RCS - Panther Metals PLC - Winston Tailings Update

Panther MetalsAnnouncement

10/02/2026 07:00

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RNS Number : 3249S  Panther Metals PLC  10 February 2026

PANTHER METALS PLC

("Panther" or the "Company")

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

 

10 February 2026

Winston Tailings Project Update

 

Panther Metals Plc (LSE: PALM), the exploration company focused on mineral
projects in Canada, is pleased to provide an update on the Winston Tailings
Project where a series of ongoing workstreams are 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") near Schrieber, Ontario, Canada. (1, 2, 3)

·    Tailings sampling work is underway onsite under the geological
supervision of independent geological contractors Bayside Geoscience Ltd
("Bayside") using Platinum vibracore sampler mounted on a purpose built ice
barge, situated upon the frozen tailings pond. The vibracore sampler retrieves
a representative cylinder of tailings material through the vertical profile of
the tailings, from points at regular grid spacings across the TSF.(4)

 

·    The first batch of tailings samples are now undergoing logging and
sampling by Bayside in the city of Thunder Bay. Once prepared the tailings
will be sent for geochemical analysis in support of the Mineral Resource
estimate.(5)

 

·    The Mineral Resource estimate ("MRE") is being undertaken by
independent consultants SRK Exploration Ltd ("SRK EX"). The MRE will be
reported in compliance with the standards and best practices set out by the
Canadian Institute of Mining, Metallurgy and Petroleum's ("CIM") for reporting
Mineral Resources, Ore Reserves, and related exploration information. This
will also facilitate future NI 43-101 reporting, as required.(5)

 

·    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.(6, 7)

 

·    Upon receipt of the geochemical assay results a bulk composite sample
of the Winston tailings will be sent to Extrakt Process Solutions, LLC.
("Extrakt") who will conduct phased metallurgical testwork for the recovery of
metals. 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. Extrakt has developed a
proprietary environmentally friendly cyanide-free technology for enhanced
leaching and recovery of gold and other metals from all types of ores and
solid-liquid separation that significantly improves dewatering and
consolidation of mine tailings.(8)

 

Darren Hazelwood, Chief Executive Officer commented:

"Market conditions could not be more compelling. Commodity prices are strong,
capital markets are supportive, and we believe this is exactly the right
moment in time to execute our strategy.

The Company is in its strongest position ever-financially, operationally, and
strategically. By fast-tracking key initiatives with the Winston Tailings
Project, and working alongside the right partners, we are sharply focused on
accelerating growth and delivering meaningful shareholder value."

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. 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.(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.

As announced 15 July 2025, Panther undertook a preliminary sampling programme
 to assess the contained metals. A total of 14 samples were collected at an
overage spacing of 50m down the longitudinal axis of the TSF, see Figure 2.
Each sample comprised an average of 0.8kg of material taken from the top circa
30cm of the submerged tailings below a water cover depth of between 1 to 5
metres.  The samples were collected using a boat and extendable sampling
auger. The assay results are summarised in Table 1.

Table 1: July 2025 Preliminary Winston Tailings Sample Assay Results

 Tailings Sample ID  UTM Easting  UTM Northing  Depth of Water above sample(m)  Au      Ag      Zn    Cu    Co (ppm)  Ga (ppm)

                                                                                (g/t)   (g/t)   (%)   (%)
 F212201             472983       5424622       5.0                             0.143   7.72    1.18  0.10  151.00    49.40
 F212202             473209       5423993       1.0                             0.102   5.35    1.23  0.10  95.10     33.30
 F212203             473195       5424052       1.0                             0.554   13.60   1.27  0.15  279.00    93.60
 F212204             473191       5424096       1.5                             0.538   20.60   1.48  0.19  496.00    104.00
 F212205             473163       5424154       1.5                             0.272   21.20   1.49  0.19  448.00    121.00
 F212206             473154       5424214       1.5                             0.333   10.70   1.14  0.12  292.00    80.50
 F212207             473123       5424272       1.5                             0.298   8.20    1.43  0.13  201.00    74.20
 F212208             473101       5424328       1.5                             0.399   10.80   1.19  0.14  286.00    77.20
 F212209             473066       5424391       1.5                             0.452   10.50   2.20  0.20  237.00    55.40
 F212211             473007       5424434       1.5                             0.814   21.90   1.14  0.16  470.00    106.00
 F212212             472975       5424491       1.5                             0.790   16.20   1.23  0.13  466.00    122.00
 F212213             472938       5424552       5.0                             0.305   10.30   1.13  0.12  330.00    99.70
 F212214             473054       5424603       2.5                             0.151   8.36    1.02  0.10  142.00    46.10
 F212215             473085       5424562       2.5                             0.112   7.39    1.16  0.09  165.00    57.90

Table Notes: UTM Zone 16N NAD83 Datum. AGAT Laboratories analytical package
method 202-552 for gold, method 201-071  for other metals.

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

 

Figure 2: Winston Tailings Sample Location Points with Gold Grade

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: 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
)

 

5.             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)
)

 

6.             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)
)

 

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

 

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:
 Optiva Securities Limited                    +44 (0)20 3137 1902

 Christian Dennis

 Mick McNamara
 Hybridan LLP                                 +44 (0)20 3764 2341

 Claire Louise Noyce
 SI Capital Limited                           +44 (0)1438 416 500

 Nick Emerson

 

 

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 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 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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