Panther Metals : Assays Return Highest Nickel and Cobalt Grades to Date

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ASX ANNOUNCEMENT

23 March 2022

Assays Return Highest Nickel and Cobalt

Grades to Date at the Coglia Project

Highlights:

• High-gradenickel and cobalt intercepts returned from the latest assays include:

1. 21m at 1.34% Ni from 72m, inc. 12m at 1.87% Ni from 74m with a peak intercept of 1m at 3.77% Nifrom 74m, and 8m at 833ppm Co from 78m with

a peak of 1m at 1,200pm Co from 81m.

1. 10m at 1.3% Ni from 62m, inc. 3m at 1.77% Ni from 65m and 1m at 2.11% Ni

from 67m.

1. 12m at 1.03% Ni from 47m, inc. 7m at 1.14% Ni from 49m and 5m at

1,812ppm Co from 47m, inc. 1m at 3,160ppm Cofrom 49m.

• 1. 25m at 0.97% from 56m, inc. 3m at 1.47% Ni from 61m and 1m at 2.13% Ni from 69m.
• The intercepts of 1m at 3.77% nickel and 1m at 3,160ppm cobalt are the highest grades received to date.
• These latest results cover 26 holes (CGRC005-020 and CGRC 031-040).
• We are still awaiting assay results for a further 33 holes.
• Once drilling is complete at Coglia, the rig will move to the Eight Foot Well gold prospect.

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ASX ANNOUNCEMENT

23 March 2022

Summary:

Panther Metals Ltd (ASX: PNT), ('Panther' or 'the Company') is pleased to announce that our initial assay results have returned high nickel and cobalt grades resulting from drilling at the Coglia Project. This data represents the Company's second batch of drilling results since listing on 10 December 2021.

Daniel Tuffin, Managing Director, commented:

"Due to the amount of meticulous work and planning carried out prior to drilling the Coglia Ni-Co deposit by our team, I am not surprised with these results. However, I remain exceedingly pleased with these increased peaks in nickel and cobalt grades and the continued consistency in the thickness of the mineralised zone in which they reside.

We have almost completed our maiden 6,000m RC program at Coglia, with about half of the holes assayed. During this time, we have discovered an extension to the historic nickel and cobalt mineralisation zone and encountered significantly high grades of nickel and cobalt within thick zones of lateritic mineralisation both inside and outside of the current Exploration Target.

Drilling is due to be complete at Coglia by the end of the month, at which point the rig and crews will move to our Eight Foot Well Gold project to begin a 2,500m RC infill program.

The Company will look to create a maiden Mineral Resource estimate to JORC guidelines at Coglia once all outstanding assays have been received."

Drill Results:

Results above 0.5% nickel and 500ppm cobalt are reported below:

• CGRC005: 25m at 0.97% from 56m, inc. 3m at 1.47% Ni from 61m and 1m at 2.13% Ni from 69m
• CGRC006: 12m at 1.03% Ni from 47m, inc. 7m at 1.14% Ni from 49m and 5m at 1812ppm Co from 47m, inc. 1m at 3,160ppm Co from 49m
• CGRC009: 3m at 0.99% Ni from 62m
• CGRC010: 4m at 0.95% Ni from 56m, inc. 1m at 1.73% Ni and 4m at 778ppm Co from 55m, inc. 1m at 1,040ppm from 56m
• CGRC011: 3m at 0.54% Ni from 62m and 1m at 0.62%Ni from 70m
• CGRC012: 1m at 0.57% Ni from 40m and 4m at 0.56% Ni from 43m and 7m at 0.84% Ni from 51m, inc. 1m at 1.03% Ni from 51m
• CGRC013: 7m at 0.57% Ni from 50m and 10m at 1.3% Ni from 62m, inc. 3m at 1.77% Ni from 65m and 1m at 2.11% Ni from 67m and 620ppm Co from 67m and 570ppm Co at 69m
• CGRC014: 26m at 0.8% Ni from 39m, inc. 8m at 1.07% Ni from 44m
• CGRC015: 7m at 0.66% Ni from 51m and 2m at 0.58% Ni from 61m and 1m at 0.63% Ni and 1m at 980ppm Co from 74m (hole ended at 75m)

