Winston Tailings Project: Batch 3 Assay Results

RNS Number : 2822A

Panther Metals PLC

14 April 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)

14 April 2026

Winston Tailings Project: Batch 3 Assay Results

Panther Metals PLC (LSE: PALM), the exploration company focused on mineral projects in Canada, is very pleased to report the third batch ("Batch 3") 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:

· Third batch of tailings core sample assay results (Table 1) received for thirteen Vibracore collar locations (WT-26-016, WT-26-017, WT-26-020, WT-26-027, WT-26-028, WT-26-030, WT-26-031, WT-26-032, WT-26-034, WT-26-049, WT-26-050, WT-26-051 & , WT-26-052) situated upon six east-west profiles (Figure 1).

· Assayed intersections reported for Batch 3 are taken from total tailings thicknesses varying between 5.5m to 15.1m (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:

"The Batch 3 Vibracore assay 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 3

Vibracore	Vertical Depth (m)		Au	Ag	Zn*	Cu	Co	Ga	In
Hole ID	From	To	(g/t)	(g/t)	(%)	(%)	(ppm)	(ppm)	(ppm)
WT-26-016	3.27	4.77	0.513	13.85	1.025	0.1180	358.0	98.0	8.99
	4.77	6.27	0.658	12.95	1.240	0.1240	362.0	85.9	10.05
	6.27	7.77	0.757	12.15	2.650	0.1735	246.0	82.6	22.30
	7.77	9.27	0.768	11.80	2.680	0.1810	278.0	81.0	20.30
	9.27	10.65	0.446	10.85	2.430	0.2160	332.0	95.1	20.80

WT-26-017	3.27	4.77	0.420	12.75	1.240	0.1185	382.0	102.5	10.75
	4.77	6.27	0.651	11.95	0.931	0.1045	367.0	87.7	7.72
	6.27	7.77	0.586	10.95	1.830	0.1355	312.0	90.7	15.60
	9.27	10.77	0.610	10.45	1.900	0.1335	320.0	85.4	14.75
	10.77	11.37	0.168	5.02	1.145	0.0742	170.0	47.0	9.34

WT-26-020	3.27	4.77	0.578	14.85	1.115	0.1250	381.0	87.4	8.68
	4.77	6.27	0.647	13.90	1.020	0.1185	353.0	83.8	8.06
	6.27	7.77	0.799	13.90	1.670	0.1535	239.0	89.3	15.25
	7.77	9.27	0.701	12.20	2.380	0.1865	305.0	91.2	19.35
	9.27	9.62	0.630	12.20	2.700	0.1780	280.0	92.3	20.00

WT-26-027	3.27	4.77	0.233	8.60	1.425	0.1470	263.0	86.2	10.50
	4.77	6.27	0.259	10.95	1.435	0.1215	301.0	97.3	14.15
	6.27	7.77	0.388	15.05	3.400	0.1655	299.0	88.8	23.90
	7.77	9.27	0.427	12.20	1.930	0.1155	316.0	89.4	13.75
	9.27	9.51	0.558	11.50	1.145	0.1050	336.0	81.5	8.65

WT-26-028	3.27	4.77	0.657	10.05	1.510	0.1340	255.0	85.8	13.55
WT-26-028	4.77	6.27	0.428	9.18	1.370	0.1455	269.0	81.2	10.25

WT-26-030	1.77	3.27	0.490	13.25	1.465	0.1245	385.0	109.5	12.90
	3.27	4.77	0.419	11.65	0.787	0.1245	364.0	98.8	9.22
	4.77	6.27	0.421	14.80	0.811	0.1225	438.0	95.2	10.40
	6.27	7.77	0.529	14.60	0.922	0.1305	366.0	101.5	9.02
	7.77	9.27	0.516	10.60	1.450	0.1105	267.0	85.7	10.90
	9.27	10.77	0.460	10.40	1.295	0.1030	311.0	88.0	9.99
	10.77	11.11	0.539	9.74	2.300	0.1115	224.0	73.1	13.85

WT-26-031	1.77	3.27	0.701	18.20	1.210	0.1900	387.0	106.0	13.20
	3.27	4.77	0.752	22.70	1.090	0.2270	477.0	112.0	14.25
	4.77	6.27	0.536	16.00	1.120	0.1445	356.0	95.4	11.55
	6.27	7.77	0.508	13.50	1.090	0.1090	362.0	90.2	10.70
	7.77	9.27	0.438	12.25	1.040	0.0964	324.0	84.3	9.52
	9.27	10.77	0.540	16.05	1.565	0.1455	512.0	102.5	17.75
	10.77	12.27	0.731	14.75	0.673	0.1050	344.0	110.5	6.63
	12.27	12.68	0.771	16.55	0.802	0.1140	343.0	114.0	7.77

WT-26-032	2.00	3.27	0.693	11.05	1.160	0.1380	327.0	81.9	9.55
	3.27	4.77	0.857	12.65	1.170	0.1220	374.0	93.6	9.91
	4.77	6.27	0.731	11.60	1.410	0.1115	374.0	82.4	11.30
	6.27	7.77	0.591	17.40	2.420	0.1865	520.0	126.0	30.00
	7.77	9.27	0.438	12.00	1.165	0.1175	432.0	94.8	13.55
	9.27	10.49	0.448	13.15	1.370	0.1110	433.0	96.2	11.45

