REG - Panther Metals PLC - Winston: Gold & Critical Mineral Update

Panther MetalsAnnouncement

08/08/2025 07:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250808:nRSH5054Ua&default-theme=true

RNS Number : 5054U  Panther Metals PLC  08 August 2025

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR
INDIRECTLY IN OR INTO AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA,
THE UNITED STATES OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A
VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION

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)

 

8 August 2025

Winston Tailings: Gold & Critical Mineral Reprocessing

Evaluation and Permitting Workstreams Commencing

 

Panther Metals Plc (LSE: PALM), the exploration company focused on mineral
projects in Canada, is delighted to provide an update outlining the
commencement of a series of workstreams to quantify and evaluate 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 ("TSF") in Ontario,
Canada.

As announced 31 July 2025, the assay results from the recent initial sampling
programme, comprising a 680m longitudinal transept across the 1 km long TSF
(Figures 1 & 2),  returned high grade gold up to 0.814 g/t Au, with up to
21.9 g/t Ag, 2.20% Zn, 0.20 % Cu, 496 ppm Co and 122 ppm Ga as outlined in
Table 1. These results strongly support further sampling and metallurgical
testwork to determine the most economic and environmentally sensitive route
for extracting the precious metals and other critical minerals from the
TSF.(1, 2)

Panther is pleased to announce an exciting programme which includes the
following workstreams:

1.   Historical Assessment: A review of historical mine tailings production
reconciliation and volumetric accounting records has commenced.  First
Quantum Minerals has provided the Company with access to the Winston Lake Mine
historical reports outlining processing feed head grade, grades recovered to
the zinc and copper concentrates and the grades of materials reporting to the
tailings. This data is supplemented by access to First Quantum personnel
involved with maintaining and monitoring the TSF and who were involved with
production when the mine was active.  In addition, further hardcopy records,
plans and maps are available in the archives onsite. The review of this
documentation and calculations, together with the historical density records,
will help establish a baseline for the development of a working economic
assessment model and will feed into the Technical Studies and Permitting
workstreams outlined below.

 

2.   Technical Studies - Appointment of Specialists: The Company has
undertaken a streamlined procurement process and is now agreeing the relevant
scope of works with the preferred drilling and geological contractors,
tailings and mineral processing specialists ahead of formal appointment. The
contractors and specialists will be involved with the design and execution of
a number of key studies including the metallurgical sampling programme,
metallurgical characterisation and deportment studies, resource calculations,
and work to determine optimal reprocessing, commodity capture and tailings
retreatment routes as well as the associated bench testwork and environmental
planning. Further details will be announced in due course.

 

3.   Permitting Process: In conjunction with the technical studies, in order
optimise the timeline to potential production, the Company has commenced the
necessary engagement with the Ontario Ministry of Energy and Mines with the
Ministry of Northern Development, Mines, Natural Resources and Forestry to map
out the permitting path-way to reprocess the tailings from the Winston
brownfield mine site.  The permitting workstream centres around the new
Recovery of Minerals regulation (Ontario Regulation 463/24 under the Mining
Act) which came into effect on 1 July 2025. A Mineral Recovery Permit
authorises the extraction of residual minerals from tailings and other mine
wastes on existing or abandoned mine sites where previous mining activities
have taken place. The regulation provides a streamlined permitting process
that will allow recovery of minerals activities to occur faster without
requiring a closure plan. (3)

 

4.   Ancillary Critical Minerals: Whilst Panther currently views gold,
silver, zinc and copper as the primary target commodities for the envisaged
tailings reprocessing, as an integral part of the above workstreams the
Company will be undertaking a review of the potential value attributable to
other recoverable critical mineral components in the tailings such as the
gallium (Ga), germanium (Ge), indium (In) and manganese (Mn) which are all
linked to the zinc mineral sphalerite, and which are sought by the electronics
and renewable energy industries.

 

Darren Hazelwood, Chief Executive Officer, commented:

"Since announcing the exciting sample assay results from the Winston Lake Mine
tailings storage facility, we have been very busy setting out and commencing a
series of  workstreams which are designed to fast-track the assessment and
build a robust economic case to reprocess and extract value from the tailings.

The assay results strongly supported the initiation of the metallurgical
sampling and resource determination work which will feed into the mineral
processing studies required to determine the most economic and environmentally
sensitive route for extracting the precious metals and critical minerals from
the tailings.

Last month the Government of Ontario instated a new regulatory regime designed
to streamline the tailing reprocessing permitting process that will allow
recovery of minerals activities to occur faster without requiring a closure
plan. Panther have embarked on the permitting process which will be run in
tandem with the technical studies, in order to shorten our timeline to
projected cashflow.

In layperson's terms the planned workstreams are designed to provide the
necessary numbers to quantify the economic value recoverable from the tailings
and to constrain the costs involved with bringing the tailing re-processing
into production and generating significant cashflow to advance the business.

