Annual Report and Financial Statements

Summary by AI ^BETAClose X

Panther Metals PLC has released its audited financial statements for the year ended 31 December 2025, reporting a loss of £1,343,063. The company advanced its strategic Winston Tailings Project in Ontario, Canada, and continued exploration at its Obonga and Dotted Lake projects. Significant corporate activities included raising £455,000 in February 2025 and £655,570 in October 2025 through placings, and the capitalization of its remaining debt. The company also reported a net asset value of £2,234,684 and a market capitalization of £4.71 million at year-end, with plans for a secondary listing on the Canadian Securities Exchange.

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Companies

Panther Metals (PALM)

UK 100

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Hole ID	Sample ID	From (m)	To (m)	Interval (m)	Ni (%)	Pt (g/t)	Pd (g/t)	Ag (g/t)	Cu (ppm)
PL-13-01	25-NMPL-001	34.55	35.25	0.7	0.05	0.01	0.01	0.27	285
PL-13-01	25-NMPL-002	49.20	50.00	0.8	0.01		0.00	0.02	7
PL-13-01	25-NMPL-003	63.65	64.40	0.75	0.11	0.02	0.04	0.32	599
PL-13-01	25-NMPL-004	158.00	159.50	1.5	0.16	0.04	0.04	0.74	1,180
PL-13-01	25-NMPL-005	159.50	161.00	1.5	0.21	0.03	0.05	1.21	1,420
PL-13-01	25-NMPL-006	161.00	162.50	1.5	0.41	0.14	0.11	1.67	2,520
PL-13-01	25-NMPL-007	162.50	164.00	1.5	0.39	0.09	0.11	1.72	2,690
PL-13-01	25-NMPL-008	164.00	165.50	1.5	0.21	0.05	0.06	1.05	1,435
PL-13-03	25-NMPL-009	57.10	57.70	0.6	0.08	0.01	0.01	1.09	1,250
PL-13-03	25-NMPL-010	171.40	171.85	0.45	0.89		0.02	1.71	3,550
PL-13-03	25-NMPL-011	173.65	174.50	0.85	1.07	0.01	0.04	1.28	2,290
PL-13-03	25-NMPL-012	213.00	213.35	0.35	0.13		0.00	0.45	809
PL-13-03	25-NMPL-013	233.00	233.35	0.35	0.81		0.02	0.42	337
PL-13-03	25-NMPL-014	246.40	247.40	1	0.84		0.04	1.33	723
PL-13-03	25-NMPL-015	247.40	248.25	0.85	0.41	0.01	0.01	2.18	4,200
PL-13-03	25-NMPL-016	255.00	256.50	1.5	0.18	0.01	0.01	0.81	1,255
PL-13-03	25-NMPL-017	288.00	289.25	1.25	0.21		0.02	1.13	2,020
PL-13-03	25-NMPL-018	289.25	290.50	1.25	0.18		0.01	0.97	1,640
PL-13-03	25-NMPL-019	290.50	291.75	1.25	0.29	0.01	0.01	0.74	1,400
PL-13-03	25-NMPL-020	291.75	293.00	1.25	0.23	0.01	0.02	1.03	1,520

Drillhole ID	Easting	Northing	Elevation	Azimuth	Dip	Hole Depth	Start	Finish
DL24-001	589,455	5,416,139	397	330	45	330	01/11/2024	04/11/2024
DL24-002	590,435	5,416,233	387	154	55	328	04/11/2024	08/11/2024
DL24-003	590,102	5,416,175	383	160	54	330	09/11/2024	11/11/2024
DL24-004	592,745	5,416,939	391	160	45	248	18/11/2024	22/11/2024
DL24-005	592,347	5,417,309	408	180	45	326	23/11/2024	25/11/2024

Selected Element	Lower Limit of Detection	1^st Highest	2^nd Highest	3^rd Highest
Copper (Cu)	0.01 ppm	1,665 ppm	1,030 ppm	1,005 ppm
Nickel (Ni)	0.04 ppm	480 ppm	456 ppm	394 ppm
Cobalt (Co)	0.001 ppm	62 ppm	61 ppm	49 ppm
Zinc (Zn)	0.1 ppm	190 ppm	157 ppm	157 ppm
Silver (Ag)	0.001 ppm	0.99 ppm	0.56 ppm	0.50 ppm
Gold (Au)	0.2 ppb	377 ppb	42.2 ppb	30.6 ppb

