Winston Tailings Update
Panther Metals PLC has provided an update on its Winston Tailings Project, detailing ongoing workstreams to quantify and evaluate recoverable minerals including gold, gallium, silver, zinc, copper, indium, and cobalt. Tailings sampling is underway, with initial batches undergoing logging and geochemical analysis to support a Mineral Resource Estimate (MRE) being prepared by SRK Exploration Ltd. This MRE is crucial for advancing the project towards a cashflow proposition and will inform the permit application process. Metallurgical testwork will be conducted by Extrakt Process Solutions, LLC, utilizing an environmentally friendly cyanide-free technology for metal recovery. The company's CEO highlighted strong market conditions and the company's robust financial, operational, and strategic position.
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Panther Metals Plc (LSE: PALM), the exploration company focused on mineral projects in Canada, is pleased to provide an update on the Winston Tailings Project where a series of ongoing workstreams are 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") near Schrieber, Ontario, Canada. 1, 2, 3
- Tailings sampling work is underway onsite under the geological supervision of independent geological contractors Bayside Geoscience Ltd ("Bayside") using 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.4
- 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.5
- The Mineral Resource estimate ("MRE") 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.5
- Upon receipt of the geochemical assay results a bulk composite sample of the Winston tailings will be sent to Extrakt Process Solutions, LLC. ("Extrakt") who will conduct phased metallurgical testwork for the recovery of metals. The testwork will be conducted in association with TDI Solutions LLC an independent laboratory authorised and equipped to implement the Extrakt innovative hydrometallurgical extraction technology. 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.8
Darren Hazelwood, Chief Executive Officer commented:
"Market conditions could not be more compelling. Commodity prices are strong, capital markets are supportive, and we believe this is exactly the right moment in time to execute our strategy.
The Company is in its strongest position ever-financially, operationally, and strategically. By fast-tracking key initiatives with the Winston Tailings Project, and working alongside the right partners, we are sharply focused on accelerating growth and delivering meaningful shareholder value."
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. 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.1, 2
As announced 15 July 2025, Panther undertook a preliminary sampling programme to assess the contained metals. A total of 14 samples were collected at an overage spacing of 50m down the longitudinal axis of the TSF, see Figure 2. Each sample comprised an average of 0.8kg of material taken from the top circa 30cm of the submerged tailings below a water cover depth of between 1 to 5 metres. The samples were collected using a boat and extendable sampling auger. The assay results are summarised in Table 1.
Table 1: July 2025 Preliminary Winston Tailings Sample Assay Results
| Tailings Sample ID | UTM Easting | UTM Northing | Depth of Water above sample(m) | Au (g/t) | Ag (g/t) | Zn (%) | Cu (%) | Co (ppm) | Ga (ppm) |
|---|---|---|---|---|---|---|---|---|---|
| F212201 | 472983 | 5424622 | 5.0 | 0.143 | 7.72 | 1.18 | 0.10 | 151.00 | 49.40 |
| F212202 | 473209 | 5423993 | 1.0 | 0.102 | 5.35 | 1.23 | 0.10 | 95.10 | 33.30 |
| F212203 | 473195 | 5424052 | 1.0 | 0.554 | 13.60 | 1.27 | 0.15 | 279.00 | 93.60 |
| F212204 | 473191 | 5424096 | 1.5 | 0.538 | 20.60 | 1.48 | 0.19 | 496.00 | 104.00 |
| F212205 | 473163 | 5424154 | 1.5 | 0.272 | 21.20 | 1.49 | 0.19 | 448.00 | 121.00 |
| F212206 | 473154 | 5424214 | 1.5 | 0.333 | 10.70 | 1.14 | 0.12 | 292.00 | 80.50 |
| F212207 | 473123 | 5424272 | 1.5 | 0.298 | 8.20 | 1.43 | 0.13 | 201.00 | 74.20 |
| F212208 | 473101 | 5424328 | 1.5 | 0.399 | 10.80 | 1.19 | 0.14 | 286.00 | 77.20 |
| F212209 | 473066 | 5424391 | 1.5 | 0.452 | 10.50 | 2.20 | 0.20 | 237.00 | 55.40 |
| F212211 | 473007 | 5424434 | 1.5 | 0.814 | 21.90 | 1.14 | 0.16 | 470.00 | 106.00 |
| F212212 | 472975 | 5424491 | 1.5 | 0.790 | 16.20 | 1.23 | 0.13 | 466.00 | 122.00 |
| F212213 | 472938 | 5424552 | 5.0 | 0.305 | 10.30 | 1.13 | 0.12 | 330.00 | 99.70 |
| F212214 | 473054 | 5424603 | 2.5 | 0.151 | 8.36 | 1.02 | 0.10 | 142.00 | 46.10 |
| F212215 | 473085 | 5424562 | 2.5 | 0.112 | 7.39 | 1.16 | 0.09 | 165.00 | 57.90 |
Table Notes: UTM Zone 16N NAD83 Datum. AGAT Laboratories analytical package method 202-552 for gold, method 201-071 for other metals.
Figure 1: Existing Infrastructure at Winston Tailings Storage Facility
Figure 2: Winston Tailings Sample Location Points with Gold Grade
References
- Panther Metals PLC, announcement, Tailings Sampling Programme Underway at Winston Project, dated 15 July 2025 (https://polaris.brighterir.com/public/panther_metals/news/rns/story/w606ngw )
- Panther Metals PLC, announcement, Winston Tailings: Gold & Critical Mineral Reprocessing, Evaluation and Permitting Workstreams Commencing, dated 8 August 2025
( https://polaris.brighterir.com/public/panther_metals/news/rns/story/rm7movr )
- Panther Metals PLC, announcement, Winston Tailings Project: Mineral Resource Drilling, Platinum Diamond Drilling Appointed for Mineral Resource Programme, dated 20 November 2025
( https://polaris.brighterir.com/public/panther_metals/news/rns/story/w90ljpw )
- Panther Metals PLC, announcement, Winston Tailings Project: Mineral Resource Appointment, SRK Appointed To Conduct Mineral Resource Estimate, dated 22 September 2025
( https://polaris.brighterir.com/public/panther_metals/news/rns/story/rdo96mx )
( https://polaris.brighterir.com/public/panther_metals/news/rns/story/x20od6r )
- Press Release dated 20 February 2024: Extrakt and Bechtel Partner to Commercialize Groundbreaking Solid-Liquid Separation Technology, (https://www.bechtel.com/press-releases/extrakt-and-bechtel-partner-to-commercialize-groundbreaking-solid-liquid-separation-technology/ )
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.
Winston Project - Tailings Evaluation and MRE Pathway
Dotted Lake Project - Hemlo-Adjacent Polymetallic Opportunity
Commercial Strategy - Focused Value Creation
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