The club's most recent success premiership was a thrilling 12–10 win over the Cowra Magpies, with Panthers five-eight Willie Wright kicking a conversion from the sideline late in the second half.
These three were the founding executives of the new Penguins club; Wayne Boyd as president, Peter Tobin as secretary, Graeme Bell as treasurer and Dan Lavelle as vice-president.
The name 'Penguins' was selected as it was the official logo of the Bathurst Leagues Club, who had adopted the bird as its figurehead as the penguin is renowned as "never taking a backward step".
The Penguins enjoyed immediate success and played in the two lower grade grand finals in 1990, winning the First Division but being defeated by Orange CYMS in the Under 18s by a single point.
In 2018, Panthers broke a 12-year Premier League premiership drought when captain-coach Doug Hewitt led the club to a famous 12–10 win over Cowra Magpies at Sid Kallas Oval, with five-eight Willie Wright kicking a conversion from the sideline with minutes remaining.