Vibracore Hole ID	Vertical Depth		Au (g/t)	Ag (g/t)	Zn (%)	Cu (%)	Co (ppm)	Ga (ppm)	In (ppm)
Vibracore Hole ID	From (m)	To (m)	Au (g/t)	Ag (g/t)	Zn (%)	Cu (%)	Co (ppm)	Ga (ppm)	In (ppm)
WT-26-001	0.7	2.05	0.889	15.85	1.185	0.186	347	107	13
	2.05	3.55	0.683	16.55	1.24	0.161	321	94	14
	3.55	6.55	0.461	15.5	1.565	0.118	453	102	16
WT-26-002	1.3	2.05	0.488	15.05	1.18	0.111	277	80	12
	2.05	3.55	0.438	12.15	1.605	0.128	305	78	16
	3.55	5.05	0.383	16.15	1.44	0.172	463	104	19
	5.05	5.45	0.48	8.19	0.687	0.086	275	62	6
WT-26-003	1.07	2.05	0.424	9.28	1.2	0.109	257	81	11
	2.05	3.27	0.558	12.5	0.84	0.128	270	85	9
	3.27	4.77	0.513	18.7	1.22	0.188	442	108	17
	4.77	6.27	0.345	12.5	1.625	0.120	388	107	17
	6.27	7.77	0.516	11.25	2.1	0.136	360	103	18
	7.77	9.27	0.565	10.85	2.85	0.148	311	97	28
WT-26-004	1.77	3.27	0.39	9.27	1.57	0.171	252	81	18
	3.27	4.77	0.251	7.77	1.17	0.125	267	81	11
	4.77	6.27	0.486	15.65	1.39	0.158	434	106	16
	6.27	7.77	0.715	13.1	1.225	0.100	271	96	9
	7.77	9.27	0.561	10.85	1.515	0.135	269	92	12
	9.27	10.77	0.528	10.2	1.35	0.100	265	90	10
	10.77	12.27	0.502	11.55	2.11	0.103	296	96	14
	12.27	12.47	0.671	11.9	1.545	0.113	272	94	12
	12.47	13.97	0.785	11.8	1.57	0.119	242	92	11
WT-26-005	1.77	3.27	0.26	9.09	1.480	0.125	203	71	10
	3.27	4.77	0.29	7.93	1.225	0.102	260	81	12
	4.77	6.27	0.42	10.20	0.820	0.093	270	77	8
	6.27	6.88	0.64	11.90	1.285	0.120	237	91	11
WT-26-007	4.77	6.27	0.42	11.50	1.315	0.131	323	88	13
	6.27	7.77	0.69	11.10	1.405	0.133	200	88	12
	7.77	9.27	0.63	10.00	1.570	0.132	190	82	13
	9.27	10.27	0.44	8.55	1.755	0.111	205	90	16
WT-26-011	1.57	3.07	0.45	11.10	1.015	0.106	315	74	12
WT-26-011A	1.57	3.07	0.05	1.32	0.912	0.026	60	22	5
WT-26-012	0.51	1.77	0.34	10.25	1.675	0.170	358	103	20
	1.77	3.27	0.53	13.40	1.260	0.127	430	103	17
	3.27	4.77	0.35	12.25	1.240	0.109	383	98	14
	4.77	6.27	0.51	11.60	1.135	0.105	341	86	11
	6.27	7.77	0.63	13.40	1.510	0.136	286	88	14
	7.77	9.27	0.62	12.80	1.470	0.126	289	97	14
	9.27	10.77	1.32	18.65	2.240	0.155	262	97	18
	10.77	11.71	0.53	13.65	3.290	0.188	303	101	24
WT-26-013	1.77	3.27	0.52	13.30	1.405	0.134	366	83	14
	3.27	4.77	0.42	14.45	1.255	0.126	370	95	12
	4.77	6.27	0.57	11.55	0.713	0.085	374	66	6
	6.27	7.77	0.54	14.10	1.385	0.127	270	86	11
WT-26-014	1.77	3.27	0.43	10.05	1.340	0.131	349	84	14
WT-26-014	3.27	4.31	0.30	12.45	1.380	0.122	392	114	15
WT-26-015	3.27	4.77	0.41	12.55	0.895	0.102	330	97	10
	4.77	5.82	0.48	12.90	1.240	0.105	370	92	12
	5.82	6.27	0.52	11.90	0.890	0.095	340	88	10
WT-26-018	3.27	4.07	0.26	13.50	1.410	0.105	305	92	14
WT-26-021	3.27	4.77	0.64	14.20	1.145	0.118	334	83	10
WT-26-021	4.77	5.74	0.71	13.80	1.105	0.110	281	79	9
WT-26-026	1.77	4.77	0.71	11.65	0.885	0.113	308	74	8
	4.77	6.27	0.76	11.50	1.035	0.126	315	75	9
	6.27	6.60	0.67	12.35	1.800	0.142	258	77	17

