Half-year Financial Report

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PANTHER METALS PLC

("Panther" or the "Company")

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

 

Panther Metals plc

Half Yearly Financial Report

For the six months ended 30 June 2026

 

Chairman's Statement

I am pleased to update shareholders and stakeholders on the significant progress achieved across Panther's project portfolio during the six-month period ended 30 June 2026 and subsequent developments through to 25 September 2026.

Obonga Project

The Obonga Project remains the Company's flagship exploration asset and continues to deliver encouraging results as Panther advances its understanding of the district-scale Obonga Greenstone Belt in Ontario. Covering approximately 291 km², the project has evolved from a regional exploration concept into an emerging mining camp with demonstrated base metal, precious metal and critical mineral potential.

The primary focus during the period has been the Wishbone Prospect, where previous drilling confirmed the presence of a significant volcanogenic massive sulphide ("VMS") system. Following detailed geophysical modelling and interpretation of drone-based magnetic survey data completed in 2025, the Company commenced the 2026 Phase 1 Diamond drilling programme to test multiple high-priority targets. Drilling successfully intersected numerous zones of massive and semi-massive sulphide mineralisation, including broad intervals of sulphide-rich horizons and alteration consistent with the Company's geological model of a fertile VMS system. These results further enhance the prospectivity of the wider Obonga Greenstone Belt and support the potential for additional discoveries within the district.

At the Awkward Conduit Target, exploration focused on a prospective nickel-copper-platinum group element magmatic sulphide system. During the period the Company completed its first drill hole targeting the interpreted feeder conduit and successfully intersected the targeted intrusive sequence. Together with the ongoing reinterpretation of historical core and previous geophysical work, these activities have advanced Panther's understanding of what could represent a significant critical minerals exploration opportunity.

Although project activities were temporarily disrupted by this summer's regional wildfires, the drill core is now in processing and preparations are underway to continue exploration activities with step-out drilling in 2027 and the completion of the 70km access trail to facilitate year-round access. We hugely appreciate the support of Broken Rock Resources on this project in 2026, with our option agreement now extended to 31 August 2027 facilitating drill permit renewals to allow for future infill drilling based on the anticipated results of the Phase 1 Diamond Drilling Programme.

Winston Tailings Project

The Winston Tailings Project continues to advance towards the important milestone of a maiden Mineral Resource estimate. Located at the historic Winston Lake Mine, the project has the potential to recover valuable metals from historical tailings while simultaneously supporting environmental rehabilitation objectives.

During the reporting period, Panther completed a substantial vibracore sampling programme across the tailings storage facility. A total of 109 sampling locations were successfully completed, with results demonstrating good consistency both vertically and laterally throughout the deposit. The programme exceeded expectations in several areas, including tailings thickness, and has generated an extensive database to support the resource estimation work currently being undertaken by SRK Exploration.

In parallel, metallurgical testing commenced through Extrakt Process Solutions to evaluate the recovery of gold, silver, zinc, copper, cobalt, gallium, indium, and other contained metals. The metallurgical programme forms a key component of both the resource estimation and permitting pathways. In addition, the Company signed a non-binding Letter of Intent with Traxys Europe SA, providing early validation from a globally recognised commodity trading group as work progresses towards project development.

Dotted Lake Project

At Dotted Lake, Panther continues to evaluate a highly prospective land package situated within the Schreiber-Hemlo Greenstone Belt. Previous exploration successfully identified multiple mineralisation styles, including gold, base metals, and magnesium-bearing ultramafic rocks.

 

During 2026, the Company's focus shifted towards assessing the commercial potential of recovering magnesium from the extensive serpentinite-hosted mineralisation identified during the 2024 drilling programme. Metallurgical investigations completed by TDI Solutions confirmed the suitability of the Dotted Lake ultramafic intrusive as a magnesium-rich feedstock and demonstrated encouraging preliminary results using Extrakt's proprietary extraction technology. Importantly, the work also highlighted the presence of potentially valuable by-products, including chromium, nickel and cobalt, which may warrant further evaluation in future development studies.

 

Following a review of the Phase 1 magnesium study outcomes and assessing opportunities for further technical work aimed at advancing the project, the Company is defining the potential scope of a Phase 2 programme.

Stakeholder Relations

Panther continues to nurture our important relationships with First Nation stakeholders, local community and governmental relations and key project suppliers, to maintain the Company's standing as an active explorer dedicated to make a positive impact for all concerned.

 

Corporate Activities

 

In corporate activities to 30 June 2026, Panther raised £1,190,000 in February and £2,500,000 in June through placings, and £90,000 in warrant conversions.  The support from new and existing shareholders in the period is hugely valued. This was further demonstrated post period end by the conversion of 440,000 75p warrants raising £330,000 for the Company.

Outlook

The Board is focussed on continuing to execute our strategy and to strengthen our position as we advance three distinct opportunities which each benefit from Ontario's established mining jurisdiction with good infrastructure access, proximity to Thunder Bay, and qualification for Canadian critical minerals support programmes. 

•           Winston Tailings: Near development potential with existing infrastructure and scheduled MRE.

•           Obonga: Early-stage exploration with multiple VMS discoveries and PGE potential- further drilling to take place in 2027.

