Panther Metals : Exceptional High-Grade Nickel-Cobalt Zones Intercepted

For personal use only

ASX ANNOUNCEMENT

28 February 2022

Exceptional High-GradeNickel-Cobalt Zones

Intercepted at the Coglia Project

Highlights:

• Initial results include high-grade nickel and cobalt intercepts in all holes assayed to date:
  o 14m at 1.17% Ni, from 49m inc. 1m at 3.44% Ni and 1,460ppm Co
  o 21m at 1.23% Ni, from 79m inc. 2m at 3.01% Ni and 8m at 1,531ppm Co, inc. 2m at 2,305ppm Co
  o 15m at 0.99% Ni from 66m, inc. 2m at 1,145ppm Co
• These initial results cover only 5 out of a total 58 initial planned RC holes in the 6,000m program
• New zone of mineralisation discovered outside the current Exploration Target
• Four additional holes have been added to the program in order to test extensions to the new mineralised zone
• 3,478 assays remain in the laboratory awaiting analysis
• Once the Coglia drill program is complete, the Company will commence a Mineral Resource estimate to JORC guidelines
• The drilling rig at Coglia will move to the Eight Foot Well gold prospect, with the aim of identifying the potential for a shallow gold resource

http://panthermetals.com.au

1

For personal use only

ASX ANNOUNCEMENT

28 February 2022

Summary:

Panther Metals Ltd (ASX: PNT), ('Panther' or 'the Company') is pleased to announce that our initial assay results have returned high nickel and cobalt grades resulting from drilling at the Coglia Project.

These are the Company's first drilling results since listing on 10 December 2021.

Daniel Tuffin, Managing Director, commented:

"I am exceedingly pleased with these results. This positive outcome is well received, particularly given that it has been just 80 days since Panther listed on the ASX. In this short time at Coglia, we have almost completed our maiden 6,000m RC program and discovered an extension to the historic nickel and cobalt mineralisation zone. The significantly high grades of nickel and cobalt encountered within thick zones of lateritic mineralisation were intersected both inside and outside of the current Exploration Target. We are looking forward to releasing the full results of the Coglia drill program in due course.

Our broader regional program of exploration continues to progress as planned; once drilling is concluded at Coglia the rig and exploration team will move immediately to the Eight Foot Well gold prospect with the intention of identifying the potential for a shallow gold resource. This drilling adds another dimension to the Panther portfolio and we are excited to turn our focus to gold exploration and take advantage of recent record gold price highs while we look to complete a Mineral Resource estimate to JORC guidelines at Coglia in the interim."

Exceptional High Grade Drill Results:

The first round of assays returned exceptional results within a mineralised lateritic horizon (Figure 1):

• CGRC001: 11m at 0.67% Ni from 63m, inc. 1m at 1.39% Ni
• CGRC002: 15m at 0.99% Ni, from 66m inc. 2m at 1.66% Ni and 2m at 1,145ppm Co
• CGRC003: 21m at 1.23% Ni, from 79m inc. 2m at 3.01% Ni and 8m at 1,531ppm Co, inc. 2m at 2,305ppm Co
• CGRC004: 17m at 0.75% Ni from 63m, inc. 2m at 1.22% Ni
• CGRC024: 14m at 1.17% Ni, from 49m inc. 1m at 3.44% Ni and 1,460ppm Co

3,478 samples remain in the laboratory awaiting analysis. Pending further significant intercepts, the Company will update the market once all assay results are returned from the laboratory.

Once the Coglia drill program is complete, the Company will commence a Mineral Resource estimate to JORC guidelines and the drill rig at Coglia will move onto the Eight Foot Well gold prospect, with the intention of identifying the potential for a shallow gold resource.

http://panthermetals.com.au

2

For personal use only

ASX ANNOUNCEMENT					28 February 2022
Table 1: Drill-hole information.
Hole ID	Northing	Easting	RL	Azimuth	Dip	Planned	Drilled
						Depth	Depth
CGRC001	6790900	498850	483	0°	-90	150m	148m
CGRC002	6790950	498750	474	0°	-90	150m	148m
CGRC003	6790802	498900	482	270°	-60	140m	139m
CGRC004	6790700	498850	486	0°	-90	150m	145m
CGRC024	6790350	499350	475	0°	-90	130m	130m

Figure 1: Chip tray for CGRC024. The peak 1m interval of 3.4% Ni and 1,460ppm Co can be seen at the 55m mark within a lateritic horizon.

New Mineralised Zone:

Of the assays received for the first five holes, four holes lay inside the Exploration Target (CGRC001, CGRC002, CGRC003 and CGRC004). These holes were designed as infill drilling to assist in the conversion of the Exploration Target to a Mineral Resource Estimate.

However, CGRC024 (shown in Figure 2) was designed to infill part of the Exploration Target and to test the known extents of mineralisation outside of the current Exploration Target. Historic drilling in this area was shallow, with prior drill campaigns falling short of intercepting the target or ending in mineralisation (see Figures 3 & 4).

http://panthermetals.com.au

3

For personal use only

ASX ANNOUNCEMENT

28 February 2022

CGRC024 intercepted the extension to the mineralised zone east of the eastern boundary of the Exploration Target. This drill-hole also intercepted ultramafic units which underly the target lateritic horizon. The results of drilling within the ultramafic units are generally lower grade than in the lateritic horizon but suggest the potential for primary sulphide mineralisation at depth. As a result of the discovery of the new mineralised zone, a further four holes have been planned to be drilled during this first round of drilling. These new holes are shown in red in Figure 2.

Figure 2: Historic and original planned Panther drill holes at Coglia superimposed on processed aeromagnetic imagery and showing the outline of the current JORC Exploration Target. Received results are shown in yellow. Newly added extensional exploration holes shown in red.

Sections 1 and 2 in the above figure have been displayed as cross sections in Figures 3 and 4, which display the generally flat-lyingnickel-cobalt bearing lateritic horizon at Coglia.

This mineralisation sits immediately above variably mineralised ultramafic units; it is clear that a significant part of the historic drilling fell short of intercepting the target horizon.

http://panthermetals.com.au

4

For personal use only

ASX ANNOUNCEMENT	28 February 2022

Figure 3: Cross section 1.

Figure 4: Cross section 2.

http://panthermetals.com.au

5