Half-year Report

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PANTHER METALS PLC

("Panther" or the "Company")

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

Panther Metals plc

Half Yearly Financial Report

For the six months ended 30 June 2024

Chairman's Statement

Panther has further outlined its focus on critical minerals in the period to the date of this report, putting essential steps in place to drive the business forward in the second half of this year.

We have extended the Obonga Project purchase agreement with Broken Rock Resources, and additional Exploration Permit applications were lodged and successfully awarded for further drilling at the Wishbone volcanogenic massive sulphide (VMS) copper-zinc target and over the Awkward Prospect which is targeting magmatic conduit hosted nickel sulphide as well as graphite.  Existing permits are in place for work over the VMS targets at the Survey and Ottertooth prospects and for the Silver Rim target which hosts exceptionally anomalous rare earth element lake sediment assays. 

With the graphite intersection in drill hole AW-P1-1 being extended to 27.2m @  2.25 % Total Graphitic Carbon (TGC), Bayside Geoscience have been involved in geological fieldwork targeting crystalline or 'flake' graphite at Awkward and Pioneer Exploration Consultants were retained to undertake high-resolution airborne drone magnetic and supplementary VLF geophysical surveys over the Obonga's Wishbone, Survey Lake, Ottertooth, Awkward and Silver Rim targets, three of the magnetic surveys were flown during the period with 3D inversion modelling now being undertaken in support of the drill targeting.

Important strides have been made with regard local stakeholder engagement, community and governmental relations and we have appointed Melissa Sanderson in the role of Strategic Advisor for Government Relations, Environmental, Social and Governance (ESG). Mel combines over three decades of experience in geostrategic planning, ethical sustainable growth, and cultural integration. Mel's wide ranging expertise spans the mining industry, critical minerals strategy, international diplomacy, and sustainable development and she provides important guidance and support to the Company.

The Dotted Lake Project Exploration Permit was awarded shortly after the period end in July and, Abitibi Geophysics have been undertaking geophysical modelling services as part of a comprehensive programme of critical mineral discovery focussed works on the highly prospective intrusive linked nickel-copper-cobalt and Platinum Group Metal target in the north-east of the Dotted Lake project area.

We have now advanced our Dotted Lake and Obonga projects, beyond generative exploration to delineate multiple drill ready discovery and resource targets that now demand our focus. It was against this backdrop that the Company took the difficult decision to terminate the option and sale and purchase agreement with Shear Gold Exploration Corporation over the Manitou Lakes Project on the Eagle - Manitou Lakes Greenstone Belt in Ontario, Canada.

In corporate activities, Panther raised £375,000 in the period through a placing and directors made additional on-market share purchases in the Company.

The board and I are extremely pleased with the work and developments in this period, and I would like to thank everyone involved in bringing the Company to this important stage. The Company's positive trajectory is poised to accelerate as we look to contribute significantly to the mining and exploration sector in both London and Canada in the second half of 2024 and into 2025.

Nicholas O'Reilly

Non-Executive Chairman

27 September 2024

Operational Highlights

Key operational milestones achieved during the six-month reporting period to 30 June 2024 and in the subsequent 3-month period to the publication of this interim report.

 Obonga Project Background

·    Total Area: 291 km²

·    Prospective for: Base Metals (Copper, Zinc, Lead, Nickel) and Precious Metals (Gold, Silver and Platinum Group Metals) with Energy Mineral (Lithium, Graphite) potential.

·    Significant Neighbours: Mattabi Mine (Glencore) and Sturgeon Lake VMS Camp to west, Lac des Iles Mine (Impala Canada) to south.

·    Potential: Canada's Next Mining District

The Obonga Project is Panther's flagship project, which has advanced from a greenfield regional data based target area, through proof of concept to drilling success and base metal VMS and graphite discoveries.

Panther has achieved significant milestones through successful drilling campaigns at Obonga's Wishbone prospect, revealing a substantial Volcanogenic Massive Sulphide system. The Wishbone discovery, a first of its kind on the Obonga Greenstone Belt, is characterised by impressive drill hole intercepts, including 27.3m of massive sulphide and 51m of sulphide-dominated mineralisation.

Further drilling in late 2022 reaffirmed the potential, with intersections such as 3.6m @ 3.9% Zn, including 2m @ 6.8% Zn & 4.3 g/t Ag, indicating proximity to metal-fertile fluid flow. The discovery of the Wishbone VMS system is pivotal, boding well for the existence of additional VMS bodies in the vicinity, given their tendency to occur in clusters.

