Winston Tailings Project: Batch 6 Assay Results

Panther Metals

13/05/2026 07:00

RNS Number : 0597E

Panther Metals PLC

13 May 2026

 

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THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF REGULATION 2014/596/EU WHICH IS PART OF DOMESTIC UK LAW PURSUANT TO THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS (SI 2019/310) ("UK MAR"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION (AS DEFINED IN UK MAR) IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

FOR IMMEDIATE RELEASE


PANTHER METALS PLC

("Panther" or the "Company")

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

 

13 May 2026

Winston Tailings Project: Batch 6 Assay Results

Panther Metals PLC (LSE: PALM), the exploration company focused on mineral projects in Canada, is very pleased to report the sixth and final batch ("Batch 6") of Vibracore sample assay results for the Winston Tailings Project near Schrieber, Ontario, Canada. In addition, the assay results of supplementary samples collected from 49 of the 109 collar locations during the programme are also provided.

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:

·    Sixth and final batch of tailings core sample assay results (Table 1) received for twenty five Vibracore collar locations (WT-26-022, WT-26-029, WT-26-040, WT-26-046, WT-26-047, WT-26-048, WT-26-057, WT-26-060, WT-26-064, WT-26-066, WT-26-067, WT-26-068A, WT-26-069, WT-26-076, WT-26-077, WT-26-078, WT-26-079, WT-26-084, WT-26-086A, WT-26-087, WT-26-090, WT-26-092, WT-26-094, WT-26-096 & WT-26-097) situated upon seventeen east-west profiles (Figure 1).

 

·    Assay results for supplementary samples collected during the Vibracore programme are provided in Table 2. Supplementary samples for a total of forty nine Vibracore hole locations were collected in numbered sample bags or sample buckets as opposed to the Vibracore cylinders. Supplementary samples include material collected by hand auger from the top 30cm of tailings at the hole collar (in cases where Vibracore recovery at the top of the hole was unsatisfactory), duplicate sample collected within the hole, and sample material collected from the bottom section of the Vibracore hole as rods were pulled and cleaned.

 

·    Assayed Vibracore intersections reported for Batch 6 are taken from total tailings thicknesses varying between 2.0m to 16.8m (Table 3). 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

 

·    Vibracore 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. Supplementary samples were collected into numbered sample bags and buckets.

 

·    These final 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, 19 March 2026, 14 April 2026, 28 April 2026 and 11 May 2026. 2,3,4,5,6

Darren Hazelwood, Chief Executive Officer commented:

"These final, remarkably consistent and exciting assay results mark the completion of the on-the-ground tailings sampling work at Winston and the Vibracore results are feeding into the Mineral Resource modelling and estimation, and metallurgical recovery work streams.

Given the significant power, transport and water infrastructure existing on-site, and the highly professional ongoing site management by First Quantum, we anticipate our major costs at Winston, pre-processing plant, are behind us. The next phase of groundwork will be relatively low-cost, and will concern the engineering design for the exploitation and reprocessing of the tailings, in support of our Mining Recovery Permit application.

As we enter this new chapter of exciting work at the Winston Tailings Project, we are buoyed by the growing interest from potential investment partners and look forward to providing updates as the work progresses."

