Arbitration Update

Gold exploration and development company Panthera Resources Plc (AIM: PAT), with assets in West Africa and India, provides the following update in relation to the Company's Australian subsidiary, Indo Gold Pty Ltd's ("IGPL's" or the "Claimant") US$1.58 billion claim against the Republic of India ("India") over the latter's breach of the 1999 Agreement between the Government of Australia and the Government of India on the Promotion and Protection of Investments (the "Treaty").

On 29 October 2025, the Company announced that the arbitral panel had issued an order detailing the procedural calendar for phase one. Phase one will consider the issues of jurisdiction together with the merits and the general principles of compensation with the precise quantum calculations reserved for a second phase of the proceedings, as necessary.

The Company announces that India has filed its Counter-Memorial on Jurisdiction, Admissibility, Merits and Principles of Compensation in compliance with the procedural calendar originally announced on 29 October 2025:

The legal seat of the arbitration is London, United Kingdom, whereas the venue of the hearings will be the Peace Palace, The Hague at the premises of the Permanent Court of Arbitration, which administers the case.

IGPL's Treaty Claims

The Bhukia project includes legal rights that the Company holds via its Australian subsidiary, IGPL, in respect of an area that was the subject of a rejected Prospecting Licence Application in Rajasthan lodged by Metal Mining Pvt Ltd ("MMI"), a wholly owned subsidiary of IGPL.

The Company made its initial investment in the Bhukia project (through IGPL) in or around 2004. IGPL provided substantial funding and managed the joint venture exploration programmes with MMI. IGPL alleges that its right to be granted a Prospecting Licence over the Bhukia project, through its joint venture holding, was denied and frustrated over an extended period by the Government of Rajasthan ("GoR"). In 2021, India passed a new act ("MMDR2021") to amend the Mines and Minerals (Development and Regulation) Act of 2015 ("MMDR2015"). Under Clause 13 of the MMDR2021, the preferential right to a Prospecting Licence and a Mining Lease was revoked.

By virtue of the measures India took resulting in the total loss of IGPL's investment, IGPL alleges that India breached the Treaty, including but not limited to, Article 3 (Promotion and Protection of Investments) and Article 7 (Expropriation and Nationalisation). IGPL is now seeking damages from India.

There can be no certainty as to the outcome of IGPL's Treaty claims.

Bhukia Project Background

IGPL completed a total of 20 holes drilled between 2005 and 2006 and in October 2006 reported a JORC compliant mineral resource estimate of 38.5 Mt @ 1.4 g/t Au for some 1.74 Moz gold using a cutoff of 0.5 g/t Au (updated in 2017 to comply with JORC 2012). In 2007, the Company advised shareholders of its plan to undertake a first-phase, systematic drill-out campaign upon grant of a Prospecting Licence, on well-defined exploration targets of 6 Moz gold. Its vision from early on was that the Bhukia mineral resource would likely support the development of an exceptional gold project capable of supporting a large, low-cost, open pit gold mining and processing operation with low stripping ratios and copper and cobalt by-product credits.

The Geological Survey of India ("GSI") published a report in 2014 after the completion of over 150 drill holes (Bulletin Series A (April 2014)), wherein it reported an indicated and inferred mineral resource estimate of 6.7 Moz gold (excluding additional resources subsequently found through additional drilling by the GSI). The estimate was reportedly prepared according to the UNFC code. More recently, the GoR issued a gazette notification containing an updated resource estimate of 113.52 Mt at 1.96 g/t and 0.14% Cu, which amounts to 7.2 Moz of gold plus copper credits, with accessory nickel and cobalt. According to Indian law, the resource estimate was required to be prepared in accordance with the Minerals (Evidence of Mineral Contents) Rules 2015 ("MEMCR") which are based on the United Nations Framework Classification (UNFC) and Committee for Mineral Reserves International Reporting Standards (CRIRSCO), though modifications to these standards have been made by India in formulating the terms of the MEMCR.

LCM Litigation Financing

On 25 August 2023, the Company announced that IGPL had secured up to US$13.6 million in litigation financing ("Facility") with LCM Funding SG Pty Ltd ("LCM Funding" or the "Funder"). LCM Funding is a subsidiary of Litigation Capital Management Limited ("LCM"), a firm quoted on the AIM Market of the London Stock Exchange. LCM is a leading global disputes funder with significant expertise in international arbitration and cross-border disputes, including bilateral investment treaty claims over mineral resource assets.

The non‐recourse Facility is to be used by IGPL in prosecuting its Treaty claims against India. If no award and/or recovery are achieved, then LCM Funding is not entitled to any repayment of the Facility.

Glossary

Arbitration Risks

If the dates are materially adjusted by the tribunal the Company will make an appropriate announcement to a Regulatory Information Service giving details of any such adjustments.

The arbitration remains in active litigation, and all litigation carries significant uncertainty and unpredictability until final resolution, including the risk of total loss. Panthera cautions that there are meaningful remaining risks in the arbitration, including potential further proceedings, enforcement risks and collateral litigation. Furthermore, litigation matters often resolve for considerably less than the amount of any judgment rendered and, to the extent that any settlement or resolution discussions occur in the arbitration or at the enforcement stage, no public communication about those discussions may be possible until their conclusion.