•           Dotted Lake: Advanced exploration confirming widespread base metal and gold mineralisation with current focus on magnesium.

Overall, the Board is pleased with the progress achieved across the portfolio in 2026 to date and I would like to thank everyone involved for their hard work and dedication.  Exploration activity at Obonga has further strengthened confidence in the emerging district-scale opportunity, Winston continues to move closer to a maiden Mineral Resource estimate and development pathway, and Dotted Lake has delivered encouraging indications of its potential as a critical minerals project.

We look forward to updating shareholders on further developments as work progresses across all three projects.

 

 

Nicholas O'Reilly

Executive Chairman

25 September 2026

 

 

 

 

INTERIM MANAGEMENT REPORT FOR THE SIX MONTHS ENDED 30 JUNE 2026

 

Operational Highlights

 

Key operational milestones achieved during the six-month reporting period to 30 June 2026 and from the period end to 25 September 2026.

 

  Obonga Project Background

 

·     Total Area: 291 km²  

·     Prospective for: Base Metals (Copper, Zinc, Lead, Nickel) and Precious Metals (Gold, Silver and Platinum Group Metals) with Energy Mineral (Lithium, Graphite) potential.

·     Primary Prospect Areas: Wishbone, Awkward

·     Secondary Prospect Areas:  Survey, Ottertooth and Silver Rim.

·     Significant Neighbours: Mattabi Mine (Glencore) and Sturgeon Lake VMS Camp to west, Lac des Iles Mine (Impala Canada) to south.

·     Option with Broken Rock Resources until 31 August 2027 (RNS 10 September 2026)

·     Current focus: Core processing and step-out drilling in 2027.

 

The Obonga Project is Panther's flagship project, which has advanced from a greenfield regional data-based target area, through proof of concept to drilling success and base metal VMS and graphite discoveries. The project covers 90% (291 km²) of the district scale Obonga Greenstone Belt in northwest Ontario.

 

The Obonga Greenstone Belt, with its emerging VMS Camp status, is strategically positioned close to national railroad transport links and the industrial port city of Thunder Bay. Moreover, it is approximately 75km east of the former Mattabi/Sturgeon Lake Mining Camp on the Wabigoon Greenstone Belt, underlining its advantageous geological and logistical position.

 

The presence of significant gold occurrences, base metals, and promising exploration results in the Obonga Greenstone Belt contribute to its appeal as a potential mining district. This strategic positioning makes it an attractive prospect for future resource development and exploration.

 

Panther has achieved significant milestones through successful drilling campaigns at Obonga's Wishbone prospect, revealing a substantial Volcanogenic Massive Sulphide system. The Wishbone discovery, a first of its kind on the Obonga Greenstone Belt, is characterised by impressive drill hole intercepts, including 27.3m of massive sulphide and 51m of sulphide-dominated mineralisation.

 

The Wishbone 2026/27 drill programme follows on from the 2025 drone magnetic survey work and the results of the 2022 drill programme to target multiple high priority electromagnetic ("EM") and magnetic geophysical anomalies prospective for volcanogenic massive sulphide ("VMS") hosted copper / base metal mineralisation. Panther's two-hole 600m drilling programme in autumn 2021 had previously confirmed Wishbone as a VMS base metals target. Further drilling in late 2022 reaffirmed the potential, with intersections such as 3.6m @ 3.9% Zn, including 2m @ 6.8% Zn & 4.3 g/t Ag, indicating proximity to metal-fertile fluid flow. The discovery of the Wishbone VMS system is pivotal, boding well for the existence of additional VMS bodies in the vicinity, given their tendency to occur in clusters.

 

The Wishbone VMS system is covered by Exploration Permit PR-24-000022 which is valid through 20 June 2027. This permit authorises a comprehensive exploration programme, including up to 39 diamond core drill holes and down-hole electromagnetic geophysics.

 

The Survey and Awkward targets have also benefitted from preliminary drilling, confirming VMS style mineralisation at Survey with a 29m wide intercept of cyclical semi-massive and disseminated sulphide, with graphite discovered at Awkward.

 

The Awkward magmatic feeder conduit target at Obonga is focused on a nickel-copper-platinum-palladium discovery, the significant pathfinders in the Awkward area continue to gain traction within the industry.

Awkward is a PGE, Ni and Cu magmatic sulphide prospective conduit and layered mafic intrusive target. The target comprises a highly anomalous geophysical target comprising a coincident magnetic remnant low and electromagnetic conductor. Historical surface sampling in the target area returned anomalous palladium (Pd) and platinum (Pt) up to a reported 1.23 g/t Pd+Pt and historical drilling on the periphery of the target intersected un-assayed massive and disseminated sulphide and chalcopyrite in course gabbro and 'marble cake' textured gabbro which matches the description of the varitexture gabbro ore zone within Impala's Lac des Iles Platinum Mine located due south of Obonga.

As part of the ongoing assessment of the Awkward Target Panther sourced and acquired the historical drill core from three drill holes (PL-13-01, PL-13-02 and PL-13-03) drilled by Navigator Minerals during 2013 for further investigation and reanalysis.

 

This, coupled with the Wishbone discovery, solidifies the Obonga Greenstone Belt's status as a new emerging VMS Camp.

