Winston Tailings Project: Batch 2 Assay Results

Panther Metals PLC

19 March 2026

 

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THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF REGULATION 2014/596/EU WHICH IS PART OF DOMESTIC UK LAW PURSUANT TO THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS (SI 2019/310) ("UK MAR"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION (AS DEFINED IN UK MAR) IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

FOR IMMEDIATE RELEASE

PANTHER METALS PLC

("Panther" or the "Company")

(Incorporated in the Isle of Man with company number 009753V)

19 March 2026

Winston Tailings Project: Batch 2 Assay Results

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

The Vibracore tailings sampling is in support of the Mineral Resource estimate ("MRE") programme, 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").

Key points:

·    Second batch of tailings core sample assay results (Table 1) received for eleven Vibracore collar locations (WT-26-005, WT-26-007, WT-26-011 / 11A, WT-26-012,  WT-26-013, WT-26-014, WT-26-015, WT-26-018, WT-26-021  & WT-26-026) situated upon six east-west profiles (Figure 1).

·    Assayed intersections reported to date are taken from total tailings thicknesses varying between 2.4m to 13.1m (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}

·    Samples comprise HQ core (63.5mm) diameter cylinders of tailings material through the vertical profile of the tailings, collected from the surface of the tailings (situated below ice and water cover) to the base of the tailings.

·    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 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 2

Vibracore Hole ID	Vertical Depth (m)		Au	Ag	Zn*	Cu	Co	Ga	In
	From	To	(g/t)	(g/t)	(%)	(%)	(ppm)	(ppm)	(ppm)
WT-26-005	1.77	3.27	0.26	9.09	1.480	0.125	203	71	10
	3.27	4.77	0.29	7.93	1.225	0.102	260	81	12
	4.77	6.27	0.42	10.20	0.820	0.093	270	77	8
	6.27	6.88	0.64	11.90	1.285	0.120	237	91	11
WT-26-007	4.77	6.27	0.42	11.50	1.315	0.131	323	88	13
	6.27	7.77	0.69	11.10	1.405	0.133	200	88	12
	7.77	9.27	0.63	10.00	1.570	0.132	190	82	13
	9.27	10.27	0.44	8.55	1.755	0.111	205	90	16
WT-26-011	1.57	3.07	0.45	11.10	1.015	0.106	315	74	12
WT-26-011A	1.57	3.07	0.05	1.32	0.912	0.026	60	22	5
WT-26-012	0.51	1.77	0.34	10.25	1.675	0.170	358	103	20
	1.77	3.27	0.53	13.40	1.260	0.127	430	103	17
	3.27	4.77	0.35	12.25	1.240	0.109	383	98	14
	4.77	6.27	0.51	11.60	1.135	0.105	341	86	11
	6.27	7.77	0.63	13.40	1.510	0.136	286	88	14
	7.77	9.27	0.62	12.80	1.470	0.126	289	97	14
	9.27	10.77	1.32	18.65	2.240	0.155	262	97	18
	10.77	11.71	0.53	13.65	3.290	0.188	303	101	24
WT-26-013	1.77	3.27	0.52	13.30	1.405	0.134	366	83	14
	3.27	4.77	0.42	14.45	1.255	0.126	370	95	12
	4.77	6.27	0.57	11.55	0.713	0.085	374	66	6
	6.27	7.77	0.54	14.10	1.385	0.127	270	86	11
WT-26-014	1.77	3.27	0.43	10.05	1.340	0.131	349	84	14
	3.27	4.31	0.30	12.45	1.380	0.122	392	114	15
WT-26-015	3.27	4.77	0.41	12.55	0.895	0.102	330	97	10
	4.77	5.82	0.48	12.90	1.240	0.105	370	92	12
	5.82	6.27	0.52	11.90	0.890	0.095	340	88	10
WT-26-018	3.27	4.07	0.26	13.50	1.410	0.105	305	92	14
WT-26-021	3.27	4.77	0.64	14.20	1.145	0.118	334	83	10
	4.77	5.74	0.71	13.80	1.105	0.110	281	79	9
WT-26-026	1.77	4.77	0.71	11.65	0.885	0.113	308	74	8
	4.77	6.27	0.76	11.50	1.035	0.126	315	75	9
	6.27	6.60	0.67	12.35	1.800	0.142	258	77	17

Table Note: Assay results by ALS Laboratory methods ME-MS61, Au-ICP21 (for gold) and Zn-OG62 (for Zn>1%). * Zinc results >1% Zn by method Zn-OG62, Zn <1% by method ME-MS61. Batch 2 samples reported under ALS certificate TB26067642. Future sample batches may contain further results for the reported Hole IDs.  

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 an 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

Table 2: Vibracore Sample Collar Locations and Tailings Depths

Vibracore Hole ID #	UTM Northing	UTM Easting	Collar Elevation (m)	Depth to Tailings Surface (m)	Depth to Tailings Base (m)	Tailings Thickness* (m)
WT-26-001	5424415	473016	464.1	0.6	6.6	6.0
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-26-007	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-26-018	5424264	473065	463.3	0.6	4.1	3.5
WT-26-021	5424214	473190	463.7	0.6	5.7	5.1
WT-26-026	5424064	473165	462.1	0.8	6.6	5.8

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 four Vibracore holes reported 17 March 2026. * Apparent tailings thickness and vertical profile tested by assays may differ. Depth figures rounded to 1 decimal place.

