Winston Tailings Project: Batch 3 Assay Results

In brief · summary, not quotable

Panther Metals PLC has announced the third batch of assay results from its Winston Tailings Project near Schrieber, Ontario, Canada, which are supporting the Mineral Resource estimate program. The results from thirteen Vibracore collar locations, with tailings thicknesses ranging from 5.5m to 15.1m, continue to show good grade consistency for gold, silver, zinc, copper, indium, and cobalt, aligning with previous positive results. This ongoing work is crucial for quantifying the contained minerals and advancing the project towards a cashflow proposition and environmental rehabilitation.

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 third batch ("Batch 3") of Vibracore sample assay results for the Winston Tailings Project near Schrieber, Ontario, Canada.

Key points:

Third batch of tailings core sample assay results (Table 1) received for thirteen Vibracore collar locations (WT-26-016, WT-26-017, WT-26-020, WT-26-027, WT-26-028, WT-26-030, WT-26-031, WT-26-032, WT-26-034, WT-26-049, WT-26-050, WT-26-051 & , WT-26-052) situated upon six east-west profiles (Figure 1).
Assayed intersections reported for Batch 3 are taken from total tailings thicknesses varying between 5.5m to 15.1m (Table 2). The maximum vertical thickness of tailings (below ice and water) intersected across the TSF is 16.8m with an average vertical thickness of 8.7m.1, 2
Results continue to show good grade consistency across the vertical depth-profile and laterally between Vibracore hole collar locations, and support or exceed the 2025 preliminary assay results announced 31 July 2025 and the results announced 17 March 2026.1, 3

Darren Hazelwood, Chief Executive Officer commented:

"The Batch 3 Vibracore assay results continue to highlight the strong production potential offered by the Winston Tailings Project. We are consistently confirming the continuity of mineralisation within the tailings, which closely aligns with our expectations based on our review of the historical production data from the Winston Lake Mine."

