RCS - Panther Metals PLC - Winston Tailings Project - Appointment of Extrakt

Panther MetalsAnnouncement

07/01/2026 07:00

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RNS Number : 8617N  Panther Metals PLC  07 January 2026

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PANTHER METALS PLC

("Panther" or the "Company")

(Incorporated in the Isle of Man with company number 009753V)

 

07 January 2026

Winston Tailings Project: Metallurgical Testwork

Extrakt Process Solutions Appointed for Metal Extraction Testwork

Panther Metals Plc (LSE: PALM), the exploration company focused on mineral
projects in Canada, is pleased to announce the appointment of Extrakt Process
Solutions LLC ("Extrakt") to conduct phased metallurgical testwork for the
recovery of metals from the Winston Tailings Project in Ontario,
Canada.(1,2,3)

The testwork will be conducted in association with TDI Solutions LLC an
independent laboratory authorised and equipped to implement the Extrakt
innovative hydrometallurgical extraction technology. This work and associated
studies are inputs into the Application for Recovery of Minerals Permit (the
"Recovery Permit") process as announced 1 September 2025.(4,5)

The Phase 1 metallurgical characterisation and testwork will be conducted on
representative composite samples of tailings material obtained from the
resource drilling programme.(6,7)  The Phase 1 work is designed to generate
baseline data on metal extraction performance, which will guide and support
the design of subsequent testwork phases to determine the recoveries for gold
(Au), gallium (Ga), indium (In), silver (Ag), zinc (Zn), copper (Cu) and
cobalt (Co) and/or other recoverable metals contained within the historic
Winston Lake Mine tailings storage facility (Figure 1).

The Phase 1 metallurgical results will also support the Reasonable Prospects
of Eventual Economic Extraction requirement for the planned Mineral Resource
estimate ("MRE") being conducted by the SRK Group.(6)

The MRE and the Extrakt metallurgical testwork are integral workstreams to
advance the Winston Tailings Project through permitting towards a cashflow
proposition.

Darren Hazelwood, Chief Executive Officer commented:

"We are delighted to have the opportunity to appoint Extrakt Process Solutions
who are pioneering advanced non-cyanide mineral processing technologies to
recover metals from tailings in an environmentally sustainable manner."

About Extrakt

Extrakt Process Solutions is a United States based technology company focused
on environmentally sustainable separation technologies for recovering precious
mineral recovery, hydrocarbon separation as well as dewatering of mine waste
and other related processes. Extrakt has a global patent portfolio and
continues to develop new processes and technologies.  Extrakt also has a
strategic global alliance with Bechtel Energy Technologies & Solutions
Inc. (BETS) part of the  Bechtel Corporation the major engineering,
construction, procurement & project management group.(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), indium (In) and cobalt (Co) and other
recoverable minerals located within the historic Winston Lake Mine tailings
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.(1, 2)

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 1: Existing Infrastructure at Winston Tailings Storage Facility

 

References

1.             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
(https://polaris.brighterir.com/public/panther_metals/news/rns/story/w00eo6w)
)

 

2.             Panther Metals PLC, announcement, Tailings Sampling
Programme Underway at Winston Project, dated 15 July 2025
(https://polaris.brighterir.com/public/panther_metals/news/rns/story/w606ngw
(https://polaris.brighterir.com/public/panther_metals/news/rns/story/w606ngw)
 )

 

3.             Panther Metals PLC, announcement, Winston Tailings:
Gold & Critical Mineral Reprocessing, Evaluation and Permitting
Workstreams Commencing, dated 8 August 2025

(
https://polaris.brighterir.com/public/panther_metals/news/rns/story/rm7movr
(https://polaris.brighterir.com/public/panther_metals/news/rns/story/rm7movr)
)

 

4.             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
(https://polaris.brighterir.com/public/panther_metals/news/rns/story/x20od6r)
)

 

5.             Recovery of Minerals Permitting process details
available at https://www.ontario.ca/page/recovery-minerals
(https://www.ontario.ca/page/recovery-minerals)

 

6.             Panther Metals PLC, announcement, Winston Tailings
Project: Mineral Resource Appointment, SRK Appointed To Conduct Mineral
Resource Estimate, dated 22 September 2025

( https://polaris.brighterir.com/public/panther_metals/news/rns/story/rdo96mx
(https://polaris.brighterir.com/public/panther_metals/news/rns/story/rdo96mx)
)

 

