REG - Panther Metals PLC - Combining Hard Assets with Digital Currency

Panther MetalsAnnouncement

23/06/2025 07:00

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RNS Number : 9322N  Panther Metals PLC  23 June 2025

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 FOR IMMEDIATE RELEASE

 

PANTHER METALS PLC

("Panther" or the "Company")

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

 

23 June 2025

 

Panther Metals: Combining Hard Assets with Digital Currency

 

Panther Metals Plc (LSE: PALM), the exploration company focused on mineral
projects in Canada, is pleased to announce the successful opening of a Bitcoin
Treasury account and its strategy on the digital asset backed mechanism it
will use to finance the purchase of the Pick Lake deposit ("Pick Lake"), a
constituent of the Winston Project, in Ontario, Canada.(1)

The Bitcoin Treasury account is held with leading Bitcoin services provider
CoinCorner Ltd ("CoinCorner"), based in the Isle of Man.

Simultaneously, Evoke Solutions a UK-based Bitcoin consultancy has been
appointed to advise Panther on the operational setup, security protocols, and
governance structures for its Bitcoin Treasury.

Panther plans to purchase £4 million of Bitcoin to hold in its Bitcoin
Treasury. The Bitcoin Treasury  will be funded by two sources, conversion
monies from existing warrants  and the balance raised via the capital markets
(together the "Capital Raise").

Upon completion of the Capital Raise, Panther plans to utilise a loan facility
secured on its Bitcoin holdings, to finance the Pick Lake purchase fee.

This strategic financing approach enables Panther to unlock liquidity from the
Bitcoin Treasury by using a portion of that holding as collateral for the
Bitcoin (BTC) secured loan of approximately £1.3 million. This allows the
Company to complete the Pick Lake acquisition whilst retaining its total
exposure to Bitcoin.

The Company considers that the net effect of maintaining £4 million BTC
holding, together with the 100% ownership of the Pick Lake deposit opens an
entirely new, innovative way to accelerate the growth of the business. To
hedge against the BTC exposure the Company will use traditional funding
mechanisms to maintain the £4 million Bitcoin Treasury should this be
required.

Looking forward, Panther will seek to increase the Bitcoin Treasury, utilising
a similar funding structure as set out in this announcement, prior to further
increasing its fiat priced commodity holdings. At this stage however, the
Company has no plans to access any additional capital against current or
future Bitcoin holdings.

Panther is uniquely positioned to adopt this strategy due to the combination
of its listing on the Main Market of the London Stock Exchange, and the
digital currency regulatory advantages of the Company being domiciled in the
Isle of Man. Panther is immediately starting the process to gain an OTC
Markets listing.(3)

Whilst the Company's core business is and will remain focused on building real
world Critical Mineral commodity-based assets valued in fiat currencies, this
financing strategy will make Panther a dominant player in bridging the gap
between the fiat system and decentralised digital cryptocurrency.

Highlights

•     Capital Raise for up to £4,000,000 to exclusively fund Bitcoin
Treasury Reserve held with CoinCorner.

 

•     Bitcoin Reserve is part of a hybrid treasury model that blends
traditional hard assets with Bitcoin decentralised cryptocurrency.

 

•     Panther's physical commodity inventory, encompassing Critical
Minerals, gold and other precious metals, will see continued growth, supported
by the Bitcoin Treasury.

 

•     Funds from the exercise of existing Warrants during the Capital
Raise process will be credited towards the £4 million total, to minimise the
dilutive effect for current shareholders.

 

•     Critical Minerals are considered the building blocks of the green
and digital economy.

 

•     Pick Lake Mining Property hosts approximately 85% of the 2.34 Mt
Total Mineral Resources on the Winston Project.

 

•     The 2021 Feasibility Study valued the Winston Project at a NPV8%
of C$175.8 M pre-tax, assuming zinc priced at US$2,700/t, copper at
US$7,300/t, gold at US$1,635/oz & silver at US$21/oz. At a derisked 6%
discount Pre-tax NPV = C$213.2M. based on an Ore Reserve of 1.96Mt @ 13.9% Zn,
0.6% Cu with significant gold and silver credits.

 

About CoinCorner

CoinCorner Ltd is a Isle of Man based, Bitcoin focused, company with
experience serving individuals, businesses, high net worth individuals, family
offices and trusts. Established in 2014 they have over 4,000 commercial
clients, 350,000 users and are available in over 40 countries.  Their
business clients include the likes of well-known brands such as Costa Coffee
and Hotel Chocolate, and provide multi-currency accounts including Pounds
Sterling, Euro, Bitcoin and Tether (USDT, Stablecoin).