 

On 9 February 2026 Panther announced plans for an approximately 2,000-metre diamond drilling programme at the Wishbone Prospect. The work is covered by Exploration Permit PR-24-000022, which is valid through to 20 June 2027, and which covers up to 39 diamond drill pads and down-hole electromagnetic geophysics.

 

On 27 February 2026 the Company provided an update for the Wishbone Prospect stating that following the completion of the 2025 high resolution drone based airborne magnetic geophysics survey at the Wishbone Prospect, the geophysical data has been subjected to combined three-dimensional inversion and geological modelling with a view to refining the parameters of the permitted drill holes ahead of a diamond drilling programme (see Figures 1, 2 & 3).

 

Figure 1: Plan view of modelled Wishbone VMS Target showing magnetic inversion model, geological contacts and location of Panther diamond drillholes (based on magnetic inversion model shells). Notes: Scale bar and north arrow in bottom left corner of figure. Coordinates stated in UTM Zone 16N NAD 83 datum. Image highlights the size of the modelled magnetic body at depth. Dark blue dots signify permitted drill pad locations.  The figure is overlain by a semi-transparent surface rendering of the topographical map, from which the trace of the Wishbone Lake can be discerned (light blue).  The green block model below the topography reflects the greenstone volcanic geology, the beige block model to the north is granitoid.  The granitoid/volcanic contacts are interpreted to be faulted.  A series of three concave fault/contacts are currently interpreted to dissect the magnetic inversion model.  The down-hole traces of Panther's 2021 and 2022 drilling are shown in plan view.  The working model is dynamic and will be updated as the 2026 work programme develops.
Looking south (180° / 45°)	Looking north (000° / 45°)
Looking north-westerly (340° / 45°)	Looking north-easterly (060° / 45°)
Figure 2: Series of oblique three-dimensional views of modelled of modelled Wishbone VMS Target showing location of Panther diamond drillholes (based on magnetic inversion model shells). Notes: Image highlights the size of the modelled magnetic body at depth. Blue dots signify permitted drill pads. For relative scale and description of other features please see the notes below Figure 1.

 

On 6 May 2026, the Company announced that drill pad preparations had commenced at the Wishbone VMS Prospect and at the Awkward Conduit Prospect.

 

On 26 May 2026 the Company announced the commencement of the discovery focussed diamond drilling programme at the Awkward Conduit Target, targeting the interpreted base of a potentially tube-like magma conduit system, or chonolith, modelled as the magmatic feeder to the Awkward Intrusion, which hosts anomalous levels of Ni, Cu and PGE. The initial phase of drilling consisted of a single near-vertical diamond drill hole to a planned depth of approximately 400 metres. The objective was to validate the Company's exploration theory and improve geological understanding of the target area.

 

On 11 June 2026, the Company announced the completion of the Awkward drill hole BR26-AW-P1-1 attaining a vertical depth of 401m and intersecting the targeted intrusive.

 

The Company further announced the commencement of drilling at the Wishbone Prospect, with hole BR26-WBP1-1 planned as a 300m deep inclined hole designed to test the VMS mineralisation strike extension approximately 500m to the north of previous wide VMS intersections. Based on the results of previous studies, Wishbone is interpreted to be a sub-seafloor VMS system. The current drill programme which is informed by the Company's previous drilling, geophysics survey data and three-dimensional inversion model (Figure 1) is designed to test for the expected temperature related copper and zinc metal depositional zonation.

Figure 3:            Wishbone Exploration Permit Planned Drill Pads and Access

 

On 6 July 2026, the Company announced the extension of the option agreement with Broken Rock Resources to 30 April 2027, with that date subsequently amended to 31 August 2027 (announced 14 September - see below).

 

On 10 July 2026, the Company provided an update on the Phase 1 diamond drill programme. The first diamond core drill hole (BR26-WB-P1-1) at Wishbone, successfully attained the planned downhole depth of 300m, it intersected nine distinct zones of massive, semi-massive and iron-silicate dominated sulphide mineralisation commencing at a downhole depth of 77.75m to a downhole depth of 245m. These intersections included 3.45m of pyrrhotite dominated massive sulphide and 9.9m of semi-massive sulphide from 77.75m downhole depth. Between 98m to 105m downhole depth, visual core logging has identified sulphide rich metasediments interpreted as greenalite exhalite rocks which may have formed when iron and silica rich hydrothermal fluids mixed with seawater in proximity to the ancient seafloor hydrothermal vents associated with VMS and precious metal mineralisation. These greenalites continued alternating in sulphide tenor from 112.5m to 119m with further pyrrhotite massive sulphide (137m to 139m) and semi-massive sulphide intervals (162m to 172m, 187.5m to 188m and 237m to 240m).

 

The second diamond core drill hole (BR26-WB-P1-2) at Wishbone, intersected the target VMS horizons along strike to the south with a projected end of hole depth horizontal spacing between the inclined holes of circa 170m. In BR26-WB-P1-2 alternating massive and semi-massive sulphide was intersected between 63.5m and 78.4m downhole and between 107m and 120m downhole. Alternating sulphide rich metasediments interpreted as greenalite exhalite rocks and semi-massive sulphides continue from 120m to the then currently logged core depth of 158m downhole.

 

In addition, the Company announced the commissioning of a second diamond core drill rig by its drilling contractor in advance of it mobilising to the Obonga site from Manitoba. The additional drilling capacity was planned to accelerate exploration past the originally planned 2,000 metre drilling budget.

