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This morning's RNS partnership is huge. Traxys has a clear track record of facilitating finance for operations like Panther Metals and will likely be the engine for the Winston Tailings project.

Recent examples of Traxys backing juniors include:

Provided NQ Minerals a $10M facility for the Hellyer tailings—upfront cash based on production, not debt.

$30.2M round for Phoenix Tailings this week, proving their appetite for "waste-to-value" and critical minerals.

Their 10-year offtake with Lilac Solutions provided the "gold standard" validation needed to unlock major construction funding. Taken premium equity stakes in companies like Kasbah Resources.

Partnering with a $10bn-a-year giant gives Traxys a front-row seat to the rest of the pipeline, including Dotted Lake and Obonga. Having a partner of this magnitude de-risks the entire portfolio. If Winston is the starter, the exploration assets are the main course—and Panther just secured the best seat in the house.

No more dilution and a clear pathway for this to be the next GGP x 3

TR1 showing one of the major shareholders increasing their investment - taking them over the 7% again. A huge vote of confidence in itself.

Still under the radar though and may stay that way for a little while - but with the countdown is now on for the tailings results, Canadian listing, drilling @ Obonga and Mg testing from Dotty - its going to blow at some stage. Possibly held back by a churn - but when they have turned over then its blue sky.

The Canadians are going to lap this up with the tax breaks they will recieve when the FTS are avaialble.

100m Market Cap for the tailings priject alone.

Obonga with the drill bit singing soon could be multiples if that.

If Dotted Lake Magnesium is recoverable then again, that alone could be worth several hundred million as well. Samples on the way to the US for testing as we speak.

Think GGP x 3 projects

Today's RNS is a MASSIVE commercial validation that changes the game entirely.

The Headline: Panther just signed a Letter of Interest (LOI) with Traxys Europe SA, an $8B/year global commodity powerhouse.

Why this is the ultimate bull signal:

Institutional Endorsement: Traxys doesn't sign LOIs for fun. This is a global leader stepping in to provide sourcing, logistics, and financing solutions for the Winston Tailings project.

De-Risked Path to Revenue: This partnership directly supports the pathway to a Mineral Resource Estimate (MRE) and production. We aren't just an explorer anymore; we have a multi-billion dollar partner ready to help monetize gold, silver, and gallium.

Perfect Timing: This follows the CSE dual-listing application and a successful £1.19m raise. The company is fully funded to drill the world-class VMS targets at Obonga while the Winston revenue stream gets fast-tracked.

The "Traxys Effect": Having an $8B partner validates the tech and the economics of the tailings. When the MRE drops, the market will realize $PALM is priced for exploration but sitting on a near-term cash cow.

The floor is set, the big players are in, and the upside is uncapped.

Missing some TR1's from existing major shareholders - By doing nothing, the new shares would have dropped them below a reporting threshold and a TR1 is needed.

Possibly missing some TR1's from existing shareholders that participated in the raise - unless they sold for a quick 15-20%

Missing some TR1's from II's that participated in the raise - unless they sold for a quick 15-20%.

Missing some TR1's for any board memeber (CEO????) that were previously above 3% before the raise - and PDMR notification if they took part in the raise.

Although they do have 3 business days to notify. So tomorrow at the latest.

The main price driver in the next few months will be diamond drilling results from the Wishbone VMS prospect at the Obonga Project, with 2,000m of drilling planned by Diamond Drilling to confirm high-grade copper and zinc along with PG's, Au etc. Good drill results could send the SP to many many £'s. Drilling to start March 2026

Additional major catalysts include:

Results from the Tailings testing - should be released in batches from mid March - good initial results will signal hundreds of millions (£) of metals in place.

Winston Tailings MRE: Publication of the Mineral Resource Estimate (MRE) being conducted by SRK for the high-grade gold and critical mineral tailings project will confirm this- MRE should be completed Apr 26. II's and Majors need this MRE before they can invest

Canadian Dual Listing: Final approval of the secondary listing on the Canadian Securities Exchange (CSE), for which an initial prospectus was filed on 13 February 2026 should be SP positive- 6 to 9 weeks from this date we should be live.

Dotted Lake Mg Testing: Results from metallurgical testwork on drill core composite samples to determine the commercial recovery potential of high-grade magnesium, if commercial we could see a major wanting a slice - in fact the Fed Gov may even insist on this being developed ASP - Panther may not be allowed to sit on it.

From the last RNS - "The Placing, which received substantial backing from new and existing institutional investors and existing shareholders of the Company, was significantly oversubscribed and subject to scale back"

Those shares went live yesterday!!!!!

