Fulcrum Metals Report Positive Study - Teck Hughes

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PANTHER METALS PLC

("Panther" or the "Company")

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

12 March 2025

Fulcrum Metals Report Positive Study on Teck Hughes

Panther Metals PLC (LSE:PALM) the company focused on mineral exploration in Canada, is pleased to note the positive results announced by Fulcrum Metals Plc (AIM:FMET) in relation to its 100% owned Teck Hughes tailings project in Ontario, Canada, advancing the pathway to an exclusive technology agreement with Extrakt and alliance partners Bechtel.

Panther currently holds a total of 7,625,122 ordinary shares in Fulcrum representing a 12.38% interest in the entire issued share capital of the company, plus 476,190 warrants exercisable at 26.25p with a three-year life from 14 February 2023. Panther also retains a 2% net smelter return ("NSR") royalty over the Big Bear Project.

Highlights of Study

· Proof of concept provides scalable opportunity to introduce tailings from several local sites and replicate across Canada

· US$33 million pre-tax Net Present Value at a 7.5% discount ("NPV7.5") with an Internal Rate of Return ("IRR") of 21.4% based on a 9 year operational life just at Teck-Hughes

· Circa 3-year payback period from production

· Based on an initial scenario of 2,000 tonne per day ("Mt/day") of tailings, non-optimised gold recovery of 59.4% and leach time of 6 hours

· Refining the leaching technology and optimisation of test work parameters has the potential to increase gold recovery to at least 70%

· Sensitivity analysis shows a 25% increase on recovery rates to 74% suggesting an initial scenario of:

o  Increase of NPV7.5 to US$75.5 million pre-tax

o  Increase IRR to 37.7%; and

o  Reduction of payback period to less than 2 years from production.

· Additional upside potential from reducing leach times, additional reagent and water recycling, vacuum filtration of residue and recovery of other minerals held in the pregnant leach

· The Company now plans to focus on optimising all parameters and further evaluate the resource to enhance ore grade and volume

William Florman, President of Extrakt, commented:

"We are encouraged by the results of the conceptual study. The initial unoptimised gold leach recovery rates from the Teck Hughes refractory tailings are very positive and demonstrate the robustness of the technology with refractory ore. With the plant design conceptualised and first phase testing complete, the work we have accomplished with Fulcrum provides a solid basis focus on optimising the leaching technology and capabilities of the reprocessing facility.

"We look forward to working with Fulcrum to finalise the master licensing agreement and to help unlock further potential for tailings in this region using Extrakt's technology through our relationship with Fulcrum."

Ryan Mee, Chief Executive Office of Fulcrum, commented:

"We are delighted with this unoptimised study which has successfully established proof of concept at the Teck Hughes Gold tailings project. The operating design integrates Extrakt's breakthrough non-cyanide leaching technology with a comprehensive tailings management plant, enabling the reprocessing of mine waste to generate meaningful returns while enhancing environmental sustainability.

"These fantastic results firmly position Fulcrum as a prospective leader in tailings reprocessing. I am excited about what can be delivered through optimisation, scalability through creating a tailings hub at Teck Hughes and how we can use this concept to help address the many historic gold mine waste sites throughout Canada."

"Importantly, this study provides the technical detail required to enable us to move forward with Extrakt and its alliance partner, Bechtel Energy Technologies & Solutions, Inc., on the technology exclusivity agreement for historic gold mine waste sites in the regions of Timmins and Kirkland Lake - two of Canada's most productive and important gold camps."

For further information and the RNS in full please visit https://fulcrummetals.com/

Panther Metals PLC:

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

+44(0) 7971 957 685

Brokers:

Tavira Financial Limited

Christopher James Kipling +44(0) 203 833 3743

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.

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.

Fulcrum Metals Plc

Fulcrum Metals PLC (LON: FMET) is an AIM listed exploration company which finances and manages exploration projects focused on Canada, widely recognised as a top mining jurisdiction.

Fulcrum's strategy is to focus on discovery and commercialisation of its Projects through targeted exploration programmes. The primary focus is to make an economic discovery on the flagship Schreiber-Hemlo Properties and establishing the prospectivity of its wider Ontario and Saskatchewan portfolio with a view to securing potential joint venture and/or acquisition interest.

Panther Metals Plc own 12.38% of the issued share capital of Fulcrum Metals Plc and a 2% NSR on the Big Bear project.

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.