REG - Panther Metals PLC - Obonga: Awkward PGE and Nickel Assay Results

Panther MetalsAnnouncement

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RNS Number : 8882S  Panther Metals PLC  29 July 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)

 

29 July 2025

Obonga Project: Awkward PGE and Nickel Assay Results

 

Panther Metals Plc (LSE: PALM), the exploration company focused on mineral
projects in Canada, is pleased to announce the assay results from the
resampling of historical drill core into the northern side of the Awkward
Target ("Awkward") at the Obonga Project ("Obonga" or the "Property"), which
covers over 90% of the Obonga Greenstone Belt, in Ontario, Canada.

The assay of drill core samples from two holes drilled in 2013 has yielded
previously un-assayed Platinum Group Element ("PGE"), Nickel (Ni) and Copper
(Cu) results which are deemed highly encouraging for the existence of the
targeted mineral system with individual results up to 1.07% Ni, 0.14 g/t
Platinum (Pt), 0.11 g/t Palladium (Pd), 2.18 g/t Silver (Ag) and 0.42% Cu.

Highlights

·    Historical drill core from north of the Awkward Target located and
acquired.

 

·    Twenty drill core samples taken from two holes drilled by Navigator
Minerals in 2013. Rationale for resampling: holes not previously assayed for
PGEs.

 

·    Results confirm Awkward bears Nickel and PGEs mineralisation that
could be in potentially economic concentrations within a feeder conduit and /
or a layered magmatic system.

 

·    Core examined by specialists from the Ontario Geological Survey (OGS)
who concluded the Awkward intrusion bears many characteristics (size, age,
rock types, mineralisation, interpreted conduit) that make it favourable for
PGE exploration.

 

·    The OGS noted Awkward shares characteristics with the intrusion that
hosts Impala's 3 Moz Lac des Iles PGE mine located 85 km to the south,
including

 

o  Varitexture gabbro which bears a visual similarity to one of the main
ore-hosting horizons at the Lac des Iles mine, and

 

o  Massive sulphide rip-up clasts that may represent remobilisation from a
magma conduit or other massive sulphide horizon within the intrusion.

 

·    Nickel grades are consistent with Mount Keith Deposit Type ranges.
The BHP owned Mount Keith mine in Western Australia  is one of the world's
largest low grade, economically mined, disseminated nickel sulphide deposit
with a grade of around 0.57% Ni.

 

Darren Hazelwood, Chief Executive Officer, commented:

"Our latest results continue to build a strong case for Awkward as a
significant nickel sulphide discovery. The geological setting is comparable to
BHP's Mt Keith deposit in Western Australia, with the added potential of a
high-grade core within what we're calling the Awkward conduit. Importantly,
all the key signals are aligning - from encouraging pathfinder results in the
TEE Zone and our graphite discovery, to supporting data from Navigator
Minerals samples and recent government work in Thunder Bay identifying the
same rock types found at Impala's Lac des Iles mine.

Notably, back in 1967, it is reported that Newmont identified the potential
for around 1 billion tonnes at between 0.19-0.2% nickel in the Awkward area -
although unverified this is an early indication of the potential scale that
may be present within the system.

This growing body of evidence points to Awkward being a large-scale and
high-impact exploration opportunity. While we have had early discussions with
potential partners, the risk/reward profile at this stage clearly favours
Panther. We believe we are at the beginning of something significant, and
we're committed to unlocking the early stages of the value curve, delivering
maximum upside for our shareholders."

 

Background

Awkward is a PGE, Ni and Cu magmatic sulphide prospective conduit and layered
mafic intrusive target. The target comprises a highly anomalous geophysical
target comprising a coincident magnetic remnant low and electromagnetic
conductor. Historical surface sampling in the target area returned anomalous
palladium (Pd) and platinum (Pt) up to a reported 1.23 g/t Pd+Pt and
historical drilling on the periphery of the target intersected un-assayed
massive and disseminated sulphide and chalcopyrite in course gabbro and
'marble cake' textured gabbro which matches the description of the varitexture
gabbro ore zone within Impala's Lac des Iles Platiunum Mine located due south
of Obonga.

As part of the ongoing assessment of the Awkward Target Panther sourced and
acquired the historical drill core from three drill holes (PL-13-01, PL-13-02
and PL-13-03) drilled by Navigator Minerals during 2013 for further
investigation and reanalysis.

The drill core has recently been re-examined and re-assayed in conjunction
with specialists from the Ontario Geological Survey ("OGS") Resident Geologist
Programme, who visited Awkward in November 2024, and whose field visit is
covered in the OGS Open File Report 6417 (2025).  The rationale for
resampling the core was that Navigator Minerals did not assay for PGE in their
2013 programme despite the Awkward intrusion bearing many characteristics
(size, age, rock types, mineralisation, interpreted conduit) that make it
favourable for PGE exploration.

Specifically, the intrusion shares many of these characteristics with the
intrusion that hosts Impala's 3 Moz Lac des Iles PGE mine located 85 km to the
south. The drill core includes two types of rock that are very prospective for
this mineralisation, both of which have never been seen at surface at Awkward
and never analysed for PGEs:

1)   Varitextured, "marble cake" gabbro that bears a visual similarity to
one of the main ore-hosting horizons at the Lac des Iles mine, and

2)   Massive sulphide rip-up clasts that may represent remobilisation from a
magma conduit or other massive sulphide horizon within the intrusion.