Table 1: Winston Tailings Vibracore Sample Assay Results Batch 3

	Vibracore	Vertical Depth (m)	Au	Ag	Zn*	Cu	Co	Ga	In
Hole ID	From	To	(g/t)	(g/t)	(%)	(%)	(ppm)	(ppm)	(ppm)
WT-26-016	3.27	4.77	0.513	13.85	1.025	0.1180	358.0	98.0	8.99
	4.77	6.27	0.658	12.95	1.240	0.1240	362.0	85.9	10.05
	6.27	7.77	0.757	12.15	2.650	0.1735	246.0	82.6	22.30
	7.77	9.27	0.768	11.80	2.680	0.1810	278.0	81.0	20.30
	9.27	10.65	0.446	10.85	2.430	0.2160	332.0	95.1	20.80
WT-26-017	3.27	4.77	0.420	12.75	1.240	0.1185	382.0	102.5	10.75
	4.77	6.27	0.651	11.95	0.931	0.1045	367.0	87.7	7.72
	6.27	7.77	0.586	10.95	1.830	0.1355	312.0	90.7	15.60
	9.27	10.77	0.610	10.45	1.900	0.1335	320.0	85.4	14.75
	10.77	11.37	0.168	5.02	1.145	0.0742	170.0	47.0	9.34
WT-26-020	3.27	4.77	0.578	14.85	1.115	0.1250	381.0	87.4	8.68
	4.77	6.27	0.647	13.90	1.020	0.1185	353.0	83.8	8.06
	6.27	7.77	0.799	13.90	1.670	0.1535	239.0	89.3	15.25
	7.77	9.27	0.701	12.20	2.380	0.1865	305.0	91.2	19.35
	9.27	9.62	0.630	12.20	2.700	0.1780	280.0	92.3	20.00
WT-26-027	3.27	4.77	0.233	8.60	1.425	0.1470	263.0	86.2	10.50
	4.77	6.27	0.259	10.95	1.435	0.1215	301.0	97.3	14.15
	6.27	7.77	0.388	15.05	3.400	0.1655	299.0	88.8	23.90
	7.77	9.27	0.427	12.20	1.930	0.1155	316.0	89.4	13.75
	9.27	9.51	0.558	11.50	1.145	0.1050	336.0	81.5	8.65
WT-26-028	3.27	4.77	0.657	10.05	1.510	0.1340	255.0	85.8	13.55
	4.77	6.27	0.428	9.18	1.370	0.1455	269.0	81.2	10.25
WT-26-030	1.77	3.27	0.490	13.25	1.465	0.1245	385.0	109.5	12.90
	3.27	4.77	0.419	11.65	0.787	0.1245	364.0	98.8	9.22
	4.77	6.27	0.421	14.80	0.811	0.1225	438.0	95.2	10.40
	6.27	7.77	0.529	14.60	0.922	0.1305	366.0	101.5	9.02
	7.77	9.27	0.516	10.60	1.450	0.1105	267.0	85.7	10.90
	9.27	10.77	0.460	10.40	1.295	0.1030	311.0	88.0	9.99
	10.77	11.11	0.539	9.74	2.300	0.1115	224.0	73.1	13.85
WT-26-031	1.77	3.27	0.701	18.20	1.210	0.1900	387.0	106.0	13.20
	3.27	4.77	0.752	22.70	1.090	0.2270	477.0	112.0	14.25
	4.77	6.27	0.536	16.00	1.120	0.1445	356.0	95.4	11.55
	6.27	7.77	0.508	13.50	1.090	0.1090	362.0	90.2	10.70
	7.77	9.27	0.438	12.25	1.040	0.0964	324.0	84.3	9.52
	9.27	10.77	0.540	16.05	1.565	0.1455	512.0	102.5	17.75
	10.77	12.27	0.731	14.75	0.673	0.1050	344.0	110.5	6.63
	12.27	12.68	0.771	16.55	0.802	0.1140	343.0	114.0	7.77
WT-26-032	2.00	3.27	0.693	11.05	1.160	0.1380	327.0	81.9	9.55
	3.27	4.77	0.857	12.65	1.170	0.1220	374.0	93.6	9.91
	4.77	6.27	0.731	11.60	1.410	0.1115	374.0	82.4	11.30
	6.27	7.77	0.591	17.40	2.420	0.1865	520.0	126.0	30.00
	7.77	9.27	0.438	12.00	1.165	0.1175	432.0	94.8	13.55
	9.27	10.49	0.448	13.15	1.370	0.1110	433.0	96.2	11.45
WT-26-034	1.77	3.27	0.504	11.40	1.380	0.1370	378.0	94.6	12.00
	3.27	4.77	0.572	12.35	1.755	0.1945	453.0	82.5	15.80
	4.77	6.27	0.423	12.95	1.185	0.1150	395.0	91.3	11.40
	6.27	7.77	0.619	14.65	0.755	0.1025	354.0	95.2	7.21
	7.77	9.27	0.650	11.95	1.415	0.1410	252.0	81.0	11.35
	9.27	10.77	0.662	12.50	1.330	0.1420	224.0	86.7	11.10
	10.77	12.27	0.696	12.80	1.155	0.1210	172.0	81.7	8.47
	12.27	13.77	0.741	14.60	1.265	0.1360	134.0	79.9	9.25
	13.77	15.27	0.697	14.60	1.215	0.1160	178.5	84.4	8.54
	15.27	16.27	0.723	13.80	1.310	0.1270	209.0	88.1	9.18
WT-26-049	4.77	6.27	0.190	6.64	0.874	0.0911	162.5	66.9	6.71
	6.27	7.77	0.254	8.88	1.070	0.1165	210.0	81.3	8.72
	7.77	9.27	0.279	8.31	0.940	0.1080	206.0	71.8	6.81
	9.27	10.77	0.308	8.29	0.982	0.1095	193.0	72.4	7.44
	10.77	12.27	0.264	7.73	1.255	0.1210	207.0	71.8	8.23
	12.27	13.77	0.271	7.79	1.130	0.1225	199.5	74.9	7.92
	13.77	14.67	0.263	7.37	1.335	0.1175	293.0	80.8	10.90
WT-26-050	4.77	6.27	0.369	7.90	0.840	0.1030	172.5	76.4	6.01
	6.27	7.77	0.333	8.58	1.065	0.1110	181.0	70.3	8.81
	7.77	9.27	0.274	8.09	1.140	0.1155	234.0	78.1	10.30
	9.27	10.77	0.273	8.00	1.045	0.1165	208.0	83.9	9.16
	10.77	12.27	0.292	8.12	0.973	0.1180	195.5	81.6	8.62
	12.27	13.53	0.273	8.52	1.045	0.1180	198.0	82.4	8.64
WT-26-051	11.60	13.10	0.354	8.73	1.270	0.1155	239.0	77.5	9.42
	13.10	14.60	0.208	9.89	1.660	0.1585	254.0	92.6	13.25
	14.60	16.10	0.223	10.25	1.405	0.1570	311.0	108.0	13.50
	16.10	17.60	0.261	8.71	1.575	0.1100	337.0	99.0	13.25
	17.60	19.10	0.240	7.63	1.560	0.1085	402.0	98.7	12.75
WT-26-052	7.10	8.60	0.203	11.90	1.070	0.0890	93.7	37.3	6.81
	8.60	10.10	0.277	30.30	1.270	0.1170	159.5	47.5	8.88
	10.10	11.60	0.292	16.65	1.250	0.1205	171.0	54.3	8.72
	11.60	13.10	0.456	9.88	1.640	0.1695	263.0	76.1	12.45
	16.10	17.16	0.431	8.21	1.490	0.1530	203.0	64.5	10.75

