RNS Number : 7602D
Panther Metals PLC
11 May 2026
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THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF REGULATION 2014/596/EU WHICH IS PART OF DOMESTIC UK LAW PURSUANT TO THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS (SI 2019/310) ("UK MAR"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION (AS DEFINED IN UK MAR) IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.
FOR IMMEDIATE RELEASE
PANTHER METALS PLC
("Panther" or the "Company")
(Incorporated in the Isle of Man with company number 009753V)
11 May 2026
Winston Tailings Project: Batch 5 Assay Results
Panther Metals PLC (LSE: PALM), the exploration company focused on mineral projects in Canada, is very pleased to report the fifth batch ("Batch 5") of Vibracore sample assay results for the Winston Tailings Project near Schrieber, Ontario, Canada.
The Vibracore tailings sampling is in support of the Mineral Resource estimate ("MRE") programme, the first of a series of ongoing workstreams progressing to quantify, evaluate and permit the contained high-grade gold (Au), gallium (Ga), silver (Ag), zinc (Zn), copper (Cu), indium (In) and cobalt (Co) and other recoverable minerals located within the historic Winston Lake Mine tailings storage facility ("TSF").
Key points:
· Fifth batch of tailings core sample assay results (Table 1) received for twenty seven Vibracore collar locations (WT-26-009, WT-26-010, WT-26-023, WT-26-025, WT-26-043, WT-26-053, WT-26-054, WT-26-061, WT-26-065, WT-26-070A, WT-26-071A, WT-26-072, WT-26-082, WT-26-083, WT-26-085, WT-26-093, WT-26-095, WT-26-098, WT-26-099, WT-26-100, WT-26-101, WT-26-102, WT-26-103A, WT-26-104, WT-26-105, WT-26-107& WT-26-108) situated upon sixteen east-west profiles (Figure 1).
· Assayed intersections reported for Batch 5 are taken from total tailings thicknesses varying between 1.5m to 15.2m (Table 2). The maximum vertical thickness of tailings (below ice and water) intersected across the TSF is 16.8m with an average vertical thickness of 8.7m.1
· Samples comprise HQ core (63.5mm) diameter cylinders of tailings material through the vertical profile of the tailings, collected from the surface of the tailings (situated below ice and water cover) to the base of the tailings.
· Results continue to show good grade consistency across the vertical depth-profile and laterally between Vibracore hole collar locations, and support or exceed the 2025 preliminary assay results announced 31 July 2025 and the results announced 17 March 2026, 19 March 2026, 14 April 2026 and 28 April 2026. 2,3,4,5,6
Darren Hazelwood, Chief Executive Officer commented:
"These latest results continue to confirm continuity across the Winston Tailings Project footprint, strengthening our confidence in the project's scale, consistency and commercial potential.
Alongside Panther's accelerating business model, we believe the market is increasingly recognising the broader potential of tailings reprocessing, which can support the advancement of other high-impact projects across our portfolio.
Ongoing work continues to expand our understanding of the asset while reducing risk, and we look forward to updating shareholders as the project advances."
