REG - Panther Metals PLC - Winston Tailings Assays

Panther MetalsAnnouncement

Thu 07:01

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RNS Number : 2865T  Panther Metals PLC  31 July 2025

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PANTHER METALS PLC

("Panther" or the "Company")

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

 

31 July 2025

Winston Tailings Assays Confirm Gold, Gallium, Silver, Zinc, Copper &
Cobalt

Tailings Sample Assay Results Exceed Expectations

 

Panther Metals Plc (LSE: PALM), the exploration company focused on mineral
projects in Canada, is very pleased to announce the receipt of assay results
for the recent mine tailings sampling programme undertaken at the Winston
Project, located on the historic Winston Lake Mine tailings storage facility
("TSF") in Ontario, Canada.

The tailings assay results exceed Panther's expectations returning high grade
gold (Au), gallium (Ga), silver (Ag), zinc (Zn), copper (Cu) and cobalt (Co),
strongly supporting 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.

In addition, a rock sample from a historical massive sulphide dump at the Pick
Lake deposit located circa 1.4km west of the TSF yielded 25.3% Zn, 3.0% Cu,
0.55g/t Au. 119 g/t Ag, 388 ppm Co and 26.2 ppm Ga which points to the future
potential offered by the strong exploration targets in the Pick Lake area.

Highlights

•           Tailings samples return assay results of up to:

§ 0.814 g/t Au

§ 21.9 g/t Ag

§ 2.20% Zn

§ 0.20 % Cu

§ 496 ppm Co

§ 122 ppm Ga

 

•           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 processing recoveries it is believed
that a significant quantity of valuable material was not captured and remains
in the tailing storage facility.  These assay results confirm that is the
case.

 

•           Massive-sulphide rock sample taken from dump at the Pick
Lake deposit yielded 25.3% Zn, 3.0% Cu, 0.55g/t Au. 119 g/t Ag, 388 ppm Co and
26.2 ppm Ga.

 

•           Existing infrastructure including grid power, water
treatment and storage facilities support fast-track of tailings reprocessing
opportunity.

 

Darren Hazelwood, Chief Executive Officer, commented:

"These exciting assay results confirm our best hopes for the considerable
value potential of precious metals and critical minerals stored within the
Winston tailings pond.

The historical production records, summarised in the 2021 Feasibility Study
and documented in mining production reports, pointed to a significant
proportion of gold passing through the processing plant and into the tailings.
As the processing plant was only optimised to produce high-grade zinc and
copper concentrates and gold prices were considerably lower than today.

The tailings assay results confirm this belief and strongly point to the
tailings containing considerable in-situ value at today's commodity prices.
Whilst we will now have to do the detailed metallurgical studies and recovery
plant design, we see the potential for near-term cashflow and profits in the
many millions.

As an actively maintained brownfield site much of the needed infrastructure is
already in place for the tailings reprocessing, including high-voltage grid
power, active water treatment facilities, and the pond in a topographic
location that could allow for the tailings to be removed, treated and placed
back. This is a dream scenario for a junior exploration company.

We are now aggressively pursuing this opportunity to generate significant
returns and have already engaged with internationally renowned mineral
processing experts and had conversations with our drilling contractor to plan
a comprehensive metallurgical sampling programme.

We believe revenue from the tailings has the potential to both fund the
Winston resource growth drilling and mine redevelopment, to fund exploration
across our portfolio and to supplement our Bitcoin Treasury. The cashflow will
provide Panther the opportunity to develop any discoveries on our own terms
not beholden to the market, and will underpin our ability to attract
non-dilutive finance.

It is very early in this exciting journey and we now have to do the necessary
technical studies to prove up our vision. That said, should the economics of
the tailings project be as robust as we currently envisage, we would ideally
seek debt finance, rather than use the equity markets, in order to protect our
shareholder's value and avoid dilution as much as possible. Thus, rewarding
current and new investors to participate in Panther's future."

 

Background

As announced 15 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)

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, 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)
 )

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

Darren Hazelwood, Chief Executive Officer of the Company is responsible for
the release of this information.

 

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.

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