Pantera Minerals Completes Phase 2 Sampling at Gillham Silver-Antimony Project

Pantera Minerals Completes Phase 2 Sampling at Gillham, Clearing the Path to Maiden Drilling

Pantera Minerals Limited (ASX: PFE | OTCQB: PTMLF) has completed its Phase 2 soil and rock sampling program at the 100%-owned Gillham Silver-Antimony Project in southwest Arkansas, meaningfully expanding the company's geochemical footprint across the district. This milestone brings Pantera one step closer to what will be the first-ever drilling campaign in the area. With assay results expected in approximately four weeks and a maiden drill program targeted for July/August 2026, Pantera Minerals completes Phase 2 sampling at the Gillham Silver-Antimony Project at a pivotal moment that investors should watch closely.

What Was Completed and Why It Matters

The Phase 2 program collected an additional 75 soil samples and 30 rock samples across previously unsampled areas of the approximately 5,000-acre Gillham project, specifically targeting:

• The Andrew Gold anomaly area in the western block
• Areas immediately south of the Antimony Bluff Mine
• Zones surrounding the May and Stewart mines not covered in Phase 1

This builds on a Phase 1 program that comprised 1,408 soil samples and 47 rock samples, which delivered high-grade results and identified two coherent high-priority drill targets across a 2km mineralised trend.

"The completion of this follow-up sampling program further strengthens our geological understanding across the Gillham Silver-Antimony Project. By extending coverage into the Andrew Gold anomaly, the Antimony Bluff Mine area, and around the May and Stewart mines, we have materially expanded our geochemical footprint across the district."

— Barnaby Egerton-Warburton, Executive Chairman and CEO

Furthermore, Phase 2 also identified several additional undocumented historic mines that have now been located and sampled — an unexpected development that could meaningfully expand the scale of known mineralisation across the district.

The Gillham Project: A District Left Behind by Modern Exploration

The Gillham district has a well-documented history as a U.S. source of antimony and silver, with more than 18 recorded mine sites that operated intermittently during the late 1800s and early 1900s. Despite that legacy, no modern drilling, geophysics, or systematic geochemical targeting has ever been undertaken across the area — making this Pantera's first modern exploration campaign in the district.

Historical mining focused exclusively on surface and near-surface workings. Individual stibnite-quartz lodes were historically reported to reach up to 1.3 metres in width, with solid stibnite blocks from the Stewart Mine reportedly weighing more than 300 kilograms, including one block recorded at 327 kilograms.

That combination — a historically productive district with zero modern exploration — is what Pantera describes as a rare first-mover opportunity.

Phase 1 Results Set a High Bar for Phase 2 to Build On

Phase 1 exploration delivered results that confirmed the project's high-grade potential and justified the current follow-up work. Key highlights from that program included:

• Rock chip samples returning up to 3.92% Sb (antimony) and 10.3 g/t Ag (silver)
• Soil anomalism reaching up to 2,660 ppm antimony in soil
• Two coherent high-priority drill targets defined across a broader 2km mineralised trend
• Gold values of up to 1.59 g/t Au at the Andrews Gold Prospect
• Antimony values up to 0.85% Sb at Antimony Bluff
• Lead values up to 1.32% Pb along the Stewart/May trend

These are not marginal results. In addition, when Pantera Minerals completes Phase 2 sampling at the Gillham Silver-Antimony Project, the work now extends across the same structural trends, with the May Prospect receiving particular attention for the very first time.

The May Prospect: A New High-Priority Target Takes Shape

One of the most significant new developments from Phase 2 is the focus on the May Prospect — a series of historic shallow pits striking approximately 300 metres east-west. Phase 1 soil sampling had already flagged this area with a high-grade coincident soil anomaly reaching up to 1,205 ppm Sb.

Despite that compelling soil signature, no rock assays had ever been collected from the May Prospect. However, Phase 2 has now changed that entirely:

• 14 new rock chip samples collected within the soil anomaly and target area
• These will be the first-ever rock assays from the May Prospect
• Mineralisation is interpreted as associated with multiple quartz veins on the culmination of a fold structure
• The fold is interpreted as isoclinal, with both limbs dipping northward and plunging east

The geometric characteristics of the May Prospect — structurally controlled mineralisation along a fold hinge with significant soil anomalism — are consistent with the style of mineralisation already confirmed elsewhere at Gillham. The incoming rock assays could meaningfully expand the footprint of priority targets ahead of drilling.

