Commencement of Cascades Feasibility Study

Gold exploration and development company Panthera Resources Plc (AIM: PAT), with assets in West Africa and India, notes that its joint venture partner, DFR Gold Inc ("DFR") has announced the commencement of a feasibility study at the Cascades Gold Project in Burkina Faso (the "Cascades Project").

Highlights

• Feasibility study commenced at the Cascades Project
• Completion of the option to acquire 100% of the Wuo Land licence

Feasibility Study

The Feasibility Study at the Cascades Project, to be fully funded by DFR, will incorporate;

• reserve definition drilling for the delineation of a starter pit(s)
• metallurgical testwork to determine the optimal process circuit design
• determination of the optimal locations for plant, waste dumps and tailings
• completion of the Environment and Social Impact Assessment

Subject to a positive feasibility study, DFR intends to apply for a mining permit on the Wuo Land and Wuo Land 2 exploration permits. The feasibility study is anticipated to be completed later in 2026.

Exercise of the Wuo Land Option

On 9 February 2024, the Company announced that Moydow Holdings Limited ("Moydow") exercised its exclusive option to acquire the Wuo Land exploration licence (the "Wuo Land Option"). In 2024, DFR paid US$500,000 to the licence holder and it was subsequently agreed by DFR that an additional deferred payment of US$500,000 will be paid to the licence holder in 2025.

DFR has now paid the remaining US$500,000 consideration in relation to the Wuo Land Option, and subject to satisfying certain administrative requirements, the Wuo Land permit is expected to be transferred to DFR's subsidiary's name, Moydow, on behalf of the joint venture partners.

About the Cascades Project

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 on or before 30 September 2026 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 10km 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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