 

 

On 14 September 2026 the Company provided an update that the drilling and access trail construction activities at Obonga were paused for a period during Canadian Government wildfire restrictions which impacted much of Northwestern Ontario, with trail building resuming in the second half of August.

 

At the end of August, the Wishbone access trail was nearing completion having successfully connected old logging trails via the Obonga West Road to the main road network to Thunder Bay (Figure 4). There is a short section of new trail still required to connect to the drill permit area in addition to further upgrading of the existing logging trails to facilitate year-round access.

 

In line with the Exploration Permit conditions the drilling activities were paused to accommodate the autumn hunting season and will resume as accommodated by the Obonga extension agreements.

 

 

Figure 4: Section of Panther's new drill access trail linking the logging trails west of the Obonga West Road with logging trails in the Uneven Lake Area

 

The Company also reported that the drill core from the summer drilling has been logged and photographed, with magnetic susceptibility readings and pXRF assays undertaken for the entire drill strings, with laboratory assays expected in due course. Whilst the point-data pXRF readings cannot be considered representative of core intervals as grades can only be reliably determined through the chemical analysis of crushed core samples, they do provide a useful supplement to the identification of specific minerals observed in the drill core, as well as providing a guide to sample selection for laboratory assays and subsequent drill hole planning.

 

The pXRF readings at Wishbone have confirmed the visual identification of discrete chalcopyrite mineralisation containing up to 8.34% copper (see Figure 5), within a much wider intersection of pyrrhotite dominated massive sulphide and semi-massive sulphide mineralisation (as reported 10 July 2026).

 

This copper mineralisation is particularly significant as it is the first seen at this tenor in the Obonga drilling and provides compelling geological support for the existence of the expected much more extensive copper mineralisation that could be the source of the significant copper anomalies identified in the lake-sediment samples taken from Wishbone lake and the streams which drain off the Wishbone area both to the north and to the south (Figure 6).

 

An important characteristic of VMS deposits is that they typically display a zonation of metals within the massive sulphide body from Fe+Cu at the base to Zn+Fe±Pb±Ba at the top and margins, related to differing temperature and chemical conditions at mineral deposition. The major observed mineral component of the Wishbone massive sulphide mineralisation is pyrrhotite with less common pyrite and minor sphalerite and chalcopyrite in distinct zones.

 

 

 

Figure 5: Photograph of drill core with chalcopyrite mineralisation (gold coloured) which yielded pXRF readings of 8.34% Cu at 146.5m downhole depth in drill hole BR26-WB-P1-1. With the measurement screenshot from Olympus Vanta M Series pXRF unit

 

By mutual agreement Panther and Broken Rock Resources agreed to a further extension amendment over Obonga, extending the terms of the original agreement (as announced 2 August 2021 and amended 6 July 2026), from the previous expiry date of 30 April 2027 to 31 August 2027, in light of the very positive preliminary drill findings at the Wishbone VMS prospect and the Awkward Conduit Target. The extension was agreed to facilitate drill permit renewals to allow for future infill drilling based on the anticipated results of the Phase 1 Diamond Drilling Programme. In consideration for the extension the Company issued share options to subscribe for 25,000 ordinary shares of no-par value in the capital of the Company, at an exercise price of £1.70, over a three-year term expiring 31 August 2029. The share options issued under the 2021 sale and purchase agreement expired without exercise.

 

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Figure 6: Lake Sediment Sample Assays Show Very Strong Copper Anomalism Downstream of the Wishbone VMS system

 

 

Winston Tailings Project

^·          Historical polymetallic mine near Schreiber Ontario

^·          Total Area: 60.41km²

·      Prospective for: Base Metals (Zinc, Copper, Cobalt, Gallium and Indium) and Precious Metals (Gold and Silver)

·      Option Agreement with First Quantum Minerals in place until 15 June 2027 (extendable in 12-month instalments thereafter to 15 June 2029 for CAD$50,000 every 12 months)

·      Non-binding LOI signed with Traxys Europe SA, a global commodity trading and marketing leader.

·      Current focus: Maiden NI 43-101 Mineral Resource estimate underway with SRK

 

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 7). 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. The previous mining operation closed in February 1999 due to very low zinc prices at the time. In total, 3.4 million tonnes grading 1.0% copper and 16% zinc was mined and processed.

The Winston Project is located only 20 km from the trans-Canada highway and rail transport links (Figure 7). Onsite infrastructure includes a 115kv power line, plant site, tailings and freshwater facilities, transport links and underground development (Figure 8).

Figure 7:          Location of the Winston Project

 

Figure 8:            Winston Project infrastructure including plant site, tailings and water storage facilities

 

 

In Q1 2026, the Company conducted a winter vibracore drilling programme on the frozen Winston tailings lake. The programme used working methods which the Company developed in conjunction with its principal drilling contractor under the geological supervision of independent geological contractors with whom the Company had worked several times before. The aim of the work was to advance the workstreams to quantify, evaluate, and permit the recovery of the contained high-grade gold (Au), gallium (Ga), silver (Ag), zinc (Zn), indium (In), copper (Cu) and cobalt (Co) and other recoverable minerals located within the historic tailings storage facility ("TSF").