Table 1: Winston Tailings Vibracore Sample Assay Results Batch 5
Vibracore
Vertical Depth (m)
Au
Ag
Zn*
Cu
Co
Ga
In
Hole ID
From
To
(g/t)
(g/t)
(%)
(%)
(ppm)
(ppm)
(ppm)
WT-26-009
3.27
4.77
0.552
12.95
0.783
0.109
341.0
95.7
7.73
4.77
6.27
0.422
11.90
1.430
0.115
416.0
105.0
12.90
6.27
7.77
0.723
11.90
1.540
0.129
221.0
88.8
11.65
7.77
9.27
0.478
9.17
2.060
0.119
232.0
100.5
17.20
9.27
10.77
0.571
10.50
1.445
0.121
236.0
99.0
11.55
WT-26-010
1.77
3.27
0.414
10.40
2.300
0.177
332.0
112.5
21.00
3.27
4.77
0.565
14.35
1.135
0.144
370.0
105.5
12.20
4.77
6.27
0.449
11.25
1.190
0.105
378.0
92.5
9.72
7.77
9.27
0.790
12.20
1.485
0.143
237.0
90.5
11.15
9.27
10.77
0.642
11.75
1.565
0.129
276.0
98.0
12.50
10.77
12.27
0.573
10.10
2.010
0.122
226.0
85.2
15.45
12.27
13.31
0.805
12.30
2.880
0.170
228.0
78.5
20.20
WT-26-023
1.77
4.77
0.726
14.75
1.140
0.138
338.0
97.3
9.90
4.77
6.27
0.705
14.35
1.100
0.144
359.0
101.5
10.75
7.77
9.27
0.358
9.03
1.820
0.153
224.0
69.4
14.25
9.27
9.59
0.136
2.99
0.574
0.046
79.7
33.5
4.17
WT-26-025
1.77
2.68
0.823
13.15
1.740
0.173
304.0
84.7
15.25
WT-26-043
7.77
9.27
0.339
8.88
1.345
0.129
214.0
69.8
10.25
9.27
10.77
0.183
7.78
1.070
0.098
176.5
66.9
7.56
10.77
12.27
0.362
8.53
0.853
0.116
271.0
91.3
9.95
12.27
13.77
0.350
7.77
1.105
0.127
205.0
81.7
10.80
13.77
15.27
0.386
8.39
1.110
0.119
260.0
90.3
12.15
15.27
15.45
0.434
8.38
1.130
0.136
227.0
85.3
11.15
WT-26-053
15.21
16.71
0.281
7.01
1.230
0.116
181.0
54.5
9.69
WT-26-054
15.40
16.90
0.144
4.95
0.838
0.078
152.0
50.0
6.59
WT-26-061
1.90
4.90
0.224
8.81
1.415
0.134
310.0
89.2
11.75
4.90
6.40
0.230
8.14
1.700
0.106
409.0
102.0
16.80
6.40
7.90
0.294
11.65
2.370
0.192
512.0
113.5
22.20
7.90
9.40
0.443
11.10
1.100
0.092
372.0
95.3
9.36
9.40
10.90
0.598
9.24
1.720
0.118
204.0
92.2
12.05
10.90
12.40
0.492
9.09
1.470
0.108
239.0
96.2
10.90
12.40
13.90
0.525
8.87
1.340
0.104
213.0
95.0
10.25
13.90
15.40
0.539
9.05
1.630
0.107
285.0
97.5
12.25
15.40
16.90
0.483
9.04
1.365
0.110
313.0
96.9
10.55
WT-26-065
6.00
7.50
0.559
9.93
1.080
0.134
277.0
86.4
11.45
7.50
8.50
0.585
12.70
0.902
0.112
356.0
108.5
9.38
WT-26-070A
1.00
2.50
0.414
9.42
1.200
0.135
250.0
77.6
12.85
2.50
4.00
0.301
8.18
0.918
0.134
206.0
73.2
10.90
WT-26-071A
1.00
2.50
0.300
8.47
1.055
0.118
274.0
79.8
10.35
2.50
4.00
0.669
12.85
1.170
0.124
348.0
118.5
10.30
4.00
5.50
0.409
13.50
1.775
0.121
448.0
111.5
16.30
5.50
7.00
0.427
15.00
1.450
0.164
424.0
98.0
15.30
7.00
8.50
0.435
11.80
1.585
0.134
376.0
97.5
12.80
8.50
10.00
0.611
12.15
2.630
0.146
294.0
82.7
20.80
10.00
11.50
0.533
10.30
1.915
0.133
311.0
89.8
16.55
WT-26-072
1.00
2.50
0.594
11.85
1.490
0.163
336.0
102.0