The Survey and Awkward targets have also benefitted from preliminary drilling, confirming VMS style mineralisation at Survey with a 29m wide intercept of cyclical semi-massive and disseminated sulphide, with graphite discovered at Awkward. This, coupled with the Wishbone discovery, solidifies the Obonga Greenstone Belt's status as a new emerging VMS Camp.

The Obonga Greenstone Belt, with its emerging VMS Camp status, is strategically positioned close to national railroad transport links and the industrial port city of Thunder Bay. Moreover, it is approximately 75km east of the former Mattabi/Sturgeon Lake Mining Camp on the Wabigoon Greenstone Belt, underlining its advantageous geological and logistical position.

The presence of significant gold occurrences, base metals, and promising exploration results in the Obonga Greenstone Belt contribute to its appeal as a potential mining district. This strategic positioning makes it an attractive prospect for future resource development and exploration.

Obonga 2024 Developments

On 11 January 2024 the Company provided the additional graphite assay results for drill hole BBR22_AW-P1-1, following additional sample submissions targeting crystalline or 'flake' graphite. The additional sampling was part of a review of the graphitic core drilled at the Awkward Prospect in the autumn of 2022 and a comprehensive historical data review which has extended the graphite potential.

The Awkward Prospect area is prospective for sulphide bearing magmatic conduits and graphite and is located in the eastern side of the Company's Obonga Project, which covers 90% (291 km²) of the district scale Obonga Greenstone Belt in northwest Ontario.

Highlights 

·     Updated graphite assay results for drill hole BBR22_AW-P1-1, following further sample submissions. BBR22_AW-P1-1 was drilled to test a geophysical modelled conductive target at the western end of a 730m long conductive lineament 'Trend 3'.

·     Samples analysed by ALS Laboratories for Total Graphitic Carbon ('TGC') analysis (by method C- IR18) in order to confirm the presence of crystalline 'flake' graphite.

·     Results extend the downhole intersection of graphitic carbon to 27.2m @  2.25 % TGC between 12m to 43.3m downhole.

·     Key downhole Total Graphitic Carbon ('TGC') intersections as follows:

·     27.2 m @ 2.25 % TGC from 12m downhole, including;

o  4.0 m @ 3.64 % TGC from 14.0 m, with 1.0 m @ 5.15 % TGC from 16.0 m ;

o  6.0 m @ 3.60 % TGC from 19.0 m, with 1.0 m @ 5.12 % TGC from 21.0 m ; and

o  8.0 m @ 2.42 % TGC from 27.0 m, with 2.0 m @ 4.16 % TGC from 29.0 m downhole.

·     Additional geophysical plate modelling has the prospect of extending Trend 3 a further 4.1km eastwards.

·     Factoring the additional claim package recently acquired by Panther, initial geological interpretation suggests a preliminary graphite target area in the region of 21.5 km² across the Awkward and Awkward East prospect areas.

·     Historic data review notes graphite at surface and abundant in some units within the wider exploration area.

On 1 February 2024 the Company announced it had submitted an Exploration Permit application for additional drilling following the discovery of VMS base metal mineralisation on the Obonga Project's Wishbone Prospect. The Exploration Permit application was submitted in collaboration with Broken Rock Resources Ltd., and concerns planned work within 19 Single Cell Mining Claims in the Kashishibog Lake Area and Uneven Lake Area administrative regions (Figure 1). The submitted application covered a planned series of up to 39 diamond core drill holes and associated down-hole geophysics surveys spread across the Wishbone Prospect in the centre-west of the Obonga area.  The Wishbone application supplemented Exploration Permit PR-22-000116 which covers work through to 14 July 2025 at Obonga's Survey VMS discovery, and the Ottertooth and Silver Rim prospect areas.

Figure 1: Wishbone Exploration Permit Planned Drill Pads and Access

On 5 March 2024 the Company announced an extension to the Obonga Project purchase agreement with Broken Rock Resources Ltd. The agreement allows for an additional year to meet the exploration commitment (announced 2 August 2021) over Panther's flagship project, which has advanced from a greenfield regional data-based target area, through proof of concept to drilling success and base metal VMS and graphite discoveries. The Panther exploration commitment entails funding 8,000 meters of drilling on the Obonga 285km2 claim package (and all associated costs including assay results and core storage); and to make available a budget of not less than CAN$1,000,000 (which has already been met by Panther) over an initial  four year period, ending 31 July 2025, to fund all other operating costs on the area covered by the Claims (including trail building, field work, community relations, access rights and personnel costs).