On 7 January 2026, the Company announced the appointment of Extrakt Process Solutions LLC ("Extrakt") to conduct phased metallurgical testwork for the recovery of metals from the project. With the testwork to be conducted in association with TDI Solutions LLC, an independent laboratory authorised and equipped to implement the Extrakt innovative hydrometallurgical extraction technology. This work and associated studies are inputs into the Application for Recovery of Minerals Permit (the "Recovery Permit") process as announced 1 September 2025.

 

The Phase 1 metallurgical characterisation and testwork was to be conducted on representative composite samples of tailings material obtained from the vibracore sampling programme. The Phase 1 work was designed to generate baseline data on metal extraction performance, which will guide and support the design of subsequent testwork phases to determine the recoveries for gold (Au), gallium (Ga), indium (In), silver (Ag), zinc (Zn), copper (Cu) and cobalt (Co) and/or other recoverable metals contained within the historic Winston Lake Mine tailings storage facility.

 

The Phase 1 metallurgical results will also support the Reasonable Prospects of Eventual Economic Extraction requirement for the Mineral Resource estimate ("MRE") being conducted by the SRK Group.

 

The MRE and the Extrakt metallurgical testwork are integral workstreams to advance the Winston Tailings Project through permitting towards a cashflow proposition.

 

On 10 February 2026, the Company provided an update on the Winston Tailings Project as follows:

 

·      Tailings sampling work is underway onsite under the geological supervision of independent geological contractors Bayside Geoscience Ltd ("Bayside") using the Platinum vibracore sampler mounted on a purpose-built ice barge, situated upon the frozen tailings pond. The vibracore sampler retrieves a representative cylinder of tailings material through the vertical profile of the tailings, from points at regular grid spacings across the TSF.

·      The first batch of tailings samples are now undergoing logging and sampling by Bayside in the city of Thunder Bay. Once prepared the tailings will be sent for geochemical analysis in support of the Mineral Resource estimate.

·      The Mineral Resource estimate is being undertaken by independent consultants SRK Exploration Ltd ("SRK EX"). The MRE will be reported in compliance with the standards and best practices set out by the Canadian Institute of Mining, Metallurgy and Petroleum's ("CIM") for reporting Mineral Resources, Ore Reserves, and related exploration information. This will also facilitate future NI 43-101 reporting, as required.

·      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.

·      Upon receipt of the geochemical assay results a bulk composite sample of the Winston tailings will be sent to Extrakt Process Solutions, LLC. who will conduct phased metallurgical testwork for the recovery of metals. The testwork will be conducted in association with TDI Solutions LLC. Extrakt has developed a proprietary environmentally friendly cyanide-free technology for enhanced leaching and recovery of gold and other metals from all types of ores and solid-liquid separation that significantly improves dewatering and consolidation of mine tailings.

 

On 19 February 2026, the Company announced that it has signed a letter of interest ("LOI") with Traxys Europe SA, a division of Traxys Group ("Traxys"), a global commodity trading and marketing market leader.

 

The non-binding LOI concerns Panther's Winston Tailings Project and is a formal recognition of an ongoing engagement between both parties as Panther progresses work to declare a Mineral Resource estimate, as part of series of ongoing workstreams to quantify, evaluate and permit the contained high-grade Au, Ga, Ag, Zn, Cu, In and Co and other recoverable minerals located within the historic Winston TSF.

 

On  16 March 2026 the Company announced the vibracore sample collection work phase at the Winston Tailings Project has successfully completed and that the thickness of the tailings exceeded expectation reaching a maximum vertical thickness of tailings (below ice and water) of 16.8m and with an average vertical thickness of 8.7m. Laterally and vertically representative tailings core samples successfully retrieved from across the extent of the frozen tailing pond, with representative HQ core (63.5mm) diameter cylinders of tailings material through the vertical profile of the tailings, from 109 locations at regular grid spacings across the TSF (see Figure 10).

 

 

Figure 9: Photograph of the Platinum Vibracore Sampling Ice Barge on the Frozen Winston Tailings Pond, 3 February 2026

 

 

The 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.

 

Figure 10: Winston Tailings 2026 Vibracore Sampling Collar Locations

 

 

The assay results from the drilling were announced in 6 batches on 17 March 2026, 19 March 2026, 14 April 2026, 28 April 2026 and 13 May 2026. All results showed good grade consistency across the vertical depth-profile and laterally between Vibracore hole collar locations and supported or exceeded the 2025 preliminary assay results announced on 30 July 2025.

On completion of the programme, a bulk composite sample of the Winston tailings was provided to Extrakt who are conducting phased metallurgical test work for the recovery of metals. The results of this test work will be used by SRK EX in support of the MRE.

 

 

 

Dotted Lake Project Background: Critical Mineral Potential

 

·      Total Area: 36.9 km²

·      On the north limb of the Schreiber-Hemlo Greenstone Belt, 16 km from the Hemlo Mine and next door to GT Resources' Tyko discoveries.

·      Prospective for: Magnesium, Base Metals (Nickel, Cobalt, Copper, Zinc) and Precious Metals (Gold, Silver, and Platinum Group Metals)

·      Significant Neighbours: Barrick Gold (Hemlo Mine) to south, GT Resources (TSXV: GT) (Glencore 16.7% stake) to east.

