Winston Tailings Project: Batch 4 Assay Results

In brief · summary, not quotable

Fourth batch of assay results from Winston Tailings Project vibracore samples shows consistent grades across 22 locations.

Vibracore collar locations sampled 22
East-west profiles 12
Maximum vertical tailings thickness 16.8m
Average vertical tailings thickness 8.7m
Tailings thickness range 3.0m to 16.7m

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 fourth batch ("Batch 4") of Vibracore sample assay results for the Winston Tailings Project near Schrieber, Ontario, Canada.

Key points:

Fourth batch of tailings core sample assay results (Table 1) received for twenty two Vibracore collar locations (WT-26-006, WT-26-024, WT-26-033, WT-26-035, WT-26-036, WT-26-037, WT-26-038, WT-26-039, WT-26-041, WT-26-042, WT-26-044, WT-26-045, WT-26-055, WT-26-056, WT-26-062, WT-26-063, WT-26-074, WT-26-075, WT-26-080, WT-26-088, WT-26-089 & WT-26-091) situated upon twelve east-west profiles (Figure 1).
Assayed intersections reported for Batch 4 are taken from total tailings thicknesses varying between 3.0m to 16.7m (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:

"These latest results continue to confirm continuity across the Winston Tailings Project tailings footprint, further strengthening our confidence in the project's scale and consistency. Ongoing work continues to add to our understanding of the asset, whilst reducing risk.

The growing dataset increasingly supports Winston's technical potential and reinforces our view that this is a highly attractive opportunity for the Company. We look forward to advancing the project further and updating shareholders on continued progress."