13.20
2.50
4.00
0.345
11.50
1.205
0.108
367.0
99.5
13.10
4.00
5.50
0.527
16.65
0.930
0.177
476.0
116.5
12.25
5.50
7.00
0.294
11.30
1.385
0.121
391.0
103.5
15.15
WT-26-082
1.00
2.50
0.771
15.20
1.265
0.138
457.0
96.4
14.20
2.50
4.00
0.323
10.40
0.949
0.116
310.0
82.1
9.61
4.00
5.50
0.469
12.55
0.999
0.109
363.0
88.6
9.08
5.50
7.00
0.668
11.30
0.825
0.107
304.0
69.5
6.41
7.00
8.50
0.638
11.85
1.990
0.154
299.0
95.5
17.10
8.50
10.00
0.605
11.40
2.130
0.153
271.0
89.8
14.60
10.00
10.10
0.362
9.42
1.365
0.141
257.0
82.2
13.00
WT-26-083
1.00
2.50
0.696
16.90
1.175
0.169
495.0
94.1
13.05
2.50
4.00
0.521
14.25
0.958
0.119
385.0
91.4
8.87
4.00
5.50
0.636
14.55
0.994
0.120
361.0
81.9
8.58
5.50
7.00
0.661
14.75
1.115
0.118
354.0
84.7
9.37
WT-26-085
2.50
4.00
0.725
14.50
1.205
0.140
348.0
93.4
9.86
4.00
5.50
0.878
13.05
1.120
0.121
311.0
72.3
8.00
5.50
7.00
0.650
12.70
3.070
0.215
311.0
89.9
23.00
7.00
8.50
0.559
12.60
4.420
0.244
307.0
83.2
32.30
8.50
10.00
0.754
13.75
6.370
0.255
280.0
84.6
40.40
WT-26-093
2.50
4.00
0.223
7.67
1.295
0.111
177.5
61.8
7.28
4.00
5.50
0.584
9.36
1.440
0.144
232.0
86.3
9.42
5.50
7.00
0.366
8.74
1.450
0.107
341.0
90.3
13.40
7.00
8.50
0.289
7.89
1.470
0.115
318.0
83.6
14.10
WT-26-095
4.00
7.00
0.647
11.30
2.120
0.215
264.0
111.0
20.20
7.00
8.50
0.459
8.30
1.215
0.143
203.0
89.2
10.55
8.50
10.00
0.452
9.05
1.195
0.118
254.0
93.6
9.08
10.00
11.50
0.430
8.38
1.255
0.120
271.0
85.4
9.34
11.50
13.00
0.475
9.58
1.355
0.152
208.0
83.0
11.05
13.00
14.50
0.476
8.39
1.430
0.147
242.0
79.3
10.75
WT-26-098
4.00
5.50
0.339
9.78
1.750
0.162
206.0
60.5
10.15
5.50
7.00
0.435
10.55
1.420
0.144
296.0
80.6
11.30
7.00
8.50
0.316
9.74
1.395
0.145
245.0
79.4
10.60
WT-26-099
17.15
18.65
0.190
7.24
1.060
0.096
202.0
71.4
8.63
WT-26-100
5.50
7.00
0.206
7.20
1.090
0.104
167.5
64.6
7.38
7.00
8.50
0.185
8.18
1.155
0.122
195.5
82.1
9.69
8.50
10.00
0.443
8.59
1.160
0.120
198.5
87.3
7.94
10.00
11.50
0.300
8.25
1.240
0.114
220.0
80.5
8.46
11.50
13.00
0.281
8.30
1.260
0.131
243.0
79.5
8.77
13.00
14.50
0.348
8.10
1.240
0.107
313.0
88.8
9.83
WT-26-101
4.00
5.50
0.353
8.53
1.270
0.127
254.0
79.9
8.61
5.50
7.00
0.488
8.67
1.295
0.129
263.0
82.7
8.20
7.00
8.50
0.311
8.69
1.265
0.134
243.0
78.0
8.67
8.50
10.00
0.295
8.36
1.085
0.113
178.5
61.7
7.18
10.00
11.50
0.332
8.52
1.055
0.115
209.0
66.3
7.08
WT-26-102
5.50
7.00
0.294
9.19
1.415
0.129
225.0
75.4
11.50
7.00
8.50
0.280
9.31
1.185
0.145
197.0
84.8
12.40
8.50
10.00
0.290
8.91
1.165
0.118
251.0
80.8
10.25
10.00
11.50
0.321
8.20
1.170
0.124
262.0
80.6
9.79
11.50
13.00
0.296
8.32
1.260
0.134
234.0
81.5
10.35
13.00
13.08
0.272
8.15
1.065
0.107
243.0
80.6
8.64
WT-26-103A
