Conversion Notice and Issue of Equity

Gold exploration and development company Panthera Resources Plc (AIM: PAT), with assets in West Africa and India, announces that it has received notice to convert US$125,000 unsecured convertible loan notes and accrued interest ("CLNs" or "Notes"). Accordingly, the Company will issue 1,788,007 new ordinary shares of 1 pence each in the Company (the "Ordinary Shares").

Details of the terms and conditions of the CLNs are outlined in the Company's announcement released on 12 November 2024. Following conversion of the CLNs, there are no CLNs outstanding.

Furthermore, the Company announces that the discussions with the CLN participants, as detailed in the 12 November 2024 announcement, remain ongoing and the exclusivity agreement has been extended by one month to 28 February 2025.

At this stage, save for exclusivity provisions contained in the exclusivity agreement, discussions regarding the maximisation of value in relation to the Company's West African gold assets remain at an early stage and are not binding. Therefore, there can be no certainty as to the precise means of implementing any such strategy, including but not limited to whether the Company will separate its West African gold business to a new corporate vehicle as well as the final binding terms and conditions of any such proposal. It is anticipated that such terms and conditions will be determined in forthcoming negotiations. Any such proposal is conditional on the proposal not being deemed a fundamental change of business pursuant to Rule 15 of the AIM Rules for Companies.

Admission to AIM

Application has been made to London Stock Exchange plc for the 1,788,007 new Ordinary Shares to be admitted to trading on AIM ("Admission"). It is expected that Admission will become effective and that dealings in the new Ordinary Shares will commence on AIM at 8.00 a.m. on or around 6 February 2025.

Following Admission, the Company's issued share capital will comprise 199,889,254 Ordinary Shares. The Company does not hold any Ordinary Shares in treasury. This figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.