Panther Metals Ltd. announced that they have received all assays from the recent 5,320 metre infill and extensional reverse circulation drilling programme of 56 holes on the periphery of the current Inferred 70.6 Mt Nickel-Cobalt laterite Mineral Resource estimate at the Coglia Project in Western Australia.   They have also successfully completed Stage 1 metallurgical test work to identify the optimal leaching reagent for a heap leaching operation, where sulphuric acid emerged as the preferred agent due to its cost-effectiveness and efficiency in leaching.Heap leaching is used in many nickel-laterite deposits.Stage 2 metallurgical test work has now commenced, including various leach testing methods and agglomeration, percolation and slump testing. Panther Australia will now progress to updating the Coglia Mineral Resource estimate and then initiate a Scoping Study to provide an economic valuation of the project.

Announcement Highlights: All assays from the recent Coglia drill programme of 5,320 metres received; infill and extensional holes were drilled to better define the extent of the mineralisation. Panther Australia will now progress to updating the Coglia Mineral Resource; once complete it will initiate a Scoping Study to provide a high level economic valuation of the project. Application for a mining lease; made in anticipation of future requirements and any potential progression to a Pre-Feasibility Study.

Deep exploration hole into the Eastern Target area encountered first robust evidence of in-situ nickel-sulphide style mineralisation within ultramafic units: 144m @ 0.15% Ni + 90ppm Co from 20m downhole. Key downhole intercepts within the lateritic horizons of greater than 0.5% nickel included: o Hole 23CGRC023: 6m @ 0.98% Ni + 370ppm Co from 52m o Hole 23CGRC023: 6m @ 0.95% Ni + 220ppm Co from 69m o Hole 23CGRC017: 2m @ 0.87% Ni + 680ppm Co from 84m o Hole 23CGRC056: 15m @ 0.60% Ni + 500ppm Co from 25m o Hole 23CGRC053: 13m @ 0.56% Ni + 320ppm Co from 41m · Stage 1 Metallurgical Test Work completed to determine the best reagent for heap leaching at Coglia; CPC Engineering were commissioned for the test work. Heap leaching is commonly applied to lateritic nickel deposits, examples include the Piaui Nickel Project in Brazil and nearby Alliance Nickel NiWest Nickel-Cobalt Project.

Sulphuric acid outperformed in leach tests; it is also the preferred extraction reagent due to having the best cost-effectiveness. The Company has commenced Stage 2 metallurgical test work; including sighter vat and column leach testing, along with agglomeration, percolation and slump testing.