Table 1: Winston Tailings Vibracore Sample Assay Results Batch 4

	Vibracore	Vertical Depth (m)	Au	Ag	Zn *	Cu	Co	Ga	In
Hole ID	From	To	(g/t)	(g/t)	(%)	(%)	(ppm)	(ppm)	(ppm)
WT-26-006	1.77	3.27	0.345	8.23	1.395	0.1175	209.0	67.7	10.15
	3.27	4.77	0.391	8.72	1.405	0.1235	232.0	69.0	9.65
	4.77	6.27	0.363	9.28	1.670	0.1430	284.0	68.5	11.35
	6.27	7.77	0.303	8.30	1.625	0.1410	230.0	72.3	11.75
	7.77	8.27	0.287	8.8	1.635	0.1445	200	78.7	13.3
WT-26-024	3.27	4.77	0.559	7.78	1.135	0.108	168	63.2	7.42
	4.77	5.68	0.479	9.07	0.915	0.0979	233	70	7.36
WT-26-033	1.77	3.27	0.98	11.95	0.901	0.161	257	88.2	9.17
	3.27	4.77	0.501	11.85	0.801	0.105	318	87.5	7.92
	4.77	6.27	0.468	14.65	1.625	0.1195	428	93.8	14.7
	6.27	7.37	0.917	15.5	1.675	0.155	353	82	13.1
WT-26-035	1.77	3.27	0.602	13.05	1.7	0.136	315	101.5	14.2
	3.27	4.77	0.611	13.5	0.979	0.1095	246	97.5	9.53
	4.77	6.27	0.359	11.95	1.12	0.125	486	104	13.2
	6.27	7.77	0.452	13.1	0.976	0.1055	369	103.5	10.7
	7.77	9.27	0.586	14.85	1.155	0.1455	261	85.1	10.05
	9.27	10.77	0.579	13.35	0.993	0.121	253	89.3	9.36
	10.77	12.27	0.502	11.6	1.39	0.1065	223	80.4	11.1
	12.27	13.77	0.519	12.05	1.305	0.11	217	87.6	10.65
	13.77	14.17	0.5	12.05	1.385	0.1115	212	87.8	11.25
WT-26-036	4.1	5.6	0.393	9.13	1.31	0.11	303	92	11.45
	5.6	7.1	0.551	9.44	0.842	0.1045	293	99.3	7.59
	7.1	8.6	0.372	13.2	1.06	0.123	313	97.3	10.1
	8.6	10.1	0.383	12.25	1.38	0.119	408	107	13.3
	10.1	11.36	0.462	10.2	1.35	0.0944	323	113	11.15
WT-26-037	4.1	5.6	0.349	8.48	1.36	0.119	192.5	61.7	9.08
	5.6	7.1	0.256	9.98	1.49	0.1265	291	89.7	13.05
	7.1	8.6	0.3	10.45	1.68	0.1095	385	106	15.2
	8.6	10.1	0.208	11.1	1.39	0.111	281	89.3	12.75
	10.1	11.6	0.844	14.4	1.25	0.131	227	90.9	10.5
	11.6	13.1	0.383	12.2	1.44	0.11	342	95.3	11.7
	13.1	14.6	0.579	11.95	1.715	0.117	287	83.3	13.25
	14.6	16.1	0.537	11.25	1.92	0.1315	252	85.5	14.8
	16.1	17.6	0.596	11.45	1.36	0.1205	237	89.5	11.05
	17.6	17.72	0.61	11.85	1.55	0.126	254	88.3	12
WT-26-038	4.1	5.6	0.247	7.08	1.325	0.109	165	51.8	7.24
	5.6	7.1	0.386	8.78	0.993	0.1195	265	81	9.24
	7.1	8.6	0.268	7.94	1.31	0.0918	328	92.8	12.5
	8.6	10.1	0.32	12.55	2.05	0.167	455	120	18.6
	10.1	11.6	0.721	14.2	1.3	0.1265	271	95.7	10.9
	11.6	13.1	0.467	9.04	1.14	0.1025	246	76.7	9.49
WT-26-039	3.27	4.77	0.468	7.78	1.36	0.155	230	66.7	11.15
	4.77	6.27	0.536	10.2	1.49	0.1285	291	80.9	11.85
	6.27	7.77	0.366	7.52	0.831	0.086	221	78.5	7.33
	7.77	9.27	0.565	10.9	0.802	0.128	313	81.9	7.18
	9.27	10.77	0.486	10.4	0.979	0.113	280	78.7	8.32
	10.77	12.27	0.448	11.3	1.385	0.122	380	86.1	10.75
	12.27	13.77	0.581	11.25	0.915	0.1205	291	84.6	8.78
	13.77	15.27	0.759	15	1.09	0.128	201	96.6	10.2
WT-26-041	4.1	5.6	0.15	7.31	0.905	0.0858	144.5	48.8	4.86
	5.6	7.1	0.406	9.73	1.175	0.1355	286	90.8	11.3
	7.1	8.6	0.52	12.3	1.58	0.1645	357	93.3	15.3
	8.6	10.1	0.66	13.8	0.805	0.1155	258	81.8	7.96
	10.1	11.6	0.641	14.85	0.802	0.1175	256	86.4	7.65
	11.6	13.1	0.596	12.85	0.669	0.1055	298	79.4	7.09
