Panther Metals PLC, the exploration company focused on mineral projects in Canada, was very pleased to report the third batch ("Batch 3") 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"). 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.
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. 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. 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) [Table of results follows in the article]. 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). 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) [Table of results follows in the article]. 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. 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 are 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. 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.
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 3,300,000 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.
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.
