Drilling/Production Report

RNS Number : 7602D

Panther Metals PLC

11 May 2026

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY IN OR INTO AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA, THE UNITED STATES OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION

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)

11 May 2026

Winston Tailings Project: Batch 5 Assay Results

Panther Metals PLC (LSE: PALM), the exploration company focused on mineral projects in Canada, is very pleased to report the fifth batch ("Batch 5") 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:

· Fifth batch of tailings core sample assay results (Table 1) received for twenty seven Vibracore collar locations (WT-26-009, WT-26-010, WT-26-023, WT-26-025, WT-26-043, WT-26-053, WT-26-054, WT-26-061, WT-26-065, WT-26-070A, WT-26-071A, WT-26-072, WT-26-082, WT-26-083, WT-26-085, WT-26-093, WT-26-095, WT-26-098, WT-26-099, WT-26-100, WT-26-101, WT-26-102, WT-26-103A, WT-26-104, WT-26-105, WT-26-107& WT-26-108) situated upon sixteen east-west profiles (Figure 1).

· Assayed intersections reported for Batch 5 are taken from total tailings thicknesses varying between 1.5m to 15.2m (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

· 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, 19 March 2026, 14 April 2026 and 28 April 2026. ^2,3,4,5,6

Darren Hazelwood, Chief Executive Officer commented:

"These latest results continue to confirm continuity across the Winston Tailings Project footprint, strengthening our confidence in the project's scale, consistency and commercial potential.

Alongside Panther's accelerating business model, we believe the market is increasingly recognising the broader potential of tailings reprocessing, which can support the advancement of other high-impact projects across our portfolio.

Ongoing work continues to expand our understanding of the asset while reducing risk, and we look forward to updating shareholders as the project advances."

Table 1: Winston Tailings Vibracore Sample Assay Results Batch 5

Vibracore	Vertical Depth (m)		Au	Ag	Zn*	Cu	Co	Ga	In
Hole ID	From	To	(g/t)	(g/t)	(%)	(%)	(ppm)	(ppm)	(ppm)
WT-26-009	3.27	4.77	0.552	12.95	0.783	0.109	341.0	95.7	7.73
	4.77	6.27	0.422	11.90	1.430	0.115	416.0	105.0	12.90
	6.27	7.77	0.723	11.90	1.540	0.129	221.0	88.8	11.65
	7.77	9.27	0.478	9.17	2.060	0.119	232.0	100.5	17.20
	9.27	10.77	0.571	10.50	1.445	0.121	236.0	99.0	11.55

WT-26-010	1.77	3.27	0.414	10.40	2.300	0.177	332.0	112.5	21.00
	3.27	4.77	0.565	14.35	1.135	0.144	370.0	105.5	12.20
	4.77	6.27	0.449	11.25	1.190	0.105	378.0	92.5	9.72
	7.77	9.27	0.790	12.20	1.485	0.143	237.0	90.5	11.15
	9.27	10.77	0.642	11.75	1.565	0.129	276.0	98.0	12.50
	10.77	12.27	0.573	10.10	2.010	0.122	226.0	85.2	15.45
	12.27	13.31	0.805	12.30	2.880	0.170	228.0	78.5	20.20

WT-26-023	1.77	4.77	0.726	14.75	1.140	0.138	338.0	97.3	9.90
	4.77	6.27	0.705	14.35	1.100	0.144	359.0	101.5	10.75
	7.77	9.27	0.358	9.03	1.820	0.153	224.0	69.4	14.25
	9.27	9.59	0.136	2.99	0.574	0.046	79.7	33.5	4.17

WT-26-025	1.77	2.68	0.823	13.15	1.740	0.173	304.0	84.7	15.25

WT-26-043	7.77	9.27	0.339	8.88	1.345	0.129	214.0	69.8	10.25
	9.27	10.77	0.183	7.78	1.070	0.098	176.5	66.9	7.56
	10.77	12.27	0.362	8.53	0.853	0.116	271.0	91.3	9.95
	12.27	13.77	0.350	7.77	1.105	0.127	205.0	81.7	10.80
	13.77	15.27	0.386	8.39	1.110	0.119	260.0	90.3	12.15
	15.27	15.45	0.434	8.38	1.130	0.136	227.0	85.3	11.15