On 2 April 2024 the Company announced it has submitted an Exploration Permit application PR-24-000059 for additional drilling following the intersection of significant widths of graphite mineralisation comprising 27.2m @ 2.25 % Total Graphitic Carbon, on the eastern extension of the Awkward Prospect.

The Exploration Permit application concerned planned work within 35 Single Cell Mining Claims in the Puddy Lake Area and Obonga Lake Area administrative regions and covers a planned series of up to 31 diamond core drill pads and associated down-hole and surface geophysics surveys spread across the Awkward East application area on the eastern side of the Obonga Project (Table 1).  The Awkward East claims covering a total area of 7.25km² are covered by a Purchase Agreement announced on 29 December 2023.

Table 1: Awkward East Exploration Permit Application and Prospect Details

On 22 April 2024 the Company announced a second Exploration Permit application PR-24-000076 for additional drilling within 21 Mining Claims on the western side of the Awkward Prospect. The Awkward West application covered a planned series of up to 31 diamond core drill pads and associated down-hole and surface geophysics surveys (Table 2).

On 24 May 2024 the Company announced the commissioning of Pioneer Exploration Consultants Ltd. ("Pioneer") to conduct an estimated 430 line/km high resolution 25m line spacing airborne drone magnetic geophysical survey at Obonga. They were initially commissioned to cover the three VMS prospect areas at Wishbone Prospect, the Survey Prospect and the Ottertooth, with the Awkward and Silver Rim prospects subsequently added to the planned survey list. As of 1 July 2024, Pioneer had thus far completed the surveys over the Survey, Ottertooth and Silver Rim prospects.

The high-resolution magnetic data will provide amongst a variety of data products, a three-dimensional ("3D") inversion models that will help refine planned drill hole orientations to target high grade base metal zones at depth, as well as providing inputs for the mineral system modelling.

On 30 May 2024 the Company announced the appointment of Bayside Geoscience Inc ("Bayside"), a highly experienced independent geological consulting company, to commence graphite focussed ground exploration work on the Awkward and Awkward East prospect areas on the eastern side of the Obonga Project.

The Bayside work programme follows on from a comprehensive data review, initially targeting numerous surface occurrences of graphite noted in historical reports, and with the objective of mapping the strike extensions of the wide graphite mineralisation intersected by the Panther drill hole BBR22_AW-P1-1 which was drilled to test a geophysical modelled conductive target at the western end of a 730m long conductive lineament 'Trend 3'. Ground prospecting and additional plate modelling has the potential of extending the conductive Trend 3 a further 4.1 km eastwards.

As reported on 1 July 2024, over the course of two separate visits, interspersed by a week-long period of bad weather which prevented helicopter access, the Bayside team successfully traversed and mapped five separate regions along strike and parallel to Panther's graphite drill discovery and the conductive plate modelling targets based on the regional electromagnetic geophysical data. They mapped out metavolcanic and metasedimentary rock packages constrained by gabbroic intrusives that are orientated strike parallel to the conductive plates. Encouragingly more competent rock units at a number of localities displayed distinct tourmaline veining, a metamorphic hydrothermal mineral that often forms in association with graphite and with gold.

On 19 July 2024 the Company announced the receipt of Exploration Permit PR-24-000076 covering the Awkward West Prospect, it is valid through to 17 July 2027 and allows for a comprehensive programme of works over the Awkward West area which includes both the 730m long 'Trend 3' graphite target and the Awkward magmatic feeder conduit target focused on a nickel-copper-platinum-palladium discovery.

Awarded in association with Broken Rock Resources Ltd and Karen Siltamaki, the Permit covers a planned series of up to 31 diamond core drill hole pads and associated down-hole geophysics surveys, and up to 12 pits or trenches spread across the Awkward West target area (see Table 2 and Figure 2). The permitted work follows on from drilling conducted by Panther in 2022.

