Panther Metals : Drilling Update - Eight Foot Well & Burtville East Prospects

ASX ANNOUNCEMENT

2 May 2022

For personal use only

Drilling Operations Update - Eight Foot Well and

Burtville East Gold Prospects

Highlights:

•  Drilling at the Eight Foot Well gold prospect has concluded swiftly

•  The 2,500m reverse circulation program was carried out to infill drill and explore potential strike extentions of the historic gold trend

•  Assays are to be submitted over the coming period in one batch

•  The Company plans to investigate the potential for the creation of a maiden Mineral Resource Estimate at Eight Foot Well once all assays have been received

•  The rig has now been relocated to the Burtville East gold prospect where drilling is to commence immediately

Panther Metals Ltd (ASX: PNT), ('Panther' or 'the Company') is pleased to advise that it has concluded drilling at the Eight Foot Well gold prospect and will immediately commence Reverse Circulation (RC) drilling at the Burtville East gold prospect.

Daniel Tuffin, Managing Director, commented:

"Completing the second drill program of our two-pronged commodity exploration approach since listing on December 10, 2021 is an outstanding achievement and one we are proud of. Prior forward planning has meant we have been able to efficiently and continuously keep the drill bit spinning, reducing downtime between planned programs to a minimum.

Given the speed in which the Eight Foot Well program was completed, the samples from the 38 holes drilled were required to be submitted in a single batch for analysis post completion of drilling the entire program. We will update the market once we receive these assay results, at which point we will look to review the potential for the creation of a maiden Mineral Resource Estimate (MRE).

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ASX ANNOUNCEMENT

2 May 2022

For personal use only

We now enthusiastically look to commence our third consecutive drill program since listing, exploring our 100% owned Burtville East gold prospect, which contains a peak historic drill intercept of 5m at 23g/t (inc. 1m at 110g/t) and a peak mineralised stockpile grab sample of 38.45g/t."

Eight Foot Well Gold Prospect

The Eight Foot Well gold prospect drilling consists mainly of shallow rotary air blast (RAB) and aircore (AC) drilling conducted by Homestake Australia HGAL in the mid 1990s.

Historic follow up RC drilling was carried out over the mineralised zones identified by the prior drill programs, which identified good geological continuity with the shallow rotary air blast and aircore programmes. Unfortunately, that drilling failed to identify a substantial primary source of the supergene mineralisation, previously recorded in the rotary air blast and aircore drilling.

Figure 1: A cross section of the historical drilling at the Eight Foot Well gold prospect

The Company has now completed the 2,500m infill/extensional RC drill program at Eight Foot Well, and is currently awaiting the assay results. The Company intends to define the primary gold source and potentially convert it into a maiden JORC compliant Mineral Resource.

The completed drill program is shown in Figure 2.

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ASX ANNOUNCEMENT

2 May 2022

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Figure 2: Drill plan of completed program at the Eight Foot Well gold prospect

Burtville East Gold Prospect

Burtville East is one of four gold prospects located in the Merolia Gold Project that contains a dominant land holding over some of the region's most prospective and under-explored ground covering an area of 90km2

The prospect contains a series of wide quartz reef outcrops and significant geochemical anomalies, along with mineralised stockpiles of historically rejected material ready for treatment (see 'mineralised altered zone in figure 3). Grab samples from this altered mineralised zone have returned grades of up to 38.45 g/t Au.

Historical drilling results include:

•  5m at 23g/t Au, including a peak intercept of 1m at 110g/t (MLJC-49)

•  8m at 6.7g/t Au (BEAC004)

•  2m at 6.7g/t Au (MLJC-34)

•  4m at 5.1g/t Au (BEAC001)

•  4m at 3.4g/t Au (BEAC002)

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ASX ANNOUNCEMENT

2 May 2022

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RC drill holes have been planned for this campaign to investigate the depth and strike of the prospect, as well as the potential width of the as yet untested altered mineralised zone.

Figure 3: Geological cross-section through the Burtville East gold deposit on 6,816,360N showing the position of historic workings and previous drilling

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ASX ANNOUNCEMENT

2 May 2022

For personal use only

Figure 4: Burtville East drill plan with historic grab samples and drill intercepts

Please refer to Appendix 1 for details on the locations of the grab samples in Figure 4.

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