Table 1: Winston Tailings Vibracore Sample Assay Results Batch 6

Vibracore
Vertical Depth (m)
Au
Ag
Zn*
Cu
Co
Ga
In
Hole ID
From
To
(g/t)
(g/t)
(%)
(%)
(ppm)
(ppm)
(ppm)
WT-26-022
1.77
4.77
0.768
13.55
1.260
0.137
328.0
76.4
9.81
4.77
6.27
0.737
13.30
2.360
0.178
257.0
76.1
17.15
6.27
7.77
0.612
13.05
3.280
0.218
271.0
70.2
22.90
7.77
9.27
0.743
14.55
5.120
0.291
287.0
76.5
38.60
9.27
9.53
0.493
10.15
2.410
0.154
214.0
71.8
15.55
WT-26-029
3.27
4.77
0.289
7.45
1.240
0.135
239.0
77.9
10.80
4.77
6.27
0.246
9.09
1.495
0.148
294.0
75.3
10.45
6.27
7.77
0.395
10.65
1.030
0.117
370.0
92.4
12.50
7.77
9.27
0.493
11.20
1.215
0.115
329.0
88.3
10.45
9.27
10.77
0.548
10.10
1.160
0.103
231.0
82.3
9.98
10.77
12.27
0.606
11.40
1.140
0.106
209.0
88.9
9.69
12.27
13.77
0.647
11.35
1.195
0.107
237.0
81.9
9.48
13.77
15.27
0.534
10.40
1.210
0.107
275.0
83.6
9.71
15.27
15.9
0.573
10.95
1.130
0.102
253.0
84.8
8.85
WT-26-040
3.27
4.77
0.792
12.90
1.305
0.228
226.0
107.0
18.55
4.77
6.27
0.469
8.19
0.958
0.120
218.0
69.9
8.22
6.27
7.77
0.541
11.00
1.155
0.122
288.0
86.2
9.80
7.77
9.27
0.503
10.10
0.971
0.120
271.0
93.0
8.22
9.27
10.77
0.633
14.75
0.764
0.103
391.0
99.0
6.99
10.77
12.27
0.551
11.20
0.818
0.113
271.0
83.3
7.44
12.27
13.77
0.469
12.55
1.040
0.109
360.0
91.0
8.58
13.77
14.77
0.490
10.20
0.736
0.093
253.0
77.4
6.29
WT-26-046
4.77
6.27
0.367
5.81
0.775
0.083
128.0
48.1
5.68
6.27
7.77
0.399
9.88
1.300
0.132
312.0
94.4
13.85
7.77
9.27
0.396
8.26
1.275
0.110
374.0
82.5
10.65
9.27
10.77
0.363
8.54
1.215
0.117
332.0
82.2
11.10
10.77
12.27
0.423
9.55
1.245
0.119
329.0
88.8
11.05
12.27
13.77
0.342
8.38
1.285
0.112
277.0
97.6
12.85
13.77
15.27
0.334
8.55
1.345
0.111
320.0
91.2
11.80
15.27
16.77
0.378
10.25
1.480
0.146
447.0
94.6
13.80
16.77
17.14
0.350
14.30
1.920
0.160
423.0
101.0
16.30
WT-26-047
9.27
10.77
0.240
7.94
1.085
0.103
198.0
63.2
7.47
10.77
12.27
0.227
7.98
1.205
0.107
174.0
69.6
10.10
12.27
13.77
0.320
11.40
1.310
0.126
309.0
99.0
12.80
13.77
15.27
0.320
10.25
1.085
0.123
262.0
89.1
11.30
15.27
16.77
0.373
8.90
1.040
0.117
290.0
83.1
10.55
16.77
18.27
0.295
8.45
0.908
0.115
261.0
81.7
10.20
18.27
19.5
0.325
9.28
1.440
0.121
372.0
90.7
13.50
WT-26-048
8.6
10.1
0.252
8.09
1.270
0.112