WT-26-053	15.21	16.71	0.281	7.01	1.230	0.116	181.0	54.5	9.69

WT-26-054	15.40	16.90	0.144	4.95	0.838	0.078	152.0	50.0	6.59

WT-26-061	1.90	4.90	0.224	8.81	1.415	0.134	310.0	89.2	11.75
	4.90	6.40	0.230	8.14	1.700	0.106	409.0	102.0	16.80
	6.40	7.90	0.294	11.65	2.370	0.192	512.0	113.5	22.20
	7.90	9.40	0.443	11.10	1.100	0.092	372.0	95.3	9.36
	9.40	10.90	0.598	9.24	1.720	0.118	204.0	92.2	12.05
	10.90	12.40	0.492	9.09	1.470	0.108	239.0	96.2	10.90
	12.40	13.90	0.525	8.87	1.340	0.104	213.0	95.0	10.25
	13.90	15.40	0.539	9.05	1.630	0.107	285.0	97.5	12.25
	15.40	16.90	0.483	9.04	1.365	0.110	313.0	96.9	10.55

WT-26-065	6.00	7.50	0.559	9.93	1.080	0.134	277.0	86.4	11.45
WT-26-065	7.50	8.50	0.585	12.70	0.902	0.112	356.0	108.5	9.38

WT-26-070A	1.00	2.50	0.414	9.42	1.200	0.135	250.0	77.6	12.85
WT-26-070A	2.50	4.00	0.301	8.18	0.918	0.134	206.0	73.2	10.90

WT-26-071A	1.00	2.50	0.300	8.47	1.055	0.118	274.0	79.8	10.35
	2.50	4.00	0.669	12.85	1.170	0.124	348.0	118.5	10.30
	4.00	5.50	0.409	13.50	1.775	0.121	448.0	111.5	16.30
	5.50	7.00	0.427	15.00	1.450	0.164	424.0	98.0	15.30
	7.00	8.50	0.435	11.80	1.585	0.134	376.0	97.5	12.80
	8.50	10.00	0.611	12.15	2.630	0.146	294.0	82.7	20.80
	10.00	11.50	0.533	10.30	1.915	0.133	311.0	89.8	16.55

WT-26-072	1.00	2.50	0.594	11.85	1.490	0.163	336.0	102.0	13.20
	2.50	4.00	0.345	11.50	1.205	0.108	367.0	99.5	13.10
	4.00	5.50	0.527	16.65	0.930	0.177	476.0	116.5	12.25
	5.50	7.00	0.294	11.30	1.385	0.121	391.0	103.5	15.15

WT-26-082	1.00	2.50	0.771	15.20	1.265	0.138	457.0	96.4	14.20
	2.50	4.00	0.323	10.40	0.949	0.116	310.0	82.1	9.61
	4.00	5.50	0.469	12.55	0.999	0.109	363.0	88.6	9.08
	5.50	7.00	0.668	11.30	0.825	0.107	304.0	69.5	6.41
	7.00	8.50	0.638	11.85	1.990	0.154	299.0	95.5	17.10
	8.50	10.00	0.605	11.40	2.130	0.153	271.0	89.8	14.60
	10.00	10.10	0.362	9.42	1.365	0.141	257.0	82.2	13.00

WT-26-083	1.00	2.50	0.696	16.90	1.175	0.169	495.0	94.1	13.05
	2.50	4.00	0.521	14.25	0.958	0.119	385.0	91.4	8.87
	4.00	5.50	0.636	14.55	0.994	0.120	361.0	81.9	8.58
	5.50	7.00	0.661	14.75	1.115	0.118	354.0	84.7	9.37

WT-26-085	2.50	4.00	0.725	14.50	1.205	0.140	348.0	93.4	9.86
	4.00	5.50	0.878	13.05	1.120	0.121	311.0	72.3	8.00
	5.50	7.00	0.650	12.70	3.070	0.215	311.0	89.9	23.00
	7.00	8.50	0.559	12.60	4.420	0.244	307.0	83.2	32.30
	8.50	10.00	0.754	13.75	6.370	0.255	280.0	84.6	40.40

WT-26-093	2.50	4.00	0.223	7.67	1.295	0.111	177.5	61.8	7.28
	4.00	5.50	0.584	9.36	1.440	0.144	232.0	86.3	9.42
	5.50	7.00	0.366	8.74	1.450	0.107	341.0	90.3	13.40
	7.00	8.50	0.289	7.89	1.470	0.115	318.0	83.6	14.10

WT-26-095	4.00	7.00	0.647	11.30	2.120	0.215	264.0	111.0	20.20
	7.00	8.50	0.459	8.30	1.215	0.143	203.0	89.2	10.55
	8.50	10.00	0.452	9.05	1.195	0.118	254.0	93.6	9.08
	10.00	11.50	0.430	8.38	1.255	0.120	271.0	85.4	9.34
	11.50	13.00	0.475	9.58	1.355	0.152	208.0	83.0	11.05
	13.00	14.50	0.476	8.39	1.430	0.147	242.0	79.3	10.75

