Winston Tailings Dam Project Update

Permitting Process Commenced

Panther Metals Plc (LSE: PALM), the exploration company focused on mineral projects in Canada, is pleased to announce the formal commencement of the Application for Recovery of Minerals Permit (the "Recovery Permit") process which is part of 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 ("TSF"), comprising the Winston Tailings Project in Ontario, Canada.1, 2

Panther gives notice that a total of 1,067,764 warrants expired unexercised during August 2025. These comprised of 834,909 warrants issued in connection with the 2022 placing and 232,855 warrants issued pursuant to the 2023 Convertible Loan Note. The expiry of these warrants reduces the potential future dilution within the Company's capital structure.

Summary

• Recovery Permit application for the Winston Tailings Project has formally commenced with the Ontario Ministry of Energy and Mines (the "Ministry").
• Panther has held a Pre-Submission Meeting with the Ministry and will now be assigned a dedicated single point of contact to support an efficient pathway through the regulatory process.
• The Pre-Submission Meeting is the first in a series of four stages leading to the decision to issue the Recovery Permit. A Recovery Permit allows its holder to recover minerals from tailings or other mine waste materials.
• Winston's active Mine Closure Plan should facilitate the Recovery Permit application process, as the associated ongoing monitoring and environmental studies, will feed into and help streamline the required assessment reports.
• Excellent existing onsite infrastructure (Figure 1) will support the Recovery Permit business case and will greatly assist the development of the tailings reprocessing opportunity, including:

o Connected power with 115kv supply powerline and transformer.

o Prepared level construction ground at site of former Winston processing plant.

o All weather access road, directly connected to the trans-Canada highway and railroad sidings.

o Freshwater dam and surface water infrastructure.

o Active water treatment plant.

o Site office.

o Security fencing.

o Less than 200km drive from Thunder Bay which is a major centre of engineering service providers and a major transport hub.

The Recovery Permit application is one of four concurrent workstreams, announced 8 August 2025, which are currently progressing in parallel as the Company advances towards commencing a systematic drilling programme across the tailings storage facility during September 2025.

The grid drill sampling programme will support a series of metallurgical testwork and reprocessing optimisation studies as well as the definition of a compliant Mineral Resource estimate for the tailings deposit.3 Further details will be announced in the near term.

Darren Hazelwood, Chief Executive Officer, commented:

"The application for the Recovery of Minerals Permit is one of four parallel and interconnected workstreams designed to fast-track the assessment and build a robust economic case to reprocess and extract value from the historical Winston Lake Mine tailings storage facility.

As an integral part of the permit application and reprocessing evaluation process, preparations are currently underway for an upcoming tailings drill sampling programme which will provide the necessary sample material and data for the planned metallurgical testwork and a Mineral Resource estimate. Further details of this exciting programme will be provided soon, as the various parameters are finalised.

It is positive to note that during August, a total of 1,067,764 warrants expired unexercised, reducing the potential for shareholder dilution within the Company's tightly controlled capital structure."

Recovery of Minerals Permit Application Process

The Recovery of Minerals Permit is under the legislation prescribed by the Mining Act (R.S.O. 1990, Chapter M.14), Ontario Regulation 463/24 Recovery Of Minerals.4

A Recovery Permit allows its holder to recover minerals from tailings or other mine waste materials at a given location without having first obtained an exploration permit or a filed closure plan. If the tailings or other mine waste materials are located on Crown land, the holder can also recover minerals and exploit them commercially without a mining claim or mining lease.

The Recovery Permit application is a five step process (Table 1), and Panther has now completed the Pre-Submission Meeting with the Ministry, which has confirmed that the Company will be assigned a dedicated single point of contact, within an expected 10 days, to support an efficient pathway through the regulatory process, as Panther assembles the required documentation and undertakes the Supporting Technical Studies (as set out in Table 2).

As the Winston TSF is subject to an active Mine Closure Plan and is located on patented land, based on preliminary discussions, Panther considers that a number requirements for the Supporting Technical Studies may already be, or partially be addressed, subject to confirmation with the associated regulatory parties.