	13.1	14.6	0.491	11.65	0.755	0.1015	238	80.1	7.37
	14.6	16.1	0.49	11.3	0.811	0.102	249	84	7.81
	16.1	17.46	0.497	12.2	0.955	0.1075	276	84.2	9.61
WT-26-042	3.1	4.77	0.666	13.4	1.465	0.1565	310	82.2	12.9
	4.77	6.27	0.41	9.47	1.13	0.1575	234	72.3	10.05
	6.27	7.77	0.39	9.83	0.954	0.1615	212	79.9	9.66
	7.77	9.27	0.715	15	0.777	0.113	250	82.1	6.98
	9.27	10.6	0.474	14.9	0.542	0.105	198.5	76.3	6.06
WT-26-044	8.6	10.1	0.234	9.08	1.175	0.1225	240	78.2	11.65
	10.1	11.6	0.316	8.51	0.982	0.0991	291	80.8	11.85
	11.6	13.1	0.471	10.85	1.125	0.101	252	94.3	10.75
	13.1	14.6	0.676	14.6	0.826	0.0999	349	85.2	7.53
	14.6	16.1	0.569	12.6	0.857	0.0987	312	83.7	8.42
	16.1	17.6	0.485	11	0.939	0.103	346	86.3	10.45
	17.6	18.6	0.458	12.7	1.065	0.1215	384	101.5	12.35
WT-26-045	7.1	8.6	0.237	11	1.57	0.1615	275	108.5	14.75
	8.6	10.1	0.371	8.64	1.285	0.11	298	80.8	10.45
	10.1	11.6	0.526	10.9	1.17	0.1485	231	85	10.4
	11.6	13.1	0.398	11.4	1.38	0.126	342	106.5	11.35
	13.1	14.6	0.456	10.7	1.16	0.1345	309	88.7	9.76
	14.6	15.19	0.386	11.1	1.205	0.1245	422	100.5	10.3
WT-26-055	13.65	15.15	0.056	7.68	0.372	0.0348	69.5	32	3.26
WT-26-056	13.52	15.02	0.063	4.8	0.673	0.057	70.2	29.4	4.74
WT-26-062	7	8.5	0.535	10.4	1.33	0.145	279	78.4	13.75
	8.5	9.52	0.514	10.05	1.075	0.099	319	87.8	10.8
	9.52	9.54	0.449	9.89	1.385	0.111	348	94.3	14.7
WT-26-063	4.1	5.6	0.969	11.55	2.21	0.1925	365	94.6	19.65
	5.6	7.1	0.659	11.65	1.505	0.1805	274	96.2	13.3
	7.1	8.6	0.502	11.6	1.19	0.1145	307	114	9.92
	8.6	10.1	0.427	11.05	1.27	0.1425	394	108.5	12.1
	10.1	11.6	0.475	13.35	0.95	0.102	417	108	9.09
	11.6	13.1	0.474	12.35	0.973	0.1105	353	100.5	8.67
	13.1	14.6	0.675	14.75	1.595	0.173	313	104.5	12.1
	14.6	16.1	0.649	12.4	0.9	0.1135	291	106	7.82
	16.1	17.6	0.501	10.8	0.838	0.1165	326	82.8	8.17
WT-26-074	1	2.5	0.407	10.3	1.49	0.1475	252	88.8	13.7
	2.5	4	0.408	8.44	1.065	0.1075	212	81.6	8.89
	4	5.5	0.665	14.05	0.77	0.118	264	96.7	6.83
	5.5	7	0.45	11.35	1.095	0.1055	342	98.1	9.23
	7	8.35	0.588	11.2	1.25	0.119	294	97.1	9.63
WT-26-075	2.5	4	0.368	10.6	1.16	0.168	324	93.7	12.5
	4	5.5	0.656	15.15	0.938	0.1425	322	109.5	9.18
	5.5	7	0.466	10.4	1.09	0.1025	306	79.4	10.25
	7	8.5	0.716	11.3	1.695	0.1125	249	80.2	13.05
	8.5	10	0.695	12.2	2.64	0.1585	208	77.9	20.2
	10	11.5	0.85	12.2	2.28	0.152	205	78	18.1
	11.5	13	0.623	11.25	2.03	0.13	243	87.6	16.5
	13	15.5	0.438	10.7	2.91	0.1235	416	88	22.7
WT-26-080	1	2.5	0.257	22.7	1.375	0.125	270	85.7	13.9
	2.5	4	0.522	14.35	1.13	0.1435	386	100	14.9
	4	5.5	0.429	14.35	1.41	0.1275	462	107.5	18.25
	5.5	7	0.502	12.25	1.385	0.1115	321	83.5	11.55
	7	8.5	0.537	11.05	1.49	0.106	342	94.2	13.9
WT-26-088	2.5	4	0.677	15.25	1.055	0.1325	369	92.9	11.5
	4	5.25	0.713	15.25	1.045	0.131	374	92.9	11.6
WT-26-089	2.5	4	0.512	13.1	1.195	0.133	398	85.2	11.45
	4	5.5	0.453	13.55	1.185	0.1045	335	108	10.5
	5.5	7	0.595	13.55	0.899	0.0847	319	93.3	7.96
	7	7.35	0.453	10.35	1.03	0.093	287	78.3	8.82
WT-26-091	2.5	3.7	0.454	26	1.615	0.1255	403	92.4	18

