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PANTHER METALS PLC

("Panther" or the "Company")

(Incorporated in the Isle of Man with company number 009753V)

27 March 2023

Australia: Rights Issue to Grow Coglia Ni-Co Project

Panther Metals PLC (LSE:PALM) the company focused on mineral exploration in Canada, informs shareholders that Australian Securities Exchange ("ASX") listed Panther Metals Ltd ("Panther Australia", ASX:PNT)  has launched a new prospectus in respect of a renounceable rights issue to raise up to A$2.7 million Australian dollars ("AUD") to grow the nickel-cobalt Mineral Resource at its flagship Coglia Project in Western Australia.

Full details of the Panther Australia ASX announcement and prospectus are available to view at the following link:

https://www2.asx.com.au/markets/trade-our-cash-market/announcements.pnt

Darren Hazelwood, Chief Executive Officer, Panther Metals plc commented:

"The raise is in support of a targeted extensional drilling campaign to grow the 70.6 million tonne Inferred Mineral Resource at the Coglia Project as well as to commence maiden drilling campaigns at the Red Flag Nickel Sulphide Project and at 40 Mile Camp.

The additional capital should help grow the size and confidence of the Coglia Nickel-Cobalt Mineral Resource, driving Panther Australia's premier asset up the value chain.

The team in Australia have already delivered success at a technical level and we look forward to seeing Coglia and remainder of the project portfolio further advanced with this fresh injection of capital."

Key Details:

•     Panther Australia has lodged a prospectus with the Australian Securities and Investments Commission ("ASIC") in respect of a 1-for-2 renounceable rights issue ("Rights Issue") for every share held on the record date of 30 March 2023, to raise up to A$2.7 million before costs.

•     Intended use of funds:

o  Coglia Nickel-Cobalt Project: Conduct a 7,500 m targeted extensional drilling programme aimed at significantly increasing the current JORC 2012 compliant 70.6 Mt nickel-cobalt Inferred Mineral Resource;

o  Red Flag Nickel Sulphide Project: Maiden drilling campaign on this newly discovered nickel sulphide project area, once access is secured;

o  Burtville East: Expansion drilling on this shallow, high-grade gold prospect; and

o  40 Mile Camp: Maiden drilling campaign on this largely untested 5.0km x 2.5km anomalous gold and nickel prospect, once access is secured.

•     Rights Issue share price attractively priced at A$0.10 per share, representing a 23.1% discount to the last ASX closing price of A$0.1300 and 34.6% to the ASX 30 day volume-weighted average price ("VWAP") of A$0.1530 per share.

•     Eligible Panther Australia shareholders to receive two free attaching quoted options ("New Options") for every share subscribed for ("Entitlement Offer"). The New Options will comprise an equal split of:

o  Tranche 1: New Options exercisable at 15 AUD cents on or before the date that is 18 months from the date of issue; and

o  Tranche 2: New Options exercisable at 20 AUD cents on or before the date that is 3 years from the date of issue.

•     Panther Australia shareholders will be able to trade their rights, or alternatively, apply for additional shares and options. Rights to commence trading from 29 March 2023.

•     The Rights Issue also includes a shortfall facility, the details and terms of which, are set out in the Panther Australia ASX announcement.

•     Panther Australia directors have indicated they intend to subscribe for their respective

•     Key indicative dates in respect of the Panther Australia capital raising:

The full Panther Australia ASX Announcement and prospectus is available to view at the following link:

https://www2.asx.com.au/markets/trade-our-cash-market/announcements.pnt

For further information please contact:

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

Broker:

SI Capital Limited

Nick Emerson                                                  +44(0) 1438 416 500

Notes to Editors

Panther Metals PLC is an exploration company listed on the main market of the London Stock Exchange. Panther is focussed on the discovery of commercially viable mineral deposits. The Company's operational focus is on established mining jurisdictions with the capacity for project scalability. Drill targets are assessed rapidly utilising a combination of advanced technologies and extensive geological data to decipher potential commercial viability and act accordingly. Panther's current geological portfolio comprises of three highly prospective properties in Ontario, Canada while the developing investment wing focuses on the targeting of nickel and gold in Australia.

Obonga Project

Panther Metals acquired the Obonga Greenstone Belt in July 2021 and have already identified four prospective primary targets: Wishbone, Awkward, Survey and Ottertooth. A successful Phase 1 drilling campaign at Wishbone in Autumn 2021 revealed the presence of significant VMS-style mineralised systems on the property - the first such discovery across the entire greenstone belt. Intercepts include 27.3m of massive sulphide in hole one, and 51m of sulphide-dominated mineralisation in hole two. Both drill holes contained multiple lenses. Anomalous high-grade copper in lake sediment close to the target area has also been identified, increasing confidence in the prospectivity of the location.

