Winston: SRK appointed

SRK Appointed To Conduct Mineral Resource Estimate

Panther Metals Plc (LSE: PALM), the exploration company focused on mineral projects in Canada, is pleased to announce the appointment of SRK Exploration Ltd ("SRK EX") as independent consultants to conduct a Mineral Resource estimate ("MRE") for the Winston Tailings Project in Ontario, Canada.1, 2, 3

The MRE will be one 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").

The MRE is an integral part of the process to advance the Winston Tailing Project through permitting towards a cashflow proposition and will be based upon the resource drilling programme, mineralogical and metallurgical testwork and associated studies which will be conducted during Q3 and Q4 2025.

Panther is aiming for a seamless transition from MRE to Ore Reserves in as short a time as possible, and it is envisaged that successful outcomes to the tailing MRE, will in turn support the declaration of Ore Reserves following further technical studies. The SRK EX work will also provide inputs into the Application for Recovery of Minerals Permit (the "Recovery Permit") process as announced 1 September 2025.3, 4

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.

About SRK Exploration

SRK EX is an associate company of the international group holding company, SRK Consulting (Global) Ltd (the "SRK Group"), which constitutes one of the world's premier independent mining consultancies and which includes over 1,800 professional personnel in 43 offices in 19 countries worldwide, providing expertise in a wide range of exploration, mining and engineering disciplines. The SRK Group has a demonstrated track record in undertaking independent assessments of Mineral Resources and Ore Reserves, project evaluations and audits, competent person's reports and independent feasibility evaluations on behalf of exploration and mining companies and financial institutions world-wide.

SRK EX will work in conjunction with resource, tailings and mineral processing specialists based in SRK Group offices in both Canada and United Kingdom.

SRK EX has extensive experience of drilling and sampling in unconsolidated materials such as those that may be found in the TSF at Winston, including sampling underwater. Members of the proposed team also have extensive experience in Mineral Resource estimation for tailings for a wide variety of commodities and industrial minerals.

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 )

( https://polaris.brighterir.com/public/panther_metals/news/rns/story/x20od6r )

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