Panther Metals (PALM ) booked a loss before tax of £1.3 million in the year to December 2025.
It was a transformational period for the company, as the company moved to take control of the Winston Lake tailings project in Ontario and began to advance it towards production.
Several different work streams were initiated, and have continued post the period end.
“The Winston project acquisition agreement with First Quantum is particularly significant as it provides Panther with access to a potential near-term production opportunity with existing infrastructure including power lines, plant site, and underground development,” said chairman Nick O’Reilly.
“Subject to the necessary studies, the historical tailings reprocessing opportunity at Winston provides the potential for early cash flow while the underground resource expansion and mining proposition is advanced. Success at Winston should see a step-change in the company as our asset base is rerated. We closed the year with contracts in place for extensive grid sampling and mineral resource estimation programme, which is generating highly encouraging results at the time of writing, and will feed into the ongoing Recovery of Minerals Permit application process.”
During the period the company also continued work on the Obonga and Dotted Lake exploration projects which, like Winston, base metal and critical mineral potential.
“Our approach continues to emphasise the rapid assessment of drill targets utilising advanced technologies and extensive geological data to determine commercial viability,” continued O’Reilly.
“We were pleased to extend the Obonga project purchase agreement for a further year with Broken Rock Resources in April 2025 and undertook a high-resolution magnetic geophysics survey of the Wishbone Prospect during May. This was followed by subsequent data processing and three-dimensional inversion modelling to inform the drill hole parameters for the planned Wishbone diamond drilling programme which will build out the volcanic massive sulphide discovery as the next step towards establishing a maiden mineral resource estimate at Obonga, which hosts multiple volcanogenic massive sulphide discoveries and platinum group element potential.”
O’Reilly also highlighted the developments around permitting at Dotted Lake that occurred in 2024, and how they had led on to a significant programme of work in 2025.
“The five hole, 1,558 metre, 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 and palladium, as well as nickel, chromium and silver.”
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.
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Post year-end, the Winston vibracore sampling results continue to deliver consistently strong assay results, which bodes well for the follow-on metallurgical testwork and resource studies. Meanwhile, the prospectus for the planned Canadian listing has undergone the first-review by the Ontario Securities Commission. The company raised just under £1.2 million 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. All told, Panther looks well positioned for an eventful 2026, with lots of upside on offer.