Fulcrum Metals: Subscription to Raise c. £130,000

Panther Metals PLC

27 September 2024

 

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FOR IMMEDIATE RELEASE

PANTHER METALS PLC

("Panther" or the "Company")

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

27 September 2024

Fulcrum Metals: Further Subscription to Raise circa £130,000

Panther Metals PLC (LSE:PALM) the company focused on mineral exploration in Canada, notes the Fulcrum Metals PLC ("Fulcrum", LON: FMET) announcement of a further subscription of 1,625,000 new ordinary shares of nominal value 1 pence each ("Ordinary Shares") in the capital of Fulcrum (the "Subscription"; "Subscription Shares") at a price of 8 pence per Subscription Share raising Fulcrum £130,000 before expenses. The Subscription is in addition to Fulcrum's previously announced capital raise on 13 September 2024.

Panther currently holds a total of 7,625,122 Ordinary Shares in Fulcrum, which shall represent a 12.38% interest in the enlarged issued share capital of Fulcrum following the issue and admission to trading on AIM, the market of that name operated by London Stock Exchange PLC of the Subscription Shares, plus 714,286 warrants exercisable into one new Ordinary Share each at 17.5 pence each with a two-year life from 14 February 2023 and a further 476,190 warrants exercisable into one new Ordinary Share each at 26.25 pence each with a three-year life from 14 February 2023. Panther also retains a 2% net smelter return (NSR) royalty over the Big Bear Project.

Further information is available in the full Fulcrum RNS announcement which is available at: https://fulcrummetals.com/news/

For further information please contact:

Panther Metals PLC:

Darren Hazelwood, Chief Executive Officer:                     [phone]

[phone]

Brokers:

Tavira Financial Limited                     

Christopher James Kipling                                          [phone]

SI Capital Limited

Nick Emerson                                                             [phone]

Axis Capital Markets Limited

Ben Tadd

Lewis Jones                                                                [phone]

Notes to Editors

Panther Metals PLC is an exploration company listed on the main market of the London Stock Exchange. Panther is focussed on the discovery of commercially viable mineral deposits. The Company's operational focus is on established mining jurisdictions with the capacity for project scalability. Drill targets are assessed rapidly utilising a combination of advanced technologies and extensive geological data to decipher potential commercial viability and act accordingly. Panther's current geological portfolio comprises of three highly prospective properties in Ontario, Canada while the developing investment wing focuses on the targeting of nickel and gold in Australia.

Obonga Project

Panther Metals acquired the Obonga Greenstone Belt in July 2021 and have already identified five prospective primary targets: Wishbone, Awkward, Survey, Ottertooth and Silver Rim. A successful Phase 1 drilling campaign at Wishbone in Autumn 2021 revealed the presence of significant VMS-style mineralised systems on the property - the first such discovery across the entire greenstone belt. Intercepts include 27.3m of massive sulphide in hole one, and 51m of sulphide-dominated mineralisation in hole two. Both drill holes contained multiple lenses. Anomalous high-grade copper in lake sediment close to the target area has also been identified, increasing confidence in the prospectivity of the location.

Awkward is a highly anomalous magnetic target, interpreted to be a layered mafic intrusion and magmatic conduit based on mapped geology and airborne geophysics. Historic sampling in the area returned anomalous platinum and palladium (Pt, Pd) values, while historic drilling on the periphery of the target intersected non-assayed massive sulphide and copper (assumed to be chalcopyrite), non-assayed disseminated pyrite and chalcopyrite in coarse gabbro, and non-assayed 'marble cake' gabbro (matching the description of the Lac des Iles Mine varitexture gabbro ore zone).

Two additional named targets, Survey and Ottertooth, both displays further coincident magnetic and electromagnetic anomalies and are adjacent to the contact between intrusive and extrusive mafic rocks. Historic drilling at Survey intersected several meters of massive sulphides in multiple intersections (main parts of the anomaly remain untested) while Ottertooth remains untested in its entirety.

Dotted Lake Project

Panther Metals acquired the Dotted Lake Project in July 2020, it is situated approximately 16km from Barrick Gold's renowned Hemlo Gold Mine. An extensive soil programme conducted in 2021 identified numerous gold and base metal targets, all within the same geological footprint. Following the installation of a new trail providing direct access to the target location, an initial drilling programme in Autumn 2021 confirmed the presence of gold mineralisation within this system with anomalous gold continuing along strike and present within the surrounding area.

Fulcrum Metals plc

Fulcrum Metals plc (LON: FMET) is an AIM-listed exploration company which finances and manages exploration projects focused on Canada, widely recognised as a top mining jurisdiction.

FMET currently holds a beneficial 100% interest in highly prospective gold and base metals projects in Ontario and Uranium projects in Saskatchewan.

Fulcrum's strategy is to focus on discovery and commercialisation of its Projects through targeted exploration programmes. The primary focus is to make an economic discovery on the flagship Schreiber-Hemlo Properties and establishing the prospectivity of its wider Ontario and Saskatchewan portfolio with a view to securing potential joint venture and/or acquisition interest.

Panther Metals Australia

Panther Metals' Australian assets were listed on the Australian Securities Exchange ("ASX") in December 2021. The ASX listing has provided the Australian projects with the necessary capital to advance drill-ready targets focused on nickel and gold (within the Tier 1 Mining Districts of Laverton WA and in the NT). Through this spin-out Panther holds an attractive investment prospect, without any disruption to the Company's capital structure and without any financial obligations.

Conclusion

Panther Metals understand that the commercial realities of building an exploration company requires expertise in geology, finance, and the markets within which they operate. The Company's extensive network of industry leaders allows it to meet these objectives. Ultimately however, drilling success is the only route to discovery: the fundamental objective of any exploration company. Once Panther's world-class geological team identify the anomalies, they work hard to get drilling. The drill hole is the only place where substantial and sustained capital growth originates and it's with that operational focus Panther Metals will continue to advance.

 

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