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REG - Panther Metals PLC - Winston Tailings Project: Batch 4 Assay Results

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RNS Number : 1112C  Panther Metals PLC  28 April 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)

 

28 April 2026

Winston Tailings Project: Batch 4 Assay Results

Panther Metals PLC (LSE: PALM), the exploration company focused on mineral
projects in Canada, is very pleased to report the fourth batch ("Batch 4") 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:

·    Fourth batch of tailings core sample assay results (Table 1) received
for twenty two Vibracore collar locations (WT-26-006, WT-26-024, WT-26-033,
WT-26-035, WT-26-036, WT-26-037, WT-26-038, WT-26-039, WT-26-041, WT-26-042,
WT-26-044, WT-26-045, WT-26-055, WT-26-056, WT-26-062, WT-26-063, WT-26-074,
WT-26-075, WT-26-080, WT-26-088, WT-26-089 & WT-26-091) situated upon
twelve east-west profiles (Figure 1).

 

·    Assayed intersections reported for Batch 4 are taken from total
tailings thicknesses varying between 3.0m to 16.7m (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 confirm continuity across the Winston
Tailings Project tailings footprint, further strengthening our confidence in
the project's scale and consistency. Ongoing work continues to add to our
understanding of the asset, whilst reducing risk.

The growing dataset increasingly supports Winston's technical potential and
reinforces our view that this is a highly attractive opportunity for the
Company. We look forward to advancing the project further and updating
shareholders on continued progress."

 

Table 1: Winston Tailings Vibracore Sample Assay Results Batch 4

 Vibracore  Vertical Depth (m)      Au     Ag     Zn(*)  Cu      Co     Ga     In
 Hole ID    From        To          (g/t)  (g/t)  (%)    (%)     (ppm)  (ppm)  (ppm)
 WT-26-006  1.77        3.27        0.345  8.23   1.395  0.1175  209.0  67.7   10.15
            3.27        4.77        0.391  8.72   1.405  0.1235  232.0  69.0   9.65
            4.77        6.27        0.363  9.28   1.670  0.1430  284.0  68.5   11.35
            6.27        7.77        0.303  8.30   1.625  0.1410  230.0  72.3   11.75
            7.77        8.27        0.287  8.8    1.635  0.1445  200    78.7   13.3

 WT-26-024  3.27        4.77        0.559  7.78   1.135  0.108   168    63.2   7.42
            4.77        5.68        0.479  9.07   0.915  0.0979  233    70     7.36

 WT-26-033  1.77        3.27        0.98   11.95  0.901  0.161   257    88.2   9.17
            3.27        4.77        0.501  11.85  0.801  0.105   318    87.5   7.92
            4.77        6.27        0.468  14.65  1.625  0.1195  428    93.8   14.7
            6.27        7.37        0.917  15.5   1.675  0.155   353    82     13.1

 WT-26-035  1.77        3.27        0.602  13.05  1.7    0.136   315    101.5  14.2
            3.27        4.77        0.611  13.5   0.979  0.1095  246    97.5   9.53
            4.77        6.27        0.359  11.95  1.12   0.125   486    104    13.2
            6.27        7.77        0.452  13.1   0.976  0.1055  369    103.5  10.7
            7.77        9.27        0.586  14.85  1.155  0.1455  261    85.1   10.05
            9.27        10.77       0.579  13.35  0.993  0.121   253    89.3   9.36
            10.77       12.27       0.502  11.6   1.39   0.1065  223    80.4   11.1
            12.27       13.77       0.519  12.05  1.305  0.11    217    87.6   10.65
            13.77       14.17       0.5    12.05  1.385  0.1115  212    87.8   11.25

 WT-26-036  4.1         5.6         0.393  9.13   1.31   0.11    303    92     11.45
            5.6         7.1         0.551  9.44   0.842  0.1045  293    99.3   7.59
            7.1         8.6         0.372  13.2   1.06   0.123   313    97.3   10.1
            8.6         10.1        0.383  12.25  1.38   0.119   408    107    13.3
            10.1        11.36       0.462  10.2   1.35   0.0944  323    113    11.15

