Winston Tellings Project: Sample Collection Complete

Panther Metals PLC (LSE: PAM)The exploration company focusing on mineral projects in Canada is pleased to announce that the vibracore sample collection work phase at the Winston Tailings Project has been successfully completed.

The completed ice-barge mounted vibracore sampling is the first of a series of ongoing workstreams to determine, evaluate, and quantify 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”) near Schreiber, Ontario, Canada. Making progress to allow.

key points: :

• The Tailings Vibracore sample collection phase of the Mineral Resource Estimation (“MRE”) program has been successfully completed without incident or incident.
• The thickness of the tails exceeded expectations, reaching a maximum vertical thickness (under ice and water) of 16.8 m and an average vertical thickness of 8.7 m.
• Lateral and vertical representative tailings core samples were successfully obtained from the boundary of the frozen tailing pond, with a (63.5 mm) diameter cylinder, representative HQ core of the tailings material through the vertical profile of the tailings, from 109 locations at regular grid spacing in the TSF (see). picture 1 And Figure 2).
• The vibracore sampling grid consisted of a total of 109 collar locations, spaced at a nominal spacing of 50 m by 25 m north–south along east–west fence lines for an average effective horizontal sampling distance of 25 m or 35 m between fences. Duplicate ‘twin’ core material was recovered at 3 locations, while vertical profiles were resumed at 6 locations.
• The full sample grid measures up to 904 m along the long axis and up to 230 m perpendicular to the TSF long axis.
• First Nations stakeholder engagement meetings were held at the PDAC conference in Toronto.
• 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 of progressing the Winston Tailings Project towards a cash flow proposal and will be based on a resource sampling programme, mineral and metallurgical test work and related studies. MRE work will also provide input Application for Mineral Recovery Permit (“Recovery Permit”) process announced on 1 September 2025.^{1, 2}

Figure 1: Photo of the Platinum Vibracore Sampling Ice Barge on the frozen Winston Tailings Pond, 3 February 2026

Figure 2: Winston Tellings 2026 Vibracore Sampling Collar Location

background

The Winston Tailings Project consists of a series of workstreams to quantify, evaluate, and permit exploration of 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 3). Based on historical processing recoveries it is believed that a significant amount of valuable material was not captured and remains in the final storage facility. Reprocessing the mine tailings potentially provides Panther with an 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 extracting zinc, copper, silver and gold. Based on historical recoveries from mining activities in the 1980s and 1990s, it is believed that a significant amount of valuable material remains in the final storage facility.

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

Figure 3: Existing infrastructure at the Winston Tailings Storage Facility

Reference

1. Panther Metals PLC, Announcement, Winston Tailings Project Update and Warrant Termination, Permitting Process Begins. warrant expiration notice Date 1 September 2025
( https://polaris.brighterir.com/public/panther_metals/news/rns/story/x20od6r )

2. Details of Mineral Recovery Permit Process are available here https://www.ontario.ca/page/recovery-minerals

For further information please contact:

Obonga Project – Leading 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 several high-priority targets including Wishbone, Awkward, Survey, Ottertooth and Silver Rim.

On 9 February 2026, Panther announced plans for a diamond drilling program of approximately 2,000 meters at the Wishbone Prospect, following the grant of an exploration permit in June 2024, valid until 2027. Previous work confirmed VMS-style mineralization, which included 27.3 m of massive sulphide and 51 m of sulphide-dominated mineralization in several lenses, supported by high-grade copper anomalies. Lake sediment.

In July 2024, Panther secured an exploration permit for Awkward West, making 31 drill holes possible. Historic drilling returned 27.2 meters at 2.25% TGC, with areas above 5% TGC, with indications of nickel, copper and platinum group elements, in line with the Company’s significant minerals strategy.

High-resolution magnetic and electromagnetic surveys continue to refine drill targeting at Obonga. The Survey and Ottertooth remain highly prospective, hosting several untapped geophysical anomalies and historic large-scale sulphide intercepts.

Winston Tailings Project – Tailings Assessment and MRE Pathway

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

Current work focuses on tailoring sampling, metallurgical testing and data validation to define metal content, recovery and support the preparation of NI 43-101 compliant Mineral Resource Estimates (MREs). This approach provides a clear value-creation pathway with lower geological risk than greenfield exploration and aligns with modern reprocessing and critical mineral themes.

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, within a well-established mining area.

Initial exploration identified several gold and base metal anomalies, with initial drilling confirming gold mineralization. In early 2025, follow-up drilling physically advanced the project, confirming nickel and magnesium mineralization within an ultramafic intrusion and identifying a VMS-style system, significantly expanding the polymetallic potential of the project.

The program refined structural controls, enhanced mineralization, and identified several new drill targets, establishing Dotted Lake as a high-upside, multi-commodity exploration asset.

Commercial Strategy – Focused Value Creation

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

The company’s strategy is to pursue high quality assets along the most efficient technology pathway, delivering solid milestones that underpin long-term shareholder value.

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