We look forward to providing further updates in due course."

 

Background

As announced 15 July 2025 and 31 July 2025, Panther recently undertook a
preliminary sampling programme as a first step in assessing the potential to
reprocess historical mine tailings, aiming to unlock residual metal value,
extend project life, improve overall returns, and contribute to the long-term
environmental rehabilitation of the 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 (Figure 1).

A total of 14 samples were collected at an overage spacing of 50m down the
longitudinal axis of the tailings storage facility ("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 samples were submitted to accredited AGAT Laboratories in Thunder Bay for
gold fire assay with ICP-OES finish and by multi-element four-acid digestion
followed by an ICP-OES / ICP-MS finish (AGAT methods 202-552 and 201-071
respectively).  Samples which returned silver, copper, zinc and/or sulphur
above the upper detection limit were analysed by Overlimit analytical method
201-470.  The assay results are summarised in Table 1.

 

Table 1: 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

 

 

Glossary

Fire Assay: Fire assay is a pyrometallurgical technique that uses heat and
specific reagents to isolate precious metals from a sample in order to
determine the precious metal content (like gold and silver) in ores and other
materials.

ICP-MS: Inductively coupled plasma mass spectrometry (ICP-MS) is a type of
mass spectrometry that uses an inductively coupled plasma to ionize the
sample. It atomizes the sample and creates atomic and small polyatomic ions,
which are then detected. It is known and used for its ability to detect metals
and several non-metals in liquid samples at very low concentrations.

ICP-OES: Inductively coupled plasma optical emission spectroscopy (ICP-OES),
is an analytical technique used for the detection of chemical elements. It is
a type of emission spectroscopy that uses the inductively coupled plasma to
produce excited atoms and ions that emit electromagnetic radiation at
wavelengths characteristic of a particular element.

 

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

 

 

Competent Person Statement

Technical information in this announcement has been reviewed by Nicholas
O'Reilly BSc (Hons) MSc DIC MIMMM QMR MAusIMM FGS, a director of the Company.
Mr O'Reilly is principal geologist and a director of Mining Analyst Consulting
Ltd. He has over 20 years' experience in mining, exploration and development
across all major commodities. As a qualified geologist, he can act as
Competent Person for JORC Code and UK Listing Rules purposes.

Responsibility Statement

The person responsible for the release of this announcement is Darren
Hazelwood the Chief Executive Officer of the Company.

 

For further information, please contact:

Panther Metals PLC:

Darren Hazelwood, Chief Executive Officer:            +44(0) 1462
429 743

 
+44(0) 7971 957 685

Broker:

SI Capital Limited

Nick Emerson
                         +44(0) 1438 416 500

Winston Project

The Panther Metals Winston Project, located 150km east of Thunder Bay,
Ontario, Canada, is an advanced stage polymetallic zinc, copper and precious
metal property comprising a high-grade critical mineral mine redevelopment and
resource building opportunity. Based on a Feasibility Study published in 2021
the Project is expected to generate average life of mine ("LOM") annual EBITDA
of C$67.64 million (M) and have a pre-tax NPV(8%) of C$ 175.8 M and IRR of
26%, with further strong exploration potential for defining additional Mineral
Resources and Mineral Reserves from the two main deposits as well as
additional near-mine volcanogenic massive sulphide ("VMS") exploration
targets.

2021 Feasibility Study Headline Metrics

·      NPV(8%):              C$175.8M pre-tax, assuming zinc
priced at US$2,700/t, copper at US$7,300/t,
gold at US$1,635/oz & silver at US$21/oz. At a derisked 6%
discount                             Pre-tax NPV =
C$213.2M.

·      IRR:                  26% pre-tax

·      EBITDA :          C$574.9M (gross), C$67.64M (annual).
Gross revenue: C$983.3M

·      CAPEX:            C$145.1 M

·      OPEX:              C$65.17/t

·      LOM:                Initial 8.5 year life of mine,
with 3.5 year pay-back period. Strong potential to increase LOM.

·      Producing an average 33.40ktpa contained zinc,1.3ktpa contained
copper, 698oz recovered gold and 90.8koz recovered silver (after ramp-up),
from an onsite processing facility with an annualised 326ktpa capacity.

·      The unit pricing for copper, gold and silver, concentrate payable
percentages and exchange rates, are positively different from 2021 in today's
dollars, providing scope for additional value uplift.

·      Indicated Resource 2.07 Million Tonnes @ 18% Zn

·      Volcanogenic Massive Sulphide mineralisation well understood by
Panther.

·      Panther plans to build value through extending the mine life
utilising the Company's strong local exploration network and leveraging
institutional, governmental and critical mineral programme support.

·      No name discussions in Canada have indicated strong support for
this deal on an asset base previously supported by industry heavyweights,
including Sprott.

