PANTHER METALS
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ANNUAL REPORT AND FINANCIAL STATEMENTS 2025
3
CHAIRMAN’S STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
At Dotted Lake, as reported in the 2024 Annual
Report, the last quarter of the 2024 reporting year
saw significant developments following the award of
the Exploration Permit in July 2024, and as Panther
focussed on the critical mineral potential offered by
the ultramafic intrusive system on the northern limb of
the Schreiber-Helmo Greenstone Belt. The processed
results of the additional soil sampling programme
which became available in March 2025, supported
by the Ontario Junior Exploration Program (“OJEP”),
extended high-resolution soil survey coverage to 5.5km
strike length over high priority targets and delineating
highly anomalous, regionally significant, nickel and
cobalt anomalies coincident with ultramafic intrusive
targets along the eastern north shore of Dotted Lake.
The five hole (1,558m), Phase 1 Diamond Drilling
Programme assay results, reported between 30
December 2024 to 25 March 2025, successfully
defined the extensive ultramafic body, modelled from
Panther’s airborne geophysics data, as a mineralised
magnesium-rich serpentinite carrying the platinum
group elements, platinum (Pt) and palladium (Pd),
as well as nickel (Ni), chromium (Cr) and silver (Ag).
The drilling confirmed the intrusive displays distinct
ultramafic layering pointing to the Dotted Lake project
being part of a Fertile Mineral System. Post year-
end Panther commissioned metallurgical testwork
to evaluate opportunities to recover magnesium
from serpentine and is particularly interested in
alternative extraction technologies capable of
improving upon conventional leaching recoveries.
Panther continues to nurture our important
relationships with First Nation stakeholders, local
community and governmental relations, to maintain the
Company’s standing as an active explorer dedicated
to make a positive impact for all concerned.
In corporate activities, Panther raised £455,000 in the
period through a placing in February 2025, £80,000
in warrant conversions in June 2025 and a further
placing and WRAP offer in October 2025 raising
£655,570. During the year the Company capitalised
its remaining debt and sold its remaining investment
in Fulcrum Metals PLC, streamlining its balance sheet
ready for the next stage of its corporate development.
Demonstrating strong confidence in the Company’s
future prospects, both myself and Chief Executive
Officer Darren Hazelwood, undertook a direct
share subscription with the Company totalling
£132,000 at the market mid-price of 69p, reinforcing
management’s alignment with shareholder interests.
Post year-end, the Winston Tailings Project vibracore
sampling results continue to deliver consistently strong
assay results boding well for the follow-on metallurgical
testwork and resource studies, whilst the prospectus
for the planned Canadian listing has undergone the
first-review by the Ontario Securities Commission and
is now being updated with the year-end accounts
contained herein. The Company raised £1,190,000
(before expenses) in February 2026 in a placing
which was significantly oversubscribed and subject
to scale back with backing from new and existing
institutional investors and existing shareholders.
The Board is focussed on continuing to execute
our strategy and to strengthen our position as
we advance three distinct opportunities which
each benefit from Ontario’s established mining
jurisdiction with good infrastructure access,
proximity to Thunder Bay, and qualification for
Canadian critical minerals support programmes.
•
Winston: Near-development stage with existing
infrastructure and feasibility study.
•
Obonga: Early-stage exploration with multiple VMS
dicoveries and PGE potential.
•
Dotted Lake: Advanced exploration confirming
widespread base metal and gold mineralisation
The Winston project provides huge potential for Panther
with access to near-term production opportunity
with existing infrastructure including power lines,
plant site, and underground development, whilst
the Dotted Lake and Obonga projects have been
advanced beyond generative exploration to delineate
multiple drill ready discovery and resource targets.
The Board and I are extremely pleased with the
strategic and operational developments during
2025 to date, and I would like to thank everyone
involved for their hard work and dedication.
Nicholas O’Reilly
Executive Chairman
17 April 2026
