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Following today’s RNS confirming a massive 8.7m average depth, we now have a verified 2.9 million tonnes of material. While the total "In-Situ" value is ~$1.61 Billion, the real question for investors is: What can we actually get out of the ground?

Applying conservative recovery rates (the % of metal a processing plant can actually "catch"), here is the Recoverable Value sitting in the Winston pond at today's spot prices:

Gallium (70% recovery): ~$489.1 Million

Gold (85% recovery): ~$323.2 Million

Silver (75% recovery): ~$123.0 Million

Zinc (60% recovery): ~$125.2 Million

Copper (60% recovery): ~$44.2 Million

Cobalt (50% recovery): ~$39.8 Million

TOTAL RECOVERABLE VALUE: ~US$1.14 Billion 🔥

The Context:

Panther’s current Market Cap is roughly US$8.4 Million.

That means the market is currently valuing this project at less than 1% of its recoverable metal value.

In a typical mining "re-rate," as a project moves toward a Mineral Resource Estimate (MRE) and production, the market cap usually climbs to 5%–10% of the asset value. For PALM, a move to just 5% of recoverable value would imply a market cap of ~$57 Million—nearly a 7x return from current levels.

With the depth now confirmed means the true volume is comfirmed in B&W, the upside here is enormous.

Peer Context: In the current 2026 Canadian "Critical Minerals" bull market, junior explorers with similar billion-dollar potential often command market caps between $50M and $150M as they approach a Mineral Resource Estimate (MRE).

Institutional Backing: The Canadian government recently launched a $1.5 billion First and Last Mile Fund specifically to fast-track projects like this into production.

Today’s RNS is a massive "de-risking" event that mathematically triples the project's potential. By confirming an average depth of 8.7m (with spots as deep as 16.8m), Panther has verified that approximately 2.9 million tonnes of material is sitting in that pond. This confirms that nearly the entire 3.3Mt of historical ore from the Winston Lake Mine's life is still there and ready for modern recovery.

When you apply the 2025 assay grades to this newly verified 2.9Mt volume at today’s (March 2026) sky-high metal prices, the numbers are staggering:

Gallium: At $1,975/kg, the 353 tonnes of contained Gallium is worth $698M.

Gold: With Gold at $5,010/oz, the 75,000+ oz in the pond is worth $380M.

Total In-Situ Value: Including Silver, Zinc, Copper, and Cobalt, the gross value now sits at approximately US$1.61 Billion.

The market is currently valuing Panther at just US$8.4 million. We are looking at a project with a gross asset value nearly 200 times higher than the company’s entire market cap. As the company moves toward a formal Mineral Resource Estimate (MRE), this "valuation gap" is becoming impossible for the market to ignore. Once dual listed, this will be lapped up by the more knowlegeable Canadians.

Merlin, read my posting history on here - you will see that after hole 1 and 2, I was very positive that despite the boards history, they had eventually struck lucky after years of screwing shareholders. But lately there have been far too many signs and red flags indicating that results were poor and the BoD were up to their lousy tricks again. Poulsen the rat on the last intetview why asked about the share consolidation said it was to give him the flexibility to raise money, or words to that effect. That was the final straw for me a Q to sell.

You do realise that this mornings RNS contains no decent grades at all from Holes 1 and 2 - they knew they were effectively dusters last year - so raised money on the back of their hype and went back to the shallows where they knew they would find grades that bordered being commercial as per their previous drills there. You will also never get a true breakdown of where the money is spent - how much DL is given for his "advice" and others as well.

This will drop for 3 days, maybe 4 before climbing again. Buy back in on the Thursday or if it drops to 28p.

The only way that this hits £2 again in the next 18 months is when Poulden does his next 100 to 1 share consolidation.

Thats their MO - hype to raise money last year for undisclosed costs (we will nver get a breakdown on what was spent and what went to "advisors" like DL etc. - then drag the news out for as long as possible before releasing drill results - by then most investors will have moved on and they get away with it. Rinse and repeat.

Thought it may be different with Ed Mead in the mix and the noise round holes 1 & 2 - but looks like Ed is of the same cloth as DL & RP.

Remember DL owned the Redsetter Licence before RP came along with a "plan".

News when it comes will likely be a mixed bag - more drilling needed, more funds for a road and drilling etc, more dilution - more hype about it being promising but need more info - bla, bla, bla.