11.50
13.00
0.238
8.03
1.250
0.107
223.0
63.4
8.28
13.00
14.50
0.282
9.40
1.425
0.121
227.0
67.1
10.20
14.50
14.80
0.289
9.01
1.385
0.118
216.0
63.4
9.61
WT-26-104
10.00
11.50
0.271
7.71
1.155
0.120
171.0
56.8
7.19
11.50
13.92
0.234
8.51
1.140
0.109
253.0
73.2
10.10
WT-26-105
14.50
16.00
0.288
7.50
1.015
0.109
174.5
63.3
7.09
17.50
19.85
0.246
9.04
1.410
0.138
219.0
80.5
10.90
WT-26-107
14.35
15.85
0.190
8.51
1.585
0.127
279.0
79.1
12.65
WT-26-108
13.00
14.50
0.036
0.96
0.289
0.024
32.6
15.8
1.75
14.50
16.00
0.013
0.28
0.057
0.007
13.4
12.2
0.41
Table Note: Assay results by ALS Laboratory methods ME-MS61, Au-ICP21 (for gold) and Zn-OG62 (for Zn>1%). * Zinc results >1% Zn by method Zn-OG62, Zn <1% by method ME-MS61. Future sample batches may contain further results for the reported Hole IDs.
Analytical Methods
The certified assay results are by ALS Laboratories using four-acid super trace multielement method ME-MS61 (four-acid digestion for near-total recovery across a suite of 48 elements), Au-ICP21 (gold by fire assay with an inductively coupled plasma atomic emission spectroscopy finish) and Zn-OG62 (four-acid overlimit method for high-grade zinc).
Figure 1: Winston Tailings 2026 Vibracore Sample Result Locations for this Announcement
Table 2: Vibracore Sample Collar Locations and Tailings Depths
Vibracore Hole ID #
UTM Northing
UTM Easting
Collar Elevation (m)
Depth to Tailings Surface (m)
Depth to Tailings Base (m)
Tailings Thickness* (m)
WT-26-001
5424415
473016
464.1
0.7
6.6
5.9
WT-26-002
5424415
473042
463.8
1.3
5.5
4.2
WT-26-003
5424415
473091
463.4
1.1
9.3
8.2
WT-26-004
5424415
473141
463.3
0.9
14.0
13.1
WT-26-005
5424414
473191
464.0
1.0
6.9
5.9
WT-26-006
5424414
473241
463.4
0.7
8.3
7.5
WT-26-007
5424364
473215
463.2
0.8
10.3
9.5
WT-26-009
5424364
473115
463.3
0.6
10.8
10.2
WT-26-010
5424364
473165
463.7
0.6
13.3
12.7
WT-26-011
5424315
473090
464.4
0.6
3.1
2.5
WT-26-011A
5424315
473094
463.3
0.6
3.1
2.4
WT-26-012
5424315
473140
463.7
0.5
11.7
11.2
WT-26-013
5424314
473191
463.4
0.6
7.8
7.2
WT-26-014
5424313
473235
464.2
0.6
4.3
3.7
WT-26-015
5424263
473215
462.9
0.6
6.3
5.7
WT-26-016
5424263
473166
462.8
0.6
10.7
10.0
WT-26-017
5424264
473115
462.8
0.7
11.4
10.7
WT-26-018
5424264
473065
46.3
0.6
4.1
3.5
WT-26-020
5424214
473141
462.8
0.7
9.6
8.9
WT-26-021
5424214
473190
463.7
0.6
5.7
5.1
WT-26-023
5424113
473191
463.0
0.7
9.6
8.9
WT-26-024
5424062
473215
464.4
0.7
5.7
5.0
WT-26-025
5424013
473191
461.3
1.2
2.7
1.5
WT-26-026
5424064
473165
462.1
0.8
6.6
5.8
WT-26-027
5424464
473215
462.8
0.9
9.5
8.6
WT-26-028
5424465
473165
462.5
0.8
6.3
5.5
WT-26-030
5424463
473065
462.6
0.7
11.1