 WT-26-037  4.1         5.6         0.349  8.48   1.36   0.119   192.5  61.7   9.08
            5.6         7.1         0.256  9.98   1.49   0.1265  291    89.7   13.05
            7.1         8.6         0.3    10.45  1.68   0.1095  385    106    15.2
            8.6         10.1        0.208  11.1   1.39   0.111   281    89.3   12.75
            10.1        11.6        0.844  14.4   1.25   0.131   227    90.9   10.5
            11.6        13.1        0.383  12.2   1.44   0.11    342    95.3   11.7
            13.1        14.6        0.579  11.95  1.715  0.117   287    83.3   13.25
            14.6        16.1        0.537  11.25  1.92   0.1315  252    85.5   14.8
            16.1        17.6        0.596  11.45  1.36   0.1205  237    89.5   11.05
            17.6        17.72       0.61   11.85  1.55   0.126   254    88.3   12

 WT-26-038  4.1         5.6         0.247  7.08   1.325  0.109   165    51.8   7.24
            5.6         7.1         0.386  8.78   0.993  0.1195  265    81     9.24
            7.1         8.6         0.268  7.94   1.31   0.0918  328    92.8   12.5
            8.6         10.1        0.32   12.55  2.05   0.167   455    120    18.6
            10.1        11.6        0.721  14.2   1.3    0.1265  271    95.7   10.9
            11.6        13.1        0.467  9.04   1.14   0.1025  246    76.7   9.49

 WT-26-039  3.27        4.77        0.468  7.78   1.36   0.155   230    66.7   11.15
            4.77        6.27        0.536  10.2   1.49   0.1285  291    80.9   11.85
            6.27        7.77        0.366  7.52   0.831  0.086   221    78.5   7.33
            7.77        9.27        0.565  10.9   0.802  0.128   313    81.9   7.18
            9.27        10.77       0.486  10.4   0.979  0.113   280    78.7   8.32
            10.77       12.27       0.448  11.3   1.385  0.122   380    86.1   10.75
            12.27       13.77       0.581  11.25  0.915  0.1205  291    84.6   8.78
            13.77       15.27       0.759  15     1.09   0.128   201    96.6   10.2

 WT-26-041  4.1         5.6         0.15   7.31   0.905  0.0858  144.5  48.8   4.86
            5.6         7.1         0.406  9.73   1.175  0.1355  286    90.8   11.3
            7.1         8.6         0.52   12.3   1.58   0.1645  357    93.3   15.3
            8.6         10.1        0.66   13.8   0.805  0.1155  258    81.8   7.96
            10.1        11.6        0.641  14.85  0.802  0.1175  256    86.4   7.65
            11.6        13.1        0.596  12.85  0.669  0.1055  298    79.4   7.09
            13.1        14.6        0.491  11.65  0.755  0.1015  238    80.1   7.37
            14.6        16.1        0.49   11.3   0.811  0.102   249    84     7.81
            16.1        17.46       0.497  12.2   0.955  0.1075  276    84.2   9.61

 WT-26-042  3.1         4.77        0.666  13.4   1.465  0.1565  310    82.2   12.9
            4.77        6.27        0.41   9.47   1.13   0.1575  234    72.3   10.05
            6.27        7.77        0.39   9.83   0.954  0.1615  212    79.9   9.66
            7.77        9.27        0.715  15     0.777  0.113   250    82.1   6.98
            9.27        10.6        0.474  14.9   0.542  0.105   198.5  76.3   6.06

 WT-26-044  8.6         10.1        0.234  9.08   1.175  0.1225  240    78.2   11.65
            10.1        11.6        0.316  8.51   0.982  0.0991  291    80.8   11.85
            11.6        13.1        0.471  10.85  1.125  0.101   252    94.3   10.75
            13.1        14.6        0.676  14.6   0.826  0.0999  349    85.2   7.53
            14.6        16.1        0.569  12.6   0.857  0.0987  312    83.7   8.42
            16.1        17.6        0.485  11     0.939  0.103   346    86.3   10.45
            17.6        18.6        0.458  12.7   1.065  0.1215  384    101.5  12.35