Vibracore Hole ID ^#	UTM Northing	UTM Easting	Collar Elevation (m)	Depth to Tailings Surface (m)	Depth to Tailings Base (m)	Tailings Thickness* (m)
WT-26-001	5424415	473016	464.1	0.6	6.6	6.0
WT-26-002	5424415	473042	463.8	1.3	5.5	4.2
WT-26-003	5424415	473091	463.4	1.1	9.3	8.2
WT-26-004	5424415	473141	463.3	0.9	14.0	13.1
WT-26-005	5424414	473191	464.0	1.0	6.9	5.9
WT-26-007	5424364	473215	463.2	0.8	10.3	9.5
WT-26-011	5424315	473090	464.4	0.6	3.1	2.5
WT-26-011A	5424315	473094	463.3	0.6	3.1	2.4
WT-26-012	5424315	473140	463.7	0.5	11.7	11.2
WT-26-013	5424314	473191	463.4	0.6	7.8	7.2
WT-26-014	5424313	473235	464.2	0.6	4.3	3.7
WT-26-015	5424263	473215	462.9	0.6	6.3	5.7
WT-26-018	5424264	473065	463.3	0.6	4.1	3.5
WT-26-021	5424214	473190	463.7	0.6	5.7	5.1
WT-26-026	5424064	473165	462.1	0.8	6.6	5.8

	31-Dec-25	31-Dec-24	Change

Net asset value	£2,234,684	£2,111,196	6%
Market Capitalisation	£4.71m	£3.64m	29%
Share Price	67.5p	85p	(21%)

