How Future Metals Plans to Double Panton’s Value Amid PGM Price Surge

Strategic Planning and Project Advancement

Future Metals NL has completed a comprehensive strategic review of its Panton PGM Project and exploration portfolio during the December 2025 quarter. This review has identified several work programs aimed at enhancing the value and accelerating the development timeline of the project. Central to these initiatives is an engineering review of the Savannah nickel concentrator, located within trucking distance of Panton, under a memorandum of understanding with Zeta Resources. This assessment, scheduled for the March quarter, aims to evaluate the plant's suitability for processing Panton ore, potentially delivering capital savings exceeding 40% compared to building a new facility.

Alongside infrastructure considerations, Future Metals plans to re-assay historical core samples to update the Panton Mineral Resource Estimate (MRE). This includes evaluating the potential addition of rhodium and iridium to the resource profile, which could lead to a new PGM5E MRE, reflecting a broader suite of platinum group metals. The company is also designing an infill drilling program to upgrade resource classifications and explore extensions that may increase open-pit mining potential.

Exploration Focus in the Alice Downs Corridor

Exploration efforts continue in the Alice Downs Corridor, particularly at the Eileen Bore prospect, approximately 20 kilometres from Panton. Recent geophysical surveys and drilling have refined the understanding of mineralisation controls, identifying a significant intrusion likely responsible for the copper-nickel-PGM mineralisation. Gravity and geochemical data have helped prioritise targets for the upcoming June 2026 drilling campaign, with the broader corridor also undergoing target generation and ranking based on new hyperspectral and historical data.

Management and Corporate Developments

Future Metals has strengthened its management team with the appointments of Kelsey Crook as Exploration Manager and David Hutton as Technical Advisor, both commencing in January 2026. These additions bring expertise in various deposit styles and will support ongoing exploration and resource development activities. The company also completed the cancellation of its AIM market listing, reducing administrative costs and simplifying governance structures. At its 2025 Annual General Meeting, all resolutions, including special ones related to remuneration and shareholder protections, were passed with strong support.

Favourable Market Conditions and Financial Position

The platinum group metals market has seen a remarkable upswing over the past year, with platinum prices nearly tripling and palladium and rhodium also more than doubling. This surge has lifted the PGM basket price for Panton to approximately US$3,000 per ounce, nearly double the price used in the 2023 Scoping Study. Such a price environment significantly enhances the project's economic outlook and supports accelerated development plans.

Financially, Future Metals ended the quarter with approximately A$2.8 million in cash. Exploration and project development expenditures were modest at around A$151,000 for the quarter, while administration and corporate costs, including AIM delisting fees and director remuneration, totalled approximately A$452,000. The company is actively engaging with brokers and fund managers to reintroduce the project to the market and explore financing options aligned with its growth strategy.

Outlook and Next Steps

Future Metals plans to progress technical studies informed by the Savannah plant assessment and updated resource data, with the potential to release an updated scoping study followed by pre-feasibility or feasibility studies. The company is also sourcing additional engineering and project management personnel to support these efforts. Meanwhile, exploration activities in the Alice Downs Corridor will continue to refine and test new targets, underpinning the broader growth potential of the portfolio.