Panther Metals PLC (PALM.L) Further re IPO of Panther Metals Limited

Proposed Listing on the ASX-Update

Panther Metals Limited (“PML”), the Australian subsidiary of Panther Metals plc confirms today that it is expecting to list on the Australian Securities Exchange (“ASX”) on the 10 December 2021, following an initial public offering (“IPO”) to raise A$5,000,000 following the issue of 25,000,000 ordinary shares in PML (the “Offer”). The fundraise is being supported by Sanlam Private Wealth Pty Ltd and Kerr Allan Financial Pty Ltd as joint lead managers.

As a result of this fundraise Panther Metals plc will be diluted to 36.6% of PML, which will have 54,625,001 (undiluted) shares in issue following the IPO. The opening date of the Offer is 8 November 2021 and the closing date of the Offer is 22 November 2021; the issue of shares under the Offer is expected to occur on 26 November 2021.

Shareholders are referred to the Panther Metals Limited website for more information:

Darren Hazelwood, Chief Executive Officer, commented:

“Providing the working capital to develop the exciting portfolio held in Australia by Panther Metals Limited is the key aim of the process to listing the business on the ASX. Achieving this goal is now within sight. The world class expertise and network provided by the board in Australia gives Panther Metals plc a great foundation for building value via its equity stake in the ASX listed vehicle at no extra capital cost to its shareholders.

Our corporate strategy of building underlying value within the business while managing the risk/reward profile, that is the foundation of exploration, is being defined in this transaction. Having a liquid asset on our balance sheet with untapped growth potential focused on nickel and gold that on listing will exceed in value the total amount ever raised in capital by Panther Metals plc shows the strength of the company in identifying and executing on great targets and shareholders seeing value retained.”

About Panther Metals Limited

The following information is derived from stock exchange announcements by Panther Metals plc (principally 21 June 2021, 27 May 2021, 8 July 2020 and 18 June 2020). Panther Metals Limited (“PNT”) is a majority-owned subsidiary of Panther Metals plc (LSE:PALM), and is focused on mineral exploration in Western Australia and the Northern Territory. PNT is presently pursuing a listing on the Australian Securities Exchange (the “ASX” or “ASX Exchange”).

Western Australia Projects

The Merolia Project (“Merolia”) comprises a series of largely contiguous exploration licences located from 35km to the southeast of the town of Laverton (population: 340) in the Eastern Goldfields Province of Western Australia. The area around Laverton includes several major gold mines, including Granny Smith (3 Moz), Sunrise Dam (8 Moz) and Wallaby (8 Moz), and many significant gold deposits. It is one of the most prolific gold producing areas in Western Australia and is consequently well-serviced by infrastructure and has a skilled local work-force.

The Archaean greenstone belts in the Laverton region are dominantly basaltic in composition, containing ultramafic intercalations, which were subsequently intruded by dolerite dykes in places and which are particularly prospective for gold and nickel mineralisation. The areas under licence are partly obscured by a veneer of partly lateritic transported cover and exploration in the area has consequently been limited.

Within the eastern part of Merolia are a series of gold prospects, notably Burtville East, Comet Well and Ironstone. Regional magnetic data over this part of the project identifies several NW-SE trending shear systems which have potential to host gold mineralisation. This potential has been confirmed by surface geochemical sampling along the 15km long Comet Well gold trend, which has identified several significant and coherent linear gold in soil anomalies at Comet South, Comet North, Comet West, Ironstone and the recently discovered 40 Mile Camp anomaly.

Previous drilling across these prospect areas includes 8m at 6.7 g/t Au at Burtville East and 9m at 46.5 g/t Au at Ironstone. In addition, historic drilling at Burtville East includes 5m at 27.8 g/t Au and 24m at 8.6g/t Au at Ironstone. The Comet Well area has not been drilled to date, but contains a series of distinct sub-parallel 1.25 to 2.5km long NW-trending gold anomalous zones (gold in soils reaching a peak of 2.6 g/t Au), which yielded substantial quantities of angular gold nuggets through surface prospecting. The angular nature of the gold nuggets suggests a proximal gold source, which will become the focus of further work in this area.

Approximately 15km to the west of Laverton lies the Red Flag Project (“Red Flag”). Previous exploration in the area around Red Flag identified a WNW-trending gold anomalous zone coinciding with a distinct magnetic low. The geology of the area is dominated by mafic volcanic rocks intruded by dolerite dykes, displaying sheared gold mineralised margins in places. This area was drilled, yielding a best near surface intercept of 2m at 9.20 g/t Au. The licence area is also significantly prospective for nickel-cobalt sulphide mineralisation, containing the Mt. Goose and Salimas prospects, and with several resources identified on adjacent tenements.

Panther has also recently defined a JORC Exploration Target for nickel and cobalt at the Coglia Project (“Coglia”) on the southernmost area encompassed by the Merolia project tenements. This target provided a tonnage range of 30-50Mt at 0.6 to 0.8% nickel and 400 to 600ppm cobalt. The mineralisation is developed along a lateritic horizon lying above largely ultramafic host rocks which are themselves mineralised with sulphides in places. It is expected that Panther will be able to define at least an Inferred JORC Resource with certain additional drilling and other work at Coglia.

Northern Territory Projects

The Annaburroo and Marrakai gold projects comprise two granted licences (EL32140 and EL32121 respectively) covering a total area of 160km2, located from 70km to the southeast of Darwin, Northern Territory (Figure 1). The projects are situated within the Palaeoproterozoic Pine Creek Orogen (“PCO”), which hosts over 250 gold occurrences and several operating gold mines. Both licence areas are close to good infrastructure and the Toms Gully and Rustlers Roost deposits, which are owned by China Hanking Holdings Limited. Toms Gully is a high-grade underground mine containing 1.1Mt @ 8.9 g/t Au (0.3 Moz); operations are expected to recommence following recent EIA approval. Rustlers Roost contains 51Mt @ 1.0 g/t Au (1.6Moz) and is one of the largest gold projects in the region.

The project areas contain several gold prospects at Donkey Hill, Johns Reef, Chins Gully and Jasons Rise, some of which have yielded substantial quantities of gold nuggets, individually up to 30oz in weight. These prospects have all yielded high-grade gold from grab samples (e.g. c. 30-60 g/t Au), trenching (e.g. 5m @ 6.68 g/t Au) and limited RAB or RC drilling (e.g. 2m @ 5.74g/t Au from surface). In more detail, several NE and NW trending linear features cut the local geology and may provide control on the distribution of gold mineralisation. These will be the focus of future ground-based exploration work. The mineralisation consists largely of sulphidic quartz veins hosted by banded greywacke and siltstones of the Finnis River, South Alligator and Mt. Partridge Groups, which are metamorphosed to lower greenschist facies. It is expected that Panther will continue to explore and ultimately drill-test several of these prospect areas during the next few years.

The person who arranged the release of this information is Darren Hazelwood, Chief Executive Officer.

Panther Metals plc:

Darren Hazelwood, Chief Executive Officer: +44(0) 1462 429 743

+44(0) 7971 957 685

Mitchell Smith, Chief Operating Officer: +1(604) 209 6678

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