The Awkward West Permit supplements Exploration Permit PR-22-000116 which covers work through to 14 July 2025 at Obonga's Survey VMS discovery, and the Ottertooth and Silver Rim prospect areas; and Exploration Permit PR-24-000022 which covers the Wishbone VMS target area through to 20 June 2027.

Table 2: Awkward West Exploration Permit and Prospect Details

and Access

Figure 2: Awkward West Exploration Permit PR-24-000076 Permitted, Claim Cells, Drill Pads, Camp

Dotted Lake Project Background: Critical Mineral Potential

·    Total Area: 36.9 km²

·    Prospective for: Base Metals (Nickel, Cobalt, Copper, Zinc) and Precious Metals (Gold, Silver, and Platinum Group Metals)

·    Significant Neighbours: Barrick Gold (Hemlo Mine) to south, GT Resources (TSXV: GT) (Glencore 16.7% stake) to east.

The Dotted Lake Project encompasses a substantial 36.9 km² (Figure 3) within the North Limb of the Schreiber-Helmo Greenstone Belt, situated 16 km north of Barrick Gold's Hemlo Gold Mine which has produced over 22 Moz of gold over 30 years to date and 9 km from GT Resources recent discovery at West Pickle Lake on their Tyko One Belt. The area is considered very prospective for ultramafic intrusive related nickel and base metal mineralisation as well as gold.

Panther Metals acquired 100% of the Dotted Lake Project in July 2020. An extensive soil programme conducted in 2021 identified numerous gold and base metal targets, all within the same geological footprint as Hemlo. Following the reopening of a historical trail providing direct access to the target location, an initial drilling programme in the autumn of 2021 confirmed the presence of gold mineralisation within this system with anomalous gold continuing along strike and present within the surrounding area. Dotted Lake sits upon 2.7-billion-year-old, Archaean age, rocks that form the north-eastern 'Dotted Lake Arm' of the Schreiber-Hemlo Greenstone Belt. Geology consists sequences of foliated, fine grained, dark green, amphibole rich metavolcanic rocks situated within an east-northeast trending isoclinal syncline. The metavolcanics have been intruded by granitoid rocks of the Dotted Lake Batholith in the southeast of the property whilst In the northeast an ultramafic intrusive complex flanks the two.

Panther's airborne electromagnetic and magnetics geophysics survey, extensive soil sampling and stratigraphic drilling, have laid the groundwork for potential discoveries.  Three-dimensional inversion modelling of Panther's geophysical data is currently underway.

Figure 3: Location of the Dotted Lake Project, East of Thunder Bay, Ontario, Canada

On 22 February 2021, Panther Metals announced the receipt of the processed high-resolution Airborne TDEM and Mag geophysics survey data and associated maps and report over the Dotted Lake Property on the north limb of the Schreiber-Hemlo greenstone belt in Ontario, Canada. Prospectair Geosurveys had conducted the helicopter 818 line-km survey over a series of seven flights between 9-11 December 2020. A total of 138 geophysical anomalies were identified by the survey, with high priority anomalies prioritised for follow-up ground investigation.

In June 2021, Panther Metals contracted the experienced Thunder Bay based Fladgate Exploration Consulting Corporation to undertake a soil geochemistry sampling programme over a 1.60km by 0.85km target area. The soil geochemistry survey was designed to build out and in-fill the westerly strike extensions of high-grade gold mineralisation intersected by historical trenching undertaken by a previous licence holder in 2010 (Tr-10-4) and as confirmed during Panther Metals' reconnaissance sampling (gold up to 18.9g/t Au) announced 5 November 2020. The soil survey provided important geochemical coverage of target structures outlined by Panther's airborne geophysical survey (see Figures 4 & 5) and delineated a 1.3km long shear-related gold anomaly striking westward from the site of Panther's Dotted Lake drill hole. A total of 18 multi-element anomalies were also identified including areas of very strong nickel in soil.

Figure 4: Dotted Lake Geochemical Soil Sampling Anomalies

Nickel and Cobalt Targets

Panther also digitised historical exploration data in conjunction with the airborne and soil survey data. This work has defined a new area, in the northeast of the Dotted Lake property, which is also considered very prospective zone for nickel mineralisation and which is underlain by an ultramafic intrusive complex. The historical geochemical soil survey data based on work undertaken by Clear Mines Ltd in August 1983, shows a 2.8km long linear broadly east-west striking zone of elevated nickel in soil coinciding with a mapped ultramafic / gabbro intrusive unit and a distinct geophysical anomaly (Figure 5).