217.0
72.3
10.35
10.1
11.6
0.221
7.14
0.946
0.092
158.5
70.2
7.13
11.6
13.1
0.232
9.32
1.515
0.123
285.0
84.9
12.40
13.1
14.6
0.326
8.57
1.445
0.115
327.0
92.9
13.25
14.6
16.1
0.347
9.06
1.305
0.116
323.0
87.2
11.50
16.1
17.6
0.450
10.70
1.090
0.120
364.0
86.1
11.00
17.6
19.1
0.382
11.25
1.150
0.120
310.0
93.1
10.30
19.1
20.6
0.329
9.30
1.245
0.120
346.0
82.8
10.90
WT-26-057
19
20.5
0.107
3.42
0.985
0.099
56.2
23.6
7.90
WT-26-060
3.4
4.9
0.255
8.05
1.175
0.112
225.0
62.8
7.28
4.9
6.4
0.287
9.18
1.770
0.138
344.0
93.7
16.20
6.4
7.9
0.215
8.04
1.770
0.117
363.0
88.4
16.65
7.9
9.4
0.297
10.80
1.615
0.126
468.0
115.5
17.30
9.4
10.9
0.331
12.80
1.755
0.205
526.0
103.5
19.20
10.9
12.4
0.371
13.45
2.020
0.153
462.0
95.2
18.00
12.4
13.9
0.384
14.60
1.715
0.122
350.0
93.0
13.95
13.9
14.98
0.006
2.58
0.045
0.007
36.2
16.9
0.40
WT-26-064
4.6
6.1
0.576
10.85
1.335
0.149
313.0
89.2
10.95
6.1
7.6
0.673
10.60
1.675
0.172
334.0
85.4
13.30
7.6
9.1
0.335
13.20
1.780
0.158
407.0
109.5
16.30
9.1
10.6
0.332
12.55
1.280
0.117
439.0
97.1
12.45
10.6
12.1
0.555
14.05
0.912
0.107
396.0
91.2
8.48
12.1
13.6
0.612
13.40
0.795
0.105
310.0
88.4
7.13
13.6
15.1
0.545
14.50
0.776
0.114
302.0
93.8
8.31
15.1
16.43
0.578
12.20
1.130
0.120
251.0
71.7
9.19
WT-26-066
2.5
4
0.688
12.45
0.857
0.144
298.0
90.0
7.64
4
5.5
0.589
13.25
0.989
0.105
301.0
82.0
8.88
5.5
7
0.436
13.75
1.235
0.118
459.0
90.1
12.00
7
8.5
0.724
15.80
0.893
0.126
353.0
87.7
8.04
8.5
10
0.684
14.20
0.878
0.123
330.0
85.0
7.90
10
11.5
0.482
11.85
0.770
0.109
312.0
79.9
7.25
11.5
13
0.781
13.05
1.295
0.132
212.0
81.6
9.95
13
14.5
0.939
13.90
1.100
0.128
120.0
92.9
7.20
14.5
15.5
0.958
15.05
1.245
0.126
156.5
94.4
7.96
WT-26-067
2.5
4
0.496
11.45
0.839
0.141
218.0
111.5
9.23
4
5.5
0.543
11.60
0.894
0.141
211.0
112.0
10.15
5.5
7
0.433
16.55
1.235
0.177
488.0
109.0
15.90
7
8.5
0.487
13.25
1.055
0.121
380.0
112.5
11.70
8.5
10
0.553
13.30
1.035
0.123
326.0
101.5
10.40
WT-26-068A
2.5
4
0.466
10.05
1.085
0.117
329.0
96.7
10.85
4
5.5
0.599
10.95
0.946
0.117
322.0
94.2
9.03
5.5
7
0.444
10.55
1.035
0.107
386.0
100.5
10.20
7
8.5
0.424
14.30
1.695
0.158
467.0
112.0
17.90
8.5
9.85
0.406
13.15
1.175
0.115
388.0
104.0
12.90
WT-26-069
4
5.5
0.189
9.90
1.740
0.160