Pillar		Status
Governance a) Describe the Board's oversight of climate-related risks and opportunities b) Describe management's role in assessing and managing climate-related risks and opportunities.		The Board has ultimate responsibility for ensuring that any material climate-related risks and issues are appropriately integrated into the Group's business plans, risk management and decision making. On 9 December 2022, the Board established a Responsibility Committee to oversee this area. The Responsibility Committee makes decisions and takes action to include climate risks and opportunities in our risk assessment/risk register as reported to them by management and then chooses an appropriate response to the risk or opportunity, together with the potential financial impact of that response. Exploration project management, which includes certain board members, currently assesses, and manages climate related risks and opportunities as part of the planning and execution of exploration activities.
Strategy a) Describe the climate-related risks and opportunities the organisation has identified over the short, medium and long term ("s/t", "m/t" and "l/t"). b) Describe the impact of climate-related risks and opportunities on the organisation's businesses, strategy and financial planning. c) Describe the resilience of the organisation's strategy, taking into consideration different climate-related scenarios, including a 2°C or lower scenario.		The risk register is reviewed and discussed at least annually by the Audit Committee. In FY25 the committee concluded that these are the climate change-related risks and opportunities which may have a financial impact on the Group: (1) risks and opportunities related to the transition to a lower-carbon economy meaning that exploration activity is made impossible or possible at a higher cost a) Canadian governmental exploration policy changes (medium and long term). b) climate change litigation (First Nations and other environmental stakeholders- all terms) c) reputational risk tied to community perceptions of the Group's activities (First Nations- all terms) d) opportunities in relation to the emergence of new technologies where the Group's exploration activities and output could provide a key component e.g. battery metals (m/t and l/t) (2) risks related to the physical impacts of climate change meaning exploration activity is made impossible or possible at a higher cost- a) extreme weather and higher temperatures (all terms). The impact of any of the climate related risks identified above could have a material financial impact on the Company by virtue of governmental policy change or eroding of our currently positive relationships with First Nations or other environmental stakeholders. · The nearest term risk which has the most immediate financial impact is our relationship with First Nations, as their consent is required to commence exploration activities. · In the medium-term governmental exploration policy changes from the prevailing administration or the impact of environmental pressure groups) could materially financially impact the Company although this is considered remote due to governmental support of the Company's exploration projects to date and the governmental activities currently underway to support and promote exploration related activities such as grants and other funding initiatives. · Weather related impacts could take place within any time period and can shorten the annual time period within which the Company can conduct its exploration activities or in extreme cases could make the exploration activities impossible due to feasibility or budget. Conversely opportunities in relation to the emergence of new technologies where the Group's exploration activities and output could provide a key component could present a material upside to the Company. The Responsibility Committee continues to seek the relevant data to include a description of the resilience of the organisation's strategy taking into consideration different climate related scenarios, including a 2°C or lower scenario. Part of the data gathering requires a more extensive set of data and analytics from its exploration activities which is undertaken by third party suppliers, and which has not been available in 2025.
Pillar		Status
Risk management a) Describe the organisation's processes for identifying and assessing climate-related risks. b) Describe the organisation's processes for managing climate related risks. c) Describe how processes for identifying, assessing, and managing climate-related risks are integrated into the organisation's overall risk management.		On 9 December 2022 the Board created a Responsibility Committee to ensure that the processes for identifying, assessing, and managing climate-related risks are integrated into the organisation's overall risk management. The Responsibility Committee reports any change in climate related risks or the identification of any new climate-related risks to the Board as and when they are highlighted by exploration project management or by the members of the Responsibility Committee. The organisation currently assesses and manages climate related risks and opportunities as part of the planning and execution of exploration activities. This assessment includes undertaking the following processes: A) Commissioning environmental impact surveys from independent third-party consultants prior to commencement of activities, together with adopting all appropriate recommendations. B) Timely consultation and liaison with key environmental stakeholders such as First Nations to explain the nature of the proposed exploration programme and seeking permission to commence exploration activities. Regular follow ups throughout the programme. C) Ensuring compliance with the Prospectors & Developers Association of Canada E3 Plus: A Framework for Responsible Exploration and the International Council on Mining and Metals Sustainable Development Framework (the ICMM 10 Principles). D) Consulting with and engaging local experts in the project area terrain and climate to provide guidance on risks and opportunities around the physical impacts of climate change e.g., heavy snow, rising water levels in the project area or potential weather conditions which may impact the exploration programme. Management of these risks is performed by the exploration project management team and any significant risks or risks which cannot be adequately mitigated or have any uncertainty around mitigation are reported to the Responsibility Committee to escalate to the Board. Each Board meeting will typically contain reference to all the above risks and processes.
Metrics and Targets a) Disclose the metrics used by the organisation to assess climate-related risks and opportunities in line with its strategy and risk management process. b) Disclose scope 1, scope 2 and, if appropriate, scope 3 greenhouse gas (GHG) emissions and the related risks. c) Describe the targets used by the organisation to manage climate related risks and opportunities and performance against targets.		In conjunction with ensuring that the processes for identifying, assessing, and managing climate-related risks are integrated into the organisation's overall risk management, the Responsibility Committee also tasks the project managers to compile a set of metrics and targets with which to assess climate-related risks and opportunities they have identified. These metrics and targets are listed in the table on the next page. The Company operates from serviced offices in the UK and gas and electricity is included within the monthly service fee, as such, emissions disclosure is not possible. In relation to Group's warehousing facilities in Canada, the Company's scope 1 emissions for the year are 57,4 (2024: 47.15) metric tonnes of CO2e and relate to gas. The Company's scope 2 emissions for the year are 0.75 (2024: 0.9) metric tonnes of CO2e and relate to electricity. The Company's scope 3 emissions are 32 (2024: 31.58) metric tonnes of CO2e and relate to UK and international travel and accommodation and additional goods and services. The Company uses third party providers to undertake its project-based activities and emissions data is not readily available from these third parties. The Company has therefore used exploration expenditure data from these third parties to calculate an additional scope 3 emissions figure of 8.10 (2024: 41.64) metric tonnes of CO2e. The targets used by the organisation to manage climate related risks and opportunities and performance against targets are stated on the next page.
Type of Risk	Specific Risk		Ongoing Metric and 2025 Target	2025 Target Status and 2026 Objectives
Risks and opportunities related to the transition to a lower-carbon economy meaning that exploration activity is made impossible or possible at a higher cost.	Canadian governmental exploration policy changes (medium and long term).		Level of governmental support of the sector through grant funding and no adverse changes to current regulatory status. Target is to apply for governmental grant funding in 2025.	Grant funding received in 2025. Further grant funding opportunities to be sought in 2026/27.
Risks and opportunities related to the transition to a lower-carbon economy meaning that exploration activity is made impossible or possible at a higher cost.	Reputational risk tied to community perceptions of the Group's activities (First Nations- all terms).		Lines of communication with the First Nations in terms of frequency and nature of written and verbal communication with no adverse communication (verbal or written). 2025 target was to maintain positive lines of communication with First Nations and other environmental stakeholders and meet with First Nations during 2025 to foster relationships further.	Positive lines of communication maintained with First Nations and other environmental stakeholders in 2025 with several meetings held with First Nations during 2025 and requested permits awarded or renewed due to a deeper understanding and trust between parties being achieved. 2026 target is to maintain this.
Risks and opportunities related to the transition to a lower-carbon economy meaning that exploration activity is made impossible or possible at a higher cost.	Climate change litigation (First Nations and other environmental stakeholders- all terms).		Lines of communication with the First Nations in terms of frequency and nature of written and verbal communication with no adverse communication (verbal or written) plus emissions data publication where possible to ensure transparency to all environmental stakeholders. 2025 target was to maintain positive lines of communication with First Nations and other environmental stakeholders and meet with First Nations during 2025 to foster relationships further. 2025 target was to obtain emissions data from key third party suppliers in 2025 where possible and publish where practicable.	Positive lines of communication maintained with First Nations and other environmental stakeholders in 2025 with several meetings held with First Nations during 2025 and requested permits awarded or renewed due to a deeper understanding and trust between parties being achieved. 2026 target is to maintain this. It has not been possible to obtain detailed emissions data from our third-party suppliers as this information is not readily available. However, we have used project expenditure to quantify our scope 3 emissions and will continue to do so whilst this remains the case.
Risks and opportunities related to the transition to a lower-carbon economy meaning that exploration activity is made impossible or possible at a higher cost.	Opportunities from emergence of new technologies where Group's exploration activities and output could provide a key component (m/t and l/t).		Opportunity to be measured by keeping appraised of emerging new technologies in connection with Panther's exploration activities. 2025 target was to attend update sessions on emerging technologies which may be relevant to Panther's activities.	In March 2025 and March 2026 Darren Hazelwood and Nicholas O'Reilly attended PDAC in Toronto Canada and attended learning sessions to keep abreast of emerging technologies to supplement their day-to-day intelligence gathering on the subject. Ongoing target is to attend update sessions on emerging technologies which may be relevant to Panther's activities.
Risks related to the physical impacts of climate change meaning exploration activity is made impossible or possible at a higher cost.	Extreme weather and higher temperatures (all terms).		Risk to be measured by monitoring of weather and weather change patterns in exploration areas. 2025 target is for no change to be highlighted in order or make exploration activities predictable.	2024/25 work programme in Dotted Lake was made more challenging by warmer than expected conditions. However, the team completed the work programme by adapting their approach and will take away learnings for subsequent work. 2026 target is for no further change to be highlighted in order or make exploration activities predictable.

