Panther Metals ( ) booked a loss of £890,000 in the six months to June 2026, as it continued to advance the Obonga and Winston projects in Canada.
There was nearly £1.4 million cash in the bank at the period end, following two fundraisings - plenty of money to carry on with exploration work at Obonga and development at Winston.
Chairman Nick O’Reilly said the Obonga project had “evolved from a regional exploration concept into an emerging mining camp with demonstrated base metal, precious metal and critical mineral potential.”
The primary focus during the period was the Wishbone prospect, where previous drilling confirmed the presence of a significant volcanogenic massive sulphide system.
Following detailed geophysical modelling and interpretation of drone-based magnetic survey data completed in 2025, the company undertook a diamond drilling programme to test multiple high-priority targets.
Drilling successfully intersected numerous zones of massive and semi-massive sulphide mineralisation, including broad intervals of sulphide-rich horizons.
“These results further enhance the prospectivity of the wider Obonga greenstone belt and support the potential for additional discoveries within the district,” said O’Reilly.
“At the Awkward Conduit target, exploration focused on a prospective nickel-copper-platinum group element magmatic sulphide system. During the period the company completed its first drill hole targeting the interpreted feeder conduit and successfully intersected the targeted intrusive sequence. Together with the ongoing reinterpretation of historical core and previous geophysical work, these activities have advanced Panther's understanding of what could represent a significant critical minerals exploration opportunity.”
Drill core is now in processing and preparations are underway to continue exploration activities with step-out drilling in 2027, and the completion of the 70km access trail to facilitate year-round access.
Meanwhile, at Winston, Panther completed a substantial vibracore sampling programme across the tailings storage facility. A total of 109 sampling locations were successfully completed, with results demonstrating good consistency both vertically and laterally throughout the deposit. The programme exceeded expectations in several areas, including tailings thickness, and has generated an extensive database to support the resource estimation work currently being undertaken by SRK Exploration.
In parallel, metallurgical testing commenced through Extrakt Process Solutions to evaluate the recovery of gold, silver, zinc, copper, cobalt, gallium, indium, and other contained metals.
The metallurgical programme forms a key component of both the resource estimation and permitting pathways.
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All this activity from Panther has had a beneficial effect on the share price, which is now at more than double where it was at the start of the year. And the momentum is likely to be maintained. A resource is due for Winston, and more drilling is planned at Obonga. Dotted lake, too, could come into focus. There’s a lot going on inside Panther, and likely to be plenty of newsflow in the coming months.
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