The Clear Mines Survey consisted of 577 soil samples analysed for 27 elements, collected on a series of north-south lines directly to the east of the Panther 2021 soil survey area. Nickel is elevated across the prospect area defined by highs ranging 137 - 235 ppm Ni and peaking at 614ppm Ni in the eastern end. Other soil anomalies across the Ni Target include cobalt (Co) up to 214 ppm Co and copper (Cu) up to 861 ppm Cu.

The western end of the ultramafic intrusive is shown on government mapping to lie beneath the lake, however the geophysics survey and the Panther soil survey data indicates that the intrusive rocks extend further to the west and may underlie the soil survey Anomaly A and Anomaly C (see Figure 5 & 6).

Panther's Ni Target is located 9km west of a new zone of massive nickel-copper sulphide mineralisation drilled by GT Resources (TSXV: GT) at their Tyko Project.

Figure 5: Panther Soil Nickel Results and Clear Mines Survey Historical Soil Assay Results

Figure 6: Map Showing Highly Anomalous Soil Geochemical Results over Airbourne Total Magnetic Intensity Magnetics and Electromagnetic Imagery

Dotted Lake 2024 Developments

On 10 July 2024 the Company announced the appointment of Abitibi Geophysics Ltd. ("Abitibi") a well-respected Canada headquartered international geophysical survey company, to provide geophysical modelling services for the Dotted Lake Project.

In advance of a planned ground geophysical survey Abitibi have been undertaking three-dimensional (3D) inversion modelling and advanced processing (CET Grid Analysis) of the airborne high-resolution magnetic and time-domain electromagnetic ("TDEM") geophysical data resulting from the Prospectair Geosurvey Inc ("Prospectair") survey flown for Panther in 2020.

The Abitibi Deliverables include: complete digital files; colour levels maps of the magnetics data inversion at 3 depths of the total magnetic intensity (TMI) reduced to the pole and its derivatives (1st vertical derivative, analytic signal, tilt; colour maps of the frequency migration of the EM responses into early, mid, and late times and of the energy envelope; maps of the recommended targets, conductors, magnetic trends, and interpreted structures; maps of the structural analyses and predictive targeting; and ground geophysics follow-up and drilling recommendations.

Whilst the Abitibi work includes the entire Dotted Lake Project area, the focus of the work is the eastern side of the project and the 4.2 km long trend of high priority soil geochemical and geophysical anomalies in association with the Dotted Lake ultramafic intrusion. 

On 22nd July 2024 the Company announced the receipt of Exploration Permit PR-23-000215 covering a series of work and drilling at Dotted Lake (Table 3). The permit is valid through to 17 July 2027 and allows for a comprehensive programme of critical mineral discovery focussed works on the highly prospective intrusive linked nickel-copper-cobalt and Platinum Group Metal targets in the north-east of the Dotted Lake project area (Figure 6).

Table 3: Dotted Lake Exploration Permit and Prospect Details

Figure 6: Dotted Lake Exploration Permit PR-23-000215 Permitted, Claim Cells, Drill Pads, Camp and Access

Manitou Lakes Project: Precious Metal Potential

·      Total Area: 123.4 km²

·      Prospective for: Precious Metal (Gold)

·      Significant Neighbours: Dryden Gold Corp (planned Canadian listing)

The gold focussed Manitou Lakes Project is located upon the Archean age Eagle-Manitou-Wabigoon Greenstone Belt in northwestern Ontario.

The Manitou Lakes region boasts over 200 known gold occurrences and more than 12 km of gold-bearing structures with numerous historic gold producers.

Manitou 2024 Developments

On 28 June 2024 the Company announced an update for the Manitou Lakes Project where the inaugural diamond drilling has confirmed gold mineralisation in four of the five holes drilled at the Glass Reef Target (Figure 7). The drilling was a follow‐up on the widespread anomalous gold in soil and rock sampling values in Panther's geochemical survey over the historical Glass Reef Mine area. 

Panther's optionor partner for the Manitou Lakes Project, Shear Gold Exploration Corporation ("Shear Gold"), authored a technical report detailing the findings of the inaugural drill programme which completed December 2023. Interpretations show the five shallow holes (Figure 7), totalling 495m of core recovered, intersected metavolcanic schist shear zones where gold is associated with sulphides (up to 5% pyrite, pyrrhotite ± chalcopyrite) in quartz veins/veinlets. The historical Glass Reef Mine exploited a northeast trending shear zone, manifested by a narrow schist zone with strong iron carbonate alteration that is traced for several hundred metres along the strike.