Director	Board Meetings (12)	Audit Committee Meetings (2)	Remuneration Committee Meetings (2)	Nomination Committee Meetings (1)

Darren Hazelwood	12	-	-	-
Nicholas O'Reilly	12	2	-	1
Katherine O'Reilly	12	-	2	1
Simon Rothschild	12	2	2	1
Tracy Hughes	12	2	2	-

Total meetings	12	2	2	1

	Number of Board	Percentage of the Board	Number of Senior Positions on the Board	Number in Executive Management	Percentage in Executive Management

Men	3	60%	2	2	66%
Women	2	40%	1	1	33%
Not specified/prefer not to say	-	-	-	-	-


White British or other White (including minority-white groups)	5	100%	3	3	100%
Mixed/Multiple Ethnic Groups	-	-	-	-	-
Asian/Asian British	-	-	-	-	-
Black/African/Caribbean/Black British	-	-	-	-	-
Other ethnic group, including Arab	-	-	-	-	-
Not specified/ prefer not to say	-	-	-	-	-

	Number of Ordinary Shares	% of Share Capital

Ian and Katy Bagnall	730,000	8.4%
Adrian Crucefix	620,000	7.1%
Richard and Charlotte Edwards	508,052	5.9%
Darren and Kerry Hazelwood	431,529	5.0%

Market Capitalisation (£M)	Number of £1.375 Options	Cash Bonus (£M)
30	80,000	-
50	80,000	-
100	160,000	1
150	80,000	-
250	160,000	2
400	80,000	-
500	160,000	10
650	80,000	-
800	80,000	-
1,000	160,000	25
Total	1,120,000	38

Name	Date of current service agreement	Length of Service from	Notice period by Company (months)	Notice period by director (months)
D Hazelwood	1 November 2024	6 January 2020	6 months	6 months
N O'Reilly	1 November 2024	6 January 2020	6 months	6 months
K O'Reilly	31 March 2026	1 November 2023	6 months	6 months

Name	Date of letter of appointment	Current term (years)	Notice period by Company (months)	Notice period by director (months)

S Rothschild	4 December 2018	7	3 months	3 months

D Humphreys	1 April 2026	1	3 months	3 months

	Salaries	Salaries
	£ 2025	£ 2024

	Total	Total
Executive Directors
D Hazelwood	110,000	104,167
N O'Reilly	40,000	36,667
K O'Reilly	12,000	-


Total Executive	162,000	140,834


Non- Executive Directors

S Rothschild	12,000	12,000
K O'Reilly	-	12,000
T Hughes	12,000	12,000

Total Non- Executive	24,000	36,000



Total Directors	186,000	176,834

	Held at 31 December 2025		Held at 31 December 2024
		Ordinary Shares	Ordinary Shares
		No	No
D Hazelwood		431,529	255,389
S Rothschild		31,426	24,000
N O'Reilly		113,305	83,737

	2021	2022	2023	2024	2025
	D Hazelwood

	£	£	£	£	£
CEO Single Figure of Remuneration	77,585	75,000	75,000	104,167	110,000
Annual Bonus	nil	nil	nil	nil	nil
Share Based payments vesting (% of maximum)	N/A	N/A	0%	0%	0%

	Distributions to shareholders	Total director pay	Operational cash outflows
	£	£	£
Year ended 31 December 2025	nil	186,000	1,148,786

