Highlights

• Pantera Minerals said nine holes totalling 906 metres were drilled at Gillham, with assay results expected in late.

• Pantera Minerals Limited said in its September 2026 quarterly report that it completed a maiden diamond drilling programme.

• Drilling began on 18 August 2026 and finished on 16 October 2026, comprising nine HQ-sized diamond holes for.

• The company pointed to an 8 kilometre gold-in-bedrock aircore anomaly, including an intercept of 6 metres at 1.

Pantera Minerals (ASX:PFE) — said nine holes totalling 906 metres were drilled at Gillham, with assay results expected in late November 2026.

Pantera Minerals Limited said in its September 2026 quarterly report that it completed a maiden diamond drilling programme at its 100 per cent owned Gillham antimony-silver project in Arkansas, United States, and, after quarter end, finished the purchase of the Corona gold project in Western Australia. The company has not yet reported any drill assays, so the results of the programme remain unknown.

Gillham drilling

Drilling began on 18 August 2026 and finished on 16 October 2026, comprising nine HQ-sized diamond holes for 906 metres across the Davis, Stewart and May prospects. Pantera described the work as the first known modern subsurface drilling in the historic district. Fifty-four samples were sent for multi-element assay, and the company expects results in late November 2026.

The project covers about 5,000 acres and includes more than 18 historical workings. Pantera cited surface rock-chip samples with antimony grades ranging from 3.92 per cent to 19.2 per cent, and one sample of 7.55 per cent antimony with 63.8 grams per tonne silver. The company cautioned that these were selective samples that do not represent true widths or grades. Soil anomalies extend about 400 and 500 metres and are linked by an antimony trend of roughly two kilometres.

Corona gold project

Pantera completed the acquisition of Corona on 27 October 2026. It covers tenements E28/3555 and E28/3556, about 470 square kilometres roughly 200 kilometres east of Kalgoorlie. Consideration is A$200,000, made up of A$40,000 in cash and A$160,000 in shares, being 5,284,015 shares per vendor at A$0.01514. Some of the shares are escrowed, for six months for one vendor and three months for half of the other vendor's shares. Each vendor holds a 1.0 per cent gross revenue royalty, and Pantera can buy back 0.5 per cent of each for A$1 million per vendor.

The company pointed to an 8 kilometre gold-in-bedrock aircore anomaly, including an intercept of 6 metres at 1.50 grams per tonne gold from 66 metres, and auger anomalies peaking at 128 parts per billion gold. Pantera said these are historical results that it has not verified. The tenements overlap the Cundeelee Aboriginal Reserve and the Queen Victoria Spring Nature Reserve, and access requirements are still to be confirmed.

EnergyX holding and cash

Pantera holds about 2.34 million shares in the unlisted lithium technology developer EnergyX, with an indicative and unaudited carrying value of about A$42 million. The company noted that EnergyX signed a ten-year take-or-pay offtake with Trafigura on 15 October 2026 and that Eni has committed US$225 million for a 25 per cent interest in the Black Giant project. Pantera is not a party to those agreements and has no direct entitlement to their proceeds. A US$690 million Export-Import Bank letter of interest is non-binding.

Cash at 30 September 2026 was A$1.615m, compared with A$517,000 at the end of June. Operating outflow was A$560,000, including A$364,000 of exploration, while investing inflows of A$1.723m included A$2.0m from an EnergyX share sale. The company raised no equity and has no debt. The Appendix 5B shows an estimated funding runway of 1.84 quarters, below two quarters, and the company relies on a further A$2.0m EnergyX payment due on 1 April 2027 that is excluded from that calculation. Related-party payments were A$311,000.

Next steps

Pantera plans to validate the 54 Gillham assays when they arrive, complete a drill close-out report, update its geological model and rank follow-up targets. At Corona it will begin heritage and access talks, validate historical data, reinterpret magnetic data, run closer-spaced soil sampling and lodge programmes of work for aircore and reverse circulation drilling.

The key risks are the absence of assay results, the unverified historical Corona data, access and native title approvals, and the short cash runway without the EnergyX payment or new funding.