316.0
90.3
15.60
5.5
7
0.358
11.50
1.260
0.110
348.0
93.3
10.50
7
7.95
0.609
11.35
1.390
0.140
267.0
78.1
8.83
WT-26-076
1
2.5
0.570
11.75
1.935
0.198
310.0
74.4
16.40
2.5
4
0.843
16.60
1.395
0.198
349.0
94.8
15.75
4
5.5
0.383
13.40
1.470
0.122
402.0
97.2
13.45
5.5
7
0.441
12.30
1.355
0.126
356.0
92.6
11.70
7
7.95
0.616
12.95
2.120
0.146
369.0
87.4
16.00
WT-26-077
1
2.5
0.511
15.25
0.812
0.122
316.0
86.8
8.19
2.5
4
0.409
13.95
0.970
0.147
411.0
93.2
12.70
4
5.5
0.455
19.40
1.490
0.214
497.0
101.5
17.50
WT-26-078
1
2.5
0.553
12.00
1.500
0.170
333.0
88.6
12.70
2.5
4
0.358
10.00
1.255
0.163
262.0
63.2
10.40
WT-26-079
1
4
0.569
12.85
1.095
0.143
359.0
83.9
9.93
4
5.5
0.281
13.45
1.325
0.124
455.0
92.0
15.05
5.5
7
0.399
11.55
1.090
0.124
361.0
87.4
10.30
WT-26-084
1
2.5
0.299
11.35
1.255
0.123
221.0
85.0
12.25
2.5
4
0.637
15.70
1.180
0.133
359.0
93.1
10.75
4
5.5
0.733
13.25
1.245
0.123
329.0
79.7
9.99
5.5
7
0.932
14.40
2.000
0.165
244.0
78.3
13.90
WT-26-086A
2.5
4
0.752
15.15
1.280
0.148
327.0
92.4
10.75
4
5.5
0.755
10.10
0.805
0.111
268.0
67.2
6.03
WT-26-087
1
2.5
0.956
16.05
1.545
0.199
310.0
87.6
13.10
2.5
4
0.901
16.70
2.170
0.201
356.0
92.9
17.80
WT-26-090
1
2.5
0.779
15.75
1.200
0.137
484.0
99.5
14.75
2.5
4
0.467
14.80
1.205
0.122
394.0
98.0
11.15
4
5.5
0.457
14.40
0.999
0.110
353.0
86.6
7.99
5.5
7
0.625
12.95
1.355
0.115
336.0
86.6
10.95
7
8.95
0.770
12.90
2.410
0.192
292.0
92.7
17.35
WT-26-092
2.5
4
0.449
13.60
1.085
0.140
407.0
102.0
13.45
4
5.5
0.404
14.00
1.265
0.115
384.0
111.0
11.55
5.5
7
0.561
13.25
1.045
0.113
321.0
83.8
9.16
WT-26-094
5.5
7
0.195
10.75
1.100
0.101
162.5
51.9
5.95
7
8.5
0.425
9.83
1.475
0.144
259.0
83.6
14.50
8.5
10
0.391
8.96
1.095
0.123
301.0
76.0
10.25
10
11.5
0.489
9.75
1.175
0.136
242.0
86.6
10.40
11.5
13
0.469
10.15
1.665
0.151
267.0
73.3
15.00
WT-26-096
7
8.5
0.592
10.85
1.185
0.134
252.0
99.3
11.15
8.5
10
0.357
8.58
0.699
0.098
230.0
90.4
8.08
10
11.5
0.442
9.68
0.863
0.112
256.0
95.0
9.27
11.5
13
0.360
8.68
0.751
0.100
259.0
88.8
8.82
13
14.5
0.482
12.20
0.961
0.104
328.0
98.3
9.59
14.5
16
0.482
12.55
0.667
0.095
293.0
91.1
7.18
16
18.65
0.576
13.15
0.646
0.102
301.0
98.0
7.17
WT-26-097
10.15
11.65
0.355
10.60
1.050
0.133
341.0
96.0
11.60