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	1.1	9.3	8.2
WT-26-004	5424415	473141	463.3	0.9	14.0	13.1
WT-26-005	5424414	473191	464.0	1.0	6.9	5.9
WT-26-006	5424414	473241	463.4	0.7	8.3	7.5
WT-26-007	5424364	473215	463.2	0.8	10.3	9.5
WT-26-011	5424315	473090	464.4	0.6	3.1	2.5
WT-26-011A	5424315	473094	463.3	0.6	3.1	2.4
WT-26-012	5424315	473140	463.7	0.5	11.7	11.2
WT-26-013	5424314	473191	463.4	0.6	7.8	7.2
WT-26-014	5424313	473235	464.2	0.6	4.3	3.7
WT-26-015	5424263	473215	462.9	0.6	6.3	5.7
WT-26-016	5424263	473166	462.8	0.6	10.7	10.0
WT-26-017	5424264	473115	462.8	0.7	11.4	10.7
WT-26-018	5424264	473065	46.3	0.6	4.1	3.5
WT-26-020	5424214	473141	462.8	0.7	9.6	8.9
WT-26-021	5424214	473190	463.7	0.6	5.7	5.1
WT-26-024	5424062	473215	464.4	0.7	5.7	5.0
WT-26-026	5424064	473165	462.1	0.8	6.6	5.8
WT-26-027	5424464	473215	462.8	0.9	9.5	8.6
WT-26-028	5424465	473165	462.5	0.8	6.3	5.5
WT-26-030	5424463	473065	462.6	0.7	11.1	10.4
WT-26-031	5424463	473015	463.2	0.9	12.7	11.8
WT-26-032	5424464	472966	462.4	2.0	10.5	8.5
WT-26-033	5424513	472940	463.2	1.7	7.4	5.6
WT-26-034	5424514	472989	462.6	1.2	16.3	15.1
WT-26-035	5424515	473041	462.7	1.1	14.2	13.1
WT-26-036	5424514	473092	463.2	1.2	11.4	10.2
WT-26-037	5424513	473140	462.9	1.1	17.7	16.7
WT-26-038	5424564	473116	463.4	1.2	13.1	11.9
WT-26-039	5424565	473065	463.6	1.3	15.3	14.0
WT-26-041	5424563	472969	463.5	2.8	17.5	14.7
WT-26-042	5424565	472913	463.0	3.1	10.6	7.5
WT-26-044	5424612	472944	463.6	4.6	18.6	14.0
WT-26-045	5424613	472991	463.5	2.5	15.2	12.7
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
WT-26-055	5424765	472959	462.8	8.6	15.2	6.6
WT-26-056	5424815	472841	462.6	11.8	15.0	3.2
WT-26-062	5424541	473086	463.3	1.5	9.5	8.1
WT-26-063	5424539	473040	463.4	1.5	17.6	16.1
WT-26-074	5424390	473190	463.2	1.0	8.4	7.4
WT-26-075	5424391	473141	463.5	0.8	15.5	14.7
WT-26-080	5424338	473190	463.1	1.0	8.5	7.6
WT-26-088	5424190	473142	463.8	0.8	5.3	4.4
WT-26-089	5424242	473088	463.2	0.7	7.4	6.7
WT-26-091	5424289	473090	463.4	0.7	3.7	3.0

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 28 April 2026. Batch 4 Vibracore Hole IDs shown bold. * 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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