Understanding Stibnite: The Mineral at the Heart of the Gillham Story

What Is Stibnite?

Stibnite (chemical formula Sb₂S₃) is the primary ore mineral of antimony. It typically occurs in quartz-filled fracture zones and vein systems within deformed sedimentary sequences — precisely the geological setting present at Gillham. Stibnite crystals are visually distinctive, often forming blade-like metallic grey masses.

Why Does It Matter to Investors?

Antimony, derived from stibnite, has been designated a critical mineral by the United States government. It is used in flame retardants, ammunition, semiconductors, and — increasingly — in grid-scale battery storage technology.

The supply chain for antimony is heavily concentrated, with China, Russia, and Tajikistan collectively controlling an estimated 97% of global supply. This fact has elevated the strategic value of domestic U.S. deposits significantly, making Gillham's location in Arkansas particularly compelling.

Glossary of Key Terms

What Comes Next: A Clear Path to the Drill Bit

All Phase 2 samples have been submitted to a commercially accredited laboratory. The company has outlined the following near-term sequence:

1. Assay results from Phase 2 program — expected in approximately four weeks (mid-to-late June 2026)
2. Integration of Phase 1 and Phase 2 results to finalise and refine priority drill targets
3. Drill rig contracting for the maiden drill program — actively underway
4. Maiden drilling — planned for July/August 2026
5. Evaluation of additional U.S. critical mineral project opportunities — ongoing

Importantly, Pantera has confirmed it remains funded for current exploration through existing cash and scheduled EnergyX payments — maintaining capital discipline while driving exploration momentum into the drill program.

The Investment Thesis: Critical Minerals, First-Mover Advantage, and a Drill Program on the Horizon

Several elements combine to make the current moment at Pantera worth investor attention.

Critical Minerals Exposure With Genuine U.S. Domestic Scarcity

Antimony, silver, lead, and copper are all on the U.S. Critical Minerals list. With China, Russia, and Tajikistan controlling approximately 97% of global antimony supply, U.S.-based antimony projects sit in a strategically important position. Gillham is located entirely within the United States, in Arkansas.

A Genuinely Unexplored District With High-Grade Surface Confirmation

Phase 1 returned rock chip grades up to 3.92% Sb and 10.3 g/t Ag, alongside soil anomalism up to 2,660 ppm. The absence of modern exploration is a feature, not a flaw — it means the upside from first-pass systematic work is substantial.

Phase 2 Extends the Geochemical Footprint in Meaningful Ways

The identification of additional undocumented historic mine sites, the first-ever rock sampling at the May Prospect, and the infill and extension of soil coverage around Antimony Bluff and the Andrews Gold Prospect all add to the geological picture. These developments should sharpen drill targeting considerably.

An Imminent Catalyst: Maiden Drilling in July/August

The company is approaching the most significant de-risking event in its Gillham exploration timeline. Assay results in approximately four weeks, followed by drill rig contracting and a July/August start, create a defined newsflow sequence over the coming months.

Funded Through the Current Programme

Pantera has stated it remains funded through existing cash and scheduled EnergyX payments, removing near-term financing risk from the exploration calendar entirely.

Why Investors Should Keep Watching Pantera Minerals

Pantera offers exposure to a genuinely first-mover position in a historically productive U.S. silver-antimony district that has never seen a drill bit. The surface exploration work now spans two systematic phases, covering the district's key structural and mineralised zones. The next phase is the one that counts most: testing whether the high-grade surface signatures extend at depth.

When Pantera Minerals completes Phase 2 sampling at the Gillham Silver-Antimony Project, it marks the final surface exploration phase before the company's maiden drilling campaign. With assay results due within approximately four weeks and drilling planned for July/August 2026, the coming months will be among the most information-rich in the company's history at Gillham.

For investors tracking critical minerals exposure with near-term newsflow, the completion of Phase 2 sampling positions Pantera at a genuine inflection point. The combination of historical production, zero modern exploration, high-grade surface results, and an imminent first-ever drilling programme creates a compelling setup for a company entering its highest-activity period yet.

Key Takeaway: Pantera Minerals has completed the final surface exploration phase at its 100%-owned Gillham Silver-Antimony Project in Arkansas, building on Phase 1 results that included rock chips up to 3.92% Sb and 10.3 g/t Ag. With Phase 2 assays expected within four weeks and maiden drilling planned for July/August 2026, the company is entering its highest-activity period yet — in a district with 18+ historic mine sites and zero prior modern drilling.

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