Future Metals NL announced further high-grade PGM assay results from the metallurgical drilling completed at its 100% owned Panton PGM Project ("Panton") in northern Western Australia. The results reported are from the remaining three of eight metallurgical holes drilled to provide samples for flotation optimisation and variability test work which is underway. Assay results remain pending for a further 52 exploration drill holes, with initial results expected during first quarter, 2022.

Panton has a current JORC Mineral Resource Estimate ("MRE") of 14.32Mt @ 4.89g/t PGM(6E) and 0.31g/t gold for 2.4Moz of contained PGM and gold. Highlights: Assay results received for the remaining three metallurgical holes drilled, further to the initial five drill hole results reported in the Company's announcement of 28 October 2021, include: 8.4m @ 4.89g/t PGM3E (4.90g/t PdEq) from 32.6m (PS383); 12.6m @ 2.58g/t PGM3E (2.81g/t PdEq) from 54.4m (PS385); including 4.6m @ 5.42g/tPGM3E (5.34g/t PdEq) from 54.4m; 13m @ 1.03g/t PGM3E (1.30g/t PdEq) from 43m (PS386); Metallurgical flotation test work is underway on both high-grade and low-grade representative composite samples; Assay results pending for a further 52 drill holes comprising 19 exploration holes recently drilled by the Company and 33 historical drill holes that were not previously sampled through the footwall of the Upper Reef; Initial batch of results expected to be reported within the coming weeks and thereafter regularly throughout first quarter, 2022. Once all of the assays have been received, the Company will incorporate the new results into an updated MRE that will encompass shallow, bulk PGM-Ni mineralisation up to 20-40 metres in thickness, that importantly sits outside of the current MRE.

The Company remains in a strong financial position with cash at bank of AUD 6.0 million as at 30 November 2021.