WT-26-034	1.77	3.27	0.504	11.40	1.380	0.1370	378.0	94.6	12.00
	3.27	4.77	0.572	12.35	1.755	0.1945	453.0	82.5	15.80
	4.77	6.27	0.423	12.95	1.185	0.1150	395.0	91.3	11.40
	6.27	7.77	0.619	14.65	0.755	0.1025	354.0	95.2	7.21
	7.77	9.27	0.650	11.95	1.415	0.1410	252.0	81.0	11.35
	9.27	10.77	0.662	12.50	1.330	0.1420	224.0	86.7	11.10
	10.77	12.27	0.696	12.80	1.155	0.1210	172.0	81.7	8.47
	12.27	13.77	0.741	14.60	1.265	0.1360	134.0	79.9	9.25
	13.77	15.27	0.697	14.60	1.215	0.1160	178.5	84.4	8.54
	15.27	16.27	0.723	13.80	1.310	0.1270	209.0	88.1	9.18

WT-26-049	4.77	6.27	0.190	6.64	0.874	0.0911	162.5	66.9	6.71
	6.27	7.77	0.254	8.88	1.070	0.1165	210.0	81.3	8.72
	7.77	9.27	0.279	8.31	0.940	0.1080	206.0	71.8	6.81
	9.27	10.77	0.308	8.29	0.982	0.1095	193.0	72.4	7.44
	10.77	12.27	0.264	7.73	1.255	0.1210	207.0	71.8	8.23
	12.27	13.77	0.271	7.79	1.130	0.1225	199.5	74.9	7.92
	13.77	14.67	0.263	7.37	1.335	0.1175	293.0	80.8	10.90

WT-26-050	4.77	6.27	0.369	7.90	0.840	0.1030	172.5	76.4	6.01
	6.27	7.77	0.333	8.58	1.065	0.1110	181.0	70.3	8.81
	7.77	9.27	0.274	8.09	1.140	0.1155	234.0	78.1	10.30
	9.27	10.77	0.273	8.00	1.045	0.1165	208.0	83.9	9.16
	10.77	12.27	0.292	8.12	0.973	0.1180	195.5	81.6	8.62
	12.27	13.53	0.273	8.52	1.045	0.1180	198.0	82.4	8.64

WT-26-051	11.60	13.10	0.354	8.73	1.270	0.1155	239.0	77.5	9.42
	13.10	14.60	0.208	9.89	1.660	0.1585	254.0	92.6	13.25
	14.60	16.10	0.223	10.25	1.405	0.1570	311.0	108.0	13.50
	16.10	17.60	0.261	8.71	1.575	0.1100	337.0	99.0	13.25
	17.60	19.10	0.240	7.63	1.560	0.1085	402.0	98.7	12.75

WT-26-052	7.10	8.60	0.203	11.90	1.070	0.0890	93.7	37.3	6.81
	8.60	10.10	0.277	30.30	1.270	0.1170	159.5	47.5	8.88
	10.10	11.60	0.292	16.65	1.250	0.1205	171.0	54.3	8.72
	11.60	13.10	0.456	9.88	1.640	0.1695	263.0	76.1	12.45
	16.10	17.16	0.431	8.21	1.490	0.1530	203.0	64.5	10.75

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	0.7	6.6	5.9
WT-26-002	5424415	473042	463.8	1.3	5.5	4.2
WT-26-003	5424415	473091	463.4	1.07	9.3	8.2
WT-26-004	5424415	473141	463.3	0.86	14.0	13.1
WT-26-005	5424414	473191	464.0	0.99	6.9	5.9
WT-26-007	5424364	473215	463.2	0.76	10.3	9.5
WT-26-011	5424315	473090	464.4	0.56	3.1	2.5
WT-26-011A	5424315	473094	463.3	0.64	3.1	2.4
WT-26-012	5424315	473140	463.7	0.51	11.7	11.2
WT-26-013	5424314	473191	463.4	0.56	7.8	7.2
WT-26-014	5424313	473235	464.2	0.58	4.3	3.7
WT-26-015	5424263	473215	462.9	0.56	6.3	5.7
WT-26-016	5424263	473166	462.8	0.64	10.7	10.0
WT-26-017	5424264	473115	462.8	0.69	11.4	10.7
WT-26-018	5424264	473065	46.3	0.61	4.1	3.5
WT-26-020	5424214	473141	462.8	0.68	9.6	8.9
WT-26-021	5424214	473190	463.7	0.64	5.7	5.1
WT-26-026	5424064	473165	462.1	0.76	6.6	5.8
WT-26-027	5424464	473215	462.8	0.89	9.5	8.6
WT-26-028	5424465	473165	462.5	0.81	6.3	5.5
WT-26-030	5424463	473065	462.6	0.73	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	10.5	8.5
WT-26-034	5424514	472989	462.6	1.2	16.3	15.1
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

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 14 April 2026. * 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 )

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 )

5. 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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END

DRLBXLLFQZLFBBB

Date	14 Apr 2026
Time	07:00:04
Category	Corporate updates
ID	2822A

Date	14 Apr 2026
Time	07:00:04
Category	Corporate updates
ID	2822A

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Winston Tailings Project: Batch 3 Assay Results