The Panton PGM Project
100% owned by Future Metals NL
The Panton PGM Project is a platinum group metals deposit in the east Kimberley of Western Australia, held 100% across three granted mining leases approximately 60 kilometres north of Halls Creek and around 1 kilometre off the Great Northern Highway.
Panton hosts a JORC (2012) Mineral Resource 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). Mineralisation crops out at surface and remains open at depth.
Refer ASX Announcement, 9 July 2026. Mineral Resources are not Ore Reserves and do not have demonstrated economic viability.
What is at Panton
PGM mineralisation occurs within the Panton intrusion, a layered mafic-ultramafic body. Value is concentrated in a series of chromite-rich layers — the Reef — and in the mineralised dunite immediately surrounding them. The Reef accounts for approximately 9% of tonnes but around 38% of contained PtEq ounces. Together, the Reef and the High-Grade Dunite make up around 40% of tonnes and carry approximately 68% of the ounces. A larger, lower-grade Bulk Dunite envelope provides scale that future studies will continue to test.
The Mineral Resource reports platinum, palladium, gold, nickel and, within the Reef, chromite. Platinum is the primary value driver.
Where the Project stands
The deposit’s existence and scale are well established after six decades of drilling and study.
The July 2026 Mineral Resource is reported on a platinum equivalent basis and constrained by open pit and underground optimisation, so that the estimate reflects material with reasonable prospects for eventual economic extraction rather than contained metal alone. It provides the basis for a new Scoping Study.
Raising confidence in the highest-grade material is the Company’s near-term priority. An infill drilling programme is being planned and permitted for that purpose.
Why the location matters
- Three granted mining leases covering approximately 23 km², granted in March 1986 and currently valid until March 2028
- Approximately 1 kilometre from a sealed highway used by other mining operations
- Sealed road access to the deep-water Port of Wyndham, approximately 300 kilometres away
- Approximately 70 kilometres from a sealed airstrip
- Approximately 70 kilometres from the Savannah processing plant, an existing facility being assessed as a potential lower-capital processing pathway
- Located in the east Kimberley of Western Australia
Work in progress
- Planning and approvals for an infill drilling programme to improve geological confidence, focused on the ABC Block
- Metallurgical and study work to support future mining studies
- Assessment of standalone and third-party processing pathways, including the Savannah processing plant
- Staged evaluation of the remaining historical drill core, including scanning, relogging, targeted sampling and additional analytical work
Exploration and development outcomes are uncertain. The Company reports results as they are received and validated and will update the market as work progresses.
Geology & Mineralisation
The Panton intrusion
Mineralisation at Panton occurs within the Panton intrusion, a layered, differentiated mafic-ultramafic body emplaced into the Proterozoic Lamboo Complex within the Halls Creek Orogen. The intrusion forms a southwest-plunging syncline approximately 9 kilometres long and 3 kilometres wide.
The reef system
PGM mineralisation is hosted within a series of chromite-rich layers — domained as ‘Reef’ material — and the surrounding chromite-bearing mineralised dunite. Together these form a broader reef zone within the ultramafic package. The Reef mineralisation crops out at surface and remains open at depth.
Panton has the geometry typical of a PGM reef-style deposit: a high-grade core within a large, lower-grade envelope.
The three material types
The Mineral Resource is reported across three material types:
- Reef — the chromite-rich layers. The highest-grade material at Panton. Approximately 9% of tonnes; around 38% of contained PtEq ounces.
- High-Grade Dunite — the dunite immediately surrounding the Reef. Forms the bulk of the near-surface high-grade material.
- Bulk Dunite — the outer, inner, upper and mid low-grade dunite domains. Approximately 47 Mt grading 0.5 to 0.9 g/t PtEq. This material clears the open pit NSR cut-off but sits well below the Reef in value and provides scale that future studies will continue to test.
The Reef and the High-Grade Dunite together account for around 40% of tonnes and approximately 68% of contained PtEq ounces. The value concentrates in those two domains.
Structural blocks
Mineralisation is interpreted to be offset by north-north-west (NNW) trending faults, dividing the deposit into two main structural blocks – the ABC Block and the D-Block. The Mineral Resource is reported across these two blocks, and by material type within each.
Metals present
The Mineral Resource reports platinum, palladium, gold, nickel and, within the Reef domain, chromite. Copper and cobalt are present but are not currently included in the platinum equivalent calculation. Rhodium, iridium and osmium are not included in the Mineral Resource due to a paucity of assay data, although flotation test work has demonstrated recovery of these metals.
Mineral Resource EstimateExploration upside