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.

Table 2: Winston Tailings Supplementary Sample Assay Results

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
0.73
8.27
0.456
11.65
1.525
0.121
266.0
85.9
12.35
WT-26-010
10.71
13.31
0.379
8.75
2.020
0.116
237.0
92.6
14.90
WT-26-016
7.77
9.27
0.435
11.05
2.810
0.191
271.0
89.3
21.90
WT-26-017
9.27
10.77
0.374
13.75
3.520
0.244
308.0
98.8
27.90
WT-26-022
6.67
9.27
0.520
10.60
2.380
0.157
230.0
77.0
15.55
9.27
9.53
0.668
14.05
5.190
0.258
278.0
79.8
39.50
WT-26-023
6.27
7.77
0.736
12.55
1.210
0.127
304.0
83.9
10.15
7.77
9.27
0.534
11.60
2.260
0.171
284.0
93.1
19.55
WT-26-029
0.73
1.03
0.136
7.76
1.165
0.116
230.0
69.6
9.78
13.4
15.9
0.456
6.03
0.066
211.0
55.3
6.74
WT-26-035
1.05
1.35
0.440
11.10
1.205
0.102
367.0
95.1
12.30
WT-26-037
12.12
15.12
0.704
13.10
1.315
0.125
279.0
106.0
11.10
15.12
17.72
0.489
10.50
1.245
0.106
307.0
91.0
10.40
WT-26-039
10.17
12.67
0.598
12.85
1.345
0.115
324.0
92.2
11.70
12.67
15.27
0.799
13.40
1.230
0.117
306.0
87.6
10.10
WT-26-040
10.67
12.17
0.479
9.93
0.699
0.097
241.0
71.9
5.99
12.17
14.77
0.455
9.96
1.055
0.106
344.0
84.9
9.21
WT-26-041
15.96
17.46
0.439
12.10
1.475
0.115
370.0
87.8
12.00
WT-26-043
12.85
15.45
0.554
12.05
0.917
0.123
313.0
99.3
9.58
WT-26-044
15
16
0.423
12.25
0.994
0.139
420.0
100.5
12.35
16
18.6
0.329
12.10
2.190
0.151
421.0
95.0
18.75
WT-26-045
14.44
15.19
0.327
9.47
1.115
0.106
382.0
90.7
10.00
WT-26-046
12.54
14.54
0.368
12.70
1.385
0.154
455.0
97.9
13.45
14.54
17.14
0.369
14.45
2.010
0.161
443.0
100.5
19.85
WT-26-047
15.4
16.9
0.396
12.00
1.340
0.131
379.0
101.5
12.60
16.9
19.5
0.356
12.80
1.305
0.126
457.0
94.6
12.55
WT-26-048
18
20.6
0.235
10.95
1.635
0.139
418.0
101.5
14.75
WT-26-061
14.3
16.9
0.512
10.35
1.205
0.111
371.0
101.0
10.75
WT-26-063
15
17.6
0.565
10.55
1.085
0.097
330.0
87.8
9.00
WT-26-064
13.83
16.43
0.535
11.95
1.375
0.129
328.0
81.7
10.75
WT-26-066
10
13
0.410
8.57
0.903
0.074
350.0
88.7
6.87
13
15.5
0.469
10.50
2.050
0.105
302.0
73.5
12.45
WT-26-067
7
8.5
0.533
14.05
0.903
0.122
348.0
106.0
9.28
WT-26-068A
7.35
9.85
0.520
13.30
1.290
0.119
352.0
96.5
11.70
WT-26-070A
0.66
0.96
0.304
8.38
1.260
0.113
241.0
71.8
10.85
WT-26-072
0.67
0.97
0.389
8.04
0.823
0.112
320.0
75.3
8.05
WT-26-074
1
1.3
0.303
12.80
1.825
0.171
296.0
107.5
17.85
WT-26-075
0.82
1.12
0.551
8.78
1.990
0.180
187.0
94.4
18.25
14
15.5
0.320
9.14
2.410
0.119
318.0
90.1
20.70
WT-26-076
0.88
1.18
0.774
10.75
2.680
0.236
326.0
69.8
26.70
WT-26-077
0.77
1.07
0.628
17.15
1.360
0.151
324.0
76.1
11.65
WT-26-078
75
1.05
0.446
12.60
1.460
0.184
343.0
79.6
12.00
WT-26-079
0.72
1.02
0.322
7.78
1.370
0.151
253.0
96.1
12.80
WT-26-080
0.95
1.25
0.235
7.32
1.815
0.085
191.5
70.7
13.55
WT-26-082
0.94
1.24
0.328
10.35
1.555
0.161
311.0
92.3
14.55
7.6
10.1
0.264
14.70
3.180
0.236
270.0
93.9
24.50
WT-26-083
0.7
1
0.814
15.40
0.981
0.140
348.0
88.0
9.07
WT-26-084
0.59
0.89
0.349
8.13
1.195
0.123
183.0
64.6
8.82
WT-26-085
0.64
0.94
0.964
23.60
2.560
0.213
620.0
141.0
31.00
WT-26-086A
0.75
1.05
0.810
15.10
0.834
0.136
285.0
93.2
8.47
WT-26-087
0.75
1.05
1.015
16.40
2.140
0.198
253.0
95.3
18.70
WT-26-088
0.82
1.12
0.853
23.10
1.745
0.216
590.0
122.0
24.80
WT-26-089
0.69
0.99
0.492
9.15
1.600
0.141
314.0
69.1
12.65
WT-26-090
0.64
0.94
0.450
9.89
1.380
0.116
287.0
81.7
12.55
WT-26-091
0.73
1.03
0.328
11.80
0.760
0.157
360.0
95.4
10.90
WT-26-092
0.7
1
0.243
12.40
0.806
0.125
328.0
101.5
10.05
WT-26-094
10.5
13
0.550
11.35
1.520
0.145
276.0
90.3
13.20
WT-26-095
12
14.5
0.558
12.00
0.740
0.099
371.0
93.2
6.54
WT-26-101
8.9
11.5
0.242
8.38
1.155
0.155
234.0
67.5
8.43
WT-26-106
16
18.75
0.181
10.10
1.520
0.129
353.0
94.8
14.50
WT-26-109
14
16
0.234
18.40
1.540
0.138
219.0
74.2
13.85