 WT-26-045  7.1         8.6         0.237  11     1.57   0.1615  275    108.5  14.75
            8.6         10.1        0.371  8.64   1.285  0.11    298    80.8   10.45
            10.1        11.6        0.526  10.9   1.17   0.1485  231    85     10.4
            11.6        13.1        0.398  11.4   1.38   0.126   342    106.5  11.35
            13.1        14.6        0.456  10.7   1.16   0.1345  309    88.7   9.76
            14.6        15.19       0.386  11.1   1.205  0.1245  422    100.5  10.3

 WT-26-055  13.65       15.15       0.056  7.68   0.372  0.0348  69.5   32     3.26

 WT-26-056  13.52       15.02       0.063  4.8    0.673  0.057   70.2   29.4   4.74

 WT-26-062  7           8.5         0.535  10.4   1.33   0.145   279    78.4   13.75
            8.5         9.52        0.514  10.05  1.075  0.099   319    87.8   10.8
            9.52        9.54        0.449  9.89   1.385  0.111   348    94.3   14.7

 WT-26-063  4.1         5.6         0.969  11.55  2.21   0.1925  365    94.6   19.65
            5.6         7.1         0.659  11.65  1.505  0.1805  274    96.2   13.3
            7.1         8.6         0.502  11.6   1.19   0.1145  307    114    9.92
            8.6         10.1        0.427  11.05  1.27   0.1425  394    108.5  12.1
            10.1        11.6        0.475  13.35  0.95   0.102   417    108    9.09
            11.6        13.1        0.474  12.35  0.973  0.1105  353    100.5  8.67
            13.1        14.6        0.675  14.75  1.595  0.173   313    104.5  12.1
            14.6        16.1        0.649  12.4   0.9    0.1135  291    106    7.82
            16.1        17.6        0.501  10.8   0.838  0.1165  326    82.8   8.17

 WT-26-074  1           2.5         0.407  10.3   1.49   0.1475  252    88.8   13.7
            2.5         4           0.408  8.44   1.065  0.1075  212    81.6   8.89
            4           5.5         0.665  14.05  0.77   0.118   264    96.7   6.83
            5.5         7           0.45   11.35  1.095  0.1055  342    98.1   9.23
            7           8.35        0.588  11.2   1.25   0.119   294    97.1   9.63

 WT-26-075  2.5         4           0.368  10.6   1.16   0.168   324    93.7   12.5
            4           5.5         0.656  15.15  0.938  0.1425  322    109.5  9.18
            5.5         7           0.466  10.4   1.09   0.1025  306    79.4   10.25
            7           8.5         0.716  11.3   1.695  0.1125  249    80.2   13.05
            8.5         10          0.695  12.2   2.64   0.1585  208    77.9   20.2
            10          11.5        0.85   12.2   2.28   0.152   205    78     18.1
            11.5        13          0.623  11.25  2.03   0.13    243    87.6   16.5
            13          15.5        0.438  10.7   2.91   0.1235  416    88     22.7

 WT-26-080  1           2.5         0.257  22.7   1.375  0.125   270    85.7   13.9
            2.5         4           0.522  14.35  1.13   0.1435  386    100    14.9
            4           5.5         0.429  14.35  1.41   0.1275  462    107.5  18.25
            5.5         7           0.502  12.25  1.385  0.1115  321    83.5   11.55
            7           8.5         0.537  11.05  1.49   0.106   342    94.2   13.9

 WT-26-088  2.5         4           0.677  15.25  1.055  0.1325  369    92.9   11.5
            4           5.25        0.713  15.25  1.045  0.131   374    92.9   11.6