Poulden lays it out very simply in the video below, exactly why the company doent release the results - which would probably satisfy any entity you compain to if they even bothered to look at it.

https://www.lse.co.uk/media/wishbone-gold-red-setter-update-and-outlook-for-2026-ncqluytgbk415zn.html

Also note that there’s nothing in the video that actually says the drill results will be released. If anything, it leaves the door open for Poulden to hold them back until after the next drill campaign – for the same reason he’s already given for not releasing them as they come in: “we’re on the right track, but we need more data to understand what we’ve got.”

Ed Mead also needs to clarify why the plan shifted from continuing drilling through the hot season (using FIFO if required) with only a short Christmas break, to stopping in December for roughly four months.

The messaging was also extremely bullish both before and after the raise, which conveniently helped the IIs flip the discounted shares they were given. If Poulden – and now Ed Mead – weren’t involved, I’d probably feel a lot more positive about things.

They could, and possibly will drag this out for another 6 months. Also intersting to note his comments about the share consolidation when asked why - his reply was basically to facilitate future raises (and dilution).

That said, the gold and copper are still in the ground. Having weasels in charge doesn’t change that.

Newbie - ENET will raise, dilute, raise, dilute for the foreseable - clowns like you pumping them are a huge Red flag. Stay clear.

Anelka - they have not comitted to a 30km road. They have paid a few thousand dollars for a survey to happen later this year and stuck it in a RNS. And if they do eventaully commit - it will be as an excuse to raise more funds and more dilution - and like the drilling there will be no breakdown of costs actually spent - No prizes for guessing why this is.

Spud - Tried that link at the time - no joy. Please re-post. X

"WSBN has made it clear: they are all-in on the Wishbone project, leaving their other assets on the back burner. It’s a 'make or break' scenario. Strong results will trigger a re-rate, but poor ones will leave the company worth little more than its cash on hand (which won't be much even though they raised millions last year). In a market full of other gold and critical mineral plays, shareholders aren't going to stick around for failure. If they don't deliver.

Poulden’s credibility is finished. He will no doubt however try to spin potential to raise more money for another un-costed drill campaign or road.

This makes Panther metals so much better a prospect than Fulcrum although Fulcrum should do very well also.

Panther also have a fully serviced site for the processing plant - Fulcrum are still visiting sites as we speak.

Please check the info I have posted - I have used AI to come up with tonnage figures, metals prices and other comparisons - which isn't always 100% accurate - so double check is advises.

#thenextggp

Fulcrum Metals (Teck-Hughes)

Fulcrum’s value is concentrated in precious metals and Tellurium. While high-grade for a gold tailings project, it lacks the heavy industrial metal component of Winston Lake.

Gold (0.65 g/t): $48.75

Tellurium (13.38 g/t): $10.30 (approx. $770/kg)

Gallium (16.5 g/t): $9.07

Silver (0.71 g/t): $0.67

Total In-Situ Value: ~$68.79

So approx less than a third if Pathers Value per tonnage of ore.

Panther Metals (Winston Lake)

Panther’s value is spread across five different metals, making it a diversified polymetallic target.

Gallium (122 g/t): $67.10

Zinc (2.2%): $62.70

Gold (0.81 g/t): $60.75

Silver (21.9 g/t): $20.80

Copper (0.2%): $18.00

Total In-Situ Value: ~$229.35 per ton

The metal value per tonne at Panther’s Winston Lake is becoming fikin near impossible to ignore compared to Fulcrum’s Teck-Hughes. I have interests in both but am adjusting the holding slowly. Based on current assays, Panther is sitting on approximately $229/tonne in-situ value—more than 3x the value of Fulcrum’s ~$69/tonne.122g/t, Panther’s Gallium alone ($67/t) is worth nearly as much as Fulcrum's entire metal basket. While some argue these are "best" samples, keep in mind that previous sampling faced surface sediment dilution. As Panther drills deeper and closer to the spigot—where the heaviest, high-grade minerals naturally concentrate—these "peak" grades are likely to become the project average.

With 2.2% Zinc and 0.81g/t Gold rounding out the profile, Panther is the clear heavy-hitter for anyone looking at North American tailings wealth.

#thenextggp

Note the mahoosive Gallium gap between Panther’s Winston Lake and Fulcrum’s Teck-Hughes tailings. Panther’s assays show 122 g/t Gallium, over seven times the 16.5 g/t seen at Fulcrum.