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.

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 3: 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-26-009
5424364
473115
463.3
0.6
10.8
10.2
WT-26-010
5424364
473165
463.7
0.6
13.3
12.7
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
462.8
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-26-022
5424161
473167
462.9
0.8
9.5
8.8
WT-26-023
5424113
473191
463.0
0.7
9.6
8.9
WT-26-024
5424062
473215
464.4
0.7
5.7
5.0
WT-26-025
5424013
473191
461.3
1.2
2.7
1.5
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-26-029
5424465
473115
463.6
0.7
15.9
15.2
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-26-040
5424565
473018
463.8
1.6
14.8
13.2
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-26-043
5424613
472889
464.0
5.0
15.5
10.5
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-26-046
5424613
473042
463.9
1.7
17.1
15.4
WT-26-047
5424665
472911
463.4
6.9
19.5
12.6
WT-26-048
5424664
472966
463.7
3.9
20.6
16.8
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-26-053
5424765
472869
463.2
10.0
16.7
6.7
WT-26-054
5424765
472916
462.1
9.6
16.9
7.3
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-26-057
5424865
472889
463.0
11.5
20.5
9.0
WT-26-060
5424614
473085
462.6
1.4
15.0
13.6
WT-26-061
5424537
473135
462.6
1.7
16.9
15.2
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-26-064
5424538
472990
463.0
1.8
16.4
14.7
WT-26-065
5424540
472941
463.0
3.6
8.5
5.0
WT-26-066
5424489
472992
462.9
0.9
15.5
14.6
WT-26-067
5424488
473040
464.6
0.9
10.0
9.1
WT-26-068A
5424489
473098
464.2
1.1
9.9
8.8
WT-26-069
5424437
473191
464.5
0.9
8.0
7.1
WT-26-070A
5424433
473140
463.1
0.7
4.0
3.3
WT-26-071A
5424439
473089
464.7
0.8
11.5
10.7
WT-26-072
5424439
473041
463.0
0.7
7.0
6.3
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-26-076
5424392
473090
463.7
0.9
8.0
7.1
WT-26-077
5424389
473041
464.0
0.8
5.5
4.7
WT-26-078
5424339
473089
463.8
0.8
4.0
3.3
WT-26-079
5424338
473141
463.4
0.7
7.0
6.3
WT-26-080
5424338
473190
463.1
1.0
8.5
7.6
WT-26-082
5424288
473191
463.2
0.9
10.1
9.2
WT-26-083
5424238
473190
463.0
0.7
7.0
6.3
WT-26-084
5424188
473190
462.8
0.6
7.0
6.4
WT-26-085
5424140
473191
463.8
0.6
10.0
9.4
WT-26-086A
5424081
473191
462.9
0.8
5.5
4.8
WT-26-087
5424038
473190
463.5
0.8
4.0
3.3
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-26-090
5424239
473140
463.4
0.6
9.0
8.3
WT-26-091
5424289
473090
463.4
0.7
3.7
3.0
WT-26-092
5424289
473140
463.5
0.7
7.0
6.3
WT-26-093
5424590
473091
463.5
1.4
8.5
7.1
WT-26-094
5424590
473042
462.5
1.9
13.0
11.1
WT-26-095
5424589
472991
463.0
1.7
14.5
12.9
WT-26-096
5424590
472941
463.2
4.1
18.7
14.6
WT-26-097
5424590
472892
463.4
6.1
11.7
5.6
WT-26-098
5424638
472890
463.6
2.4
8.5
6.1
WT-26-099
5424638
472940
463.3
5.2
18.7
13.4
WT-26-100
5424638
472991
463.6
1.9
14.5
12.7
WT-26-101
5424639
473040
463.5
1.5
11.5
10.0
WT-26-102
5424690
472990
462.6
2.2
13.1
10.9
WT-26-103A
5424688
472943
462.4
7.1
14.8
7.8
WT-26-104
5424739
472983
463.4
5.3
13.9
8.7
WT-26-105
5424739
472938
463.3
8.4
19.9
11.5
WT-26-106
5424739
472892
463.6
16.0
18.8
2.8
WT-26-107
5424789
472840
463.3
10.9
15.9
5.0
WT-26-108
5424840
472863
463.2
11.3
16.0
4.7
WT-26-109
5424740
472841
463.0
14.0
16.0
2.0
WT-26-008*
5424364
473065
463.7
0.9
1.8
0.9
WT-26-008A*
5424364
473066
463.7
0.6
0.6
0.0
WT-26-019*
5424213
473091
463.0
0.7
2.1
1.4
WT-26-081*
5424340
473221
462.8
-
-
-
WT-26-081A*
5424341
473222
463.3
-
-
-

