• Independent engineering assessment shows compelling optionality to de-risk Panton start-up
• Potential capital savings of up to ~A$96million compared to 2023 Scoping Study
• Approvals process and timelines under the Savannah option are expected to be significantly de-risked

Future Metals NL ('Future Metals' or the 'Company', ASX: FME) has completed a detailed engineering assessment of the Savannah Plant as part of its consideration of alternate strategies to develop the Panton PGM Project in a more efficient and cost-effective manner, while minimising execution risk. The assessment has shown compelling optionality to de-risk the start-up of Panton, while enabling a multi-staged development pathway that preserves the long-term scale-up potential ultimately making the project more financeable at start-up. The assessment identified initial project capital savings of ~A$74million compared to the 2023 Study and up to ~A$96million under a modified plant configuration. The Company plans to further prove up the viability of the Savannah Plant option by addressing the remaining technical and execution risks through an alternate Panton/Savannah scoping study and a Feasibility Study. The increase in PGM concentrate basket price since the 2023 Scoping Study also allows additional project scenarios to be considered, including investigating the potential to deliver immediate cash flows via a larger starter pit and delaying the underground mine development.

The Company plans to further prove up the viability of the Savannah Plant option by addressing the remaining technical and execution risks through an alternate Panton/Savannah scoping study and a Feasibility Study.