7.             Panther Metals PLC, announcement, Winston Tailings
Project: Mineral Resource Drilling, Platinum Diamond Drilling Appointed for
Mineral Resource Programme, dated 20 November 2025

( https://polaris.brighterir.com/public/panther_metals/news/rns/story/w90ljpw
)

 

8.             Press Release dated 20 February 2024: Extrakt and
Bechtel Partner to Commercialize Groundbreaking Solid-Liquid Separation
Technology,
(https://www.bechtel.com/press-releases/extrakt-and-bechtel-partner-to-commercialize-groundbreaking-solid-liquid-separation-technology/
(https://www.bechtel.com/press-releases/extrakt-and-bechtel-partner-to-commercialize-groundbreaking-solid-liquid-separation-technology/)
)

 

For further information, please contact:

 Panther Metals PLC:                          +44 (0)1462 429 743

 Darren Hazelwood, Chief Executive Officer:   +44 (0)7971 957 685

 Brokers:
 Hybridan LLP                                 +44 (0)20 3764 2341

 Claire Louise Noyce
                                              +44 (0)1438 416 500

 SI Capital Limited

 Nick Emerson

 

Obonga Project - Expanding Canada's Next VMS and Critical Minerals District

Panther Metals' Obonga Project in Ontario continues to demonstrate significant
potential as a leading exploration initiative targeting both base and critical
minerals. Since acquiring the Obonga Greenstone Belt in July 2021, the Company
has rapidly advanced five high-priority targets: Wishbone, Awkward, Survey,
Ottertooth, and Silver Rim.

In June 2024, Panther secured a key Exploration Permit for the Wishbone
Prospect, valid through 2027, authorizing extensive drilling and geophysical
surveys. Previous campaigns confirmed compelling volcanogenic massive sulphide
(VMS)-style mineralisation, highlighted by intercepts such as 27.3m of massive
sulphide and 51m of sulphide-dominated mineralisation with multiple
mineralised lenses. High-grade copper anomalies in lake sediment further
enhance the prospectivity of this landmark target.

July 2024 saw Panther awarded an Exploration Permit for Awkward West,
supporting an aggressive exploration program including up to 31 drill holes.
Historic drilling here revealed notable graphite mineralisation-27.2m at 2.25%
Total Graphitic Carbon (TGC) with zones exceeding 5% TGC-alongside promising
signs of nickel, copper, and platinum group elements, aligning with Panther's
strategic focus on critical minerals.

Additional exploration efforts include high-resolution magnetic geophysical
surveys across key prospects, optimizing drill targeting and advancing the
geological model. Survey and Ottertooth remain highly prospective, with
multiple magnetic and electromagnetic anomalies and historic intercepts of
massive sulphides, many targets still largely untested.

Obonga's combination of VMS-style base metals and critical mineral potential,
situated in a stable and mining-friendly jurisdiction with strong
infrastructure, positions Panther Metals to unlock a district-scale mineral
system with significant commercial upside.

Dotted Lake Project - Hemlo-Adjacent Gold Opportunity with Growing Momentum

Panther Metals' Dotted Lake Project, acquired in July 2020, lies just 16km
from Barrick Gold's renowned Hemlo Mine, in one of Canada's premier
gold-producing regions. The project offers a strategically located and
scalable gold exploration play.

Initial soil sampling in 2021 identified numerous gold and base metal targets,
and subsequent access improvements facilitated an initial drilling program
that confirmed gold mineralisation with anomalous values extending along
strike.

In early 2025, Panther completed a follow-up campaign featuring detailed
geological mapping, trenching, and targeted diamond drilling. These efforts
extended mineralisation both laterally and at depth, identified new structural
controls, and reinforced the potential for a broader, high-grade gold system.
Multiple zones have been prioritised for expanded drilling, underscoring
Dotted Lake's significant upside.

The project's proximity to established infrastructure and Hemlo's extensive
mining operations, combined with robust recent results, makes Dotted Lake a
key asset in Panther's growth portfolio.

Commercial Strategy - Discovery-Driven Value Creation

Panther Metals is committed to creating substantial shareholder value through
focused exploration and disciplined capital management. The Company combines
deep geological expertise with an understanding of market and financing
dynamics to advance high-potential projects efficiently.

With access to a global network of industry leaders and a rigorous operational
focus on drilling, Panther prioritises activities that directly contribute to
discovery and resource growth. The drill hole remains the ultimate validation
in mineral exploration, and Panther's strategy is to fast-track world-class
targets into drill-ready assets - delivering tangible results that underpin
long-term value creation for shareholders.

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