Platinum’s appointment follows the appointment of SRK Exploration Ltd (“SRK EX”) as independent consultants to undertake the Mineral Resource estimate (“MRE”).
The MRE will be part of a series of workflows to quantify, evaluate and permit the presence of high-grade gold (Au), gallium (Ga), silver (Ag), zinc (Zn), copper (Cu) and cobalt (Co) and other recoverable minerals contained within the Winston Lake Mine (“TSF”) historic tailings storage facility.
Darren Hazelwood, Chief Executive Officer, commented:
“The appointment of a drilling contractor for the Winston Tailings Project marks a critical step forward for the company. This program is designed to validate historic extraction production and produce a CIM-compliant mineral resource estimate, a key milestone in moving the project through the recovery permitting process.
The Winston Lake Mine’s historical processing data indicates that the tailings have the potential to harbor raw materials in quantities large enough to fundamentally transform our operations.
Quantifying the quality and tonnage of recoverable minerals in the TSF will provide a clear path to near-term production and meaningful cash flow, supporting our strategy to rapidly grow Winston from a historic asset to a modern, cash-generating operation.
We look forward to keeping shareholders informed as the work progresses.”
The MRE program is an integral part of the process of advancing the Winston Tailing Project towards a cash flow proposal through permitting and will be based on the resource drilling programme, mineralogical and metallurgical test work and associated surveys to be carried out during the winter of 2025/26.
Panther aims to achieve a seamless transition from MRE to ore reserves in the shortest possible time, and it is intended that successful results from the follow-on MRE will in turn support the declaration of ore reserves following further technical studies. The MRE work will also provide input into the mineral recovery application process (the “Recovery Permit”), announced on September 1, 2025.3, 4
The MRE will be reported in accordance with the standards and best practices established by the Canadian Institute of Mining, Metallurgy and Petroleum’s (“CIM”) for reporting mineral resources, ore reserves and related exploration information. This will also facilitate future NI 43-101 reporting, if necessary.
Background
The Winston Tailings Project involves a series of workflows to quantify, evaluate and permit the presence of high-grade gold (Au), gallium (Ga), silver (Ag), zinc (Zn), copper (Cu) and cobalt (Co) and other recoverable minerals contained within Winston Lake Mine’s historic tailings storage facility. Reprocessing the mine tailings may provide Panther with the opportunity to unlock the remaining metal value and contribute to the long-term environmental recovery of the Winston Project site.1, 2
The Winston Lake Mine operated from 1988 to 1998 and produced approximately 3.3 million tons of ore, yielding zinc, copper, silver and gold. Based on historical returns from mining operations in the 1980s and 1990s, it is believed that a significant amount of valuable material remains in the tailings storage facility.
Source: NI 43-101 Technical report Feasibility study for the Superior Zinc and Copper Project, 2021. The site is connected to the high-voltage grid.
Figure 1: Existing infrastructure at the Winston Tailings storage facility
References
1. Panther Metals PLC, announcement, Winston Tailings tests confirm gold, gallium, silver, zinc, copper and cobalt test results exceed expectationsdated July 31, 2025 ( https://polaris.brighterir.com/public/panther_metals/news/rns/story/w00eo6w )
2. Panther Metals PLC, announcement, Residues sampling program underway at Winston Projectdated July 15, 2025 (https://polaris.brighterir.com/public/panther_metals/news/rns/story/w606ngw )
3. Panther Metals PLC, announcement, Winston Tailings: Gold and Critical Mineral Reprocessing, Evaluation and Licensing Startsdated August 8, 2025
( https://polaris.brighterir.com/public/panther_metals/news/rns/story/rm7movr )
4. Panther Metals PLC, announcement, Update of Winston Tailings project and expiration of the warrants, permit procedure started. Notification of expiry of warrants dated September 1, 2025
( https://polaris.brighterir.com/public/panther_metals/news/rns/story/x20od6r )
5. Mineral Recovery Permitting process details available at https://www.ontario.ca/page/recovery-minerals
For more information please contact:
| Panther Metals PLC: Darren Hazelwood, Managing Director: | +44 (0)1462 429 743 +44 (0)7971 957 685 |
Brokers: | |
Hybrid LLP Claire Louise Noyce | +44 (0)20 3764 2341 |
SI Capital Limited Nick Emerson | +44 (0)1438 416 500 |
Obonga Project – Expansion of Canada’s next VMS and Critical Minerals District
Panther Metals’ Obonga project in Ontario continues to demonstrate significant potential as a leading exploration initiative targeting both basic and critical minerals. Since acquiring the Obonga Greenstone Belt in July 2021, the company has made rapid progress on five high-priority objectives: Wishbone, Awkward, Survey, Ottertooth and Silver Rim.
In June 2024, Panther secured a major exploration permit for the Wishbone Prospect, valid until 2027, which enabled extensive drilling and geophysical surveys. Previous campaigns confirmed compelling volcanic massive sulphide (VMS)-type mineralization, highlighted by intercepts such as 27.3 m of massive sulphide and 51 m of sulphide-dominated mineralization with multiple mineralized lenses. High-quality copper anomalies in lake sediments further increase the prospectivity of this milestone target.
In July 2024, Panther was awarded an exploration permit for Awkward West, supporting an aggressive exploration program with up to 31 drill holes. Historic drilling here revealed notable graphite mineralization – 27.2m at 2.25% total graphitic carbon (TGC) with zones exceeding 5% TGC – alongside promising signs of nickel, copper and platinum group elements, in line with Panther’s strategic focus on critical minerals.
Additional exploration efforts include high-resolution magnetic geophysical surveys over key prospects, optimizing drill targeting and advancing the geological model. Survey and Ottertooth remain highly prospective, with multiple magnetic and electromagnetic anomalies and historic intercepts of massive sulphides, with many targets largely untested.
Obonga’s combination of VMS-style base metals and critical mineral potential, located in a stable and mining-friendly jurisdiction with strong infrastructure, positions Panther Metals to unlock a district-level mineral system with significant commercial benefits.
Dotted Lake Project – Hemlo-adjacent gold opportunity with growing momentum
Acquired in July 2020, Panther Metals’ Dotted Lake Project is located just 16 km from Barrick Gold’s famed Hemlo mine, in one of Canada’s top gold-producing regions. The project offers a strategically located and scalable gold exploration game.
Initial soil sampling in 2021 identified numerous gold and base metal targets, and subsequent access improvements facilitated an initial drilling program that confirmed gold mineralization with anomalous values extending throughout the strike.
In early 2025, Panther completed a follow-up campaign that included detailed geological mapping, trenching and targeted diamond drilling. These efforts expanded mineralization both laterally and at depth, identified new structural controls and strengthened the potential for a broader, high-grade gold system. Multiple zones have been prioritized for extensive drilling, underscoring Dotted Lake’s significant advantage.
The project’s proximity to established infrastructure and Hemlo’s extensive mining operations, combined with robust recent results, make Dotted Lake a key asset in Panther’s growth portfolio.
Commercial strategy – Discovery-driven value creation
Panther Metals strives to create substantial shareholder value through focused exploration and disciplined capital management. The company combines deep geological expertise with insight into market and financing dynamics to efficiently advance high-potential projects.
With access to a global network of industry leaders and a rigorous operational focus on drilling, Panther prioritizes activities that directly contribute to resource discovery and growth. The borehole remains the ultimate validation in mineral exploration, and Panther’s strategy is to quickly translate world-class targets into drill-ready assets, delivering tangible results that support long-term value creation for shareholders.
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