 

About Evoke Solutions

 

Evoke Digital Solutions Ltd ("Evoke Solutions", www.evokesolutions.io
(http://www.evokesolutions.io) ) is a United Kingdom based Bitcoin digital
asset advisory firm working with individuals, companies, and investment groups
on the secure implementation of Bitcoin strategies. With expertise in
multi-signature wallet architecture, governance, and operational security,
Evoke supports clients in designing infrastructure aligned to their strategic
objectives. Advisory services are tailored to each client's preferred custody
and capital structure.

 

Darren Hazelwood, Chief Executive Officer, commented:

"Panther Metals is taking a bold step forward by combining the strength of
traditional hard assets with the strategic benefits of digital finance. By
establishing the Bitcoin Treasury, we're not only diversifying our funding
strategy - we're positioning the Company to access faster, more flexible
capital, while protecting long-term shareholder value.

This hybrid approach allows us to leverage Bitcoin to fund high-quality
mineral projects like Pick Lake whilst being less dilutive to our shareholder
base, due to the more attractive terms being offered by the digital space.
It's a model that aligns Panther with the future of finance - where digital
assets can be used as productive capital, not just passive holdings.

In today's inflationary environment and volatile capital markets, Bitcoin
provides a unique hedge against fiat currency risk. Combined with our focus on
Critical Minerals - the building blocks of the green and digital economies -
we're creating a powerful platform for growth, resilience, and value creation.

This is not just an innovative financing tool - it's a strategic shift. By
blending the stability of physical resources with the flexibility of digital
capital, Panther is building a business that can thrive through market cycles
and remain ahead of the curve. Our goal is simple: to deliver long-term
returns by staying agile, asset-backed, and forward-looking."

 

References

1.             Panther Metals PLC, announcement, Winston
High-Grade Brownfield Critical Minerals Project: Panther Metals Secures
Feasibility Study Stage Multi Element VMS Opportunity, dated 17 June 2025
(https://www.londonstockexchange.com/news-article/PALM/winston-high-grade-brownfield-critical-minerals/17088910
(https://www.londonstockexchange.com/news-article/PALM/winston-high-grade-brownfield-critical-minerals/17088910)
)

 

2.             NI 43-101 Technical Report Feasibility Study for
the Superior Zinc and Copper Project, dated 13 October 2021, prepared for
Metallum Resources Inc by DRA Global ("DRA").

 

3.             OTC Markets: OTC Markets Group Inc. is a New York
based financial services corporation that operates a financial market
providing price and liquidity information for almost 12,400 over-the-counter
(OTC) securities.

 

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

Winston Project

The Panther Metals Winston Project, located 50 km east of Thunder Bay,
Ontario, Canada, is an advanced stage polymetallic zinc, copper and precious
metal property comprising a high-grade critical mineral mine redevelopment and
resource building opportunity. Based on a Feasibility Study published in 2021
the Project is expected to generate average life of mine ("LOM") annual EBITDA
of C$67.64 million (M) and have a pre-tax NPV(8%) of C$ 175.8 M and IRR of
26%, with further strong exploration potential for defining additional Mineral
Resources and Mineral Reserves from the two main deposits as well as
additional near-mine volcanogenic massive sulphide ("VMS") exploration
targets.

2021 Feasibility Study Headline Metrics

·      NPV(8%):              C$175.8M pre-tax, assuming zinc
priced at US$2,700/t, copper at US$7,300/t,
                     gold at US$1,635/oz & silver at US$21/oz.
At a derisked 6% discount

                             Pre-tax NPV = C$213.2M.

·      IRR:                   26% pre-tax

·      EBITDA :            C$574.9M (gross), C$67.64M (annual).
Gross revenue: C$983.3M

·      CAPEX:              C$145.1 M

·      OPEX:                 C$65.17/t

·      LOM:                   Initial 8.5 year life of mine,
with 3.5 year pay-back period.

                             Strong potential to increase LOM.

·      Producing an average 33.40ktpa contained zinc,1.3ktpa contained
copper, 698oz recovered gold and 90.8koz recovered silver (after ramp-up),
from an onsite processing facility with an annualised 326ktpa capacity.

·      The unit pricing for copper, gold and silver, concentrate payable
percentages and exchange rates, are positively different from 2021 in today's
dollars, providing scope for additional value uplift.

·      Indicated Resource 2.07 Million Tonnes @ 18% Zn

·      Volcanogenic Massive Sulphide mineralisation well understood by
Panther.