	Notes	Year ended 31 December 2025 £	Year ended 31 December 2024 (Restated) £
Revenue		-	-

Cost of sales		-	-


Gross profit		-	-

Administrative expenses		(747,549)	(662,161)
Share-based payment charge	19	(95,194)	(55,226)
Loss on termination of exploration projects and disposal of exploration equipment	8	(125,957)	(180,462)
Realised and unrealised gains/losses on financial assets held at fair value through profit and loss	9	(365,738)	(658,685)
Loss on disposal of assets held for sale	10	-	(392,504)

Operating loss		(1,334,438)	(1,949,038)

Finance costs	14	(8,625)	(5,848)
		,	,
Loss before taxation		(1,343,063)	(1,954,885)

Taxation	6	-	-

Loss for the year		(1,343,063)	(1,954,885)

Other comprehensive loss relating to unrealised foreign currency gain/(loss) on translation of foreign operations		(67,370)	(129,916)

Total comprehensive loss for the year		(1,410,433)	(2,084,801)

Loss for the year attributable to:
Continuing operations	(1,410,433)	(2,084,801)
Discontinued operations	-	-

	(1,410,433)	(2,084,801)

Loss for the year attributable to:
Equity holders of the Company	(1,410,433)	(2,084,801)
Non-controlling interest	-	-

	Held at 31 December 2025	Held at 31 December 2024

Management Options (August 2021)
D Hazelwood	50,000	50,000
N O'Reilly	50,000	50,000
S Rothschild	10,000	10,000
K O'Reilly	4,000	4,000
Options held by former directors	70,000	70,000

	184,000	184,000


Management Options (November 2023)

K O'Reilly	24,000	24,000
T Hughes (resigned 1 April 2026)	24,000	24,000

	48,000	48,000


Growth Reward Scheme (November 2024)

D Hazelwood	1,120,000	1,120,000
N O'Reilly	1,120,000	1,120,000

	2,240,000	2,240,000

Earnings per share attributable to owners of the Company
Basic loss per share (pence)	7	(24.85)p	(53.24)p
Diluted loss per share (pence)	7	(24.85)p	(53.24)p

	Notes	As at 31 December 2025 £	As at 31 December 2024 £ (Restated)
Non-current assets
Exploration and evaluation assets	8	2,405,435	2,281,726


Total non-current assets		2,405,435	2,281,726

Current assets
Financial Assets at Fair Value Through Profit and Loss	9	-	631,270
Receivables	11	151,026	104,795
Cash at bank and in hand	12	71,085	17,536


Total current assets		222,111	753,601


Total assets		2,627,546	3,035,327

Current liabilities
Trade and other payables	13	(392,862)	(613,916)
Loan Notes	14	-	(172,500)


Total Current Liabilities		(392,862)	(786,416)

Net current liabilities		(170,751)	(32,815)

Non-current liabilities
Provision for deferred consideration	15	-	(137,715)


Total liabilities		(392,862)	(924,131)


Net assets		2,234,684	2,111,196

Capital and reserves
Called up share capital	17	8,353,218	6,914,491
Share-based payment reserve	16	287,505	469,975
Foreign Exchange reserve	16	(211,644)	(144,274)
Retained losses		(6,194,395)	(5,128,996)


Total equity		2,234,684	2,111,196

	Notes	Year ended 31 December 2025 £	Year ended 31 December 2024 £ (Restated)

Cash flows from operating activities
Operating Loss		(1,334,438)	(1,949,038)
Adjusted for:
Share-based payment charge	19	95,194	55,226
Loss on termination of exploration projects and assets	8	125,957	180,462
Realised and unrealised gains/losses on financial assets held at fair value through profit and loss	9	365,738	658,685
Realised and unrealised gains/losses on investments held for sale	10	-	392,504
Bitcoin Treasury gains		(2,749)	-
Foreign exchange		(3,090)	(18,099)
(Increase) in receivables		(46,231)	(46,516)
(Decrease)/ Increase in payables		(349,166)	465,083

Net cash used in operating activities		(1,148,785)	(261,691)


Investing activities
Proceeds from the sale of financial assets held at fair value through profit and loss	9	266,879	320,932
Proceeds from the sale of held for sale investments	10	-	249,616
Cash spent on exploration activities	8	(336,915)	(702,591)

Net cash used in investing activities		(70,036)	(132,043)


Financing activities
Grant received from Ontario Junior Exploration Programme	8	30,985	-
Proceeds from issuing shares (net of issue costs)	17	1,161,385	345,150
Proceeds from exercise of warrants	17	80,000	-

Net cash generated from financing activities		1,272,370	345,150

Net increase/ (decrease) in cash and cash equivalents		53,549	(48,584)

