Winston Tailings Project: Batch 1 Assay Results

In brief · summary, not quotable

Panther Metals PLC has announced positive assay results from the first batch of Vibracore samples at its Winston Tailings Project in Ontario, Canada, supporting the ongoing Mineral Resource estimate program. The results show good grade consistency across vertical depths and between four tested locations, with values meeting or exceeding preliminary 2025 results. The project aims to quantify high-grade gold, gallium, silver, zinc, copper, indium, and cobalt within the historic Winston Lake Mine tailings storage facility, which operated from 1988 to 1998.

Full announcement

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Panther Metals Plc (LSE: PALM), the exploration company focused on mineral projects in Canada, is very pleased to report the first batch of Vibracore sample assay results for the Winston Tailings Project near Schrieber, Ontario, Canada.

Key points:

First batch of tailings core sample assay results (Table 1) received for four Vibracore collar locations (WT-26-001, WT-26-002, WT-26-003 & WT-26-004) situated on part of a single east-west profile (Figure 1), varying in thickness from 4.15m to 12.20m (Table 2).
Results show good grade consistency across the vertical depth-profile and laterally between Vibracore hole collar locations.
The results support or exceed the 2025 preliminary assay results announced 31 July 2025.1

Darren Hazelwood, Chief Executive Officer commented:

"The continuity of mineralisation and grade we are seeing gives us increasing confidence in the underlying potential of the project. Historical mining records from the Winston Lake Mine indicate the deposit was characterised by a very uniform distribution of mineralisation, and while our current results remain early-stage, we are already seeing encouraging signs that this pattern is being mirrored in the tailings.

For us, that consistency is extremely important. An even spread of mineralisation supports the potential for predictable processing and scalable production, which is exactly what you want to see when developing a strong production story."

Table 1: Winston Tailings Vibracore Sample Assay Results Batch 1

	Vibracore Hole ID	Vertical Depth	Au (g/t)	Ag (g/t)	Zn (%)	Cu (%)	Co (ppm)	Ga (ppm)	In (ppm)
								From (m)	To (m)
WT-26-001	0.7	2.05	0.889	15.85	1.185	0.186	347	13	107
	2.05	3.55	0.683	16.55	1.24	0.161	321	14	94
	3.55	6.55	0.461	15.5	1.565	0.118	453	16	102
WT-26-002	1.3	2.05	0.488	15.05	1.18	0.111	277	12	80
	2.05	3.55	0.438	12.15	1.605	0.128	305	16	78
	3.55	5.05	0.383	16.15	1.44	0.172	463	19	104
	5.05	5.45	0.48	8.19	0.687	0.086	275	6	62
WT-26-003	1.07	2.05	0.424	9.28	1.2	0.109	257	11	81
	2.05	3.27	0.558	12.5	0.84	0.128	270	9	85
	3.27	4.77	0.513	18.7	1.22	0.188	442	17	108
	4.77	6.27	0.345	12.5	1.625	0.120	388	17	107
	6.27	7.77	0.516	11.25	2.1	0.136	360	18	103
	7.77	9.27	0.565	10.85	2.85	0.148	311	28	97
WT-26-004	1.77	3.27	0.39	9.27	1.57	0.171	252	18	81
	3.27	4.77	0.251	7.77	1.17	0.125	267	11	81
	4.77	6.27	0.486	15.65	1.39	0.158	434	16	106
	6.27	7.77	0.715	13.1	1.225	0.100	271	9	96
	7.77	9.27	0.561	10.85	1.515	0.135	269	12	92
	9.27	10.77	0.528	10.2	1.35	0.100	265	10	90
	10.77	12.27	0.502	11.55	2.11	0.103	296	14	96
	12.27	12.47	0.671	11.9	1.545	0.113	272	12	94
	12.47	13.97	0.785	11.8	1.57	0.119	242	11	92

Table Note: Assay results by ALS Laboratory methods ME-MS61, Au-ICP21 and Zn-OG62

Table 2: Vibracore Sample Collar Co-ordinates

Hole ID	UTM Northing	UTM Easting	Elevation (m)	Vertical Profile Tested (m)
WT-26-001	5424415	473016	464.1	5.85
WT-26-002	5424415	473042	463.8	4.15
WT-26-003	5424415	473091	463.4	8.20
WT-26-004	5424415	473141	463.3	12.2

Table Note: UTM Zone 16N NAD83 Datum

Analytical Methods

The certified assay results are by ALS Laboratories using four-acid super trace multielement method ME-MS61 (four-acid digestion for near-total recovery across a suite of 48 elements), Au-ICP21 (gold by fire assay with a inductively coupled plasma atomic emission spectroscopy finish) and Zn-OG62 (four-acid overlimit method for high-grade zinc).

Figure 1: Winston Tailings 2026 Vibracore Sample Result Locations for this Announcement

Left: Photo of HQ (63.5mm) diameter, clear plastic sample collection cylinders containing tailings material from Vibracore hole WT-26-001

Above: Photo of core tailings material once removed from the plastic cylinder and sawn in half for sampling. One half submitted for assay, one half retained for future studies (Vibracore hole WT-26-004).

Figure 2: Photographs of Vibracore Sample Cores, Prior to Cutting and After Cutting

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

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