Panther Metals PLC announcement detailing initial results of the Phase 1 Sampling and Testing Programme at Fulcrum's Teck-Hughes Gold Tailings Project in Ontario, Canada. Panther currently holds a total of 7,625,122 ordinary shares in Fulcrum representing a 15.26% interest in the entire issued share capital of Fulcrum, plus 714,286 warrants exercisable at 17.5p with a two-year life from 14 February 2023 and a further 476,190 warrants exercisable at 26.25p with a three-year life. Panther also retains a 2% net smelter return ("NSR") royalty over the Big Bear Project.

Representative sampling completed by local contractors, for a total of 32 samples (totalling 39 kg) from six locations within the Teck-Hughes Gold Tailings Project. Average weighted grade derived from six site composite tailings samples is 0.717g/t Au, which is 16.9% higher than the historic weighted average of the composites for the same six sampling sites. Gold recovery testing on a composite tailings sample across all six sites, grading 0.723g/t Au, has been submitted for batch leach testing using Extrakt technology for gold recovery rates.

o First batch leach testing of 12 samples has been run and sent to an accredited assay laboratory for gold recovery rates analysis. o Second batch leach test run with further refinement and optimisation is underway, this will then also be submitted to American Assay Laboratories for similar analysis. Final results from this Phase 1 Sampling and Testing Programme will feed into Phase 2 Conceptual Study.

Fulcrum announced on 30 November 2023 that, inter alia, it had entered into a mining option agreement to acquire the Teck-Hughes Gold Tailings Project. Since this announcement Fulcrum has been advancing its discussions with Extrakt Process Solutions, a sustainable technology company using separation technology to extract metals from tailings without the use of cyanide, about the licensing of its proprietary technology. In addition, further to the Fulcrum announcement on 24 January 2024, they entered into a phased study and testing programme for the Teck-Hughes project and are continuing further discussions in relation to a wider Licensing framework, including the Sylvanite Gold Tailings Project.

The programme is designed to evaluate the efficiency of the Extrakt processing technology in recovering gold and other by-products from the tailings at Teck-Hughes.