·      Panther plans to build value through extending the mine life
utilising the Company's strong local exploration network and leveraging
institutional, governmental and critical mineral programme support.

·      No name discussions in Canada have indicated strong support for
this deal on an asset base previously supported by industry heavyweights,
including Sprott.

·      Strong prospects to increase Mineral Resources and Mineral
Reserves through exploration down-dip and along strike of the current
Resources.

·      Zinc and Copper deemed Critical Minerals in Canada, eligible for
enhanced tax-efficient flow-through funding.

·      Positive First Nation engagement.

·      Strong Institutional and Governmental support for future
financing options.

·      Existing historical tailings storage facility offers potential
for near-term cash-flow subject to further studies.

Highly prospective near mine exploration targets include the Pick Lake Deposit
which is not fully constrained and is considered to be open down-plunge; the
Winston Lake Deposit where there are strong electromagnetic ("EM") geophysics
conductive bodies adjacent to the current Resource; and in the vicinity of
historical Zenith deposit.  The wider project area is relatively
underexplored and there are several prospective surface zinc targets,
including Anderson, Trial and Ciglen, and the VMS hosting horizons along
strike strongly warranting geophysical investigation.

The 2021 Feasibility Study(1) for the Winston Project detailed a strong
economic case for mine redevelopment for a 1,000 tonnes per day underground
operation with a net present value (NPV(8%)) of C$171.5M and pre-tax internal
rate of return (IRR) of 26% based on an Ore Reserve of 1.96Mt @ 13.9% Zn, 0.6%
Cu with significant gold and silver credits (Table 1) producing an expected
69.8 thousand tonnes per year (ktpa) of zinc concentrate and 5.3 ktpa of
copper concentrate over an initial 8.5 year mine life. The Project boasts a
high-grade CIM compliant Indicated Mineral Resource(2) of 2.07Mt averaging
17.9% zinc, 0.8% copper, 0.4 g/t gold, and 34 g/t silver plus Inferred 0.27Mt
@ 16.2% Zn, 1.0% Cu, 0.3g/t Au & 37.2g/t Ag (Table 2).  Project is
located only 20km from the trans-Canada highway and infrastructure including
power, tailings storage facility, transport links and underground development
are already in place. The previous mining operation closed in February 1999
due to very low zinc prices at the time. In total, 3.4 million tonnes grading
1.0% copper and 16% zinc was mined and processed. The total project area
covers approximately 60.4km(2) and comprises both patented freehold, leased
and Crown-land mining claims.

Table 1: Winston Project Mineral Reserve

 Winston   Ore Reserve     Million  Zinc    Copper  Gold      Silver

 Project                   Tonnes   Grade   Grade   Grade     Grade
           Classification  (Mt)     (Zn %)  (Cu %)  (Au g/t)  (Ag g/t)
           Proven          -        -       -       -         -
           Probable        1.96     13.9    0.6     0.2       26.2
           Total           1.96     13.9    0.6     0.2       26.2

Notes: JORC (2012) compliant Mineral Reserve effective date 5 July 2019. Ore
Reserves are based solely on Indicated Mineral Resources and are reported
above an average net smelter return (NSR) cut-off grade of US$98 /t equivalent
to 5.2% Zn. (1)

Table 2: Winston Project Mineral Resource Estimate at 3% Zn cut-off grade

 Resource Areas   Mineral Resource Classification  Million  Zinc    Copper  Gold      Silver

                                                   Tonnes   Grade   Grade   Grade     Grade
                  (Mt)                                      (Zn %)  (Cu %)  (Au g/t)  (Ag g/t)
 Pick             Indicated                        1.78     19.20   0.90    0.3       36.1

 Lake
                  Inferred                         0.27     16.40   1.00    0.3       38
 Winston          Indicated                        0.29     10.40   0.70    0.9       18.4

 Lake
                  Inferred                         0.01     8.90    0.60    0.5       11.9
 Winston Project  Total                            2.07     17.90   0.80    0.4       33.6

                  Indicated
                  Total                            0.27     16.20   1.00    0.3       37.2

                  Inferred

Notes: Effective date 15 October 2020. Stated at 3% zinc cut-off grade.
Mineral Resource estimate is compliant with the Canadian Institute of Mining,
Metallurgy and Petroleum ("CIM"), CIM Standards on Mineral Resources and
Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on
Reserve Definitions. Mineral resources which are not mineral reserves do not
have demonstrated economic viability. There has been insufficient exploration
to define the inferred resources tabulated above as an indicated or measured
mineral resource, however, it is reasonably expected that the majority of the
Inferred Mineral Resources could be upgraded to Indicated Mineral Resources
with continued exploration.