Analytical Methods

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

Table 2: Vibracore Sample Collar Locations and Tailings Depths

WT-26-001	5424415	473016	464.1	0.7	6.6	5.9
WT-26-002	5424415	473042	463.8	1.3	5.5	4.2
WT-26-003	5424415	473091	463.4	1.07	9.3	8.2
WT-26-004	5424415	473141	463.3	0.86	14.0	13.1
WT-26-005	5424414	473191	464.0	0.99	6.9	5.9
WT-26-007	5424364	473215	463.2	0.76	10.3	9.5
WT-26-011	5424315	473090	464.4	0.56	3.1	2.5
WT-26-011A	5424315	473094	463.3	0.64	3.1	2.4
WT-26-012	5424315	473140	463.7	0.51	11.7	11.2
WT-26-013	5424314	473191	463.4	0.56	7.8	7.2
WT-26-014	5424313	473235	464.2	0.58	4.3	3.7
WT-26-015	5424263	473215	462.9	0.56	6.3	5.7
WT-26-016	5424263	473166	462.8	0.64	10.7	10.0
WT-26-017	5424264	473115	462.8	0.69	11.4	10.7
WT-26-018	5424264	473065	46.3	0.61	4.1	3.5
WT-26-020	5424214	473141	462.8	0.68	9.6	8.9
WT-26-021	5424214	473190	463.7	0.64	5.7	5.1
WT-26-026	5424064	473165	462.1	0.76	6.6	5.8
WT-26-027	5424464	473215	462.8	0.89	9.5	8.6
WT-26-028	5424465	473165	462.5	0.81	6.3	5.5
WT-26-030	5424463	473065	462.6	0.73	11.1	10.4
WT-26-031	5424463	473015	463.2	0.9	12.7	11.8
WT-26-032	5424464	472966	462.4	2	10.5	8.5
WT-26-034	5424514	472989	462.6	1.2	16.3	15.1
WT-26-049	5424663	473016	462.7	2.5	14.7	12.2
WT-26-050	5424713	472991	463.7	2.1	13.5	11.4
WT-26-051	5424714	472940	463.5	6.4	19.6	13.2
WT-26-052	5424713	472890	463.8	6.7	17.2	10.5

Table Note: UTM Zone 16N NAD83 Datum. WT-26-011A drilled to test for a suspected false bottom encountered in WT-26-011. Table includes statistics for all Vibracore holes reported to 14 April 2026. * Apparent tailings thickness and vertical profile tested by assays may differ. Depth figures rounded to 1 decimal place. Depth to tailings of WT-26-001 amended from 0.6m to 0.7m.

Background

Figure 2: 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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