·      Strong prospects to increase Mineral Resources and Mineral
Reserves through exploration down-dip and along strike of the current
Resources.

·      Zinc and Copper deemed Critical Minerals in Canada, eligible for
enhanced tax-efficient flow-through funding.

·      Positive First Nation engagement.

·      Strong Institutional and Governmental support for future
financing options.

·      Existing historical tailings storage facility offers potential
for near-term cash-flow subject to further studies.

Highly prospective near mine exploration targets include the Pick Lake Deposit
which is not fully constrained and is considered to be open down-plunge; the
Winston Lake Deposit where there are strong electromagnetic ("EM") geophysics
conductive bodies adjacent to the current Resource; and in the vicinity of
historical Zenith deposit.  The wider project area is relatively
underexplored and there are several prospective surface zinc targets,
including Anderson, Trial and Ciglen, and the VMS hosting horizons along
strike strongly warranting geophysical investigation.

The 2021 Feasibility Study(1) for the Winston Project detailed a strong
economic case for mine redevelopment for a 1,000 tonnes per day underground
operation with a net present value (NPV(8%)) of C$171.5M and pre-tax internal
rate of return (IRR) of 26% based on an Ore Reserve of 1.96Mt @ 13.9% Zn, 0.6%
Cu with significant gold and silver credits (Table 1) producing an expected
69.8 thousand tonnes per year (ktpa) of zinc concentrate and 5.3 ktpa of
copper concentrate over an initial 8.5 year mine life. The Project boasts a
high-grade CIM compliant Indicated Mineral Resource(2) of 2.07Mt averaging
17.9% zinc, 0.8% copper, 0.4 g/t gold, and 34 g/t silver plus Inferred 0.27Mt
@ 16.2% Zn, 1.0% Cu, 0.3g/t Au & 37.2g/t Ag (Table 2).  Project is
located only 20km from the trans-Canada highway and infrastructure including
power, tailings storage facility, transport links and underground development
are already in place. The previous mining operation closed in February 1999
due to very low zinc prices at the time. In total, 3.4 million tonnes grading
1.0% copper and 16% zinc was mined and processed. The total project area
covers approximately 60.4km(2) and comprises both patented freehold, leased
and Crown-land mining claims.

Table 1: Winston Project Mineral Reserve

 Winston   Ore Reserve     Million  Zinc    Copper  Gold      Silver

 Project                   Tonnes   Grade   Grade   Grade     Grade
           Classification  (Mt)     (Zn %)  (Cu %)  (Au g/t)  (Ag g/t)
           Proven          -        -       -       -         -
           Probable        1.96     13.9    0.6     0.2       26.2
           Total           1.96     13.9    0.6     0.2       26.2

Notes: JORC (2012) compliant Mineral Reserve effective date 5 July 2019. Ore
Reserves are based solely on Indicated Mineral Resources and are reported
above an average net smelter return (NSR) cut-off grade of US$98 /t equivalent
to 5.2% Zn. (1)

Table 2: Winston Project Mineral Resource Estimate at 3% Zn cut-off grade

 Resource Areas   Mineral Resource Classification  Million  Zinc    Copper  Gold      Silver

                                                   Tonnes   Grade   Grade   Grade     Grade
                  (Mt)                                      (Zn %)  (Cu %)  (Au g/t)  (Ag g/t)
 Pick             Indicated                        1.78     19.20   0.90    0.3       36.1

 Lake
                  Inferred                         0.27     16.40   1.00    0.3       38
 Winston          Indicated                        0.29     10.40   0.70    0.9       18.4

 Lake
                  Inferred                         0.01     8.90    0.60    0.5       11.9
 Winston Project  Total                            2.07     17.90   0.80    0.4       33.6

                  Indicated
                  Total                            0.27     16.20   1.00    0.3       37.2

                  Inferred

Notes: Effective date 15 October 2020. Stated at 3% zinc cut-off grade.
Mineral Resource estimate is compliant with the Canadian Institute of Mining,
Metallurgy and Petroleum ("CIM"), CIM Standards on Mineral Resources and
Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on
Reserve Definitions. Mineral resources which are not mineral reserves do not
have demonstrated economic viability. There has been insufficient exploration
to define the inferred resources tabulated above as an indicated or measured
mineral resource, however, it is reasonably expected that the majority of the
Inferred Mineral Resources could be upgraded to Indicated Mineral Resources
with continued exploration.

Technical References:

1              NI 43-101 Technical Report Feasibility Study for
the Superior Zinc and Copper Project, dated 13 October 2021, prepared for
Metallum Resources Inc by DRA Global ("DRA").

 

2              NI 43-101 Technical Report on the Mineral Resource
Estimation of the Pick Lake and Winston Lake Properties, Ontario, Canada,
dated 15 October 2020, prepared for CROPS Inc. (renamed Metallum Resources
Inc) by MASSA Geoservices.

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.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  DRLUPUUURUPAPGM