The non-binding LOI is for Panther’s Winston Tailings Project and is a formal acknowledgment of an ongoing commitment between both parties as Panther moves forward with a mineral resource estimate as part of a series of ongoing work streams to quantify, evaluate and permit the high-grade gold (Au), gallium (Ga), silver (Ag), zinc (Zn), copper (Cu), indium (In) and cobalt (Co) and other recoverable minerals contained within the historic storage facility tailings from Winston Lake Mine. near Schrieber, Ontario, Canada.
About Traxy’s
Traxys is a physical commodity trader and trader in the metals and natural resources sectors. Its purchasing, logistics, financing and marketing services are performed by more than 550 employees in more than 20 offices around the world, and annual sales exceed $8 billion. Traxys designs tailor-made supply chain solutions for its suppliers and customers. The group is active in the non-ferrous metals, ferroalloys, minerals, industrial raw minerals and energy industries, as well as green transition metals.
Traxys is committed to the highest internationally recognized principles of responsible business conduct and to ensuring that its activities are fair, sustainable and transparent.
Traxys bases its practices on environmental, social and governance (ESG) standards, allowing Traxys to set a leading example for the responsible sourcing and trading of metals and minerals. For more information about Traxys, visit: www.traxys.com.
Darren Hazelwood, Chief Executive Officer, commented:
“We are extremely pleased to be in discussions with Traxys at this important stage in the development of the Winston Lake Tailings Project.
As a globally recognized leader in the financing and marketing of metal concentrates, Traxys offers an opportunity for a powerful combination of commercial expertise and the potential to provide structured financial support tailored to future offtakes.
We believe that the LOI with Traxys represents strong third-party endorsement of the technical and economic potential of the project.
Traxys’ involvement with their global scale and capacity has the potential to significantly strengthen Panther’s trajectory, while sending a clear signal of confidence to our shareholders and the wider market as we move the Winston Tailings Project towards production.”
For more information please contact:
| Panther Metals PLC: Darren Hazelwood, Managing Director: | +44 (0)1462 429 743 +44 (0)7971 957 685 |
Brokers: | |
Optiva Securities Limited Chris Dennis Mick McNamara | +44 (0)20 3137 1902 |
Hybrid LLP Claire Louise Noyce | +44 (0)20 3764 2341 |
SI Capital Limited Nick Emerson | +44 (0)1438 416 500 |
Obonga Project – Promoting a High Impact VMS and Critical Minerals District
Panther Metals’ Obonga project in Ontario continues to show strong potential as a district-scale exploration opportunity focused on basic and critical minerals. Since acquiring the Obonga Greenstone Belt in July 2021, the company has achieved multiple high-priority objectives, including Wishbone, Awkward, Survey, Ottertooth and Silver Rim.
On February 9, 2026, Panther announced plans for a diamond drill program of approximately 2,000 meters in the Wishbone Prospect, following the award of an exploration permit in June 2024, valid through 2027. Previous work confirmed compelling VMS-style mineralization, including 27.3 million massive sulphide and 51 million sulphide-dominated mineralization across multiple lenses, supported by high-grade copper anomalies in lake sediments.
In July 2024, Panther obtained an exploration permit for Awkward West, allowing for up to 31 drill holes. Historic drillings returned 27.2 million at a TGC of 2.25%, with zones above 5% TGC, alongside indications of nickel, copper and platinum group elements, in line with the company’s critical minerals strategy.
High-resolution magnetic and electromagnetic surveys continue to refine drill targeting at Obonga. Survey and Ottertooth remain highly forward-looking and host multiple untested geophysical anomalies and historically massive sulfide intercepts.
Winston Project – Evaluation of residues and MRE trajectory
Panther Metals’ Winston Project represents a short-term development opportunity focused on the evaluation of historic mine tailings and has been the subject of preliminary technical and commercial assessment involving Extrakt.
Current work focuses on tailings sampling, metallurgical testing and data validation to define metal content and recoverability and support the preparation of a Mineral Resource Estimate (MRE). This approach provides a clear path to value creation with lower geological risk than greenfield exploration and aligns with the themes of modern reprocessing and critical minerals.
Dotted Lake Project – Hemlo-adjacent polymetallic opportunity
Panther Metals’ Dotted Lake Project, acquired in July 2020, is located approximately 16 km from Barrick Gold’s Hemlo mine, in an established mining region.
Early exploration identified multiple gold and base metal anomalies, with initial drilling confirming gold mineralization. In early 2025, follow-up drilling significantly advanced the project, confirming nickel and magnesium mineralization within an ultramafic intrusion and identifying a VMS-like system, significantly expanding the project’s polymetallic potential.
The program refined structural controls, expanded mineralization and identified multiple new drill targets, positioning Dotted Lake as a high-quality, multi-resource exploration asset.
Commercial strategy – Targeted value creation
Panther Metals focuses on disciplined, discovery-based value creation through efficient capital deployment and technical execution. With Obonga having a major impact on exploration, Winston providing a resource-centric development path, and Dotted Lake offering polymetallic benefits, the company maintains a balanced portfolio aligned with favorable commodity market conditions.
The company’s strategy is to advance high-quality assets along the most efficient technical path, achieving tangible milestones that support long-term shareholder value.
Source
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