WT-26-098	4.00	5.50	0.339	9.78	1.750	0.162	206.0	60.5	10.15
	5.50	7.00	0.435	10.55	1.420	0.144	296.0	80.6	11.30
	7.00	8.50	0.316	9.74	1.395	0.145	245.0	79.4	10.60

WT-26-099	17.15	18.65	0.190	7.24	1.060	0.096	202.0	71.4	8.63

WT-26-100	5.50	7.00	0.206	7.20	1.090	0.104	167.5	64.6	7.38
	7.00	8.50	0.185	8.18	1.155	0.122	195.5	82.1	9.69
	8.50	10.00	0.443	8.59	1.160	0.120	198.5	87.3	7.94
	10.00	11.50	0.300	8.25	1.240	0.114	220.0	80.5	8.46
	11.50	13.00	0.281	8.30	1.260	0.131	243.0	79.5	8.77
	13.00	14.50	0.348	8.10	1.240	0.107	313.0	88.8	9.83

WT-26-101	4.00	5.50	0.353	8.53	1.270	0.127	254.0	79.9	8.61
	5.50	7.00	0.488	8.67	1.295	0.129	263.0	82.7	8.20
	7.00	8.50	0.311	8.69	1.265	0.134	243.0	78.0	8.67
	8.50	10.00	0.295	8.36	1.085	0.113	178.5	61.7	7.18
	10.00	11.50	0.332	8.52	1.055	0.115	209.0	66.3	7.08

WT-26-102	5.50	7.00	0.294	9.19	1.415	0.129	225.0	75.4	11.50
	7.00	8.50	0.280	9.31	1.185	0.145	197.0	84.8	12.40
	8.50	10.00	0.290	8.91	1.165	0.118	251.0	80.8	10.25
	10.00	11.50	0.321	8.20	1.170	0.124	262.0	80.6	9.79
	11.50	13.00	0.296	8.32	1.260	0.134	234.0	81.5	10.35
	13.00	13.08	0.272	8.15	1.065	0.107	243.0	80.6	8.64

WT-26-103A	11.50	13.00	0.238	8.03	1.250	0.107	223.0	63.4	8.28
	13.00	14.50	0.282	9.40	1.425	0.121	227.0	67.1	10.20
	14.50	14.80	0.289	9.01	1.385	0.118	216.0	63.4	9.61

WT-26-104	10.00	11.50	0.271	7.71	1.155	0.120	171.0	56.8	7.19
WT-26-104	11.50	13.92	0.234	8.51	1.140	0.109	253.0	73.2	10.10

WT-26-105	14.50	16.00	0.288	7.50	1.015	0.109	174.5	63.3	7.09
WT-26-105	17.50	19.85	0.246	9.04	1.410	0.138	219.0	80.5	10.90

WT-26-107	14.35	15.85	0.190	8.51	1.585	0.127	279.0	79.1	12.65

WT-26-108	13.00	14.50	0.036	0.96	0.289	0.024	32.6	15.8	1.75
WT-26-108	14.50	16.00	0.013	0.28	0.057	0.007	13.4	12.2	0.41

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. 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-26-009	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	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-26-023	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-26-030	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-26-043	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-26-049	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-26-061	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-26-065	5424540	472941	463.0	3.6	8.5	5.0
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-26-080	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-26-085	5424140	473191	463.8	0.6	10.0	9.4
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
WT-26-093	5424590	473091	463.5	1.4	8.5	7.1
WT-26-095	5424589	472991	463.0	1.7	14.5	12.9
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-26-107	5424789	472840	463.3	10.9	15.9	5.0
WT-26-108	5424840	472863	463.2	11.3	16.0	4.7

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 11 May 2026. Batch 5 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.^{7, 8}

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 28 April 2026 ( https://polaris.brighterir.com/public/panther_metals/news/rns/story/xe41yjw )

3. Panther Metals PLC, announcement, Winston Tailings Project: Batch 1 Assay Results, dated 14 April 2026 ( https://polaris.brighterir.com/public/panther_metals/news/rns/story/wvyzp0w )

4. Panther Metals PLC, announcement, Winston Tailings Project: Batch 1 Assay Results, dated 19 March 2026 ( https://polaris.brighterir.com/public/panther_metals/news/rns/story/w6jpjkx )

5. 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 )

6. 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 )

7. 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 )

8. 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 429743 +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

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Date	11 May 2026
Time	07:00:09
Category	Corporate updates
ID	7602D

Date	11 May 2026
Time	07:00:09
Category	Corporate updates
ID	7602D

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