Panther Metals moves Winston Tailings project forward with metallurgical testing agreement

Panther Metals Plc (LSE:PALM) has appointed US-based Extrakt Process Solutions to undertake a phased metallurgical testwork programme at its Winston Tailings Project in Ontario. The work represents an important step toward obtaining a Recovery of Minerals Permit and advancing the project toward a potential cash-generating operation.

Phase 1 of the programme will focus on analysing tailings material from the historic Winston Lake Mine, producing baseline recovery data for a range of metals including gold, gallium, indium, silver, zinc, copper and cobalt. The results are expected to underpin an upcoming mineral resource estimate by SRK Consulting and help demonstrate the economic viability of reprocessing historic tailings. Management said successful reprocessing could unlock residual metal value while also contributing to environmental remediation at the site.

The Winston initiative forms part of Panther Metals’ wider growth strategy in Canada. Alongside the tailings project, the company continues to advance its Obonga volcanogenic massive sulphide and critical minerals district, as well as the Dotted Lake gold project near the Hemlo mining camp. Both assets have recently seen progress on permitting and drilling, strengthening Panther’s exploration pipeline and longer-term development potential.

Despite these operational advances, Panther Metals’ outlook remains constrained by its early-stage financial profile, with no current revenue, ongoing losses and negative cash flow. These factors are partly mitigated by a relatively low level of balance sheet leverage. Technical indicators are broadly supportive, but valuation support is limited in the absence of earnings and dividend payments.

More about Panther Metals Plc

Panther Metals Plc is a London-listed exploration company focused on gold, base metals and critical minerals in Canada, primarily within mining-friendly regions of Ontario. Its asset base includes the Winston Tailings Project, which targets metal recovery from historic mine waste, the Obonga Project in the Obonga Greenstone Belt with VMS and critical mineral potential, and the Dotted Lake gold project located near Barrick Gold’s Hemlo mine.