Panther Metals PLC (PALM.L) Completion of Acquisition

Completion of Merolia Gold Project Acquisition, issue of equity and total voting rights

Panther Metals PLC (LSE:PALM) the company focused on mineral exploration in Canada and Australia, is pleased to announce the completion of the acquisition of the Merolia Gold Project in the Eastern Goldfields of Western Australia from ASX listed White Cliff Minerals Ltd.

The consideration for the acquisition comprises of A$112,500 cash and 734,470 ordinary shares in Panther issued credited as fully paid at a price of 12.65p per share (of which 50% of the consideration shares will be subject to a 6 month lock-up from the date of issue and other 50% will be subject to a 12 month lock up from the date of issue). The cash element of the consideration will be met from the Company’s existing cash resources. In additionally, White Cliff is entitled to a payment of A$1.25 per ounce of gold contained within any JORC (or equivalent reporting code) Mineral Resource Estimate derived from the Merolia Gold Project area.

Application will be made to the Financial Conduct Authority (“FCA”) for admission of the consideration shares to the standard listing segment of the Official List and to the London Stock Exchange (the “LSE”) for admission to trading of the consideration shares on the LSE’s Main Market for listed securities (together “Admission”). It is expected that Admission will take place at 8.00 a.m. on 21 December 2020 and that dealings in the consideration shares on the LSE’s main market for listed securities will commence at the same time.

Total Voting Rights

Following Admission, the Company’s total issued share capital consists of 57,862,419 Ordinary Shares. The Company does not hold any Ordinary Shares in treasury.

Therefore, following Admission, the total number of voting rights in Panther Metals plc is 57,862,419. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the Company under the FCA’s Disclosure Guidance and Transparency Rules.

Darren Hazelwood, Chief Executive Officer, commented:

“Our entry into the highly prolific Laverton greenstone belt in the Eastern Goldfields Province, in a known gold mineralised zone, which is still largely untested, caps a remarkable year for the business and our shareholders. The property contains some significant drilling intercepts which we look forward to using as a base to grow a resource.

The experience we bring to this project provides a huge amount of comfort as we start to implement our strategy and begin the required work to advance this into a commercially viable project. I look forward to updating the market on those plans in the near future.”

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 (“MAR”), encompassing information relating to the Placing as described above, and is disclosed in accordance with the Company’s obligations under Article 17 of MAR.

The person who arranged for the release of this announcement on behalf of the Company was Darren Hazelwood, Director of the Company.

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