London, 24 September 2025 – Panther Metals PLC (LSE: PALM) today announced its unaudited interim financial results for the six-month period ended 30 June 2025.
Financial Highlights
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Loss for the period: £1,068,265
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Loss per share (basic and diluted): -20.99 pence
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Net Asset Value: £2,074,738
Capital Raises and Share Activity
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Placing:
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Raised £455,000 through the issue of new shares at 50 pence per share.
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Accompanying warrants issued with an exercise price of 75 pence per share.
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Warrant Conversions: Generated £80,000 from warrant exercises.
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Director Subscriptions:
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Directors subscribed for new shares totaling £132,000 at 69 pence per share.
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Debt Capitalisation:
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Outstanding debt of £150,000 was converted into ordinary shares, with attached warrants, strengthening the company’s balance sheet.
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Asset Sales and Project Agreements
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Fulcrum Metals Stake Sale:
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Panther sold its remaining shares in Fulcrum Metals, realising £266,879 in cash proceeds.
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Obonga Project Agreement:
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As part of an amending agreement with Broken Rock Resources, Panther issued 42,070 ordinary shares, valued at CAD $30,000, to progress the project.
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Chairman’s Statement
I am pleased to present the Chairman’s Statement for Panther Metals PLC for the six months ended 30 June 2025, a period that has been marked by significant strategic developments and continued progress in our operational activities.
Strategic Developments- Winston Project Advancement
On 17 June 2025, we announced option and purchase agreements for the Winston Project, the high-grade, advanced stage, polymetallic zinc, copper and precious metal property in Ontario, Canada. This strategically important high-grade critical mineral asset represents a significant step forward in expanding our Canadian portfolio and offers the potential of early cashflow from the historical mine tailings which we have shown to contain significant quantities of both gold and gallium.
The Winston Project acquisition agreement is particularly significant as it provides Panther with access to a potential near-term production opportunity with existing infrastructure including power lines, plant site, and underground development. Subject to the necessary studies, the historical tailings reprocessing opportunity at Winston provides the potential for early cash flow while the underground mining proposition is advanced. Success at Winston should see a step-change in the Company as our asset base is rerated.
To strengthen our expertise in this area, we appointed Mr Kerem Usenmez to the Company’s Advisory Board. Kerem brings over 25 years of mining industry experience across all stages from exploration through to mine development, providing invaluable knowledge specifically related to the Winston Project. Julien Bosche has also joined the Advisory Board, bringing over 16 years of mining investment related experience, including merger and acquisition strategy, transaction execution and deal origination. His expertise will be invaluable as we seek to move Winston towards production.
Demonstrating strong confidence in the Company’s future prospects, both myself and Chief Executive Officer Darren Hazelwood, undertook a direct share subscription with the Company totalling £132,000 at the market mid-price of 69p, reinforcing management’s alignment with shareholder interests.
Operational Activities- Obonga and Dotted Lake
Throughout the period, we have maintained our focus on our highly prospective Obonga and Dotted Lake exploration projects which, like Winston, offer exciting base metal and critical mineral potential with capacity for project scalability. Our approach continues to emphasise the rapid assessment of drill targets utilising advanced technologies and extensive geological data to determine commercial viability.
We were pleased to extend the Obonga Project purchase agreement with Broken Rock Resources in April and undertook a high-resolution magnetic geophysics survey of the Wishbone Prospect during May. This was followed by subsequent data processing and three-dimensional inversion modelling to inform the drill hole parameters for the planned Wishbone diamond drilling programme which will build out the volcanic massive sulphide discovery as the next step towards establishing a maiden Mineral Resource estimate at Obonga, which hosts multiple VMS discoveries and platinum group element potential.
At Dotted Lake, as reported in the 2024 Annual Report, the last quarter of the 2024 reporting year saw significant developments following the award of the Exploration Permit in July 2024, and as Panther focussed on the critical mineral potential offered by the ultramafic intrusive system on the northern limb of the Schreiber-Helmo Greenstone Belt. The processed results of the additional soil sampling programme which became available in March 2025, supported by the Ontario Junior Exploration Program (“OJEP”), extended high-resolution soil survey coverage to 5.5km strike length over high priority targets and delineating highly anomalous, regionally significant, nickel and cobalt anomalies coincident with ultramafic intrusive targets along the eastern north shore of Dotted Lake.
The five hole (1,558m), Phase 1 Diamond Drilling Programme assay results, reported between 30 December 2025 to 25 March 2025, successfully defined the extensive ultramafic body, modelled from Panther’s airborne geophysics data, as a mineralised magnesium-rich serpentinite carrying the platinum group elements, platinum (Pt) and palladium (Pd), as well as nickel (Ni), chromium (Cr) and silver (Ag). The drilling confirmed the intrusive displays distinct ultramafic layering pointing to the Dotted Lake project being part of a Fertile Mineral System.
Panther continues to nurture our important relationships with First Nation stakeholders, local community and governmental relations, to maintain the Company’s standing as an active explorer dedicated to make a positive impact for all concerned.
In corporate activities, Panther raised £455,000 in the period through a placing, £80,000 in warrant conversions and, as noted above, directors subscribed for shares and made additional on-market share purchases in the Company. The Company capitalised its remaining debt and sold its remaining investment in Fulcrum Metals PLC, streamlining its balance sheet ready for the next stage of its corporate development.
The Board is focussed on continuing to execute our strategy and to strengthen our position as we advance three distinct opportunities which each benefit from Ontario’s established mining jurisdiction with good infrastructure access, proximity to Thunder Bay, and qualification for Canadian critical minerals support programmes.
• Winston: Near-development stage with existing infrastructure and feasibility study.
• Obonga: Early-stage exploration with multiple VMS discoveries and PGE potential.
• Dotted Lake: Advanced exploration confirming widespread base metal and gold mineralisation
The Winston project provides huge potential for Panther with access to a potential near-term production opportunity with existing infrastructure including power lines, plant site, and underground development. Whilst the Dotted Lake and Obonga projects have been advanced beyond generative exploration to delineate multiple drill ready discovery and resource targets.
The Board and I are extremely pleased with the strategic and operational developments during 2025 to date, and I would like to thank everyone involved for their hard work and dedication.
Nicholas O’Reilly
Executive Chairman
24 September 2025