10.4
WT-26-031
5424463
473015
463.2
0.9
12.7
11.8
WT-26-032
5424464
472966
462.4
2.0
10.5
8.5
WT-26-033
5424513
472940
463.2
1.7
7.4
5.6
WT-26-034
5424514
472989
462.6
1.2
16.3
15.1
WT-26-035
5424515
473041
462.7
1.1
14.2
13.1
WT-26-036
5424514
473092
463.2
1.2
11.4
10.2
WT-26-037
5424513
473140
462.9
1.1
17.7
16.7
WT-26-038
5424564
473116
463.4
1.2
13.1
11.9
WT-26-039
5424565
473065
463.6
1.3
15.3
14.0
WT-26-041
5424563
472969
463.5
2.8
17.5
14.7
WT-26-042
5424565
472913
463.0
3.1
10.6
7.5
WT-26-043
5424613
472889
464.0
5.0
15.5
10.5
WT-26-044
5424612
472944
463.6
4.6
18.6
14.0
WT-26-045
5424613
472991
463.5
2.5
15.2
12.7
WT-26-049
5424663
473016
462.7
2.5
14.7
12.2
WT-26-050
5424713
472991
463.7
2.1
13.5
11.4
WT-26-051
5424714
472940
463.5
6.4
19.6
13.2
WT-26-052
5424713
472890
463.8
6.7
17.2
10.5
WT-26-053
5424765
472869
463.2
10.0
16.7
6.7
WT-26-054
5424765
472916
462.1
9.6
16.9
7.3
WT-26-055
5424765
472959
462.8
8.6
15.2
6.6
WT-26-056
5424815
472841
462.6
11.8
15.0
3.2
WT-26-061
5424537
473135
462.6
1.7
16.9
15.2
WT-26-062
5424541
473086
463.3
1.5
9.5
8.1
WT-26-063
5424539
473040
463.4
1.5
17.6
16.1
WT-26-065
5424540
472941
463.0
3.6
8.5
5.0
WT-26-070A
5424433
473140
463.1
0.7
4.0
3.3
WT-26-071A
5424439
473089
464.7
0.8
11.5
10.7
WT-26-072
5424439
473041
463.0
0.7
7.0
6.3
WT-26-074
5424390
473190
463.2
1.0
8.4
7.4
WT-26-075
5424391
473141
463.5
0.8
15.5
14.7
WT-26-080
5424338
473190
463.1
1.0
8.5
7.6
WT-26-082
5424288
473191
463.2
0.9
10.1
9.2
WT-26-083
5424238
473190
463.0
0.7
7.0
6.3
WT-26-085
5424140
473191
463.8
0.6
10.0
9.4
WT-26-088
5424190
473142
463.8
0.8
5.3
4.4
WT-26-089
5424242
473088
463.2
0.7
7.4
6.7
WT-26-091
5424289
473090
463.4
0.7
3.7
3.0
WT-26-093
5424590
473091
463.5
1.4
8.5
7.1
WT-26-095
5424589
472991
463.0
1.7
14.5
12.9
WT-26-098
5424638
472890
463.6
2.4
8.5
6.1
WT-26-099
5424638
472940
463.3
5.2
18.7
13.4
WT-26-100
5424638
472991
463.6
1.9
14.5
12.7
WT-26-101
5424639
473040
463.5
1.5
11.5
10.0
WT-26-102
5424690
472990
462.6
2.2
13.1
10.9
WT-26-103A
5424688
472943
462.4
7.1
14.8
7.8
WT-26-104
5424739
472983
463.4
5.3
13.9
8.7
WT-26-105
5424739
472938
463.3
8.4
19.9
11.5
WT-26-107
5424789
472840
463.3
10.9
15.9
5.0
WT-26-108
5424840
472863
463.2
11.3
16.0
4.7
Table Note: UTM Zone 16N NAD83 Datum. WT-26-011A drilled to test for a suspected false bottom encountered in WT-26-011. Table includes statistics for all Vibracore holes reported to 11 May 2026. Batch 5 Vibracore Hole IDs shown bold. * Apparent tailings thickness and vertical profile tested by assays may differ. Depth figures rounded to 1 decimal place. Depth to tailings of WT-26-001 amended from 0.6m to 0.7m.