Technical References:

1              NI 43-101 Technical Report Feasibility Study for
the Superior Zinc and Copper Project, dated 13 October 2021, prepared for
Metallum Resources Inc by DRA Global ("DRA").

 

2              NI 43-101 Technical Report on the Mineral Resource
Estimation of the Pick Lake and Winston Lake Properties, Ontario, Canada,
dated 15 October 2020, prepared for CROPS Inc. (renamed Metallum Resources
Inc) by MASSA Geoservices.

Competent Person Statement

Technical information in this announcement has been reviewed by Nicholas
O'Reilly BSc (Hons) MSc DIC MIMMM QMR MAusIMM FGS, a director of the Company.
Mr O'Reilly is principal geologist and a director of Mining Analyst Consulting
Ltd. He has over 20 years' experience in mining, exploration and development
across all major commodities. As a qualified geologist, he can act as
Competent Person for JORC Code and UK Listing Rules purposes.

Obonga Project - Expanding Canada's Next VMS and Critical Minerals District

Panther Metals' Obonga Project in Ontario continues to demonstrate significant
potential as a leading exploration initiative targeting both base and critical
minerals. Since acquiring the Obonga Greenstone Belt in July 2021, the Company
has rapidly advanced five high-priority targets: Wishbone, Awkward, Survey,
Ottertooth, and Silver Rim.

In June 2024, Panther secured a key Exploration Permit for the Wishbone
Prospect, valid through 2027, authorizing extensive drilling and geophysical
surveys. Previous campaigns confirmed compelling volcanogenic massive sulphide
(VMS)-style mineralisation, highlighted by intercepts such as 27.3m of massive
sulphide and 51m of sulphide-dominated mineralisation with multiple
mineralised lenses. High-grade copper anomalies in lake sediment further
enhance the prospectivity of this landmark target.

July 2024 saw Panther awarded an Exploration Permit for Awkward West,
supporting an aggressive exploration program including up to 31 drill holes.
Historic drilling here revealed notable graphite mineralisation-27.2m at 2.25%
Total Graphitic Carbon (TGC) with zones exceeding 5% TGC-alongside promising
signs of nickel, copper, and platinum group elements, aligning with Panther's
strategic focus on critical minerals.

Additional exploration efforts include high-resolution magnetic geophysical
surveys across key prospects, optimizing drill targeting and advancing the
geological model. Survey and Ottertooth remain highly prospective, with
multiple magnetic and electromagnetic anomalies and historic intercepts of
massive sulphides, many targets still largely untested.

Obonga's combination of VMS-style base metals and critical mineral potential,
situated in a stable and mining-friendly jurisdiction with strong
infrastructure, positions Panther Metals to unlock a district-scale mineral
system with significant commercial upside.

 

Dotted Lake Project - Hemlo-Adjacent Gold Opportunity with Growing Momentum

Panther Metals' Dotted Lake Project, acquired in July 2020, lies just 16km
from Barrick Gold's renowned Hemlo Mine, in one of Canada's premier
gold-producing regions. The project offers a strategically located and
scalable gold exploration play.

Initial soil sampling in 2021 identified numerous gold and base metal targets,
and subsequent access improvements facilitated an initial drilling program
that confirmed gold mineralisation with anomalous values extending along
strike.

In early 2025, Panther completed a follow-up campaign featuring detailed
geological mapping, trenching, and targeted diamond drilling. These efforts
extended mineralisation both laterally and at depth, identified new structural
controls, and reinforced the potential for a broader, high-grade gold system.
Multiple zones have been prioritised for expanded drilling, underscoring
Dotted Lake's significant upside.

The project's proximity to established infrastructure and Hemlo's extensive
mining operations, combined with robust recent results, makes Dotted Lake a
key asset in Panther's growth portfolio.

Commercial Strategy - Discovery-Driven Value Creation

Panther Metals is committed to creating substantial shareholder value through
focused exploration and disciplined capital management. The Company combines
deep geological expertise with an understanding of market and financing
dynamics to advance high-potential projects efficiently.

With access to a global network of industry leaders and a rigorous operational
focus on drilling, Panther prioritises activities that directly contribute to
discovery and resource growth. The drill hole remains the ultimate validation
in mineral exploration, and Panther's strategy is to fast-track world-class
targets into drill-ready assets - delivering tangible results that underpin
long-term value creation for shareholders.

 

 

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