Completion of Drilling at Kalaka

Panthera Resources Plc (AIM: PAT), the diversified gold exploration and development company with assets in West Africa and India, is pleased to announce that the drilling programme at the Kalaka Project in Mali has been completed.

In accordance with the drill programme, two diamond drill holes for 647 metres were completed. Core samples will be submitted to the SGS Laboratory in Bamako with results expected on or about end of September 2024.

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 the property has large scale potential.

Fig 1: West African Projects Location Plan

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.

Drilling Programme

Photo 1: Night Shift Drilling at Kalaka

The programme consisted of:

• Drilling two diamond core holes on the section corresponding to historical hole K1AD001 (246.27m @ 0.55 g/t Au, inc 56m @1.02 g/t Au) as shown on Figure 2 showing section and plan as below.
• Programme of 640m was completed in the two planned holes (KDD-24-002 and KDD-24-003). Note that a third hole (KDD-24-001 ) was abandoned for technical reasons terminating at 108.75m depth but will still provide sample materials for the upcoming metallurgical testing.
• Each hole was drilled as HQ3 core size to 200 metres to maximize drill core recovery for proposed metallurgical testing, then completed to end of hole (EOH) with NQ3 core size.
• Holes were surveyed and orientated to facilitate measurements of structures, veining and geological contacts. Detailed geological and geotechnical logging is currently in progress.
• The holes have identified the east and west margins of the ore body, as stylized on the diagram (Figure 2). Field observations indicate that both holes terminated in relatively unmineralized rock and that the sub-vertical mineralised system is approximately 180m wide on this section.
• It is also planned to complete metallurgical testing of the drill core to advance our understanding of recovery properties as follow up to the positive bottle roll tests completed (RNS dated 13/06/2024).

Fig 2: Diamond Drilling at the K1A Prospect, Kalaka

Glossary