Dotted Lake Project: Update

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY IN OR INTO AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA, THE UNITED STATES OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH 1JURISDICTION

PANTHER METALS PLC

("Panther" or the "Company")

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

23 May 2025

Dotted Lake Project: Update

Panther Metals PLC (LSE:PALM) the company focused on mineral exploration in Canada, is pleased to provide an exploration update for the Dotted Lake Project ("Dotted Lake" or the "Project") where Panther is targeting, orogenic gold, magmatic intrusive hosted nickel-cobalt- platinum group element ("PGE") and volcanogenic massive sulphide ("VMS") related base metal deposits, in Ontario Canada.

The Dotted Lake is a unique and evolving exploration asset situated just 16 km northeast of the Barrick Mining Corporation Hemlo gold mine, which has produced more than 21 Moz gold to date, and within 2 km of provincial Highway 614, offering excellent logistical advantages with direct access to the Trans-Canada Highway and Trans-Canada Railroad to the south.

The Project tenure is in good standing for multiple years with no underlying agreements or royalties, enabling Panther to systematically build value through focused exploration.

CEO, Darren Hazelwood.

"Dotted Lake continues to surprise and excite. What began as a greenfield prospect is quickly becoming a highly credible exploration project across multiple commodities. The work to date has demonstrated tangible value and generated a lot of sector interest, reinforcing this Project is well worth progressing.

The scale of the magmatic ultramafic intrusive system, early gold and zinc hits, and expert belief in massive sulphide potential all underscore the value we are building. Our team is focused on advancing this asset with discipline and technical excellence."

Dotted Lake - Emerging as a Multi-Commodity Opportunity

Over the past year, Panther has made significant progress in transforming Dotted Lake from a greenfield prospect into a credible multi-commodity exploration project. The 2024 five hole exploration drill and soil programme has confirmed a dynamic geological setting that hosts multiple styles of mineralisation, including ultramafic-hosted nickel, structurally controlled gold, and zinc-bearing VMS potential.

Key Exploration Highlights:

· High-Impact Soil Geochemistry:

Extensive soil geochemical sampling programmes in 2021 and 2024 have identified widespread anomalies, including:

o  Copper up to 1,665 ppm

o  Nickel up to 480 ppm

o  Cobalt up to 62 ppm

o  Zinc up to 432 ppm

o  Silver up to 0.99 g/t

o  Gold up to 377 ppb

These anomalies define a series of trends including a 5 km long nickel trend, a 3 km gold trend and a 3.5 km zinc corridor, representing high-priority target zones, see Figure 1 to 4 and 2021-2024 Soil Presentation( https://panthermetals.com/investors/presentation )

· Drilling Success - Nickel, Zinc & Gold Confirmed:

Initial diamond drilling has confirmed widespread mineralisation across multiple targets:

o  Nickel, Chromium, PGE:

§ Over 214 m of open-ended nickel-bearing ultramafic intrusive intersected in hole DL24-002, with 129m intersected in DL24-003 and 94m intersected in DL24-004 (see Figure 5 & 6)

§ Grades up to 0.25% Ni highlighting the scale and consistency of the intrusive system.

§ Ultramafic layering confirmed by cyclical 5m wide banding of elevated chromite grading up to 6.65 %, 0.1 g/t Platinum & 0.24 g/t Palladium.

o  Zinc:

§ DL24-001 intersected wide predominantly seafloor volcano-sedimentary derived packages prospective for hosting VMS mineralisation, with

§ 5.5m @ 1.21 % Zn from 155.3m, including

· 2.7m @ 2.42% Zn from 155.3m and

· 1.0m @ 3.8% Zn from 155.3m

o  Gold:

§ PM21-DL-001: nine separate gold intervals grading up to 2.57g/t Au (2021 drill hole)

§ DL24-001: three separate gold intervals grading up to 1.55 g/t Au

§ DL24-005: three anomalous intervals grading up to 1.63 g/t Au

· Magmatic Intrusive System with Scale:

Only three holes drilled to date into the ultramafic magmatic intrusive, but results already show distinct ultramafic layering, with regional geological experts confident the system has strong potential to host massive sulphide mineralisation.

· VMS Potential Active in All Programmes:

The combination of base metal intercepts, favourable stratigraphy, and structural setting supports a compelling case for volcanogenic massive sulphide (VMS) mineralisation, which will remain an integrated focus in ongoing exploration.

· Gold Feeder System Indicators:

Structural mapping and anomalous geochemistry indicate potential for Hemlo-style gold mineralisation, with multiple fault zones and deformation corridors providing fluid pathways for orogenic gold deposition as supported by the highly anomalous gold in soil trends.

Next Steps - Geophysics to Refine Drill Targets

To define priority drill targets for massive sulphide discovery within the ultramafic system, Panther will undertake a targeted ground based Induced Polarisation ("IP") geophysical survey during summer 2025. This survey aims to identify conductive bodies associated with sulphide mineralisation and will complement existing geological and geochemical datasets to refine drill planning.

Infrastructure Advantage

Dotted Lake benefits from exceptional infrastructure:

· Located just 2 km from a major road and 16 km from the Trans-Canada Highway and Trans-Canada Railroad

· On-site trail network and logistical planning significantly reduce operational costs

· The project is fully permitted and drill-ready for continued field activity.

Maps and Illustrations

For further information please contact:

Panther Metals PLC:

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

+44(0) 7971 957 685

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 two highly prospective properties in Ontario, Canada.

Obonga Project

Panther Metals acquired the Obonga Greenstone Belt in July 2021 and have already identified five prospective primary targets: Wishbone, Awkward, Survey, Ottertooth and Silver Rim. 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.

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.