REG - Panther Metals PLC - Winston Tailings Project: Batch 1 Assay Results

Panther MetalsAnnouncement

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RNS Number : 8638W  Panther Metals PLC  17 March 2026

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PANTHER METALS PLC

("Panther" or the "Company")

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

 

17 March 2026

Winston Tailings Project: Batch 1 Assay Results

 

Panther Metals Plc (LSE: PALM), the exploration company focused on mineral
projects in Canada, is very pleased to report the first batch of Vibracore
sample assay results for the Winston Tailings Project near Schrieber, Ontario,
Canada.

The Vibracore tailings sampling is in support of the Mineral Resource estimate
("MRE") programme, the first of a series of ongoing workstreams 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").

Key points:

·     First batch of tailings core sample assay results (Table 1) received
for four Vibracore collar locations (WT-26-001, WT-26-002, WT-26-003 &
WT-26-004) situated on part of a single east-west profile (Figure 1), varying
in thickness from 4.15m to 12.20m (Table 2).

 

·    Samples comprise HQ core (63.5mm) diameter cylinders of tailings
material through the vertical profile of the tailings, collected from the
surface of the tailings (situated below ice and water cover) to the base of
the tailings.

 

·    Results show good grade consistency across the vertical depth-profile
and laterally between Vibracore hole collar locations.

 

·    The results support or exceed the 2025 preliminary assay results
announced 31 July 2025.(1)

Darren Hazelwood, Chief Executive Officer commented:

"The continuity of mineralisation and grade we are seeing gives us increasing
confidence in the underlying potential of the project. Historical mining
records from the Winston Lake Mine indicate the deposit was characterised by a
very uniform distribution of mineralisation, and while our current results
remain early-stage, we are already seeing encouraging signs that this pattern
is being mirrored in the tailings.

For us, that consistency is extremely important. An even spread of
mineralisation supports the potential for predictable processing and scalable
production, which is exactly what you want to see when developing a strong
production story."

Table 1: Winston Tailings Vibracore Sample Assay Results Batch 1

 Vibracore  Vertical Depth      Au      Ag      Zn     Cu     Co (ppm)  Ga (ppm)  In

 Hole ID                        (g/t)   (g/t)   (%)    (%)                        (ppm)
            From (m)  To

                      (m)
 WT-26-001  0.7       2.05      0.889   15.85   1.185  0.186  347       13        107
            2.05      3.55      0.683   16.55   1.24   0.161  321       14        94
            3.55      6.55      0.461   15.5    1.565  0.118  453       16        102

 WT-26-002  1.3       2.05      0.488   15.05   1.18   0.111  277       12        80
            2.05      3.55      0.438   12.15   1.605  0.128  305       16        78
            3.55      5.05      0.383   16.15   1.44   0.172  463       19        104
            5.05      5.45      0.48    8.19    0.687  0.086  275       6         62

 WT-26-003  1.07      2.05      0.424   9.28    1.2    0.109  257       11        81
            2.05      3.27      0.558   12.5    0.84   0.128  270       9         85
            3.27      4.77      0.513   18.7    1.22   0.188  442       17        108
            4.77      6.27      0.345   12.5    1.625  0.120  388       17        107
            6.27      7.77      0.516   11.25   2.1    0.136  360       18        103
            7.77      9.27      0.565   10.85   2.85   0.148  311       28        97

 WT-26-004  1.77      3.27      0.39    9.27    1.57   0.171  252       18        81
            3.27      4.77      0.251   7.77    1.17   0.125  267       11        81
            4.77      6.27      0.486   15.65   1.39   0.158  434       16        106
            6.27      7.77      0.715   13.1    1.225  0.100  271       9         96
            7.77      9.27      0.561   10.85   1.515  0.135  269       12        92
            9.27      10.77     0.528   10.2    1.35   0.100  265       10        90
            10.77     12.27     0.502   11.55   2.11   0.103  296       14        96
            12.27     12.47     0.671   11.9    1.545  0.113  272       12        94
            12.47     13.97     0.785   11.8    1.57   0.119  242       11        92

Table Note: Assay results by ALS Laboratory methods ME-MS61, Au-ICP21 and
Zn-OG62

Table 2: Vibracore Sample Collar Co-ordinates

 Hole ID    UTM Northing  UTM Easting  Elevation (m)  Vertical Profile Tested (m)
 WT-26-001  5424415       473016       464.1          5.85
 WT-26-002  5424415       473042       463.8          4.15
 WT-26-003  5424415       473091       463.4          8.20
 WT-26-004  5424415       473141       463.3          12.2

Table Note: UTM Zone 16N NAD83 Datum

 

Analytical Methods

 

The certified assay results are by ALS Laboratories using four-acid super
trace multielement method ME-MS61 (four-acid digestion for near-total recovery
across a suite of 48 elements), Au-ICP21 (gold by fire assay with a
inductively coupled plasma atomic emission spectroscopy finish) and Zn-OG62
(four-acid overlimit method for high-grade zinc).

Figure 1: Winston Tailings 2026 Vibracore Sample Result Locations for this
Announcement

   Left: Photo of HQ (63.5mm) diameter, clear plastic sample collection cylinders
   containing tailings material from Vibracore hole WT-26-001

 Above: Photo of core tailings material once removed from the plastic cylinder
 and sawn in half for sampling.  One half submitted for assay, one half
 retained for future studies (Vibracore hole WT-26-004).
 Figure 2: Photographs of Vibracore Sample Cores, Prior to Cutting and After
 Cutting

 

Further Information

The Winston Tailings Project Vibracore sampling grid comprises a total of 109
collar locations, staggered at a nominal spacing of 50m along east-west fence
lines spaced at 25m north-south, for an effective horizontal sample spacing
averaging either 25m or 35m between fences. Duplicate 'twin' core material was
retrieved at 3 locations, whilst vertical profiles were restarted at 6 of the
locations. The completed sample grid measures up to 904m along the long axis
and up to 230m perpendicular to the TSF long axis.

Vibracore tailings cylinders continue to be logged and sampled by Bayside
Geoscience Ltd in the city of Thunder Bay, with sample batches submitted to
ALS Laboratories for geochemical analysis in support of the Mineral Resource
estimate.

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.(2, 3)

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
(Figure 3). 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.

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 3: Existing Infrastructure at Winston Tailings Storage Facility

 

Qualified Person Statement

Technical information in this announcement has been prepared by Nicholas
O'Reilly BSc (Hons) MSc DIC MIMMM QMR MAusIMM FGS, a director of the Company.
He has over 20 years' experience in mining, exploration and development across
all major commodities and is a Qualified Person ("QP"), as defined in NI
43-101 and is the Competent Person for UK Listing Rules purposes.

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, 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)
)

 

3.             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:                          +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 Tailings 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 NI 43-101 compliant 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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