Winston Tailings Project: Sample Collection

Panther Metals Plc (LSE: PALM), the exploration company focused on mineral projects in Canada, is pleased to report the vibracore sample collection work phase at the Winston Tailings Project has successfully completed.

The completed ice-barge mounted vibracore sampling is 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") near Schrieber, Ontario, Canada.

Key points:

• Tailings vibracore sample collection phase of the Mineral Resource estimate ("MRE") programme has successfully completed with no incidents or accidents.
• 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 1 and Figure 2).
• 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.
• First Nation stakeholder engagement meetings held at the PDAC conference in Toronto.

Figure 1: Photograph of the Platinum Vibracore Sampling Ice Barge on the Frozen Winston Tailings Pond, 3 February 2026

Figure 2: Winston Tailings 2026 Vibracore Sampling Collar Locations

Background

Figure 3: Existing Infrastructure at Winston Tailings Storage Facility

References

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

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 Tailings Project - Tailings Evaluation and MRE Pathway

Dotted Lake Project - Hemlo-Adjacent Polymetallic Opportunity

Commercial Strategy - Focused Value Creation