Cash and cash equivalents at beginning of year		17,536	66,120

Cash and cash equivalents at end of year		71,085	17,536

	Note	Share capital £	Share based payment reserve £	FX reserve £	Retained losses £	Total Equity attributable to the owners of the Company £
Balance at 1 January 2024		6,330,665	591,097	-	(3,364,817)	3,556,945
Prior year restatement	17	-	-	(14,358)	14,358	-

Balance at 1 January 2024 (restated)		6,330,665	591,097	(14,358)	(3,350,459)	3,556,945

Loss for the year (restated)		-	-	-	(1,954,885)	(1,954,885)
Unrealised foreign exchange losses from retranslation of foreign operations (restated)	17	-	-	(129,916)	-	(129,916)

Total comprehensive loss for the year (restated)		-	-	(129,916)	(1,954,885)	(2,084,801)

Equity Transactions with owners
Issue of equity via placing	17	375,000	-	-	-	375,000
Share issue costs (restated)	17	(29,850)	-	-	-	(29,850)
Conversion of convertible loan notes	17	238,676	-	-	-	238,676
Options issued (restated)	19	-	55,226		-	55,226
Warrants forfeited	19	-	(176,348)		176,348	-

Total transactions with owners (restated)		583,826	(121,122)	-	176,348	639,052

Balance at 31 December 2024 (restated)		6,914,491	469,975	(144,274)	(5,128,996)	2,111,196


Loss for the year		-	-	-	(1,343,063)	(1,343,063)
Unrealised foreign exchange losses on retranslation of foreign operations		-	-	(67,370)	-	(67,370)

Total comprehensive loss for the year		-	-	(67,370)	(1,343,063)	(1,410,433)

Equity Transactions with owners
Issues of equity via placing	17	1,110,570	-	-	-	1,110,570
Share issue costs	17	(81,184)	-	-	-	(81,184)
Conversion of convertible loan notes	17	181,125	-	-	-	181,125
Issue of equity to option holder	17	16,216	-	-	-	16,216
Director subscriptions	17	132,000	-	-	-	132,000
Exercise of warrants	17	80,000	-	-	-	80,000
Options issued	19	-	95,194	-	-	95,194
Warrants forfeited	19	-	(277,664)	-	277,664	-

Total transactions with owners		1,438,727	(182,470)	-	277,664	1,533,921

Balance at 31 December 2025		8,353,218	287,505	(211,644)	(6,194,395)	2,234,684

As at 31 December 2025
	Canada	Isle of Man	Group
	£	£	£
Total assets	2,489,122	2,940,347	2,627,546

Total liabilities	(2,841,097)	(389,185)	(392,862)

Net assets/ (liabilities)	(351,975)	2,551,162	2,234,684


Loss before tax from continuing operations	(127,435)	(1,215,628)	(1,343,063)

As at 31 December 2024
	Canada	Isle of Man	Group
	£	£	£
Total assets	2,339,713	2,709,013	3,035,327

Total liabilities	(2,305,043)	(467,900)	(924,131)

Net assets/ (liabilities)	34,670	2,241,113	2,111,196


Loss before tax from continuing operations	(197,053)	(1,757,832)	(1,954,885)

	Year ended 31 December 2025 £	Year ended 31 December 2024 £
Operating loss has been arrived at after charging:
Loss/ (gain) on foreign exchange	64,273	118,818
Auditors remuneration- audit fees of current auditor	57,750	-
Auditors remuneration - audit fees of predecessor auditor	-	28,000
	,

	Year ended 31 December 2025 £	Year ended 31 December 2024 £
Current period transaction of the Group
Corporation tax at blended rate of 25% (2024: 25%) on profits for the period	-	-

Factors effecting the tax charge for the year
Loss on ordinary activities before taxation	(1,343,063)	(1,954,885)
Loss on ordinary activities at the blended rate of 25% (2024:25%)	(335,766)	(488,721)
Effect of non-deductible expenses	146,722	223,593
Effect of tax benefit of losses carried forward	189,043	265,128

Total tax charge/ (credit)	-	-

	Year ended 31 December 2025	Year ended 31 December 2024

Weighted average number of ordinary shares in issue	5,676,718	3,915,632
Potentially issuable shares	3,990,917	3,660,242
Total weighted average number of potential ordinary shares in issue	9,667,635	7,575,874
Loss attributable to the equity holders of the parent company	£(1,410,433)	£(2,084,802)

Basic earnings/ (loss) per share (pence)	(24.85)p	(53.24)p
Diluted earnings/ (loss) per share (pence)	(24.85)p	(53.24)p

Annual Report and Financial Statements

Summary by AI BETAClose X

The Directors do not recommend a dividend.