·      100% owned project, not under option

·      Core current focus: recovery of magnesium from serpentinite

 

The Dotted Lake Project encompasses a substantial 36.9 km² (Figure 11) within the North Limb of the Schreiber-Helmo Greenstone Belt, situated 16 km north of Barrick Gold's Hemlo Gold Mine which has produced over 22 Moz of gold over 30 years to date and 9 km from GT Resources recent discovery at West Pickle Lake on their Tyko One Belt. The area is considered very prospective for ultramafic intrusive related magnesium, nickel and base metal mineralisation as well as gold.

Panther acquired 100% of the Dotted Lake Project in July 2020. An airborne magnetic and electromagnetic geophysical survey was flown in December 2020 followed by an extensive soil programmes conducted in 2021 and 2024 which identified numerous gold and base metal targets, all within the same geological footprint as Hemlo. Following the reopening of a historical trail providing direct access to the target location, an initial drilling programme in the autumn of 2021 confirmed the presence of gold mineralisation within this system with anomalous gold continuing along strike and present within the surrounding area. Dotted Lake sits upon 2.7-billion-year-old, Archaean age, rocks that form the north-eastern 'Dotted Lake Arm' of the Schreiber-Hemlo Greenstone Belt. Geology consists sequences of foliated, fine grained, dark green, amphibole rich metavolcanic rocks situated within an east-northeast trending isoclinal syncline. The metavolcanics have been intruded by granitoid rocks of the Dotted Lake Batholith in the southeast of the property whilst in the northeast an ultramafic intrusive complex flanks the two.

Figure 11:           Location of the Dotted Lake Project, East of Thunder Bay, Ontario, Canada

The 2024 five-hole (1,559m) Phase 1 Diamond Drilling Programme returned 94.4 m up to 20.6% Mg in DL24-004 and 129 m at 14.4% Mg in DL24-003, extending the ultramafic intrusion over 2.8 km. DL24-002 gave 214.7 m open ended, up to 21.7% Mg, mineralised with Pt, Pd, Ni, Cr and Ag. The first hole confirmed a 1.2 km open-ended gold trend and high-grade zinc and gold VMS-style mineralisation.

 

On 23 February 2026, the Company announced an update for the project. The 2024 drilling confirmed the Dotted Lake ultramafic magmatic intrusive to be a magnesium (Mg) bearing serpentinised peridotite (serpentinite). As part of a series of investigations to evaluate the potential of the Dotted Lake Project, Panther reported it was to evaluate opportunities to recover magnesium from serpentine and is particularly interested in alternative extraction technologies capable of improving upon conventional leaching recoveries.

Panther submitted 134kg of crushed serpentinite drill core, selected from drillholes DL24-002 and DL24-004, for magnesium investigatory test work by Test Design Implement Solutions LLC ("TDI") one of the approved laboratories for testing of the Extrakt Process Solutions LLC ("Extrakt") technologies. The initial phase of work focussed on a high-level assessment of Mg recovery from serpentine using Extrakt's proprietary extraction technology. The objective is to generate baseline metal recovery and process performance data that will inform and support the design and optimisation of subsequent test phases.

The Company provided an update to the market on 17 August 2026 announcing that TDI had completed a preliminary (Phase 1) metallurgical investigation on serpentine-rich ultramafic material supplied by Panther to evaluate the applicability of the Extrakt leaching technology for magnesium extraction and to identify operating conditions capable of supporting future process development.

The Phase 1 recovery testwork successfully confirmed the Dotted Lake ultramafic intrusive as a magnesium-rich serpentine feedstock with elevated concentrations of chromium, nickel, cobalt, and other critical elements that will warrant further evaluation as potential by-products in future studies.

Phase 1 recovery tests reached approximately 38 weight % (wt.%) magnesium, significantly exceeding the silica passivation related recovery ceiling of 19-25 wt.% observed during conventional single-stage leaching. The work successfully generated a baseline metal recovery and process performance data that will inform and support the design and optimisation of subsequent test phases including a Reagent Management System ("RMS"). Recent TDI RMS testwork conducted on similar material demonstrated a magnesium concentration factor of at least 2×, providing an indication of the potential reduction in downstream processing requirements. Although the results are highly encouraging, they remain preliminary and require confirmation through additional metallurgical testing, mass balance verification, reproducibility studies, and techno-economic evaluation, including reagent management system optimisation.

The Company is currently working with TDI and Extrakt on further evaluation of the Phase 1 work which may lead into scoping Phase 2 of the project.

 

Corporate and Financial Highlights

 

Placings

 

On 9 February 2026, the Company announced that it has raised gross proceeds of £1,190,000 (before expenses) through a placing of 1,700,000 ordinary shares of no-par value at a price of 70 pence. The shares were admitted on 16 February 2026.

 

On 18 June 2026, the Company announced that it has raised gross proceeds of £2,500,000 through a placing of 1,851,852 ordinary shares of no-par value at a price of 135 pence. The shares were admitted on 24 June 2026.

 

 

Warrant Issues

 

During the course of June 2026, the Company was notified of the conversion of a total of 120,000 75p warrants raising £90,000. The warrants were issued as part of the January 2025 placing.