At 2026 market prices, Panther’s Gallium alone adds roughly $67/tonne in value—surpassing its gold value ($61/t). When combined with 2.2% Zinc ($63/t) and other metals, the total in-situ value hits approximately $229/tonne. While Fulcrum remains a solid gold-tellurium play, Panther’s high Gallium concentration offers significantly higher leverage into the critical minerals and semiconductor supply chains.

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If as expected, due to whats happening in the Middle East - when the market open and gold opens up 2.5%, Copper up 2%, and Silver up 3%, those figures would mean an increase of in-situ metal value of $19,736,000 US dollars for the Winston Tailings Pond.

When you are sitting on 3.3 million tonnes (tbc) of already-crushed surface material, these small percentage moves in the market translate into massive gains for the project's bottom line. For Panther, every tickupward in the spot price effectively "prints" millions of dollars in value without them even lifting a shovel.

The Breakdown of this Increase:

Gold (up 2.5%): +$11,425,000

Silver (up 3%): +$6,537,000

Copper (up 2%): +$1,774,000

Someone remind me of todays Market Cap

#thenextggp

OK quiet Monday - so I've crunched the numbers on the 3.3 million tonne Winston Tailings using the latest RNS peak assays. While these are top-end figures, remember - bare in mind that surface samples are often diluted by pond sediment. Heavy metals settle over time, so the deeper material could be even more consistent than these "peaks" suggest.

The Breakdown (In-Situ Value):Gold (0.814 g/t): - 86k oz = $457M

Zinc (2.20%): -72k tonnes = $240M

Silver (21.9 g/t): -2.3M oz = $217M

Gallium (122 ppm): -402k kg = $201M

Copper (0.20%): -6.6k tonnes = $88M

Cobalt (496 ppm): -1.6k tonnes = $45MTotal: ~$1.25 Billion USD

Even with a 50% "conservative haircut," the value is massive for material that is already crushed and sitting on the surface. If the SRK Exploration drilling results confirm that grades improve at depth away from surface sediment, we are looking at a serious re-rating.

We are likely about 2 weeks away from getting the first test results back from the fist holes in Winston - hopefully some comments on depth being as expected, shallower or deeper - which will give us an idea if the 3.3m t of ore stands up.

Happy to be challanged on this.

Whilst the loss of life is an unfortunate reality of the needed and justified , in my opinion, of the bombinh if Iran - it is worth looking at how this may impact metal prices.

Gold , Yes, it’s going to gap up and spike on the headlines, but history shows that unless this turns into a full-blown regional escalation, Gold will likely drop back down once the initial shock wears off. It’s a "panic trade" that usually cools quickly - it will probably gap uo on opening to about $5400-$5500 monday.

Here is where it get interesting though -The Real Supply Shock will be Copper & Zinc. This is where it gets interesting AND serious. Iran is a Top 10 global producer of both Zinc and Copper. If their industrial hubs or export routes are hit, we aren't just looking at a "fear spike"—we are looking at a mahoosive global supply deficit. These are metals the world actually uses every day for electronics and infrastructure.

Also relevant to Panther metals could be the Magnesium impact - Iran is also a Top 10 producer of magnesium compounds. It is a critical "defense metal" used for lightweight military aircraft, missiles, and incendiary munitions. Between the energy costs to produce it and the potential for targeted strikes on their IMIDRO facilities, Magnesium prices could go mahooosively parabolic.

The Bottom Line: Gold is for the quick headline flip if brave enough (not for me), but if you want to play the long-term supply disruption, watch the industrial and military metals. If the Strait of Hormuz gets messy, the shortage in these minerals will be felt for months or years - plus it will focus on the Americans and West trying to secure their own suopplies.

For ref' - but double check as below is just a quick search:

Copper: Iran holds about 5% of the world's reserves (roughly 54 million tonnes).

Zinc: Iran is the 6th largest producer in the world.

Magnesium: Iran is the 10th largest producer of magnesium compounds globally.

Would you like me to look up the current market prices for these metals so you can add "Before vs. After" numbers to your post?

Whilst I do not necessary want to profit from war, the facts are that Panther metals could fill a small gao with Zinc and Copper and a bigger gap with Magnesium.

Hoping that the US DoD have got Panthers number

I wonder if the Bethani escrow model (price-linked capital) has or is being considered for Panther which would be more palatable for investors - plus debt funding, plus federal grants from both the US and Canada are being considered collectively in varying degrees to build the processing plant without the normal massive dilution others would have to find - Interesting times.