on Cascades and increase its ownership interest up to 80% in Moydow. Upon completion of the Earn-In, Panthera holds the right to increase its interest by 10%, for example, from 20% to 30%, for a cost of US$7.2 million.

The Cascades gold exploration project is in the Banfora greenstone belt of the West African Birimian Supergroup in southwest Burkina Faso. Cascades is approximately 450km west-southwest of the capital, Ouagadougou, and 100km northeast of the Wahgnion gold mine, operated by Endeavour Mining.

More than 65,500m of historical drilling (541 holes) has been completed across multiple drilling campaigns by previous owners, High River Gold Mines Limited ("HRG"), later acquired by Nord Gold Plc, and Taurus Gold Limited ("Taurus"), consisting of principally diamond and RC drilling (24,589m/39,339m, respectively). Mineralisation has been intercepted by historical drilling and outlined by previous artisanal mining in three main zones over a 10 km strike length.

Moydow has explored the area since August 2020, including the acquisition and compilation of all previous data into a single database, interpretation of this data, target generation using the database and all the acquired remote sensing information, and a Reverse Circulation (RC) drilling program involving 31 holes. This culminated in the announcement of the maiden mineral resource estimate in 2021 in accordance with the provisions of the Canadian National Instrument 43-101 - "Standards of Disclosure for Mineral Projects" ("NI 43-101") (see RNS dated 25 October 2021):

Indicated mineral resource estimate: 5.41Mt @ 1.52g/t Au (264,000oz)

Inferred mineral resource estimate: 6.93Mt @ 1.67g/t Au (371,000oz)

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