 WT-26-089  2.5         4           0.512  13.1   1.195  0.133   398    85.2   11.45
            4           5.5         0.453  13.55  1.185  0.1045  335    108    10.5
            5.5         7           0.595  13.55  0.899  0.0847  319    93.3   7.96
            7           7.35        0.453  10.35  1.03   0.093   287    78.3   8.82

 WT-26-091  2.5         3.7         0.454  26     1.615  0.1255  403    92.4   18

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
TB26111673. 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                 0.7                            6.6                         5.9
 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-26-006              5424414       473241       463.4                 0.7                            8.3                         7.5
 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-26-016              5424263       473166       462.8                 0.6                            10.7                        10.0
 WT-26-017              5424264       473115       462.8                 0.7                            11.4                        10.7
 WT-26-018              5424264       473065       46.3                  0.6                            4.1                         3.5
 WT-26-020              5424214       473141       462.8                 0.7                            9.6                         8.9
 WT-26-021              5424214       473190       463.7                 0.6                            5.7                         5.1
 WT-26-024              5424062       473215       464.4                 0.7                            5.7                         5.0
 WT-26-026              5424064       473165       462.1                 0.8                            6.6                         5.8
 WT-26-027              5424464       473215       462.8                 0.9                            9.5                         8.6
 WT-26-028              5424465       473165       462.5                 0.8                            6.3                         5.5
 WT-26-030              5424463       473065       462.6                 0.7                            11.1                        10.4
 WT-26-031              5424463       473015       463.2                 0.9                            12.7                        11.8
 WT-26-032              5424464       472966       462.4                 2.0                            10.5                        8.5
 WT-26-033              5424513       472940       463.2                 1.7                            7.4                         5.6
 WT-26-034              5424514       472989       462.6                 1.2                            16.3                        15.1
 WT-26-035              5424515       473041       462.7                 1.1                            14.2                        13.1
 WT-26-036              5424514       473092       463.2                 1.2                            11.4                        10.2
 WT-26-037              5424513       473140       462.9                 1.1                            17.7                        16.7
 WT-26-038              5424564       473116       463.4                 1.2                            13.1                        11.9
 WT-26-039              5424565       473065       463.6                 1.3                            15.3                        14.0
 WT-26-041              5424563       472969       463.5                 2.8                            17.5                        14.7
 WT-26-042              5424565       472913       463.0                 3.1                            10.6                        7.5
 WT-26-044              5424612       472944       463.6                 4.6                            18.6                        14.0
 WT-26-045              5424613       472991       463.5                 2.5                            15.2                        12.7
 WT-26-049              5424663       473016       462.7                 2.5                            14.7                        12.2
 WT-26-050              5424713       472991       463.7                 2.1                            13.5                        11.4
 WT-26-051              5424714       472940       463.5                 6.4                            19.6                        13.2
 WT-26-052              5424713       472890       463.8                 6.7                            17.2                        10.5
 WT-26-055              5424765       472959       462.8                 8.6                            15.2                        6.6
 WT-26-056              5424815       472841       462.6                 11.8                           15.0                        3.2
 WT-26-062              5424541       473086       463.3                 1.5                            9.5                         8.1
 WT-26-063              5424539       473040       463.4                 1.5                            17.6                        16.1
 WT-26-074              5424390       473190       463.2                 1.0                            8.4                         7.4
 WT-26-075              5424391       473141       463.5                 0.8                            15.5                        14.7
 WT-26-080              5424338       473190       463.1                 1.0                            8.5                         7.6
 WT-26-088              5424190       473142       463.8                 0.8                            5.3                         4.4
 WT-26-089              5424242       473088       463.2                 0.7                            7.4                         6.7
 WT-26-091              5424289       473090       463.4                 0.7                            3.7                         3.0

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
all Vibracore holes reported to 28 April 2026. Batch 4 Vibracore Hole IDs
shown bold. * Apparent tailings thickness and vertical profile tested by
assays may differ. Depth figures rounded to 1 decimal place. Depth to tailings
of WT-26-001 amended from 0.6m to 0.7m.

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 are 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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