Companies

UK 100

Latest directors dealings

Summary by AI ^BETAClose X

Group	Panther Canada	Panther PLC	Total
	£	£	£
Net book value

At 1 January 2024	1,864,026	19,440	1,883,466

Additions	702,591	-	702,591
Termination of option at Manitou Lakes	(180,462)	-	(180,462)
Foreign exchange	(123,869)	-	(123,869)

At 31 December 2024	2,262,286	19,440	2,281,726

Additions	336,915	-	336,915
Grant received from Ontario Junior Exploration Programme	(30,985)		(30,985)
Termination of Frontier Energy Agreement- Winston	(106,516)	-	(106,516)
Foreign exchange	(56,265)	-	(56,265)
Write off of PLC exploration assets and equipment	-	(19,440)	(19,440)

At 31 December 2025	2,405,435	-	2,405,435

	Financial Assets at Fair Value Through Profit and Loss				Fulcrum Metals PLC
					£
	Net book value
	At 1 January 2024				1,610,888
	Disposals in the period				(320,933)
	Fair value loss on financial asset at fair value through profit and loss				(658,685)

	At 31 December 2024				631,270

	Disposals in the period				(265,532)
	Fair value loss on financial asset at fair value through profit and loss				(365,738)

	At 31 December 2025				-

	Investments Held for Sale			Panther Metals Limited
				£
	Net book value
	At 1 January 2024			642,120
	Disposals in the period			(249,616)
	Fair value loss of investment held for sale			(392,504)

	At 31 December 2024			-

	Disposals in the period			-
	Fair value loss of investment held for sale			-

	At 31 December 2025			-

	As at 31 December 2025 £	As at 31 December 2024 £
Amounts falling due within one period
Prepayments	41,227	13,716
Other receivables	109,799	91,079


	151,026	104,795

	As at 31 December 2025 £	As at 31 December 2024 £

Trade payables	53,673	507,187
Accruals	62,925	84,046
Deferred consideration (note 15)	135,450	16,653
Amounts due to related parties (see note 22)	134,986	-
Other payables	5,828	6,030


	392,862	613,916

	As at 31 December 2025 £	As at 31 December 2024 £
Current Liabilities payable within 1 year
Amount due to Broken Rock	135,450	16,653


	135,450	16,653

Non-Current Liabilities
Amounts due to Broken Rock	-	137,715


	135,450	154,368

	Number of new Ordinary shares	Share Capital
	No	£
Authorised Share Capital
Ordinary Shares	500,000,000

Allotted, issued and fully paid ordinary shares of £1:
As at 1 January 2024	92,822,310	6,330,665

Placing on 23 May 2024	8,333,334	375,000


As at 12 June 2024	101,155,644	6,705,665

25 to 1 share consolidation on 13 June 2024	4,046,226	6,705,665

Conversion of Convertible Loan Notes	232,854	238,676

As at 1 January 2025	4,279,080	6,944,341

Placing- January 2025	910,000	455,000
Capitalisation of debt facility- March 25	362,250	181,125
Obonga extension consideration shares- April 2025	42,070	16,216
Warrant Exercise- June 2025	106,666	80,000
Director Subscription- June 2025	191,304	132,000
Placing- October 2025	1,000,000	600,000
WRAP retail offer- October 2025	92,616	55,570

As at 31 December 2025	6,983,986	8,464,252

Changes to Group Balance Sheet	As previously reported 1 January 2024	Adjustment	As restated on 1 January 2024
	£	£	£
Translation of foreign operations accumulated position as at 1 January 2024		(14,358)

Foreign exchange reserve	-	(14,358)	(14,358)

Translation of foreign operations accumulated position as at 1 January 2024		14,358

Retained earnings- total	(3,364,817)	14,358	(3,350,459)

Changes to Group Balance Sheet	As previously reported 31 December 2024	Adjustment	As restated 31 December 2024
	£	£	£
Derecognition of Investor Warrants		(105,759)
Recognition of Growth Reward Scheme		7,994

Share based payment reserve- total	567,740	(97,765)	469,975


Translation of foreign operations for the year ended 31 December 2024	-	(129,916)

Foreign Exchange Reserve	(14,358)	(129,916)	(144,274)


Translation of foreign operations for the year ended 31 December 2024		129,916
Derecognition of Investor Warrants		105,759
Recognition of Growth Reward Scheme		(7,994)
Share issue costs included in admin expenses rather than share capital		29,850

Retained earnings- total*	(5,386,527)	257,531	(5,128,996)


Share issue costs included in admin expenses rather than share capital		(29,850)

Share capital	6,944,341	(29,850)	6,914,491

Changes to Group Income Statement	As previously reported 31 December 2024	Adjustment	As restated 31 December 2024
	£	£	£

Derecognition of Investor Warrants		105,759
Recognition of Growth Reward Scheme		(7,994)

Share based payment charge- total	(152,991)	97,765	(55,226)

Share issue costs included in admin expenses rather than share capital		29,850

Administrative expenses	(692,010)	29,850	(662,160)