Further Information

The Winston Tailings Project 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.

Vibracore tailings cylinders continue to be logged and sampled by Bayside Geoscience Ltd in the city of Thunder Bay, with sample batches submitted to ALS Laboratories for geochemical analysis in support of the Mineral Resource estimate.

The MRE is an integral part of the process to advance the Winston Tailing Project towards a cashflow proposition and will be based upon the resource sampling programme, mineralogical and metallurgical testwork and associated studies. The MRE work will also provide inputs into the Application for Recovery of Minerals Permit (the "Recovery Permit") process as announced 1 September 2025.^{4, 5}

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 (Figure 2). 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.

The Winston Lake Mine was operational from 1988 to 1998, producing approximately 3.3 million tonnes of ore and yielding zinc, copper, silver, and gold. Based on historic recoveries from mining activities in the 1980s and 1990s, it is believed that a significant quantity of valuable material remains in the tailing storage facility.

Source: NI 43-101 Technical Report Feasibility Study for the Superior Zinc and Copper Project, 2021. Site is connected to high-voltage grid power.

Figure 2: Existing Infrastructure at Winston Tailings Storage Facility

Qualified Person Statement

Technical information in this announcement has been prepared by Nicholas O'Reilly BSc (Hons) MSc DIC MIMMM QMR MAusIMM FGS, a director of the Company. He has over 20 years' experience in mining, exploration and development across all major commodities and is a Qualified Person ("QP") as defined in NI 43-101 and is the Competent Person for UK Listing Rules purposes.

References

1.             Panther Metals PLC, announcement, Winston Tailings Project: Batch 1 Assay Results, dated 17 March 2026 ( https://polaris.brighterir.com/public/panther_metals/news/rns/story/xo9z89x )

2.             Panther Metals PLC, announcement, Winston Tailings Project: Sample Collection Complete, dated 16 March 2026 ( https://polaris.brighterir.com/public/panther_metals/news/rns/story/xjl3qkw )

3.             Panther Metals PLC, announcement, Winston Tailings Assays Confirm Gold, Gallium, Silver, Zinc, Copper & Cobalt, Tailings Sample Assay Results Exceed Expectations, dated 31 July 2025 ( https://polaris.brighterir.com/public/panther_metals/news/rns/story/w00eo6w )

4.             Panther Metals PLC, announcement, Winston Tailings Project Update and Warrant Expiry, Permitting Process Commenced. Warrant Expiry Notice , dated 1 September 2025
( https://polaris.brighterir.com/public/panther_metals/news/rns/story/x20od6r )

5.             Recovery of Minerals Permitting process details available at https://www.ontario.ca/page/recovery-minerals

For further information, please contact:

Panther Metals PLC: Darren Hazelwood, Chief Executive Officer:	[phone]                                                        [phone]
Brokers:
Optiva Securities Limited Christian Dennis Mick McNamara	[phone]
Hybridan LLP Claire Louise Noyce	[phone]
SI Capital Limited Nick Emerson	[phone]

Obonga Project - Advancing a High-Impact VMS and Critical Minerals District

Panther Metals' Obonga Project in Ontario continues to demonstrate strong potential as a district-scale exploration opportunity targeting base and critical minerals. Since acquiring the Obonga Greenstone Belt in July 2021, the Company has advanced multiple high-priority targets including Wishbone, Awkward, Survey, Ottertooth, and Silver Rim.

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.

High-resolution magnetic and electromagnetic surveys continue to refine drill targeting across Obonga. Survey and Ottertooth remain highly prospective, hosting multiple untested geophysical anomalies and historic massive sulphide intercepts.

     Winston Tailings Project - Tailings Evaluation and MRE Pathway

Panther Metals' Winston Project represents a near-term, development-focused opportunity centred on the evaluation of historic mine tailings and has been the subject of prior technical and commercial assessment involving Extrakt.

Current work is focused on tailings sampling, metallurgical testing, and data validation to define metal content, recoverability, and support the preparation of a NI 43-101 compliant Mineral Resource estimate (MRE). This approach provides a clear value-creation pathway with lower geological risk than greenfield exploration and aligns with modern reprocessing and critical mineral's themes.

Dotted Lake Project - Hemlo-Adjacent Polymetallic Opportunity

Panther Metals' Dotted Lake Project, acquired in July 2020, is located approximately 16km from Barrick Gold's Hemlo Mine, within a well-established mining region.

Early exploration identified multiple gold and base metal anomalies, with initial drilling confirming gold mineralisation. In early 2025, follow-up drilling materially advanced the project, confirming nickel and magnesium mineralisation within an ultramafic intrusion and identifying a VMS-style system, significantly expanding the project's polymetallic potential.

The program refined structural controls, extended mineralisation, and identified multiple new drill targets, positioning Dotted Lake as a high-upside, multi-commodity exploration asset.

     Commercial Strategy - Focused Value Creation

Panther Metals is focused on disciplined, discovery-driven value creation through efficient capital deployment and technical execution. With Obonga delivering high-impact exploration, Winston providing a resource-focused development pathway, and Dotted Lake offering polymetallic upside, the Company maintains a balanced portfolio aligned with favourable commodity market conditions.

The Company's strategy is to advance high-quality assets along the most efficient technical pathway, delivering tangible milestones that underpin long-term shareholder value.

 

END