REG - Panther Metals PLC - Winston Tailings Project: Sample Collection

Panther MetalsAnnouncement

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RNS Number : 7448W  Panther Metals PLC  16 March 2026

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ABUSE (AMENDMENT) (EU EXIT) REGULATIONS (SI 2019/310) ("UK MAR"). UPON THE
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 FOR IMMEDIATE RELEASE

PANTHER METALS PLC

("Panther" or the "Company")

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

 

16 March 2026

Winston Tailings Project: Sample Collection Complete

 

Panther Metals Plc (LSE: PALM), the exploration company focused on mineral
projects in Canada, is pleased to report the vibracore sample collection work
phase at the Winston Tailings Project has successfully completed.

The completed ice-barge mounted vibracore sampling is 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") near Schrieber,
Ontario, Canada.

Key points:

·    Tailings vibracore sample collection phase of the Mineral Resource
estimate ("MRE") programme has successfully completed with no incidents or
accidents.

 

·    Thickness of the tailings exceeded expectation reaching a maximum
vertical thickness of tailings (below ice and water) of 16.8m and with an
average vertical thickness of 8.7m.

 

·    Laterally and vertically representative tailings core samples
successfully retrieved from across the extent of the frozen tailing pond, with
representative HQ core (63.5mm) diameter cylinders of tailings material
through the vertical profile of the tailings, from 109 locations at regular
grid spacings across the TSF (see Figure 1 and Figure 2).

 

·    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.

 

·    First Nation stakeholder engagement meetings held at the PDAC
conference in Toronto.

 

·    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.(1, 2)

 

Figure 1: Photograph of the Platinum Vibracore Sampling Ice Barge on the
Frozen Winston Tailings Pond, 3 February 2026

Figure 2: Winston Tailings 2026 Vibracore Sampling Collar Locations

 

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

 

References

1.             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)
)

 

2.             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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