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• CGRC016: 13m at 0.52% Ni from 58m and 1m at 0.58% Ni from 79m and 5m at 528ppm Co from 52m (hole ended at 80m).
• CGRC017: 7m at 0.55% Ni from 48m and 1m at 0.53% Ni from 69m and 5m at 500ppm Co from 47m.
• CGRC018: 4m at 0.53% Ni from 72m and 2m at 675ppm Co from 72m.
• CGRC032: 21m at 1.34% Ni from 72m, inc. 12m at 1.87% Ni from 74m and 1m at 3.77% Ni from 74m, and 8m at 833ppm Co from 78m and 1m at 1,200pm Co from 81m.
• CGRC033: 1m at 0.73% Ni from 59m.
• CGRC035: 11m at 0.66% Ni from 51m and 1m at 0.93% Ni from 69m and 2m at 600ppm Co from 52m.
• CGRC037: 16m at 0.55% Ni from 62m.
• CGRC039: 14m at 0.58% Ni from 40m and 1m at 1,120ppm Co at 56m (hole ended at 57m).
• CGRC040: 17m at 0.75% Ni from 37m, inc. 2m at 1.07% Ni from 43m and 2m at 565ppm Co from 43m and 1m at 590ppm Co at 64m and 1m at 520ppm Co at 66m.

Figure 1: Chip tray for CGRC032 - peak 3.77% nickel value at 74m shown

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These latest results cover 26 holes (CGRC005-020 and CGRC 031-040). The Company is awaiting assay results for a further 33 holes.

Once the Coglia drill program is complete, the Company will commence a Mineral Resource estimate to JORC guidelines and the drill rig at Coglia will move onto the Eight Foot Well gold prospect with the intention of identifying the potential for a shallow gold resource.

Table 1: Drill-hole information for all assays received to date (includes those released in the announcement "Exceptional High-GradeNickel-Cobalt Grades Intercepted at the Coglia Project 28 February 2022")

Hole ID	Northing	Easting	RL	Azimuth	Dip	Planned Depth	Drilled Depth
CGRC005	6790650	498750	477	0	-90	150	148
CGRC006	6788882	498455	500	0	-90	120	121
CGRC007	6791550	499650	397	0	-90	120	96
CGRC008	6791550	499050	387	0	-90	100	97
CGRC009	6791250	499050	432	0	-90	90	91
CGRC010	6791250	499350	432	0	-90	90	91
CGRC011	6791250	499650	429	0	-90	90	87
CGRC012	6788550	498300	494	0	-90	60	61
CGRC013	6788702	498450	496	0	-90	60	72
CGRC014	6788700	498150	496	0	-90	50	73
CGRC015	6789150	497850	507	0	-90	80	75
CGRC016	6789150	498150	509	0	-90	80	81
CGRC017	6789450	497850	504	0	-90	90	90
CGRC018	6789450	498150	505	0	-90	90	91
CGRC019	6789600	498300	486	0	-90	80	81
CGRC020	6789750	498150	466	0	-90	70	80
CGRC031	6790050	499050	453	0	-90	150	99
CGRC032	6790950	499050	481	0	-90	80	108
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CGRC033	6790951	499350	480	0	-90	70	76
CGRC034	6791550	499350	388	0	-90	100	91
CGRC035	6791251	498750	433	0	-90	110	110
CGRC036	6790800	498450	481	0	-90	130	123
CGRC037	6790199	499200	463	0	-90	150	148
CGRC038	6789450	498450	506	0	-90	90	76
CGRC039	6789147	498450	509	0	-90	70	57
CGRC040	6788925	498375	501	0	-90	70	72

Figure 2: Historic and original planned Panther drill holes at Coglia superimposed on processed aeromagnetic imagery and showing the outline of the current JORC Exploration Target. Planned holes are shown in Blue. Received results are shown in yellow. Newly added extensional exploration holes are shown in red.

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