REG - Panther Metals PLC - Winston Tailings: Traxys Letter of Interest Signed

Panther MetalsAnnouncement

19/02/2026 07:00

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RNS Number : 5778T  Panther Metals PLC  19 February 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 February 2026

Winston Tailings: Traxys Letter of Interest Signed

 

Panther Metals PLC (LSE: PALM), an exploration company focused on mineral
projects in Canada, is pleased to announce that it has signed a letter of
interest ("LOI") with Traxys Europe SA, a division of Traxys Group ("Traxys"),
a global commodity trading and marketing market leader.

The non-binding LOI concerns Panther's Winston Tailings Project and is a
formal recognition of an ongoing engagement between both parties as Panther
progresses work to declare a Mineral Resource estimate, as part of series of
ongoing workstreams 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 near Schrieber, Ontario, Canada.

About Traxys

Traxys is a physical commodity trader and merchant in the metals and natural
resources sectors. Its sourcing, logistics, financing and marketing services
are conducted by over 550 employees in over 20 offices worldwide, and its
annual turnover is in excess of US$8 billion. Traxys designs for its supplier
and customer base custom-made supply chain solutions. The group is active in
the non-ferrous metals, ferro-alloys, minerals, industrial raw minerals, and
energy industries, as well as green transition metals.

Traxys is committed to the highest internationally recognised principles for
responsible business conduct, and to ensuring that its operations are
equitable, sustainable, and transparent.

Traxys premises its practices on environmental, social, and governance (ESG)
standards that enable Traxys to set a leading example for the responsible
sourcing and trading of metals and minerals. To learn more about Traxys, go
to: www.traxys.com (http://www.traxys.com) .

 

Darren Hazelwood, Chief Executive Officer commented:

"We are extremely pleased to be in discussions with Traxys at this important
stage in the development of the Winston Lake Tailings Project.

As a globally recognised leader in the financing and marketing of metal
concentrates, Traxys brings an opportunity for a powerful combination of
commercial expertise and the potential to deliver structured financial support
aligned with future offtake.

We believe the LOI with Traxys represents a strong third-party endorsement of
the Project's technical and economic potential.

The involvement of Traxys with their global scale and capability, potentially
offers the capacity to significantly strengthen Panther's pathway, while
providing a clear signal of confidence to our shareholders and the wider
market as we advance the Winston Tailings Project towards production."

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 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 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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