Twenty drill core samples were selected for submittal to sample preparation at
the OGS laboratory in Sudbury and for subsequent assay at accredited ALS
Laboratories (by ALS methods PGM-ICP23 and ME-MS61r).

The samples represent intersections from drill holes PL-13-01 and PL-13-03,
with selected assay results set out in Table 1.

The assay results are deemed highly encouraging for the presence of
potentially economic concentrations of nickel and platinum group elements in a
layered intrusive and feeder conduit.  Moreover, the Company has noted
similarities with the Mount Keith Deposit Type.  The Mount Keith mine owned
by BHP  in Western Australia is the world's  largest low grade, economically
mined, disseminated nickel sulphide deposit with a grade of around 0.57% Ni.

A review of historical information relating to the Awkward area notes that
Newmont identified the potential for around 1 billion tonnes at between
0.19-0.2% Ni in the area in 1967.  Whilst the Company has yet to locate the
supporting technical evidence, this observation supports the potential for
Mount Keith comparables.

Table 1: Summary of Drill Core Assay Results

 Hole      Sample       From (m)  To (m)  Interval (m)  Ni (%)  Pt (g/t)  Pd (g/t)  Ag (g/t)  Cu (ppm)
 PL-13-01  25-NMPL-001  34.55     35.25   0.7           0.05    0.01      0.01      0.27      285
 PL-13-01  25-NMPL-002  49.20     50.00   0.8           0.01              0.00      0.02      7
 PL-13-01  25-NMPL-003  63.65     64.40   0.75          0.11    0.02      0.04      0.32      599
 PL-13-01  25-NMPL-004  158.00    159.50  1.5           0.16    0.04      0.04      0.74      1,180
 PL-13-01  25-NMPL-005  159.50    161.00  1.5           0.21    0.03      0.05      1.21      1,420
 PL-13-01  25-NMPL-006  161.00    162.50  1.5           0.41    0.14      0.11      1.67      2,520
 PL-13-01  25-NMPL-007  162.50    164.00  1.5           0.39    0.09      0.11      1.72      2,690
 PL-13-01  25-NMPL-008  164.00    165.50  1.5           0.21    0.05      0.06      1.05      1,435
 PL-13-03  25-NMPL-009  57.10     57.70   0.6           0.08    0.01      0.01      1.09      1,250
 PL-13-03  25-NMPL-010  171.40    171.85  0.45          0.89              0.02      1.71      3,550
 PL-13-03  25-NMPL-011  173.65    174.50  0.85          1.07    0.01      0.04      1.28      2,290
 PL-13-03  25-NMPL-012  213.00    213.35  0.35          0.13              0.00      0.45      809
 PL-13-03  25-NMPL-013  233.00    233.35  0.35          0.81              0.02      0.42      337
 PL-13-03  25-NMPL-014  246.40    247.40  1             0.84              0.04      1.33      723
 PL-13-03  25-NMPL-015  247.40    248.25  0.85          0.41    0.01      0.01      2.18      4,200
 PL-13-03  25-NMPL-016  255.00    256.50  1.5           0.18    0.01      0.01      0.81      1,255
 PL-13-03  25-NMPL-017  288.00    289.25  1.25          0.21              0.02      1.13      2,020
 PL-13-03  25-NMPL-018  289.25    290.50  1.25          0.18              0.01      0.97      1,640
 PL-13-03  25-NMPL-019  290.50    291.75  1.25          0.29    0.01      0.01      0.74      1,400
 PL-13-03  25-NMPL-020  291.75    293.00  1.25          0.23    0.01      0.02      1.03      1,520

(Drill hole locations: PL-13-01  UTM16N 312165E 5536265N, PL-13-03: UTM16N
312348E 5537443N)

 

Previous geophysical modelling undertaken by Panther interpreted the course of
the magmatic feeder conduit based on Maxwell Plate Modelling of the regional
electromagnetic ('EM') geophysical data. The modelling established 20
conductive plates which outline four distinct conductive lineations or
'Trends' which are interpreted to relate to sulphide bearing magmatic conduits
and graphite.

Panther's 2022 diamond drilling programme tested three of the 20 conductive
plates (three holes totalling 243m drilled) with hole BBR22_AW-P1-1
intersecting 27.2 m @ 2.25 % Total Graphitic Carbon ('TGC') from 12m downhole
in 'Trend 3'.  Whilst this drilling did not interest the targeted massive
sulphide bearing pipe, it was deemed very positive as the graphite is
interpreted to have resulted from the high heat flow associated with a
proximal magmatic conduit.  The remainder of the conductive plates are as yet
untested and Panther is currently designing follow-up work at Awkward which
will be outlined in due course.

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.

The person responsible for the release of this announcement is Darren
Hazelwood, Chief Executive Officer.

References

 

1.             OGS Open File Report 6417 (2025). (
https://www.geologyontario.mines.gov.on.ca/persistent-linking?publication=OFR6417
(https://www.geologyontario.mines.gov.on.ca/persistent-linking?publication=OFR6417)
)

 

2.             Panther Metals PLC, announcement, Graphite
Discovery Grows Significantly at Obonga

( https://polaris.brighterir.com/public/panther_metals/news/rns/story/wv484pw
(https://polaris.brighterir.com/public/panther_metals/news/rns/story/wv484pw)
  )

 

3.             Mount Keith deposit information (
https://portergeo.com.au/database/mineinfo.asp?mineid=mn005
(https://portergeo.com.au/database/mineinfo.asp?mineid=mn005) )

 

 

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 150km 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.

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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