REG - Panther Metals PLC - Obonga Project: Wishbone VMS Update

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RNS Number : 6018U  Panther Metals PLC  27 February 2026

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PANTHER METALS PLC

("Panther" or the "Company")

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

27 February 2026

Obonga Project: Wishbone VMS Update

 

Panther Metals Plc (LSE: PALM), the exploration company focused on mineral
projects in Canada, is pleased to provide an update for the Obonga Project's
Wishbone Prospect which is an emerging and highly prospective base metal
volcanogenic massive sulphide ("VMS") system in Ontario, Canada.

Following the completion of the 2025 high resolution drone based airborne
magnetic geophysics survey ("Magnetics Survey") over the Wishbone Prospect,
the geophysical data has subject to three-dimensional inversion modelling
(Figures 1 & 2) with a view to refining the parameters of the permitted
drill holes ahead of a diamond drilling programme.

A video illustrating the results of the Magnetic Survey inversion modelling
and the size and morphology of the Wishbone VMS Target and the relationship
with highly anomalous copper in lake sediments is available to view on the
Panther Metals PLC YouTube channel at
https://youtube.com/shorts/POMgfQuSc44?feature=share
(https://youtube.com/shorts/POMgfQuSc44?feature=share) (1)

Figures of the magnetics inversion and structural model are set out below in
Figures 1 and 2, whilst the map the processed First Vertical Derivative of the
Magnetic Survey data is shown in Figure 3. Figure 4 shows the highly anomalous
copper in lake and stream sediments which are located above, and which drain
off the site of the Wishbone VMS Prospect. Details of the Magnetic Survey are
provided in Table 1.

The work being planned is covered by Exploration Permit PR-24-000022, which is
valid through to 20 June 2027 (Figure 5). This permit authorises a
comprehensive exploration programme, including up to 39 diamond core drill
holes and down-hole electromagnetic geophysics.

Darren Hazelwood, Chief Executive Officer commented:

"As move towards and period of intense work activity at the exciting Wishbone
VMS Prospect, we would like to provide an update on our geological and
magnetic inversion modelling activities which illustrate the scale of the
Wishbone system that we will be drill targeting in the coming quarter.

Panther Chairman Nick O'Reilly and I will be at the PDAC Conference in Toronto
next week where we will be meeting with various Wishbone stakeholders, and we
look forward to providing further updates as our plans advance."

 Figure 1: Plan view of modelled Wishbone VMS Target showing magnetic inversion
 model, geological contacts and location of Panther diamond drillholes (based
 on magnetic inversion model shells).

 Notes: Scale bar and north arrow in bottom left corner of figure. Coordinates
 stated in UTM Zone 16N NAD 83 datum. Image highlights the size of the modelled
 magnetic body at depth. Dark blue dots signify permitted drill pad
 locations.  The figure is overlain by a semi-transparent surface rendering of
 the topographical map, from which the trace of the Wishbone Lake can be
 discerned (light blue).  The green block model below the topography reflects
 the greenstone volcanic geology, the beige block model to the north is
 granitoid.  The granitoid/volcanic contacts are interpreted to be faulted.
 A series of three concave fault/contacts are currently interpreted to dissect
 the magnetic inversion model.  The down-hole traces of Panther's 2021 and
 2022 drilling are shown in plan view.  The working model is dynamic and will
 be updated as the 2026 work programme develops.
 Looking south (180° / 45°)             Looking north (000° / 45°)
 Looking north-westerly (340° / 45°)    Looking north-easterly (060° / 45°)
 Figure 2: Series of oblique three-dimensional views of modelled of modelled
 Wishbone VMS Target showing location of Panther diamond drillholes (based on
 magnetic inversion model shells).

 Notes: Image highlights the size of the modelled magnetic body at depth. Blue
 dots signify permitted drill pads. For relative scale and description of other
 features please see the notes below Figure 1.

 

 Figure 3: First Vertical Derivative Magnetic Survey Map data from the 2025
 Wishbone Survey.

 Notes: The first vertical derivative map enhances shallow, near-surface
 geological features by calculating the rate of change of the magnetic field in
 the vertical direction. This acts as a high-pass filter to sharpen anomaly
 edges, reduce regional background noise and better resolve closely spaced
 magnetic bodies.

 

Wishbone VMS Target Background

The Wishbone Drone Magnetic Survey work followed on from the 2022 drill
programme to target multiple high priority electromagnetic ("EM") and magnetic
geophysical anomalies prospective for volcanogenic massive sulphide ("VMS")
hosted copper / base metal mineralisation. Panther's two hole 600m drilling
programme in  autumn 2021 had confirmed Wishbone as a VMS base metals target
and the 2022 drilling sought to follow-up on the massive sulphide and zinc /
copper intersections as well as to test further coincident magnetic and
electromagnetic conductor geophysical anomalies identified by regional
airborne surveys.

Historical drilling in the 1970s intersected massive stringer and disseminated
sulphide 800m north of the Wishbone anomaly and drilling by BHP in the 1990s
intersected massive stringer and disseminated sulphide 600m south of the
anomaly.

BHP ranked the Wishbone anomaly a high priority for follow up in 1992, however
no further work was completed prior to 2021. Airborne geophysics datasets
compiled since that time have shown that the historical drilling failed to
intersect the major anomalies.