Four of the five drill holes intersected low‐grade gold mineralisation over narrow widths in multiple schist zones of mafic volcanic and gabbroic protoliths. The low grade but anomalous gold (Table 4) occurs within strongly carbonatised (abundant carbonate veinlets) porphyritic gabbro units, or in highly altered and sulphide rich (pyrite, chalcopyrite, pyrrhotite) fractures and quartz veins in mafic volcanic rocks (Figure 2).

Given the structural complexity and the apparent nuggety variation in gold distribution through the system, Panther are considering follow-up work options that might help delineate possible high-grade ore shoots which were not intersected by the drilling, but which are thought to exist within the proximal historical mine workings. Considerations include three-dimensional induced polarisation ("IP") and magnetic inversion geophysical surveys as well as supplementary litho‐structural mapping and sampling.

Figure 7: Location of the Glass Reef Target Drilling Programme, With Drill Hole Surface Geological Traces

 Table 4: Drill Hole Locations and Anomalous Gold Intercept Details

Figure 8: Drill Hole Plot Geological Cross Section across centre of the Glass Reef Target

On 18 September 2024 Panther announced the termination of the option and sale and purchase agreement with Shear Gold Exploration Corporation over the Manitou Lakes Project.

Corporate and Financial Highlights

March 2024- Partial Sale of Investment in Fulcrum Metals PLC and new lock in agreement

On 12 March 2024 the Company announced it has sold a total of 2,346,717 ordinary shares of 1 p each in Fulcrum Metals PLC on 11 March 2024 at an average price of 15.2 pence per Ordinary Share. Following the sale, Panther continues to hold 7,625,122 Ordinary Shares representing 15.26% of the Fulcrum issued share capital. Pursuant to the sale, Panther entered into a new lock-in agreement with Fulcrum, Allenby Capital and Clear Capital, thereby imposing a hard lock-in period on the Panther Shares to 15 May 2025 and the orderly market provision on the Panther Shares for a year thereafter through to 15 May 2026. The provisions apply to the existing Ordinary Shares and any Ordinary Shares allotted and issued to or subsequently acquired by Panther during the locked-in period described in the New Agreement.

April 2024- Appointment of Strategic Advisor

On 11 April 2024 the Company announced the appointment of Melissa Sanderson in the role of Strategic Advisor for Government Relations, Environmental, Social and Governance (ESG) to the Company.

Melissa 'Mel' Sanderson combines over three decades of experience in geostrategic planning, Ethical Sustainable Growth (ESG), and cultural integration. Fluent in five languages Mel's wide-ranging expertise spans the mining industry, critical minerals strategy, international diplomacy, and sustainable development. Currently leading MECA Consulting and contributing her knowledge as a Professor at Thunderbird School of Global Management at Arizona State University, Mel holds significant roles on various public market Boards, driving ESG and decarbonisation efforts.

May 2024 Fundraising

On 23 May 2024 the Company announced the completion of a placing raising £375,000 (before expenses) by the issue of 8,333,334 new ordinary shares at a price of 4.5 pence. The placing price of 4.5p per placing share represented a discount of 12.6% to the mid-market closing price of the Company's ordinary shares at close of business on 21 May 2024. The placing was conducted within existing shareholder authorities.

Each placing share was issued with one warrant attached entitling the holder to subscribe for one new ordinary share at a price of 7.5 pence with a life of 36 months from the date of Admission.

May 2024- Partial Disposal of the Investment in Panther Metals Limited ("Panther Australia")

On 31 May 2024, the Company announced the sale of 1,131,446 shares in Panther Metals Ltd (ASX:PNT) for a total aggregate amount of $55,615.00, approximately £28,935.00 sterling. Following the disposal, representing a net decreased position of 5.66%, Panther Metals Plc now holds 18,868,555 shares in Panther Metals Ltd, holding 21.65% of the total outstanding issued capital of the company.

