Kalaka Drilling Commences

Gold exploration and development company Panthera Resources Plc (AIM:PAT), with gold assets in West Africa and India, is pleased to advise that the Company has commenced a diamond drilling programme on the Kalaka Project in Mali (Drilling Programme).

Highlights

• Twin the historical drill holes K1AD001 and K1RC003 to verify the historical drill results and provide material for further metallurgical test work
• K1AD001 reported 246.27m @ 0.55 g/t Au (inc 56m @1.02 g/t Au)
• RC hole K1RC003 reported 161m @0.39 g/t Au and terminated in the mineralisation
• Support ongoing next steps to define a maiden JORC compliant mineral resource estimation at the K1A prospect

Mark Bolton, Managing Director of Panthera, commented:

"The Kalaka Project in Mali has large scale, low-grade gold mineralisation potential. Historical drilling consistently reported significant gold intercepts including diamond hole K1AD002 (191.8m @ 0.52 g/t Au) and RC drill hole K1ARC028 (117m @ 0.59 g/t Au including 41m @ 1.02 g/t Au) at the K1A prospect.

The Company continues to advance its discussions regarding the potential restructuring of its interest in its West African gold assets. If successful, it is anticipated that this will not only provide a path for the Company to realise significant value from its West African gold portfolio, but also provide funding for both the current Drilling Programme and advancing these assets going forward."

About the Kalaka Project

The Kalaka gold project, which is operated by Panthera, is situated in southern Mali (Figure 1), 80km south of the 8 Moz Morila gold mine and 85km northwest of the 6 Moz Syama gold mine (Resolute). Panthera believes that the property has large scale potential.

Historical drilling has intersected impressive mineralization widths at the K1A target within a very large 0.5g/t Au mineralization envelope. Drilling intersections at K1A have included 249m @ 0.54g/t Au (to end of hole). The tenement hosts some 45km of prospective geology and structures along strike from K1A as defined from drilling, surface geochemical and geophysical surveys.

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 within the project area. Taken together this would potentially expand the exploration target to approximately 3 Moz of gold.

Figure 1: West African Projects Location Plan

Current Drilling Programme

The current drilling programme comprises:

• drilling two diamond core holes for 640m as detailed on Figure 2;
• holes will be surveyed and orientated to facilitate measurements of structures, veining and geological contacts;
• holes will be drilled to identify the east and west margins of the ore body, as stylized on the diagram (Figure 2); and
• it is also planned to undertake additional metallurgical testing of the drill core to advance our understanding of gold recoveries properties as follow up to the positive bottle roll tests previously completed (RNS announcement released by the Company on 13 June 2024).

Fig 2: Proposed Diamond Drilling at the K1A Prospect, Kalaka

Glossary