TR1's will tell us who subscribed to the shares , lack of TR1's will tell its own story.

Whilst all focus is on the exciting sampling on the Winston Tailings - Dotted Lake Project in Ontario is looking like a total winner! Recent drilling hit massive 129m intercepts at 20.6% Magnesium which in itself, if exraKtable😉, could be worth billions , but what makes this llay one-of-a-kind is the high-grade "bonus" gold found on-site, with surface samples peaking at a staggering 23.3 g/t Au. Finding critical minerals and high-grade precious metals in the same spot is a massive strategic advantage.

As the UK and US push for "green" magnesium to break import dependencies, Panther Metals is sitting on a potential goldmine—literally. With these world-class grades and a prime location near the Hemlo gold camp, Dotted Lake is hands-down one of the most exciting multi-commodity stories globally for 2026!

JP thanks.

I keep an eye in the Canadian Forums as well - nothing on Panther over there as yet. But will prob's change once listed.

Cebo C

Thanks JP - do you have a link for the telegram group that you can post ?

Link to Darren this morning discussing listing and Flow Through Shares.

https://youtu.be/wu6M08u-0b8?si=dL5odwGucG_02GF7

The listing announced this morning is also the key to open up the funding for 80% of the £50m (my numbers) for the Winston Processing Plant . Here is the breakdown of the FREE MONEY and tax breaks Panther can tap into for Winston:

👍The 30% "Cash Back" (CTM ITC):

Because Winston has Gallium, Indium, and Cobalt, the Feds offer a 30% Refundable Tax Credit on the processing plant cost. That’s a direct cheque from the government for nearly a third of the CAPEX. 🇨🇦

👍 The "Junior Miner" Secret Weapon (FTS):

They can use Flow-Through Shares to fund all the drilling and metallurgical testing. Investors pay a 20-30% premium for these shares just for the tax break. This means Panther gets more cash for less dilution.

👍Ontario's $500M War Chest:

The Critical Minerals Processing Fund is literally built for projects like this. It’s non-dilutive grant money for building midstream processing in Ontario.

👍Tax-Free Profits:

Once the plant is up, the first $10M in profit is exempt from Ontario mining tax for 3 years. That’s pure cash flow to pay back any debt used to build the plant. 💸

👍 The New Permit Advantage:

They’re already using the new Recovery of Minerals Permit (July 2025). It cuts the red tape for reprocessing tailings, meaning they get to "production" way faster than a traditional mine.

The Bottom Line:

Management just raised £1.19M (Feb '26) to finish the studies. Once those numbers are out, they’ll be knocking on the door of the $2B Critical Minerals Sovereign Fund.

This isn't just a gold play; it's a high-tech "critical mineral recovery" operation backed by massive government incentives.

Flow through shares will cover the cost of drilling the VMS systems at Obonga and Magnesium and VMS play at Dotted Lake

This would be cheap if the Market Cap was £60m - not the £6m we are currently sat at.

Agree, great news - and good to see Panther organising the tech report in this morning's RNS as well - as it is one of the listing requirements! Other requirements they need to meet (and look to have covered) include a public float of at least 1 million shares and 150 shareholders, which should be easily satisfied given their LSE presence. Their recent £1.19 million raise handles the CSE’s 18-month working capital "runway" rule, while the NI 43-101 for Obonga and Winston confirms the "geological merit" required to list. Directors will likely face a standard 3-year escrow release schedule, which is typical for emerging issuers in Canada to ensure long-term alignment.

The real win here is the access to Flow-Through Shares (FTS) and the 30% Critical Mineral Exploration Tax Credit. By listing in Canada, Panther can raise capital at a premium—often 20-30% above market price—because Canadian investors can write off the entire investment against their taxes. This gives the company a much cheaper way to fund drilling for Copper and Zinc without the heavy dilution we usually see on the London market. With the preliminary prospectus filed, they’ve ticked the major boxes to get this dual listing moving.

Winston tailings - Up to $US 1 billion of metals in Situ. Recovery rates tbc, but some impressive recovery % rates are being touted around by ExtraKt.

Ongoing Feasability Study will lead to the FEED then FID and then funding for the processing plant - likely in the region of around £50m all-in. Panther likely need to find only around 20% of the cost (circa £10m) - which should be easily acheivable through off-take agreements and/or debt.

Cross listing on the Canadian Stock Exchange Q1/Early Q2. This will fund the drilling on Dotted Lake and Obonga - both could each be multi-billion $ plays on their own.

Cheap as chips at this SP. II's will fill their boots when the MC hits £10m. Canadians will lap this up for the potential and the tax breaks available to them when X-listing happens.

