About Future Metals

Overview

About Future Metals

Future Metals NL (‘Future Metals’ or the ‘Company’, ASX | AIM: FME) is an Australian company advancing its 100% owned Panton PGM Project in the east Kimberley of Western Australia.

The Panton PGM Project lies approximately 60 kilometres north of Halls Creek, on three granted mining leases held 100% through a wholly owned subsidiary. The Project sits around 1 kilometre off the Great Northern Highway, which provides sealed road access to the Port of Wyndham.

Panton hosts a Mineral Resource of approximately 82.3 Mt grading 1.6 g/t PtEq, containing around 4.24 million ounces PtEq. The Mineral Resource is reported across three material types — the Reef (chromite-rich layers), the High-Grade Dunite and the Bulk Dunite.

Beyond Panton, the Company holds a position along the Alice Downs Corridor, an 18 kilometre structural corridor within a 20 kilometre radius of the Project, prospective for copper-PGM-nickel sulphide mineralisation. The corridor includes the Eileen Bore and Salk prospects, held 100% by the Company, and the Palomino prospect, held under a farm-in and joint venture with Octava Minerals Ltd (ASX: OCT) under which Future Metals is earning a 70% interest. The same tract of tenure hosts the historically mined Copernicus nickel-copper deposit, mined by open pit methods by Panoramic Resources Limited intermittently between 2007 and 2016.

The Project is located on the traditional lands of the Malarngowem and Gija peoples. The Company values these relationships and is committed to respectful, transparent engagement with Traditional Owners.

The Current Mineral Resource

In July 2026 the Company reported an updated JORC (2012) Mineral Resource Estimate of approximately 82.3 million tonnes grading 1.6 g/t PtEq for around 4.24 million ounces PtEq, comprising 40.0 Mt Indicated (2.06 Moz PtEq) and 42.3 Mt Inferred (2.18 Moz PtEq).

The estimate is reported above net smelter return (NSR) cut-offs of approximately A$42.6/t for open pit material and A$140/t for underground material, derived from independent NSR modelling and constrained by pit-shell and mineable-shape optimisation to demonstrate reasonable prospects for eventual economic extraction. The NSR framework captures the contribution of platinum, palladium, gold, nickel and, within the Reef domain, chromite.

The updated Mineral Resource provides the basis for a new Scoping Study. Work is focused on planning and approvals for an infill drilling programme intended to improve geological confidence, alongside the metallurgical and study work required to support future mining studies. Exploration and development outcomes are uncertain. The Company reports results as they are received and validated, and will update the market as the work progresses.

Project at a Glance

Why the Company is Focused on Panton?

A defined Mineral Resource. Approximately 82.3 million tonnes grading 1.6 g/t PtEq for around 4.24 million ounces PtEq (40.0 Mt Indicated, 42.3 Mt Inferred), reported above independently modelled NSR cut-offs and constrained by pit-shell and underground mineable-shape optimisation.

Open pit and underground potential. Mineralisation crops out at surface and remains open at depth. Both mining methods were assessed in the optimisation work supporting the estimate.

A polymetallic basket. Platinum, palladium, gold, nickel and chromite each contribute to the NSR, with platinum the primary value driver.

Granted tenure near infrastructure. Three granted mining leases, held 100%, approximately 1 kilometre from the Great Northern Highway, with sealed road access to port.

Supply outside the major producing countries. Panton is one of a small number of primary PGM projects in Australia, at a time when global supply is concentrated in South Africa, Russia and Zimbabwe. All platinum group elements are on Australia’s Critical Minerals List.

A lower-capital development pathway under assessment. An independent engineering assessment of the Savannah processing plant, approximately 70 kilometres north of Panton, indicates that trucking Panton material to an existing plant could materially reduce pre-production capital compared with the 2023 Scoping Study, and supports a staged development approach.

A clear next step. The updated Mineral Resource provides the basis for a new Scoping Study, with infill drilling planned to improve geological confidence and continued assessment of standalone and third-party processing pathways.