June 2024 Share Consolidation

On 13 June 2024, the Company announced that at its Annual General meeting held on 13 June 2024, inter alia, a resolution was passed which approved the consolidation of 92,822,307 existing ordinary shares ("Existing Ordinary Shares") of no par value on a 25 into 1 basis, such that every 100 Existing Ordinary Shares are consolidated into 4 ordinary shares. As a result of the approval of the Share Consolidation, the Company had 3,712,309 new Ordinary Shares in issue ("New Ordinary Shares"). Admission in respect of such New Ordinary Shares to the standard segment of the Official List of the FCA and to trading on the Main Market for listed securities of the London Stock Exchange will become effective and dealings in those New Ordinary Shares commenced on 14 June 2024. As a result of the Share Consolidation, the ISIN of the New Ordinary Shares changed from IM00BKDM2T52 to IM00BRF2WV49.

Financial Review

The Group has reported an unaudited loss for the six months ended 30 June 2024 of £967,902 (six months ended 30 June 2023 - profit £792,012). The basic and diluted loss per share for the period was 25.59 pence and 25.59 pence respectively (six months ended 30 June 2023 - basic and diluted earnings of 0.85 pence and 0.64 pence respectively).

The key performance indicators are set out below:

The Directors are required to provide an Interim Management Report in accordance with the Financial Conduct Authorities ("FCA") Disclosure Guidance and Transparency Rules ("DTR"). The Directors consider the Interim Management Report of this Half Yearly Financial Report provides details of the important events which have occurred during the period and their impact on the financial statements as well as the outlook for the Company for the remaining six months of the year ended 31 December 2024.

The following statement of the Principal Risks and Uncertainties, the Related Party Transactions, the Statement of Directors' Responsibilities and the Operational and Financial Review constitute the Interim Management Report of the Company for the six months ended 30 June 2024.

Principal Risks and Uncertainties

The principal risks and uncertainties of the Company are detailed on page 26 of the Company's most recent Annual Report for the year ended 31 December 2023 which can be found on the Company's website at www.panthermetals.co.uk. The principal risks and uncertainties facing the Company remain unchanged from those disclosed in the Annual Report for the year ended 31 December 2023, and the Board are of the opinion that they will continue to remain unchanged for the forthcoming six-month period.

The principal risks and uncertainties facing the Company are as follows:

•     adverse foreign exchange fluctuations;

•     if the Group is unable to raise additional capital when needed or on suitable terms it could force a delay, reduce or eliminate its exploration development and production plans and efforts; and

•     there are significant risks associated with any discovery and the ability of the Company to then generate any operational cashflows.

Related Party Transactions

There have been no material changes to the related party transactions described in the Annual Report that could influence the financial position or performance of the Company.

Going Concern

As at 30 June 2024, the Group had total cash reserves of £236,958 (31 December 2023: £66,120). The Directors are aware of the reliance on fundraising within the next 12 months and having reviewed the Group's working capital forecasts. They believe the Group is well placed to manage its business risks successfully providing future fundraisings are successful. The interim financial statements have been prepared on a going concern basis and do not include adjustments that would result if the Group was unable to continue in operation. As a junior exploration company, the Directors are aware that the Company must go to the marketplace to raise significant funds in the next 12 months to meet its investment and exploration plans and to maintain its listing status.

For and on behalf of the Board of Directors

Darren Hazelwood

Chief Executive Officer

27 September 2024

STATEMENT OF DIRECTORS' RESPONSIBILITY FOR THE HALF YEARLY REPORT FOR THE SIX MONTHS ENDED 30 JUNE 2024

The Directors confirm to the best of their knowledge:

·        the interim financial statements have been prepared in accordance with International Accounting Standard 34, Interim Financial Reporting, as adopted by the EU;

·        the interim financial statements give a true and fair view of the assets and liabilities, financial position and the loss of the Group;

·        the interim report includes a fair review of the information required by DTR 4.2.7R of the Disclosure and Transparency Rules, being an indication of important events that have occurred during the first six months of the financial year and their impact on the interim financial information, and a fair description of the principal risks and uncertainties for the remaining six months of the year; and

·        the interim financial information includes a fair review of the information required by DTR 4.2.8R of the Disclosure and Transparency Rules, being information required on related party transactions.

For and on behalf of the Board of Directors

Darren Hazelwood

Chief Executive Officer

27 September 2024

CONSOLIDATED CONDENSED STATEMENT OF COMPREHENSIVE INCOME

FOR THE SIX MONTHS ENDED 30 JUNE 2024