Easy 10 bagger - IMO

Been an investor and trading "Group" rumoured to be looking to take a position in Panther for a few weeks now (additional to McNulty). Possibly some good numbers here over the next couple of weeks. With the Winston tailings, Obonga and Dotted lake we should be a 50m MC company already. Fulcrum only have a similar tailings op (tec hughes) and are 2.5 x Panthers. Panther have many other transformational (Company maker) plays.

News on the Canadian listing iminent.

Mg Testing to Follow

Drilling plan on Obonga iminent

First Assay results from tailings drilling a couple of weeks away

JV, offtake agreements etc.

Lots to play for here.

Magnesium - could be huge and has not be considered by Panther Investors.

We know that Dotted Lake contains “hundreds of millions of tonnes of Mg-bearing ultramafic rock”

If Magnesium can be extraKted then this turns Dotted Lake into a potential Billion Dollar Strategic Metals play.

If magnesium (Mg) is commercially developed at Dotted Lake, the geology strongly suggests multiple metals could be produced alongside it, because Mg occurs within ultramafic rocks, which rarely host just one economic element.

Most Likely Metals-

Nickel (Ni)

Ultramafic rocks are a classic host for nickel.

Chromium (Cr)

Very common in ultramafic rocks as chromite.

Often present wherever Mg is elevated.

Can be recoverable as a by-product if grades are sufficient.

Cobalt (Co)

Typically occurs with nickel in ultramafic systems.

Small volumes but high value — important battery metal.

Copper (Cu) & Zinc (Zn)

The wider Dotted Lake area shows signs of VMS-style mineralisation.

These metals often sit in nearby sulphide zones rather than the Mg host rock itself.

Could be mined separately or as satellite deposits.

Gold (Au) & Silver (Ag)

Gold and silver often occur with VMS base metals or shear zones.

Platinum Group Elements (PGE: Pt, Pd)

Possible in ultramafic intrusions, especially with Ni-Cu sulphides.

Typically low grade but high value if concentrated.

Big Picture Takeaway

If magnesium works economically, Dotted Lake is unlikely to be a single-commodity mine.

The core Mg host rocks point to:

Nickel + cobalt + chromium as the most logical co-products

The broader greenstone/VMS setting adds optional upside from:

Copper, zinc, gold, silver, and possibly PGEs

That combination is attractive because:

Mg provides bulk scale

Ni/Co provide battery-metal leverage

Au/Ag/Cu/Zn add price-cycle resilience

Drill baby Drill.

After Panther Metals’ RNS this morning, the Winston vs Teck-Hughes comparison is starting to look very skewed - and I am invested in both.

Winston Lake should contain materially more value than Fulcrum’s Teck-Hughes tailings, not just in gold but across multiple metals, and Panther is actively pushing this toward an MRE. Crucially, Panther is fully funded, and not just to advance Winston.

This is where Panther really separates itself. Alongside Winston, they have Wishbone and the wider Obonga VMS belt, plus Dotted Lake magnesium, all fully owned and actively being advanced. Fulcrum simply doesn’t have that kind of diversified, funded exploration portfolio — it’s mainly a tailings focused play, albeit also with huge multi bag potential..

What makes this even more striking is valuation. Fulcrum is still valued at roughly 3× Panther’s market cap, when on assets, funding, and upside it arguably should be the other way round. Bigger tailings opportunity, multiple exploration shots on goal, and cash in the bank — yet priced like the very junior option.

If Winston delivers anywhere near expectations, this valuation gap looks very hard to justify.

Out of touch with reality - over promise and never deliver.

Perfect drilling conditions.

No Drilling RNS so not drilling.

DH needs to tell us why and when - and just for once, make it happen when you say it is going to happen.

Or go.

Some might say that they know how to lie and spin to manipulate the share price, to raise funds and keep the Company going .

Mila are still dropping because they had one decent prospect and failed to find the gold at depth - and have gone from >£20m MC to <7£m MC today. If Redsetter is similar then can we expect a similar MC.

On the other hand - if Redsetter is the next Telfer then it goes the other way - but why suddenly stop drilling and go silent if that were the case - maybe JV, maybe dusters.

Hopefully find out this month or next.

Dibsy. That is one theory and I can see why you would say that. It might be the reason that nearly overnight they changed tac and halted the planned drilling on Red Setter. Equally they may have stopped drilling because the results were really good and they could be on radio silence working on a JV. We don't know which.

Poor results and we drop 80%.

Mediocre results and the price stays the same.

Great results and we do 100%.