Panther Metals (LSE:PALM) reported progress across its Ontario exploration portfolio during the first half of 2026 and raised more than £3.7 million through share placings and warrant exercises.
Exploration activities included diamond drilling at the Obonga project, vibracore sampling at the Winston Lake tailings project and metallurgical testing at Dotted Lake.
The additional funding is being used to support continued exploration and development activities across the company’s Canadian portfolio.
Obonga Drilling Intersects Sulphide Zones
At the Obonga project, Phase 1 diamond drilling at the Wishbone prospect intersected multiple zones of massive and semi-massive sulphides.
Panther is evaluating Wishbone as part of its exploration for volcanogenic massive sulphide mineralisation across the Obonga Greenstone Belt.
Initial drilling at the Awkward conduit also provided evidence that the company considers consistent with a prospective nickel-copper-PGE intrusive system.
Panther plans additional step-out drilling as it continues evaluating both targets.
Winston Lake Work Supports Planned Maiden Resource Estimate
At the Winston Lake project, Panther completed an extensive programme of vibracore sampling across the tailings.
Metallurgical studies are also underway, with the work intended to support preparation of a maiden mineral resource estimate.
The company is evaluating the potential for tailings reprocessing at Winston, which benefits from existing infrastructure.
Dotted Lake Metallurgical Testing Progresses
Panther also carried out metallurgical testing at its Dotted Lake project during the period.
The test work indicated that the project’s ultramafic intrusive could provide a magnesium-rich feedstock, with the company also assessing the potential for associated by-products.
Further work will be required as Panther evaluates the project’s technical and economic potential.
Obonga Option Extended to August 2027
Panther has extended its option agreement with Broken Rock Resources covering Obonga until August 2027.
The extension provides additional time for exploration access and permitting while the company plans further drilling.
Panther is also completing a 70-kilometre access trail intended to facilitate year-round operations at the project.
The company describes Winston as a near-development opportunity, Obonga as an early-stage VMS and critical-minerals exploration project, and Dotted Lake as an advanced exploration-stage critical-minerals opportunity. These classifications reflect management’s assessment of the projects’ respective stages of development.
About Panther Metals
Panther Metals is a mineral exploration company focused on base, precious and critical metals in Ontario, Canada.
Its principal assets include VMS and magmatic sulphide targets within the Obonga Greenstone Belt, the Winston Lake tailings reprocessing project and the Dotted Lake project, which contains gold, base-metal and magnesium-bearing ultramafic prospects.
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