Quarterly Activities/Appendix 5B Cash Flow Report

During the December quarter Panther Metals Ltd continued to advance its primary Burtville East Gold Project and laid the groundwork for future development across its portfolio. Burtville East Scoping Study: The study confirmed the high‑grade open‑pit potential for the project, returning a net present value (NPV) of $26.6M, an internal rate of return (IRR) of 44% and a mine schedule producing 112kt