Winston Tailings Project Update and Warrant Expiry
Permitting Process Commenced
Panther Metals Plc (LSE: PALM), the exploration company focused on mineral projects in Canada, is pleased to announce the formal commencement of the Application for Recovery of Minerals Permit (the “Recovery Permit”) process which is part of 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 (“TSF”), comprising the Winston Tailings Project in Ontario, Canada.1, 2
Panther gives notice that a total of 1,067,764 warrants expired unexercised during August 2025. These comprised of 834,909 warrants issued in connection with the 2022 placing and 232,855 warrants issued pursuant to the 2023 Convertible Loan Note. The expiry of these warrants reduces the potential future dilution within the Company’s capital structure.
Summary
· Recovery Permit application for the Winston Tailings Project has formally commenced with the Ontario Ministry of Energy and Mines (the “Ministry”).
· Panther has held a Pre-Submission Meeting with the Ministry and will now be assigned a dedicated single point of contact to support an efficient pathway through the regulatory process.
· The Pre-Submission Meeting is the first in a series of four stages leading to the decision to issue the Recovery Permit. A Recovery Permit allows its holder to recover minerals from tailings or other mine waste materials.
· Winston’s active Mine Closure Plan should facilitate the Recovery Permit application process, as the associated ongoing monitoring and environmental studies, will feed into and help streamline the required assessment reports.
· Excellent existing onsite infrastructure (Figure 1) will support the Recovery Permit business case and will greatly assist the development of the tailings reprocessing opportunity, including:
o Connected power with 115kv supply powerline and transformer.
o Prepared level construction ground at site of former Winston processing plant.
o All weather access road, directly connected to the trans-Canada highway and railroad sidings.
o Freshwater dam and surface water infrastructure.
o Active water treatment plant.
o Site office.
o Security fencing.
o Less than 200km drive from Thunder Bay which is a major centre of engineering service providers and a major transport hub.
The Recovery Permit application is one of four concurrent workstreams, announced 8 August 2025, which are currently progressing in parallel as the Company advances towards commencing a systematic drilling programme across the tailings storage facility during September 2025.
The grid drill sampling programme will support a series of metallurgical testwork and reprocessing optimisation studies as well as the definition of a compliant Mineral Resource estimate for the tailings deposit.3 Further details will be announced in the near term.
Darren Hazelwood, Chief Executive Officer, commented:
“The application for the Recovery of Minerals Permit is one of four parallel and interconnected workstreams designed to fast-track the assessment and build a robust economic case to reprocess and extract value from the historical Winston Lake Mine tailings storage facility.
As an integral part of the permit application and reprocessing evaluation process, preparations are currently underway for an upcoming tailings drill sampling programme which will provide the necessary sample material and data for the planned metallurgical testwork and a Mineral Resource estimate. Further details of this exciting programme will be provided soon, as the various parameters are finalised.
It is positive to note that during August, a total of 1,067,764 warrants expired unexercised, reducing the potential for shareholder dilution within the Company’s tightly controlled capital structure.”
Recovery of Minerals Permit Application Process
The Recovery of Minerals Permit is under the legislation prescribed by the Mining Act (R.S.O. 1990, Chapter M.14), Ontario Regulation 463/24 Recovery Of Minerals.4
A Recovery Permit allows its holder to recover minerals from tailings or other mine waste materials at a given location without having first obtained an exploration permit or a filed closure plan. If the tailings or other mine waste materials are located on Crown land, the holder can also recover minerals and exploit them commercially without a mining claim or mining lease.
The Recovery Permit application is a five step process (Table 1), and Panther has now completed the Pre-Submission Meeting with the Ministry, which has confirmed that the Company will be assigned a dedicated single point of contact, within an expected 10 days, to support an efficient pathway through the regulatory process, as Panther assembles the required documentation and undertakes the Supporting Technical Studies (as set out in Table 2).
As the Winston TSF is subject to an active Mine Closure Plan and is located on patented land, based on preliminary discussions, Panther considers that a number requirements for the Supporting Technical Studies may already be, or partially be addressed, subject to confirmation with the associated regulatory parties.
Table 1: Recovery of Minerals Permit Application Steps
|
Permit Application Steps |
Status |
|
1. Pre-Submission Meeting with the Ministry |
Complete. Awaiting dedicated Ministry point of contact. |
|
2. Application Screening |
|
|
3. Circulation and Feedback Consideration |
|
|
4. Decision on Permit Application |
|
|
5. Submit Financial Assurance (if needed) |
Table 2: Summary of Supporting Technical Studies which may be required for the Recovery of Minerals Permit
|
Supporting Technical Study |
When is study required? |
Company Comment |
|
Geochemical Assessment Report |
May be required to provide an assessment of whether the activities have the potential to negatively impact the chemical stability of the land. |
Inputs for the Geochemical Assessment Report will be provided from the upcoming drilling programme and the resultant Mineral Resource estimate and metallurgical characterisation studies. |
|
Groundwater Characterisation Study |
May be required to provide an assessment of whether the activities have the potential to negatively impact groundwater quality. |
Panther envisages these studies can be fast-tracked using the ongoing and historical testing conducted as part of the site’s active Mine Closure Plan.
Initial observations are that the tailings re-processing activities can be designed so that they will not negatively impact on the existing site and it is Panther’s view that such activities will provide a positive environmental benefit. |
|
Surface water Characterisation Study |
May be required to provide an assessment of whether the activities have the potential to negatively impact surface water quality. |
|
|
Metal leaching or acid rock drainage (ML/ARD) |
May be required to provide an assessment of whether the activities have the potential to impact metal leaching or acid rock drainage from the project site. |
|
|
Hydrogeological Study |
May be required if the activity has the potential to negatively impact the chemical stability of the site drainage and underlying groundwater quality. |
|
|
Tailings Stability Assessment Report |
Required if the activity occurs on or near a tailings dam or tailings storage facility to determine if the work has the potential to impact the physical stability of the dam or the environment. Further studies would follow on if any stability issues are identified. |
The TSF dam and surrounds are regularly inspected and reported on as part of the active Mine Closure Plan. There are no issues with the stability of the TSF or dam. |
Table Notes: all studies will be signed off by a professional engineer or professional geoscientist. A “professional engineer” is a professional engineer as defined under the Professional Engineers Act. A “professional geoscientist” is a member of the Association of Professional Geoscientists of Ontario.
Outlook
Panther remains focused on advancing the Winston Tailings Project through its technical and permitting milestones. The combination of existing site infrastructure (Figure 1), systematic drilling, multi-stream metallurgical testing, and streamlined regulatory engagement provides a strong foundation as the Company progresses towards establishing a maiden Mineral Resource and positions itself for future growth opportunities, including a potential dual listing.
Further updates will be provided as drilling commences and metallurgical studies advance.
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. 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.1, 2
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 1: Existing Infrastructure at Winston Tailings Storage Facility
References
1. 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 )
2. Panther Metals PLC, announcement, Tailings Sampling Programme Underway at Winston Project, dated 15 July 2025 (https://polaris.brighterir.com/public/panther_metals/news/rns/story/w606ngw )
3. Panther Metals PLC, announcement, Winston Tailings: Gold & Critical Mineral Reprocessing, Evaluation and Permitting Workstreams Commencing, dated 8 August 2025
( https://polaris.brighterir.com/public/panther_metals/news/rns/story/rm7movr )
4. 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: +44(0) 1462 429 743