Further Information
The Winston Tailings Project Vibracore sampling grid comprises a total of 109 collar locations, staggered at a nominal spacing of 50m along east-west fence lines spaced at 25m north-south, for an effective horizontal sample spacing averaging either 25m or 35m between fences. Duplicate 'twin' core material was retrieved at 3 locations, whilst vertical profiles were restarted at 6 of the locations. The completed sample grid measures up to 904m along the long axis and up to 230m perpendicular to the TSF long axis.
Vibracore tailings cylinders are logged and sampled by Bayside Geoscience Ltd in the city of Thunder Bay, with sample batches submitted to ALS Laboratories for geochemical analysis in support of the Mineral Resource estimate.
The MRE is an integral part of the process to advance the Winston Tailing Project towards a cashflow proposition and will be based upon the resource sampling programme, mineralogical and metallurgical testwork and associated studies. The MRE work will also provide inputs into the Application for Recovery of Minerals Permit (the "Recovery Permit") process as announced 1 September 2025.7, 8
Background
The Winston Tailings Project entails a series of workstreams to quantify, evaluate and permit the contained high-grade gold (Au), gallium (Ga), silver (Ag), zinc (Zn), copper (Cu) and cobalt (Co) and other recoverable minerals located within the historic Winston Lake Mine tailings storage facility (Figure 2). Based on historic processing recoveries it is believed that a significant quantity of valuable material was not captured and remains in the tailing storage facility. Reprocessing the mine tailings, potentially offers Panther the opportunity to unlock residual metal value and contribute to the long-term environmental rehabilitation of the Winston Project site.
The Winston Lake Mine was operational from 1988 to 1998, producing approximately 3.3 million tonnes of ore and yielding zinc, copper, silver, and gold. Based on historic recoveries from mining activities in the 1980s and 1990s, it is believed that a significant quantity of valuable material remains in the tailing storage facility.
Source: NI 43-101 Technical Report Feasibility Study for the Superior Zinc and Copper Project, 2021. Site is connected to high-voltage grid power.
Figure 2: Existing Infrastructure at Winston Tailings Storage Facility
Qualified Person Statement
Technical information in this announcement has been prepared by Nicholas O'Reilly BSc (Hons) MSc DIC MIMMM (QMR) MAusIMM FGS, a director of the Company. He has over 20 years' experience in mining, exploration and development across all major commodities and is a Qualified Person ("QP") as defined in NI 43-101 and is the Competent Person for UK Listing Rules purposes.