Awkward is a highly anomalous magnetic target, interpreted to be a layered mafic intrusion and magmatic conduit based on mapped geology and airborne geophysics. Historic sampling in the area returned anomalous platinum and palladium (Pt, Pd) values, while historic drilling on the periphery of the target intersected non-assayed massive sulphide and copper (assumed to be chalcopyrite), non-assayed disseminated pyrite and chalcopyrite in coarse gabbro, and non-assayed 'marble cake' gabbro (matching the description of the Lac des Iles Mine varitexture gabbro ore zone).

Two additional named targets, Survey and Ottertooth, both displays further coincident magnetic and electromagnetic anomalies and are adjacent to the contact between intrusive and extrusive mafic rocks. Historic drilling at Survey intersected several meters of massive sulphides in multiple intersections (main parts of the anomaly remain untested) while Ottertooth remains untested in its entirety.

Dotted Lake Project

Panther Metals acquired the Dotted Lake Project in July 2020, it is situated approximately 16km from Barrick Gold's renowned Hemlo Gold Mine. An extensive soil programme conducted in 2021 identified numerous gold and base metal targets, all within the same geological footprint. Following the installation of a new trail providing direct access to the target location, an initial drilling programme in Autumn 2021 confirmed the presence of gold mineralisation within this system with anomalous gold continuing along strike and present within the surrounding area.

Manitou Lakes Project

The Manitou Lakes gold project is located approximately 300km's east of Thunder Bay, Ontario and covers a total area of around 98sq km's.

There are over 200 known gold occurrences on the Manitou Lakes project area with the wider Eagle/Manitou Lakes greenstone belt hosting numerous historic gold producers and is prospective for Archean age orogenic gold and associated base metal deposits.

Exploration work conducted by Shear Gold on the Project to date has identified numerous gold bearing structures and favourable geological host rocks through early-stage mapping and surface sampling. The work has focussed on two target areas, being the West Limb Gold Property and the Glass Reef Gold Property, both of which host historic gold mines which have never been systematically explored using modern techniques or drill tested

Big Bear Project

The acquisition of various prospects in 2018 and 2019 consolidated previously fragmented areas into the wider Big Bear umbrella project, priming Panther Metals for extensive and comprehensive exploration in the area. A total of 253 geophysical anomalies have been identified, with 39 designated for priority investigation. Gold in soil anomalies in have been identified in five areas, ranging up to 0.71g/t, extending up to 250m wide and open along strike. Gold bearing quartz veins have been outlined within seven separate areas (two with rock and vein samples grading 1 to 5 g/t Au, four with quartz vein sample assays above 5g/t Au, and two quartz samples collected at 50m separation on an E-W trending vein open in both directions returning 105.5g/t Au and 112g/t Au respectively).

The Little Bear Lake and Schreiber prospects are of particular interest to the company: historic work programmes in 2010 and 2011 targeted an intense magnetic response from both. Assays yielded from the 1.6km long gold trend included 6m at 1.5g/t Au, up to 53.7g/t Au and 19.25 g/t Ag in rock chip and 18.2g/t Au and 1.03g/t Ag in soil. Historical bulk sampling reported 150t averaging 17.6g/t Au, while historical drill intersections include 0.55m at 19.2% Zn and 4.6% Cu from 15.2m depth.

Panther Metals Australia

Following the listing of Panther Metals' Australian assets on the Australian Securities Exchange ("ASX") in December 2021. The ASX listing has provided the Australian projects with the necessary capital to advance drill-ready targets focused on nickel and gold (within the Tier 1 Mining Districts of Laverton WA and in the NT). Through this spin-out Panther holds an attractive investment prospect, without any disruption to the Company's capital structure and without any financial obligations.

Conclusion

Panther Metals understand that the commercial realities of building an exploration company requires expertise in geology, finance, and the markets within which they operate. The Company's extensive network of industry leaders allows it to meet these objectives. Ultimately however, drilling success is the only route to discovery: the fundamental objective of any exploration company. Once Panther's world-class geological team identify the anomalies, they work hard to get drilling. The drill hole is the only place where substantial and sustained capital growth originates and it's with that operational focus Panther Metals will continue to advance.