Obonga Project: Awkward Drilling Programme Starts

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PANTHER METALS PLC

("Panther" or the "Company")

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

26 May 2026

Obonga Project: Drill Programme Commences at Awkward

Panther Metals Plc (LSE: PALM), the exploration company focused on mineral projects in Canada, is pleased to announce the commencement of a discovery focussed diamond drilling programme at the Awkward Conduit Target, within the Company's Obonga Project located upon the Obonga Greenstone Belt, Ontario, Canada.

The drilling programme has been specifically designed to test the Company's geological model by targeting the interpreted base of a potentially tube-like magma conduit system, or chonolith,  modelled as the magmatic feeder to the Awkward Intrusion, which hosts anomalous levels of nickel (Ni), copper (Cu) and platinum group metals (PGE). Chonoliths can act a physical and chemical trap for the sulphides which can separate out of the magma, concentrate and pool at the base of the feeder conduit. Examples of this type of deposit include the Norilsk-Talnakh chonolith deposits in Russia, which are the world's leading source of palladium and a major producer of nickel and platinum.

The initial phase of drilling will consist of a single near-vertical diamond drill hole to a planned depth of approximately 400 metres. The objective of the hole is to validate the Company's exploration theory and improve geological understanding of the target area.

The programme will remain fully results-driven, with ongoing decisions regarding drilling depth, follow-up work, and any potential expansion of the programme to be guided by geological observations and findings encountered during drilling. The Company will maintain a pragmatic and flexible approach as the programme advances.

Darren Hazelwood, Chief Executive Officer commented:

"This is a discovery programme designed to test the Awkward conduit theory, which has generated by far the greatest level of interest from across the industry of any target within our portfolio. While the indicators we have assembled are extremely encouraging, the conduit model remains a geological theory that is currently being tested through drilling, and it is important that we remain cautious.

The combination of coincident geophysics, sulphide indicators, nickel, copper and PGE signatures, together with geological similarities to major magmatic systems such as Impala's Lac des Iles mine and Mt Keith, has attracted significant attention from both technical and corporate audiences.

Our current drilling programme is specifically designed to intercept the lower portion of the proposed conduit structure, where we believe any sulphide accumulation would most likely occur. Successfully intersecting the base of the conduit would represent a major step forward in understanding the geological model and the broader potential of the Awkward system."

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Obonga Project - Advancing a High-Impact VMS and Critical Minerals District

Panther Metals' Obonga Project in Ontario continues to demonstrate strong potential as a district-scale exploration opportunity targeting base and critical minerals. Since acquiring the Obonga Greenstone Belt in July 2021, the Company has advanced multiple high-priority targets including Wishbone, Awkward, Survey, Ottertooth, and Silver Rim.

On 9 February 2026 Panther announced plans for an approximately 2,000-metre diamond drilling program at the Wishbone Prospect, following the grant of an Exploration Permit in June 2024 valid through 2027. Previous work confirmed compelling VMS-style mineralisation, including 27.3m of massive sulphide and 51m of sulphide-dominated mineralisation across multiple lenses, supported by high-grade copper anomalies in lake sediments.

In July 2024, Panther secured an Exploration Permit for Awkward West, enabling up to 31 drill holes. Historic drilling returned 27.2m at 2.25% TGC, with zones exceeding 5% TGC, alongside indications of nickel, copper, and platinum group elements, aligning with the Company's critical minerals strategy.

High-resolution magnetic and electromagnetic surveys continue to refine drill targeting across Obonga. Survey and Ottertooth remain highly prospective, hosting multiple untested geophysical anomalies and historic massive sulphide intercepts.

     Winston Project - Tailings Evaluation and MRE Pathway

Panther Metals' Winston Project represents a near-term, development-focused opportunity centred on the evaluation of historic mine tailings and has been the subject of prior technical and commercial assessment involving Extrakt.

Current work is focused on tailings sampling, metallurgical testing, and data validation to define metal content, recoverability, and support the preparation of a Mineral Resource Estimate (MRE). This approach provides a clear value-creation pathway with lower geological risk than greenfield exploration and aligns with modern reprocessing and critical mineral's themes.

Dotted Lake Project - Hemlo-Adjacent Polymetallic Opportunity

Panther Metals' Dotted Lake Project, acquired in July 2020, is located approximately 16km from Barrick Gold's Hemlo Mine, within a well-established mining region.

Early exploration identified multiple gold and base metal anomalies, with initial drilling confirming gold mineralisation. In early 2025, follow-up drilling materially advanced the project, confirming nickel and magnesium mineralisation within an ultramafic intrusion and identifying a VMS-style system, significantly expanding the project's polymetallic potential.

The program refined structural controls, extended mineralisation, and identified multiple new drill targets, positioning Dotted Lake as a high-upside, multi-commodity exploration asset.

     Commercial Strategy - Focused Value Creation

Panther Metals is focused on disciplined, discovery-driven value creation through efficient capital deployment and technical execution. With Obonga delivering high-impact exploration, Winston providing a resource-focused development pathway, and Dotted Lake offering polymetallic upside, the Company maintains a balanced portfolio aligned with favourable commodity market conditions.

The Company's strategy is to advance high-quality assets along the most efficient technical pathway, delivering tangible milestones that underpin long-term shareholder value.