References
1. Panther Metals PLC, announcement, Winston Tailings Project: Sample Collection Complete, dated 16 March 2026 ( https://polaris.brighterir.com/public/panther_metals/news/rns/story/xjl3qkw )
2. Panther Metals PLC, announcement, Winston Tailings Project: Batch 1 Assay Results, dated 28 April 2026 ( https://polaris.brighterir.com/public/panther_metals/news/rns/story/xe41yjw )
3. Panther Metals PLC, announcement, Winston Tailings Project: Batch 1 Assay Results, dated 14 April 2026 ( https://polaris.brighterir.com/public/panther_metals/news/rns/story/wvyzp0w )
4. Panther Metals PLC, announcement, Winston Tailings Project: Batch 1 Assay Results, dated 19 March 2026 ( https://polaris.brighterir.com/public/panther_metals/news/rns/story/w6jpjkx )
5. Panther Metals PLC, announcement, Winston Tailings Project: Batch 1 Assay Results, dated 17 March 2026 ( https://polaris.brighterir.com/public/panther_metals/news/rns/story/xo9z89x )
6. Panther Metals PLC, announcement, Winston Tailings Assays Confirm Gold, Gallium, Silver, Zinc, Copper & Cobalt, Tailings Sample Assay Results Exceed Expectations, dated 31 July 2025 ( https://polaris.brighterir.com/public/panther_metals/news/rns/story/w00eo6w )
7. Panther Metals PLC, announcement, Winston Tailings Project Update and Warrant Expiry, Permitting Process Commenced. Warrant Expiry Notice , dated 1 September 2025
( https://polaris.brighterir.com/public/panther_metals/news/rns/story/x20od6r )
8. Recovery of Minerals Permitting process details available at https://www.ontario.ca/page/recovery-minerals
For further information, please contact:
Panther Metals PLC: Darren Hazelwood, Chief Executive Officer:
+44 (0)1462 429743 +44 (0)7971 957 685
Brokers:
Optiva Securities Limited Christian Dennis Mick McNamara
+44 (0)20 3137 1902
Hybridan LLP Claire Louise Noyce
+44 (0)20 3764 2341
SI Capital Limited Nick Emerson
+44 (0)1438 416 500
Obonga Project - Advancing a High-Impact VMS and Critical Minerals District
Panther Metals' Obonga Project in Ontario continues to demonstrate strong potential as a district-scale exploration opportunity targeting base and critical minerals. Since acquiring the Obonga Greenstone Belt in July 2021, the Company has advanced multiple high-priority targets including Wishbone, Awkward, Survey, Ottertooth, and Silver Rim.
On 9 February 2026 Panther announced plans for an approximately 2,000-metre diamond drilling program at the Wishbone Prospect, following the grant of an Exploration Permit in June 2024 valid through 2027. Previous work confirmed compelling VMS-style mineralisation, including 27.3m of massive sulphide and 51m of sulphide-dominated mineralisation across multiple lenses, supported by high-grade copper anomalies in lake sediments.
In July 2024, Panther secured an Exploration Permit for Awkward West, enabling up to 31 drill holes. Historic drilling returned 27.2m at 2.25% TGC, with zones exceeding 5% TGC, alongside indications of nickel, copper, and platinum group elements, aligning with the Company's critical minerals strategy.
High-resolution magnetic and electromagnetic surveys continue to refine drill targeting across Obonga. Survey and Ottertooth remain highly prospective, hosting multiple untested geophysical anomalies and historic massive sulphide intercepts.
Winston Tailings Project - Tailings Evaluation and MRE Pathway
Panther Metals' Winston Project represents a near-term, development-focused opportunity centred on the evaluation of historic mine tailings and has been the subject of prior technical and commercial assessment involving Extrakt.
Current work is focused on tailings sampling, metallurgical testing, and data validation to define metal content, recoverability, and support the preparation of a NI 43-101 compliant Mineral Resource estimate (MRE). This approach provides a clear value-creation pathway with lower geological risk than greenfield exploration and aligns with modern reprocessing and critical mineral's themes.
Dotted Lake Project - Hemlo-Adjacent Polymetallic Opportunity
Panther Metals' Dotted Lake Project, acquired in July 2020, is located approximately 16km from Barrick Gold's Hemlo Mine, within a well-established mining region.
Early exploration identified multiple gold and base metal anomalies, with initial drilling confirming gold mineralisation. In early 2025, follow-up drilling materially advanced the project, confirming nickel and magnesium mineralisation within an ultramafic intrusion and identifying a VMS-style system, significantly expanding the project's polymetallic potential.
The program refined structural controls, extended mineralisation, and identified multiple new drill targets, positioning Dotted Lake as a high-upside, multi-commodity exploration asset.
Commercial Strategy - Focused Value Creation
Panther Metals is focused on disciplined, discovery-driven value creation through efficient capital deployment and technical execution. With Obonga delivering high-impact exploration, Winston providing a resource-focused development pathway, and Dotted Lake offering polymetallic upside, the Company maintains a balanced portfolio aligned with favourable commodity market conditions.
The Company's strategy is to advance high-quality assets along the most efficient technical pathway, delivering tangible milestones that underpin long-term shareholder value.
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