REG - Panther Metals PLC - Winston Tailings Project: Batch 2 Assay Results
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RNS Number : 3349X Panther Metals PLC 19 March 2026
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FOR IMMEDIATE RELEASE
PANTHER METALS PLC
("Panther" or the "Company")
(Incorporated in the Isle of Man with company number 009753V)
19 March 2026
Winston Tailings Project: Batch 2 Assay Results
Panther Metals Plc (LSE: PALM), the exploration company focused on mineral
projects in Canada, is very pleased to report the second 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:
· Second batch of tailings core sample assay results (Table 1) received
for eleven Vibracore collar locations (WT-26-005, WT-26-007, WT-26-011 / 11A,
WT-26-012, WT-26-013, WT-26-014, WT-26-015, WT-26-018, WT-26-021 &
WT-26-026) situated upon six east-west profiles (Figure 1).
· Assayed intersections reported to date are taken from total tailings
thicknesses varying between 2.4m to 13.1m (Table 2). The maximum vertical
thickness of tailings (below ice and water) intersected across the TSF is
16.8m with an average vertical thickness of 8.7m.(1, 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 continue to show good grade consistency across the vertical
depth-profile and laterally between Vibracore hole collar locations, and
support or exceed the 2025 preliminary assay results announced 31 July 2025
and the results announced 17 March 2026.(1, 3)
Darren Hazelwood, Chief Executive Officer commented:
"These latest results continue to highlight the strong production potential
offered by the Winston Tailings Project. We are consistently confirming the
continuity of mineralisation within the tailings, which closely aligns with
our expectations based on our review of the historical production data from
the Winston Lake Mine."
Table 1: Winston Tailings Vibracore Sample Assay Results Batch 2
Vibracore Vertical Depth (m) Au Ag Zn(*) Cu Co Ga In
Hole ID
From To (g/t) (g/t) (%) (%) (ppm) (ppm) (ppm)
WT-26-005 1.77 3.27 0.26 9.09 1.480 0.125 203 71 10
3.27 4.77 0.29 7.93 1.225 0.102 260 81 12
4.77 6.27 0.42 10.20 0.820 0.093 270 77 8
6.27 6.88 0.64 11.90 1.285 0.120 237 91 11
WT-26-007 4.77 6.27 0.42 11.50 1.315 0.131 323 88 13
6.27 7.77 0.69 11.10 1.405 0.133 200 88 12
7.77 9.27 0.63 10.00 1.570 0.132 190 82 13
9.27 10.27 0.44 8.55 1.755 0.111 205 90 16
WT-26-011 1.57 3.07 0.45 11.10 1.015 0.106 315 74 12
WT-26-011A 1.57 3.07 0.05 1.32 0.912 0.026 60 22 5
WT-26-012 0.51 1.77 0.34 10.25 1.675 0.170 358 103 20
1.77 3.27 0.53 13.40 1.260 0.127 430 103 17
3.27 4.77 0.35 12.25 1.240 0.109 383 98 14
4.77 6.27 0.51 11.60 1.135 0.105 341 86 11
6.27 7.77 0.63 13.40 1.510 0.136 286 88 14
7.77 9.27 0.62 12.80 1.470 0.126 289 97 14
9.27 10.77 1.32 18.65 2.240 0.155 262 97 18
10.77 11.71 0.53 13.65 3.290 0.188 303 101 24
WT-26-013 1.77 3.27 0.52 13.30 1.405 0.134 366 83 14
3.27 4.77 0.42 14.45 1.255 0.126 370 95 12
4.77 6.27 0.57 11.55 0.713 0.085 374 66 6
6.27 7.77 0.54 14.10 1.385 0.127 270 86 11
WT-26-014 1.77 3.27 0.43 10.05 1.340 0.131 349 84 14
3.27 4.31 0.30 12.45 1.380 0.122 392 114 15
WT-26-015 3.27 4.77 0.41 12.55 0.895 0.102 330 97 10
4.77 5.82 0.48 12.90 1.240 0.105 370 92 12
5.82 6.27 0.52 11.90 0.890 0.095 340 88 10
WT-26-018 3.27 4.07 0.26 13.50 1.410 0.105 305 92 14
WT-26-021 3.27 4.77 0.64 14.20 1.145 0.118 334 83 10
4.77 5.74 0.71 13.80 1.105 0.110 281 79 9
WT-26-026 1.77 4.77 0.71 11.65 0.885 0.113 308 74 8
4.77 6.27 0.76 11.50 1.035 0.126 315 75 9
6.27 6.60 0.67 12.35 1.800 0.142 258 77 17
Table Note: Assay results by ALS Laboratory methods ME-MS61, Au-ICP21 (for
gold) and Zn-OG62 (for Zn>1%). * Zinc results >1% Zn by method Zn-OG62,
Zn <1% by method ME-MS61. Batch 2 samples reported under ALS certificate
TB26067642. Future sample batches may contain further results for the reported
Hole IDs.
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 an
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
Table 2: Vibracore Sample Collar Locations and Tailings Depths
Vibracore Hole ID (#) UTM Northing UTM Easting Collar Elevation (m) Depth to Tailings Surface (m) Depth to Tailings Base (m) Tailings Thickness* (m)
WT-26-001 5424415 473016 464.1 0.6 6.6 6.0
WT-26-002 5424415 473042 463.8 1.3 5.5 4.2
WT-26-003 5424415 473091 463.4 1.1 9.3 8.2
WT-26-004 5424415 473141 463.3 0.9 14.0 13.1
WT-26-005 5424414 473191 464.0 1.0 6.9 5.9
WT-26-007 5424364 473215 463.2 0.8 10.3 9.5
WT-26-011 5424315 473090 464.4 0.6 3.1 2.5
WT-26-011A 5424315 473094 463.3 0.6 3.1 2.4
WT-26-012 5424315 473140 463.7 0.5 11.7 11.2
WT-26-013 5424314 473191 463.4 0.6 7.8 7.2
WT-26-014 5424313 473235 464.2 0.6 4.3 3.7
WT-26-015 5424263 473215 462.9 0.6 6.3 5.7
WT-26-018 5424264 473065 463.3 0.6 4.1 3.5
WT-26-021 5424214 473190 463.7 0.6 5.7 5.1
WT-26-026 5424064 473165 462.1 0.8 6.6 5.8
Table Note: UTM Zone 16N NAD83 Datum. WT-26-011A drilled to test for a
suspected false bottom encountered in WT-26-011. Table includes statistics for
four Vibracore holes reported 17 March 2026. * Apparent tailings thickness and
vertical profile tested by assays may differ. Depth figures rounded to 1
decimal place.
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.(4, 5)
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 2). 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 2: 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
Project: Batch 1 Assay Results, dated 17 March 2026 (
https://polaris.brighterir.com/public/panther_metals/news/rns/story/xo9z89x )
2. Panther Metals PLC, announcement, Winston Tailings
Project: Sample Collection Complete, dated 16 March 2026 (
https://polaris.brighterir.com/public/panther_metals/news/rns/story/xjl3qkw )
3. 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)
)
4. 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)
)
5. 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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