Table 1: Recovery of Minerals Permit Application Steps

• Application Screening
• Circulation and Feedback Consideration
• Decision on Permit Application
• Submit Financial Assurance (if needed)

Table 2: Summary of Supporting Technical Studies which may be required for the Recovery of Minerals Permit

Table Notes: all studies will be signed off by a professional engineer or professional geoscientist. A "professional engineer" is a professional engineer as defined under the Professional Engineers Act. A "professional geoscientist" is a member of the Association of Professional Geoscientists of Ontario.

Outlook

Panther remains focused on advancing the Winston Tailings Project through its technical and permitting milestones. The combination of existing site infrastructure (Figure 1), systematic drilling, multi-stream metallurgical testing, and streamlined regulatory engagement provides a strong foundation as the Company progresses towards establishing a maiden Mineral Resource and positions itself for future growth opportunities, including a potential dual listing.

Further updates will be provided as drilling commences and metallurgical studies advance.

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. 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.1, 2

Figure 1: Existing Infrastructure at Winston Tailings Storage Facility

References

( https://polaris.brighterir.com/public/panther_metals/news/rns/story/rm7movr )

The Panther Metals Winston Project, located 150km east of Thunder Bay, Ontario, Canada, is an advanced stage polymetallic zinc, copper and precious metal property comprising a high-grade critical mineral mine redevelopment and resource building opportunity. Based on a Feasibility Study published in 2021 the Project is expected to generate average life of mine ("LOM") annual EBITDA of C$67.64 million (M) and have a pre-tax NPV8% of C$ 175.8 M and IRR of 26%, with further strong exploration potential for defining additional Mineral Resources and Mineral Reserves from the two main deposits as well as additional near-mine volcanogenic massive sulphide ("VMS") exploration targets.

2021 Feasibility Study Headline Metrics

• NPV8%: C$175.8M pre-tax, assuming zinc priced at US$2,700/t, copper at US$7,300/t, gold at US$1,635/oz & silver at US$21/oz. At a derisked 6% discount Pre-tax NPV = C$213.2M.
• IRR: 26% pre-tax
• EBITDA : C$574.9M (gross), C$67.64M (annual). Gross revenue: C$983.3M
• CAPEX: C$145.1 M
• OPEX: C$65.17/t
• Indicated Resource 2.07 Million Tonnes @ 18% Zn
• Volcanogenic Massive Sulphide mineralisation well understood by Panther.
• Positive First Nation engagement.
• Strong Institutional and Governmental support for future financing options.

The 2021 Feasibility Study1 for the Winston Project detailed a strong economic case for mine redevelopment for a 1,000 tonnes per day underground operation with a net present value (NPV8%) of C$171.5M and pre-tax internal rate of return (IRR) of 26% based on an Ore Reserve of 1.96Mt @ 13.9% Zn, 0.6% Cu with significant gold and silver credits (Table 1) producing an expected 69.8 thousand tonnes per year (ktpa) of zinc concentrate and 5.3 ktpa of copper concentrate over an initial 8.5 year mine life. The Project boasts a high-grade CIM compliant Indicated Mineral Resource2 of 2.07Mt averaging 17.9% zinc, 0.8% copper, 0.4 g/t gold, and 34 g/t silver plus Inferred 0.27Mt @ 16.2% Zn, 1.0% Cu, 0.3g/t Au & 37.2g/t Ag (Table 2). Project is located only 20km from the trans-Canada highway and infrastructure including power, tailings storage facility, transport links and underground development are already in place. 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 total project area covers approximately 60.4km2 and comprises both patented freehold, leased and Crown-land mining claims.

Table 1: Winston Project Mineral Reserve

Notes: JORC (2012) compliant Mineral Reserve effective date 5 July 2019. Ore Reserves are based solely on Indicated Mineral Resources and are reported above an average net smelter return (NSR) cut-off grade of US$98 /t equivalent to 5.2% Zn. 1

Table 2: Winston Project Mineral Resource Estimate at 3% Zn cut-off grade

Technical References:

Commercial Strategy - Discovery-Driven Value Creation