Future Metals NL announced enhanced metallurgical recoveries from the leaching of flotation tailings, reagent optimisation test work and the chromite concentrate potential for its wholly owned Panton Project. The results de-risk the process flowsheet for Panton and improve the project economics. The Company is in the process of finalising a Scoping Study on the Project's 6.9Moz PdEq JORC Resource to demonstrate a credible path towards developing a low capital, high grade PGM-Ni operation.

Further to the announcement 'Mining and Processing Breakthrough at Panton' on 13 February 2023, the Company has continued to methodically de-risk the development of Panton and enhance project economics through ongoing metallurgical test work and optimisation. These de-risking factors include: Ore sorting test work demonstrating the ability to separate high-grade PGM reef with a 97% recovery from the surrounding low grade bulk mineralisation and waste. This enables the use of more conventional mining methods to extract the high-grade ore and ensure a high-grade feed for the mill, thereby reducing capital and operating costs.

Flotation test work demonstrating the ability to consistently achieve flotation PGM 3E1 recoveries averaging 78% at a very high average concentrate grade of >280g/t PGM 3E1 utilising conventional crushing, grinding and flotation techniques on high-grade PGM reef ore. Leaching test work on flotation tails improving overall PGM 3E 1 recoveries to 93.1% Pd, 76.8% Pt and 94.2% Au (86% PGM 3E1), requiring no additional grinding, at atmospheric pressure and ambient temperature. Test work demonstrating the ability to produce a saleable chromite concentrate from flotation tailings using magnetic separation.

Future Metals is incorporating this series of improvements into a Scoping Study to demonstrate the viability of the Panton project as a low capital, high-grade and high recovery operation producing PGMs, nickel and chromite concentrate.