 

Post period end the Company was further notified of the conversion of a total of 440,000 75p warrants raising £330,000. The warrants were issued as part of the January 2025 placing.

 

 

Director Changes

 

On 1 April 2026, the Company announced the appointment of Donna Belen Humphries as Non-Executive Director of the Company and the resignation of Tracy Hughes as Non-Executive Director of the Company. Donna is the Chair of the Company's Remuneration Committee.

 

 

GM and AGM

 

On 31 March 2026, the Company announced that at its General Meeting of the Company, all resolutions were duly passed. On 23 June 2026, the Company announced the results of its AGM in which all of the resolutions were passed successfully.

 

 

Filing of Preliminary Non-Offering Prospectus

 

On 13 February 2026 the Company announced that it has filed a preliminary non-offering prospectus (the "Prospectus") with the Ontario Securities Commission (the "Commission") and has applied to the Canadian Securities Exchange (the "CSE") for a secondary listing of its ordinary shares on the CSE in Canada (the "Listing"). The Company's ordinary shares will continue to be listed on the official list of the UK Financial Conduct Authority and traded on the main market for listed securities of the London Stock Exchange PLC.

 

Final acceptance of the Prospectus and the Listing are subject to the review and approval of the Commission and the CSE, respectively. The Prospectus contains important information relating to the Company and its currently issued share capital and is subject to amendment as may be required by the Commission. The Prospectus will be available for review under Panther's profile on the Canadian System for Electronic Document Analysis and Retrieval ("SEDAR+") at www.sedarplus.ca. The Company currently anticipates that the Listing will take place in October 2026, but this is subject to the final acceptance process referred to above.

 

 

Option Agreements

 

Obonga Amendment with Broken Rock Resources

 

On 6 July 2026, the Company announced the extension of the agreement with Broken Rock Resources in relation to its option on Obonga. The extension moves the option expiry date from 31 August 2026 to 30 April 2027. The Company agreed to issue 30,000 new ordinary shares to Broken Rock Resources as consideration for extending the existing option agreement over the Obonga Greenstone Belt project.

 

On 14 September 2026, the Company announced the further extension of the agreement with Broken Rock Resources in relation to its option on Obonga. The extension moves the option expiry date from 30 April 2027 to 31 August 2027, providing the Company with additional time and flexibility to complete its exploration programme and satisfy the remaining terms of the agreement. The payment date of the CAD$250,000 (£135,825) due under the agreement is amended to no later than 31 August 2027. No further cash or shares consideration was issued to Broken Rock Resources in relation to this subsequent extension, but it was agreed that 25,000 share options with an exercise price of £1.70 and an expiry date of 31 August 2029 would be issued to Broken Rock.

 

Due Diligence Option Extension with First Quantum Minerals

 

On 26 June 2026, the Company made a payment of CAD$50,000 to continue the due diligence on the Winston Tailings Project until 15 June 2027. The Company may extend the Winston Due Diligence Period for a further 12 months twice (for a total maximum Winston Due Diligence Period of 48 months to 15 June 2029) by making payments of $50,000 (£27,090) per extension.

 

Siltamaki Option Agreement on Obonga

 

On 15 January 2026, the Company announced the signing of a three-year term purchase option agreement (the "Purchase Option") over three multicell mining claims (the "Properties" or "Claims") which comprise the Otter Gold, Z2 Gold and Wig properties at Obonga. The Purchase Option signed with Mrs Karen Siltamaki is a partial replacement for the purchase option agreement announced 22 November 2021 signed with her late spouse Mr Aki Siltamaki and secures Panther options over the Properties through to January 2029. The Purchase Option allows Panther the option to purchase the Claims for a total cash consideration of CAN$200,000 (£116,000) and the award of a 1.5% net smelter return ("NSR") royalty (with a provision for Panther to reduce the royalty to 1.0% NSR through a CAD$1,000,000 (£538,100) buy-back). The Purchase Option price was CAD$10,000 (£5,550) with further payments of CAD$10,000 (£5,550) due on each anniversary of the date of signing, for three consecutive years.

 

 

Financial Review

 

The Group has reported an unaudited comprehensive loss for the six months ended 30 June 2026 of £992,720 (six months ended 30 June 2025 - loss £926,545). The basic and diluted loss per share for the period was -10.6 pence (six months ended 30 June 2025 - basic and diluted loss of - 16.34 pence).

 

The key performance indicators are set out below:

 

	At 30-Jun-26	At 30-Jun-25	At 31-Dec-25
	(unaudited)	(unaudited)	(audited)
	£	£	£
Net asset value	4,730,037	2,074,738	2,234,684

 

The Directors are required to provide an Interim Management Report in accordance with the Financial Conduct Authorities ("FCA") Disclosure Guidance and Transparency Rules ("DTR"). The Directors consider the Interim Management Report of this Half Yearly Financial Report provides details of the important events which have occurred during the period and their impact on the financial statements as well as the outlook for the Company for the remaining six months of the year ended 31 December 2025.

 

The following statement of the Principal Risks and Uncertainties, the Related Party Transactions, the Statement of Directors' Responsibilities and the Operational and Financial Review constitute the Interim Management Report of the Company for the six months ended 30 June 2026.