Wishbone is situated in a similar geological environment to the nearby
Sturgeon Lake VMS mining camp, on the Wabigoon Greenstone Belt, approximately
75km due west.  The Sturgeon Lake VMS Camp is host to five historic
zinc-copper-lead-silver producing mines, with a combined total production of:
19.8Mt @ 8.50% Zn, 1.06% Cu, 0.91% Pb & 119.7g/t Ag.

In 2021 Panther's two hole, 600m diamond drilling programme, intercepted
multiple lenses of sulphide mineralisation including in drill hole
BBR21_WB_001 a 27.3m wide intercept of massive sulphide mineralisation and in
hole BBR21_WB_002 51m of sulphide-dominated mineralisation.

Wide massive sulphide and semi-massive sulphide mineralisation intersections
were made in both drill holes:

¡ WB001: Three wide sulphide intersections:

-    27.3m of massive sulphide from 106.2m ('Upper layer'), with fault at
base;

-    2.5m of massive sulphide from 234.8m ('Mid layer'; and

-    1.4m of massive sulphide from 256.6m ('Lower layer')

¡ WB002:  Wide zoned sulphide intersection:

-    51m from 174m comprising a wide zone of sulphide dominated
mineralisation, including:

-    17m from 180m of massive sulphide ('Upper zone') and

-    7m from 218m of semi-massive sulphide ('Lower zone')

In Panther's 2022 drill programme, a further three diamond drill holes
intersected further massive and semi-massive sulphides, and a zone of zinc
mineralisation:

¡ Hole BBR22 WB-P1-2:    Potentially commercial grades of zinc
mineralisation:

-    3.6m @ 3.9% Zn from 120m, including

-    2m @ 6.8% Zn, 4.3 g/t Ag and anomalous 0.19% Cu from 120m, with

-    0.5m @ 11.65% Zn, 4.1 g/t Ag and anomalous 0.14% Cu from 120.2m.

¡ Hole BBR22 WB-P2-1:  Further wide zones of massive and semi-massive
sulphide mineralisation intersected, interpreted to be related to the high
temperature pyrrhotite dominant core of the VMS system:

-    22.4m of massive and semi-massive sulphide from 127m downhole.

¡ Hole BBR22 WB-P3-1 :

-    3.8m of semi-massive sulphide from 163.2m downhole.

The Wishbone discovery was the first significant VMS-style mineralisation to
be made on the entire Obonga Greenstone Belt. Given the geological tendency
for VMS systems to cluster and repeat and given the presence of highly
anomalous copper in lake and stream sediments nearby (see Figure 4).

An important characteristic of VMS deposits is that they typically display a
zonation of metals within the massive sulphide body from Fe+Cu at the base to
Zn+Fe±Pb±Ba at the top and margins, related to differing temperature and
chemical conditions at mineral deposition. The major observed mineral
component of the Wishbone  massive sulphide mineralisation is pyrrhotite with
less common pyrite and minor sphalerite and chalcopyrite in distinct zones.

The Wishbone assay result suite, including rare earth element ("REE")
analyses, has yielded important geochemical information allowing the
classification of the mineralisation, alteration ratios and the development of
exploration vectors towards zones of potential economic interest. Wishbone has
been classified as a bimodal type deposit, the same type as Canada's Kidd
Creek (Ontario) and Noranda (Quebec) VMS deposits.

 

 Figure 4: Lake Sediment Sample Assays Show Very Strong Copper Anomalism
 Downstream of the Wishbone VMS system

 

 

Table 1:       Wishbone VMS Prospect UAV Magnetic Survey Details

 UAV Magnetics Survey Rational                                                  Survey Equipment                                                                Survey Size                              Flight Line Azimuth (degrees)  Survey Data Products

                                                                                                                                                                (25m line & 250m tie line spacing)

                                                                                                                                                                (line- kilometre)
 Targeting VMS style base metal mineralisation at depth.                        Unmanned Airborne magnetometer survey system incorporating:                     25m line & 250m tie line spacing         090°                           ·   Final Total Magnetic Intensity

                                                                                                                                                                Total line kilometres:

 3D Inversion modelling will facilitate drill hole orientation planning to      Base station magnetometer GSM-19W Overhauser                                    190.11 km                                                               ·   First Vertical derivative
 target the expected high base metal grade parts of the targeted VMS systems.

                                                                                Airborne magnetometer Gem Systems GSMP-35U potassium vapor magnetometer &                                                                               ·   Second Vertical Derivative
                                                                                ancillary electronics.

                                                                                                                                                                                                                                        ·   Horizontal Derivative

                                                                                                                                                                                                                                        ·   Analytic Signal

                                                                                                                                                                                                                                        ·   3D Inversion Models

 

 

 Figure 5:      Wishbone Exploration Permit PR-24-000022 Permitted, Claim
 Cells, Drill Pads, Camp and Access
 Note:  Map from Permit issued on 21 June 2024

 

 

 

 

References

 

1.             Panther Metals PLC, YouTube channel video: Wishbone
VMS Target

( https://youtube.com/shorts/POMgfQuSc44?feature=share
(https://youtube.com/shorts/POMgfQuSc44?feature=share) )

For further information, please contact:

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

+44 (0)7971 957 685
 Darren Hazelwood, Chief Executive Officer:
 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 the Hemlo Mining Corp.'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 programme 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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