REG - Panther Metals PLC - Winston Tailings Dam Project Update

Panther MetalsAnnouncement

01/09/2025 07:10

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RNS Number : 4156X  Panther Metals PLC  01 September 2025

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 FOR IMMEDIATE RELEASE

PANTHER METALS PLC

("Panther" or the "Company")

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

 

1 September 2025

Winston Tailings Project Update and Warrant Expiry

Permitting Process Commenced

 

Panther Metals Plc (LSE: PALM), the exploration company focused on mineral
projects in Canada, is pleased to announce the formal commencement of the
Application for Recovery of Minerals Permit (the "Recovery Permit") process
which is part of 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 ("TSF"), comprising the
Winston Tailings Project in Ontario, Canada.(1, 2)

Panther gives notice that a total of 1,067,764 warrants expired unexercised
during August 2025. These comprised of 834,909 warrants issued in connection
with the 2022 placing and 232,855 warrants issued pursuant to the 2023
Convertible Loan Note. The expiry of these warrants reduces the potential
future dilution within the Company's capital structure.

 

Summary

·    Recovery Permit application for the Winston Tailings Project has
formally commenced with the Ontario Ministry of Energy and Mines (the
"Ministry").

 

·    Panther has held a Pre-Submission Meeting with the Ministry and will
now be assigned a dedicated single point of contact to support an efficient
pathway through the regulatory process.

 

·    The Pre-Submission Meeting is the first in a series of four stages
leading to the decision to issue the Recovery Permit. A Recovery Permit allows
its holder to recover minerals from tailings or other mine waste materials.

 

·    Winston's active Mine Closure Plan should facilitate the Recovery
Permit application process, as the associated ongoing monitoring and
environmental studies, will feed into and help streamline the required
assessment reports.

 

·    Excellent existing onsite infrastructure (Figure 1) will support the
Recovery Permit business case and will greatly assist the development of the
tailings reprocessing opportunity, including:

 

o  Connected power with 115kv supply powerline and transformer.

o  Prepared level construction ground at site of former Winston processing
plant.

o  All weather access road, directly connected to the trans-Canada highway
and railroad sidings.

o  Freshwater dam and surface water infrastructure.

o  Active water treatment plant.

o  Site office.

o  Security fencing.

o  Less than 200km drive from Thunder Bay which is a major centre of
engineering service providers and a major transport hub.

The Recovery Permit application is one of four concurrent workstreams,
announced 8 August 2025, which are currently progressing in parallel as the
Company advances towards commencing a systematic drilling programme across the
tailings storage facility during September 2025.

The grid drill sampling programme will support a series of metallurgical
testwork and reprocessing optimisation studies as well as the definition of a
compliant Mineral Resource estimate for the tailings deposit.(3)  Further
details will be announced in the near term.

 

Darren Hazelwood, Chief Executive Officer, commented:

"The application for the Recovery of Minerals Permit is one of four parallel
and interconnected workstreams designed to fast-track the assessment and build
a robust economic case to reprocess and extract value from the historical
Winston Lake Mine tailings storage facility.

As an integral part of the permit application and reprocessing evaluation
process, preparations are currently underway for an upcoming tailings drill
sampling programme which will provide the necessary sample material and data
for the planned metallurgical testwork and a Mineral Resource estimate.
Further details of this exciting programme will be provided soon, as the
various parameters are finalised.

It is positive to note that during August, a total of 1,067,764 warrants
expired unexercised, reducing the potential for shareholder dilution within
the Company's tightly controlled capital structure."

 

Recovery of Minerals Permit Application Process

The Recovery of Minerals Permit is under the legislation prescribed by the
Mining Act (R.S.O. 1990, Chapter M.14), Ontario Regulation 463/24 Recovery Of
Minerals.(4)

A Recovery Permit allows its holder to recover minerals from tailings or other
mine waste materials at a given location without having first obtained an
exploration permit or a filed closure plan. If the tailings or other mine
waste materials are located on Crown land, the holder can also recover
minerals and exploit them commercially without a mining claim or mining
lease.

The Recovery Permit application is a five step process (Table 1), and Panther
has now completed the Pre-Submission Meeting with the Ministry, which has
confirmed that the Company will be assigned a dedicated single point of
contact, within an expected 10 days, to support an efficient pathway through
the regulatory process, as Panther assembles the required documentation and
undertakes the Supporting Technical Studies (as set out in Table 2).

As the Winston TSF is subject to an active Mine Closure Plan and is located on
patented land, based on preliminary discussions, Panther considers that a
number requirements for the Supporting Technical Studies may already be, or
partially be addressed, subject to confirmation with the associated regulatory
parties.

Table 1: Recovery of Minerals Permit Application Steps

 Permit Application Steps                         Status
 1.   Pre-Submission Meeting with the Ministry    Complete. Awaiting dedicated Ministry point of contact.
 2.   Application Screening
 3.   Circulation and Feedback Consideration
 4.   Decision on Permit Application
 5.   Submit Financial Assurance (if needed)

 

 

Table 2: Summary of Supporting Technical Studies which may be required for the
Recovery of Minerals Permit

 Supporting Technical Study                     When is study required?                                                         Company Comment
 Geochemical Assessment Report                  May be required to provide an assessment of whether the activities have the     Inputs for the Geochemical Assessment Report will be provided from the
                                                potential to negatively impact the chemical stability of the land.              upcoming drilling programme and the resultant Mineral Resource estimate and
                                                                                                                                metallurgical characterisation studies.
 Groundwater Characterisation Study             May be required to provide an assessment of whether the activities have the     Panther envisages these studies can be fast-tracked using the ongoing and
                                                potential to negatively impact groundwater quality.                             historical testing conducted as part of the site's active Mine Closure Plan.

                                                                                                                                Initial observations are that the tailings re-processing activities can be
                                                                                                                                designed so that they will not negatively impact on the existing site and it
                                                                                                                                is Panther's view that such activities will provide a positive environmental
                                                                                                                                benefit.
 Surface water Characterisation Study           May be required to provide an assessment of whether the activities have the
                                                potential to negatively impact surface water quality.
 Metal leaching or acid rock drainage (ML/ARD)  May be required to provide an assessment of whether the activities have the
                                                potential to impact metal leaching or acid rock drainage from the project
                                                site.
                                                May be required if the activity has the potential to negatively impact the

                                              chemical stability of the site drainage and underlying groundwater quality.
 Hydrogeological Study
 Tailings Stability Assessment Report           Required if the activity occurs on or near a tailings dam or tailings storage   The TSF dam and surrounds are regularly inspected and reported on as part of
                                                facility to determine if the work has the potential to impact the physical      the active Mine Closure Plan.  There are no issues with the stability of the
                                                stability of the dam or the environment.  Further studies would follow on if    TSF or dam.
                                                any stability issues are identified.

 

Table Notes: all studies will be signed off by a professional engineer or
professional geoscientist. A "professional engineer" is a professional
engineer as defined under the Professional Engineers Act. A "professional
geoscientist" is a member of the Association of Professional Geoscientists of
Ontario.

Outlook

Panther remains focused on advancing the Winston Tailings Project through its
technical and permitting milestones. The combination of existing site
infrastructure (Figure 1), systematic drilling, multi-stream metallurgical
testing, and streamlined regulatory engagement provides a strong foundation as
the Company progresses towards establishing a maiden Mineral Resource and
positions itself for future growth opportunities, including a potential dual
listing.

Further updates will be provided as drilling commences and metallurgical
studies advance.

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

 

 

 

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.

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.

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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