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. Batch 6 and Supplementary Sample 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.  * Vibracore holes WT-26-008/8A, WT-26-019 and WT-26-081/081A were not assayed due to nil sample recovery or the hole entering straight into gravel (WT-26-081/081A).

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 2025.7, 8, 9

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: Sample Collection Complete, dated 16 March 2026 ( https://polaris.brighterir.com/public/panther_metals/news/rns/story/xjl3qkw  )

 

2.             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  )

 

3.             Panther Metals PLC, announcement, Winston Tailings Project: Batch 2 Assay Results, dated 19 March 2026 ( https://polaris.brighterir.com/public/panther_metals/news/rns/story/w6jpjkx  )

 

4.             Panther Metals PLC, announcement, Winston Tailings Project: Batch 3 Assay Results, dated 14 April 2026 ( https://polaris.brighterir.com/public/panther_metals/news/rns/story/wvyzp0w )

 

5.             Panther Metals PLC, announcement, Winston Tailings Project: Batch 4 Assay Results, dated 28 April 2026 ( https://polaris.brighterir.com/public/panther_metals/news/rns/story/xe41yjw  )

 

6.             Panther Metals PLC, announcement, Winston Tailings Project: Batch 5 Assay Results, dated 11 May 2026 ( https://polaris.brighterir.com/public/panther_metals/news/rns/story/rmgeq2r  )

 

7.             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 )

 

8.             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 )

 

9.             Recovery of Minerals Permitting process details available at https://www.ontario.ca/page/recovery-minerals

 

For further information, please contact:

Panther Metals PLC:
Darren Hazelwood, Chief Executive Officer:
+44 (0)1462 429 743
+44 (0)7971 957 685

 Brokers:
Optiva Securities Limited
Christian Dennis
Mick McNamara
+44 (0)20 3137 1902
Hybridan LLP
Claire Louise Noyce
+44 (0)20 3764 2341
SI Capital Limited
Nick Emerson
+44 (0)1438 416 500

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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