 

 

Principal Risks and Uncertainties

 

The principal risks and uncertainties of the Company are detailed on page 41 of the Company's most recent Annual Report for the year ended 31 December 2025 which can be found on the Company's website at www.panthermetals.co.uk. The principal risks and uncertainties facing the Company remain unchanged from those disclosed in the Annual Report for the year ended 31 December 2025, and the Board are of the opinion that they will continue to remain unchanged for the forthcoming six-month period.

 

The principal risks and uncertainties facing the Company are as follows:

•     adverse foreign exchange fluctuations;

•     if the Group is unable to raise additional capital when needed or on suitable terms it could force a delay, reduce or eliminate its exploration development and production plans and efforts; and

•     there are significant risks associated with any discovery and the ability of the Company to then generate any operational cashflows.

 

Related Party Transactions

 

There have been no material changes to the related party transactions described in the Annual Report that could influence the financial position or performance of the Company.

 

Going Concern

 

As at 30 June 2026, the Group had total cash reserves of £1,384,083 (31 December 2025: £71,085). The Directors are aware of the reliance on fundraising within the next 12 months having reviewed the Group's working capital forecasts. Directors believe that the Group is well placed to manage its business risks successfully, providing future fundraisings are successful. The interim financial statements have been prepared on a going concern basis and do not include adjustments that would result if the Group was unable to continue in operation. As a junior exploration company, the Directors are aware that the Company must go to the marketplace to raise funds in the next 12 months to meet its investment and exploration plans and to maintain its listing status.

 

 

For and on behalf of the Board of Directors

 

 

 

Darren Hazelwood

Chief Executive Officer

25 September 2026

 

 

 

 

STATEMENT OF DIRECTORS' RESPONSIBILITY FOR THE HALF YEARLY REPORT FOR THE SIX MONTHS ENDED 30 JUNE 2026

 

The Directors confirm to the best of their knowledge:

 

·                 the interim financial statements have been prepared in accordance with International Accounting Standard 34, Interim Financial Reporting, as adopted by the EU;

·                 the interim financial statements give a true and fair view of the assets and liabilities, financial position and the loss of the Group;

·                 the interim report includes a fair review of the information required by DTR 4.2.7R of the Disclosure and Transparency Rules, being an indication of important events that have occurred during the first six months of the financial year and their impact on the interim financial information, and a fair description of the principal risks and uncertainties for the remaining six months of the year; and

·                 the interim financial information includes a fair review of the information required by DTR 4.2.8R of the Disclosure and Transparency Rules, being information required on related party transactions.

 

 

For and on behalf of the Board of Directors

 

 

 

Darren Hazelwood

Chief Executive Officer

25 September 2026

 

 

 

 

CONSOLIDATED CONDENSED STATEMENT OF COMPREHENSIVE INCOME FOR THE SIX MONTHS ENDED 30 JUNE 2026 AND 2025

 

	Notes		Six months ended 30 June 2026 £	Six months ended 30 June 2025 £
			(unaudited)	(unaudited)
Revenue			-	-
Cost of sales			-	-
Gross profit			-	-
Administrative expenses			(835,506)	(408,643)
Share-based payment charge	8		(54,951)	(47,597)
Realised and unrealised loss on financial assets held at fair value through profit or loss			-	(365,738)
Operating loss			(890,457)	(821,978)
Finance costs			-	(9,190)
			,	,
Loss before taxation			(890.457)	(831,168)
Taxation			-	-
Loss for the period			(890,457)	(831,168)
Other comprehensive loss
Loss for the period			(890,457)	(831,168)
Items which may be reclassified to profit or loss:
Exchange difference on currency translations			(102,263)	(85,377)
Total comprehensive loss for the period			(992,720)	(916,545)
Loss for the period attributable to:
Equity holders of the Company			(992,720)	(916,545)
Non-controlling interest			-	-

 

Total comprehensive loss for the period attributable to:
Equity holders of the Company			(992,720)	(916,545)
Non-controlling interest			-	-

 

Earnings per share attributable to owners of the Company
Basic loss per share (pence)	2		(10.60)p	(16.34)p
Diluted loss per share (pence)	2		(10.60)p	(16.34)p

 

All operations relate to continuing activities.

 

CONSOLIDATED CONDENSED STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2026 AND 31 DECEMBER 2025

 

	Notes		As at 30 June 2026 £	As at 31 December 2025 £
			(unaudited)	(audited)
Non-current assets
Exploration and evaluation assets	4		3,627,950	2,405,435
Total non-current assets			3,627,950	2,405,435
Current assets
Receivables	5		558,767	151,026
Cash at bank and in hand			1,384,083	71,085
Total current assets			1,942,850	222,111
Total assets			5,570,800	2,627,546
Current liabilities
Trade and other payables	6		(831,233)	(392,862)
Total Current Liabilities			(831,233)	(392,862)
Net current assets/(liabilities)			1,111,617	(170,751)
Non-current liabilities
Deferred consideration payable	7		(9,530)	-
Total liabilities			(840,763)	(392,862)
Net assets			4,730,037	2,234,684
Capital and reserves
Called up share capital	8		11,786,340	8,353,218
Share-based payment reserve	9		342,456	287,505
Foreign Exchange reserve			(313,907)	(211,644)
Retained losses			(7,084,852)	(6,194,395)
Total equity			4,730,037	2,234,684