An interactive breakdown of the investment case, projects, directors, upcoming catalysts and risk factors for retail investors.
The Winston Tailings project in Ontario is the foundation of the current Panther story. The historic Winston Lake Mine operated from 1988 to 1998, producing approximately 3.3 million tonnes of ore. Based on historic recoveries, Panther believes a significant quantity of valuable material remains in the tailings storage facility. Sampling returned grades of up to 0.814 g/t gold, 21.9 g/t silver, 2.20% zinc, 0.20% copper, 496ppm cobalt, and 122ppm gallium.
Panther's approach materially lowers geological risk compared to traditional discovery drilling. The metal is on surface, historic operations confirm mineralisation, infrastructure remains accessible, and the ore is already stockpiled. The company is fast-tracking an evaluation of how much metal the tailings could contain and how valuable it could be, with a compliant Mineral Resource Estimate as the primary objective.
Panther has signed a Letter of Interest with Traxys, a major global commodity trader with annual turnover exceeding US$8 billion. This adds commercial credibility and introduces potential pathways to offtake or structured development finance alongside the technical work programme.
The Obonga project delivers district-scale VMS exploration upside across the Obonga Greenstone Belt. Previous work confirmed 27.3m of massive sulphide and 51m of sulphide-dominated mineralisation at Wishbone. A fully permitted 2,000m diamond drilling programme is underway, with multiple geophysical targets remaining untested. This is unpriced discovery leverage in the current valuation.
At 85p per share and a market cap of approximately £6m, Panther remains modestly valued relative to the stage of advancement across its portfolio. Companies at a similar point in the de-risking curve often command materially higher valuations once contained metal is quantified. The current price appears to attribute limited value to either a defined resource at Winston or exploration success elsewhere.
Three Ontario-based projects at different stages: near-term development at Winston, discovery drilling at Obonga, and expanding polymetallic potential at Dotted Lake.
Schrieber, Ontario · Historic Winston Lake Mine · Au, Ga, Ag, Zn, Cu, Co, In
The historic Winston Lake Mine operated from 1988 to 1998, producing approximately 3.3 million tonnes of ore yielding zinc, copper, silver and gold. Panther believes a significant quantity of recoverable material remains in the tailings storage facility. The metal is already on surface, infrastructure is accessible, and the ore is stockpiled.
The 2025 sampling programme exceeded expectations, returning grades of up to 0.814 g/t gold, 21.9 g/t silver, 2.20% zinc, 0.20% copper, 496ppm cobalt, and 122ppm gallium. Gallium alone adds roughly $67 per tonne in value at current market prices, surpassing the gold value per tonne.
Vibracore sample collection completed 16 March 2026 across 109 collar locations at regular grid spacings. Maximum vertical thickness of tailings reached 16.8m, with an average of 8.7m. Samples are being logged and submitted to ALS Laboratories for geochemical analysis in support of the Mineral Resource Estimate. The Recovery of Minerals permit application is underway. Extrakt has been appointed for phased metallurgical testwork.
Experienced private sector business leader focused on value accretion within rapidly growing natural resources companies. Drives Panther's strategy across all three Ontario projects.
Fellow of the Institute of Chartered Accountants (ICAEW) with the Corporate Finance qualification. 11 years in Capital Markets and Transaction Services, followed by 10 years in CFO and COO roles across public and private companies. Appointed CFO November 2025.
Principal Geologist and Director of Mining Analyst Consulting Ltd. Over 20 years of experience in mining, exploration and development across all major commodities. Qualified to act as Competent Person under JORC Code and AIM rules.
Over 30 years in financial public and investor relations. Heads Capital Market Consultants and serves as non-executive director of Rothschild Diamonds Limited and Quartz Investment Management Limited.
Founder, CEO and Director of InvestorNews Inc., an independent market news publisher with over 120 million annual hits. Co-founded the Critical Minerals Institute in 2021, focusing on minerals for a decarbonised economy.
Near-term milestones tied to clearly defined workstreams, each with the potential to drive a re-rating.
The economic value at Winston depends entirely on achieving commercially viable recovery rates. Testwork is ongoing and results remain uncertain. If recoveries are poor, the project's economics could be fundamentally undermined regardless of the contained metal.
Drilling at Obonga and further work across the portfolio may fail to deliver economically significant mineralisation. VMS targets are inherently binary: they either deliver or they do not.
Panther raised £1.2m at 70p in February 2026. While this provides near-term working capital, the company remains exposed to future funding requirements which could result in further dilution. Commodity price volatility adds additional pressure.
The Recovery of Minerals permit at Winston is subject to regulatory approval. Delays or complications in the permitting process could defer the development timeline.
As a small-cap LSE stock with a £6m market cap, PALM shares can be thinly traded. This creates spread risk and may limit the ability of larger investors to build or exit positions efficiently.
RNS announcement, 16 March 2026.
The ice-barge mounted vibracore sampling programme at the Winston Tailings Project has completed with no incidents. This is the first of a series of workstreams progressing toward a Mineral Resource Estimate for gold, gallium, silver, zinc, copper, indium and cobalt.
Vibracore tailings cylinders are being logged and sampled by Bayside Geoscience Ltd in Thunder Bay. Sample batches are being submitted to ALS Laboratories for geochemical analysis. This data feeds directly into the Mineral Resource Estimate, which will also incorporate metallurgical and density testwork. First Nation stakeholder engagement meetings were held at the PDAC conference in Toronto.