Pantera completes first modern exploration program at historic US silver-antimony district

Jane Morgan Management

11 February 2026 | West Perth, Western Australia

Pantera Minerals Limited (ASX: PFE, OTCQB: PTMLF) has completed the first modern rock and soil geochemical exploration program at its Gillham Silver–Antimony Project in southwest Arkansas, marking a major milestone in the systematic evaluation of a historically significant U.S. critical minerals district.

The initial program covered approximately 5,000 acres across the Gillham East and Gillham West project areas and comprised 1,408 soil samples and 47 rock samples, all of which have now been submitted for laboratory assay. Results are expected in approximately six weeks and will be used to refine priority targets and guide follow-up exploration, including planning for an initial drilling program.

The Gillham district hosts more than 18 historical silver and antimony mines, yet has never been subject to modern exploration techniques such as systematic geochemistry, drilling or geophysics. Pantera’s program represents the first modern, district-scale exploration campaign, providing the Company with a rare first-mover advantage in a strategically important U.S. jurisdiction.

Geological mapping and sampling were undertaken across several priority structural corridors, including a 5-kilometre-long zone hosting the historic Davis silver–base metal mine. In addition, the program identified several previously undocumented historical workings, materially enhancing the Company’s geological understanding and highlighting further exploration upside.

The completion of the program comes amid strong commodity market conditions, with silver trading at approximately US$81/oz, up more than 140% since Pantera secured the Gillham Project, underscoring the strength of the project’s multi-commodity exposure.

Barnaby Egerton-Warburton, Executive Chairman and CEO, commented:

“This initial program marks a significant milestone for the Gillham Silver-Antimony Project, representing the first modern, systematic exploration campaign conducted across the historic district. Geological observations across multiple historic workings are encouraging as we move into the assay phase. Results from this program will be central to refining priority targets and advancing Gillham as a strategically important U.S. based critical minerals project.”

Following receipt and interpretation of assay results, Pantera expects to define optimal drill targets while maintaining capital discipline. The Company intends to advance exploration using existing cash reserves and scheduled EnergyX payments, preserving balance sheet strength while continuing to build momentum across its U.S. portfolio.

ABOUT PANTERA MINERALS

Pantera Minerals Limited (ASX:PFE) is a forward-looking critical minerals exploration and
development company focused on advancing projects in critical minerals across the United
States with a particular focus on Arkansas. With newly acquired mineral projects covering
historically productive ground, Pantera is positioned to re-establish exploration in a district that
has seen no systematic modern work for nearly a century.

The Company is committed to leveraging modern exploration methods – including
geochemistry, geophysics, and advanced modelling – to unlock value in regions historically
mined for critical minerals, which are recognised by the U.S. government as essential to supply
chain security.

Jane Morgan
Investor Relations
E: [email protected]
M: +61 (0) 405 555 618