Fulcrum Metals - sale of Uranium Assets

Panther Metals PLC

03 July 2024

 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY IN OR INTO AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA, THE UNITED STATES OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION

FOR IMMEDIATE RELEASE

PANTHER METALS PLC

("Panther" or the "Company")

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

3 July 2024

Fulcrum Metals - Disposal of Uranium Assets

Panther Metals PLC (LSE:PALM) the company focused on mineral exploration in Canada, is pleased to note the Fulcrum Metals PLC ("Fulcrum", LON: FMET) announcement that it has successfully disposed of the company's uranium exploration assets to Terra Balcanica Corp. (CNSX: TERA).

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.

Further to the Company's announcements on 17 May 2024 and 3 April 2024, Fulcrum Metals plc (LON: FMET), a company focused on mineral exploration and development in Canada, is pleased to announce that it has on 2 July 2024 entered into a definitive option agreement (the "Agreement") with Terra Balcanica Resources Corp. (CNSX: TERA) ("Terra") for the sale of its uranium projects (the "Uranium Projects") located in Saskatchewan, Canada.

Under the terms of the Agreement, and as announced on 3 April 2024, Terra will have the option to acquire 100% of Fulcrum's Uranium Projects, consisting of the Charlot-Neely, Fontaine Lake, Snowbird and South Pendleton projects by completing four years of exploration programmes and making a series of cash and equity payments as outlined below:

	Cash to Fulcrum	Value of Shares in Terra to Fulcrum	Exploration Expenditures required by Terra
Payment received by Fulcrum on 4 April 2024	CA$7,500	-	-
Payment received by Fulcrum on 18 June 2024	CA$25,000 less CA$7,500 exclusivity agreement (equalling $17,500)	CA$250,000	Complete minimum work expenditures totalling CA$3,250,000 Prior to fourth anniversary of the Option Agreement
Year 1	CA$50,000	CA$350,000
Year 2	CA$75,000	CA$560,000
Year 3	CA$75,000	CA$650,000
Year 4	CA$75,000	CA$1,250,000
Total	CA$300,000	CA$3,060,000	CA$3,250,000

The new shares in Terra that could be issued to Fulcrum under the terms of the Agreement will be issued at the 10-day volume weighted average price ("VWAP") prior to the date of issuance. Following entry into the Agreement, Fulcrum will be issued a total of 1,997,151 shares in Terra (the "Initial Terra Consideration Shares") representing 5.15 per cent. of the issued share capital of Terra inclusive of the current Terra shares in issue, issuances of shares to Fulcrum Metals, Global Energy Metals Corp. ("Global Energy") and the Terra share placement dated 17 June 2024. The Initial Terra Consideration Shares will be issued upon approval of The Canadian Securities Exchange, expected to be three business days after the option close date, and will be subject to a hold period of four months and one day. Thereafter Fulcrum has agreed to orderly sales provisions with respect to the Initial Terra Consideration Shares.

Cash generated from the sale of the Uranium Projects will be used by Fulcrum for its ongoing working capital needs.

In addition, and following the exercise of the option, , Fulcrum will retain a 1 per cent. net smelter return ("NSR") royalty on all claims with a buydown option of 0.5 per cent. NSR for CA$1 million. Pursuant to the Agreement, as a finder's fee, Global Energy, will be compensated with CA$150,000, to be satisfied through the issue of new shares in Terra and a 0.5 per cent. NSR on all claims.

Further information and the release in full please visit: www.fulcrummetals.co.uk

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.

Manitou Lakes Project

The Manitou Lakes gold project is located approximately 300km's east of Thunder Bay, Ontario and covers a total area of around 98sq km's.

There are over 200 known gold occurrences on the Manitou Lakes project area with the wider Eagle/Manitou Lakes greenstone belt hosting numerous historic gold producers and is prospective for Archean age orogenic gold and associated base metal deposits.

Exploration work conducted by Shear Gold on the Project to date has identified numerous gold bearing structures and favourable geological host rocks through early-stage mapping and surface sampling. The work has focussed on two target areas, being the West Limb Gold Property and the Glass Reef Gold Property, both of which host historic gold mines which have never been systematically explored using modern techniques or drill tested

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 Plc own 20% of the issued share capital of Fulcrum Metals Plc and a 2% NSR on the Big Bear project.

Panther Metals Australia

Following the listing of Panther Metals' Australian assets 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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