Panthera Resources Plc announced assay results for follow up Leachwell testing of selected samples from the 2023 drilling programme at the Kalaka Project in Mali. Highlights: Leachwell analysis 1 of 23 samples from the 2023 Reverse Circulation (RC) drilling programme on the K1A mineralisation target at the Kalaka Project are consistent with previous fire assay2 results; The Leachwell technique provides a preliminary indication of excellent leachability by conventional processing; Results are an essential milestone to advance the K1A target area as a potential bulk volume, low grade gold development project; At the Bido project in Burkina Faso, the Company has now completed its earn in to hold an 80% interest in the project. At the Kalaka Project, Panthera and DFR Gold Inc. (DFR) each have 40% interest, held through their shareholdings in Maniger Ltd. The remaining 20% interest is owned by a local partner, Golden Spear Mali SARL.

It lies approximately 80 km south of the Morila gold mine (8m oz) and 85 km northwest of Resolute's Syama gold mine (6m oz) and is situated adjacent and to the east of the regional Banifin Shear Zone. Leachwell Test work Results for Kalaka has completed Leachwell analysis of 23 samples from 3 of the RC drilled holes completed in 2023 at the K1A Prospect at the Kalaka Project in Malaka Project in Mali. The work was carried out to identify if Kalaka's mineralisation would respond to conventional metallurgical processing.

With this positive test-work returning cyanide ("CN") extractable gold of at least 89%, the Company has identified a potential pathway to advance the project as a bulk volume low grade gold project. Leachwell results have been received for all samples submitted to the SGS Laboratory located in Bamako, who for operational reasons sent the samples to their laboratory in Ouagadougou, Burkina Faso, for processing. The Leachwell analytical technique is formulated for treating large samples, typically weighing 2kg or greater, by fast cyanide leach gold assaying.

As reported previously on 9 October 2023 significant mineralisation was intersected in the 2023 drilling campaign at the K1A prospect, including in KRC_23_007 with 12 m @ 1.62 g/t Au extending to the end of the hole. Mineralisation from this drilling campaign (in the three holes sampled) is comparable to that identified by historical drilling. At the K1A target area, the Company's Competent Person Report (prepared by Golder Associates Pty Ltd), which was disclosed in the Company's AIM Admission Document, reported that drilling by past explorers defined a potential endowment of 250,000 to 500,000 ounces.

Furthermore, Golder Associates Pty Ltd. ("Golder") reported that this represents an exploration target where further infill drilling may lead to the estimation of a Mineral Resource. More recently, follow-up work by Panthera including re- examination of all available drill data at K1A, identified a mineralised envelope that broadly conforms to the potential endowment mentioned by Golder. This work identifies an exploration target of between 0.5 Moz to 1 Moz gold.

Importantly, the Company is yet to drill the northern extension of the mineralisation at K1A together with several similar targets on the project area. Taken together this would potentially expand the exploration target to approximately 3 Moz of gold. The very positive Leachwell test results provide support to the strategy of continuing and expanding work at Kalaka, and in particular at the K1A target and extensions.

One of the principal elements in being able to report a JORC compliant mineral resource estimate is that the competent person must be reasonably assured at each step in the estimation process, that such a resource will over time, prove to be commercially viable. The Leachwell results give encouragement to that proposition, even at the expected low grade level (of the order of 0.5 g/t Au) of the bulk tonnage target.