Winston Tailings Project: Batch 6 Assay Results

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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.