Panther Metals (PALM ) has provided a review of its activity during 2025, highlighting technical progress across its Canadian portfolio and outlining a positive outlook for 2026.
The company said 2025 was a year of “tangible delivery”, with work focused on refining geology, progressing metallurgical studies and de-risking key assets to support future value creation. Meanwhile, Panther pointed to growing industry engagement and increased investor interest as projects moved forward both technically and strategically.
Panther’s Chief Executive Officer Darren Hazelwood said: “We delivered a very strong finish to 2025, with significant progress made across the portfolio. A great deal of work has been undertaken throughout the year, much of which we expect to be recognised in 2026 as projects continue to mature.
“Industry engagement has been strong, and we further strengthened our corporate and institutional network, enhancing our reach, technical depth and market connectivity. Investor recognition of our developments has increased, and importantly, our assets have moved forward both technically and strategically.
“I would also like to thank the entire Panther team for their commitment and support of the vision, which is now beginning to play out. As we look ahead, our focus remains firmly on delivering against our own KPIs - advancing our projects, implementing our financial strategy and positioning Panther Metals for sustainable growth.”
At the Wishbone Prospect within the Obonga Project, the company said geophysical surveying, interpretation and three-dimensional inversion modelling have helped refine targets around a previously identified volcanic massive sulphide (VMS) mineralisation system. In addition, Panther said it remains focused on expanding its understanding of the system ahead of planned exploration activity in 2026.
At the Winston Tailings Project, work has focused on assessing value in historical tailings from the Winston Lake mine. Panther said summer sampling and technical studies indicated the presence of significant gold, gallium, indium, silver, zinc, copper and cobalt, among other potentially recoverable metals, and that independent consultants have been appointed to deliver a Mineral Resource estimate.
At Dotted Lake, Panther said early 2025 drill core assays provided technical insights that reinforced the project’s strategic importance. The company added that interpretive studies have continued, and independent laboratory metallurgical characterisation and recovery testwork is being scheduled.
On the funding side, Panther said it raised additional capital through placings and a retail offer via the Winterflood Retail Access Platform (WRAP), strengthening the balance sheet and supporting ongoing project work. Going forward, the company said it is progressing plans for a dual listing in North America and prioritising the development of a robust cash flow model alongside continued work across the portfolio.
View from Vox
Panther’s update reads as a steady end of year marker, with the focus firmly on technical de-risking and building optionality across multiple projects. If the Mineral Resource estimate at Winston and further target refinement at Obonga land as expected, 2026 could provide clearer milestones for the market to price in.