31 August 2023

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSE OF ARTICLE 7 OF REGULATION 2014/596/EU WHICH IS PART OF UNITED KINGDOM ("UK") DOMESTIC LAW PURSUANT TO THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS (SI 2019/310) ("UK MAR").. IN ADDITION, MARKET SOUNDINGS (AS DEFINED IN UK MAR) WERE TAKEN IN RESPECT OF CERTAIN OF THE MATTERS CONTAINED IN THIS ANNOUNCEMENT, WITH THE RESULT THAT CERTAIN PERSONS BECAME AWARE OF SUCH INSIDE INFORMATION, AS PERMITTED BY UK MAR. UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN AND SUCH PERSONS SHALL THEREFORE CEASE TO BE IN POSSESSION OF INSIDE INFORMATION.

Panther Metals plc

("Panther Metals" or "Company")

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

Funding update - issue of £200,000 in face value of 17% unsecured convertible notes with warrants attached

The board of directors ("Board" or "Directors") of Panther Metals plc (LSE: PALM) is pleased to announce that it has raised in aggregate £200,000 (before expenses) by the issue of 17% unsecured convertible loan notes ("Convertible Loan Notes") with 12 month' maturity and possible early conversion and warrants attached on a one-for-one basis with an exercise price of 5.5 pence each ("Warrants") (together, the "Subscription").

The following Directors participated in the Subscription:

Director                        Subscription Amount

Darren Hazelwood       £56,000

Nicolas O'Reilly            £50,000

Simon Rothschild         £4,000

Funding highlights:

•           The conversion price of each Convertible Loan Note is 4.1 pence per ordinary share.

•         The Convertible Loan Notes are convertible at the option of the Company into such number of ordinary shares in the capital of the Company as is the product of dividing the amount of an individual holder's Convertible Loan Notes and accrued interest by 4.1 pence.

•           The Warrants are attached to the Convertible Loan Notes on a one-for-one basis at an exercise price of 5.5 pence each.

•           The Convertible Loan Notes will be unlisted and no offer or invitation is being made to shareholders more generally to purchase, acquire or subscribe for any of the Convertible Loan Notes or Warrants.

The proceeds of the Subscription will be used to fund the Company's current working capital and capital expenditure requirements. The Board is satisfied that the amount raised is sufficient for the Company's current requirements.

Darren Hazelwood, Chief Executive Officer, commented:

"This funding serves as the preface to an exciting autumn ahead, with a series of forthcoming developments poised to greatly advance the company's strategic focus on developing Canada's next VMS camp while continuing to retain tight control of our capital structure.

The discovery of high-grade mineralisation at our VMS target of Wishbone on Obonga combined with confirmation the anomalous area of Survey also being a VMS has propelled this entire greenstone belt onto many radars."

The Board accepts responsibility for this announcement.

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