Key Highlights

•  Nine diamond holes totalling 906 metres were completed at Gillham on 16 October, testing beneath the historic Davis, Stewart and May mines.

•  Pantera completed the acquisition of the 470-square-kilometre Corona gold project in Western Australia a day later.

•  Gillham assays are expected in late November 2026, and Corona work includes heritage and access engagement with the native title holders.

Pantera Minerals Limited (ASX:PFE) has finished its first drilling programme at the Gillham antimony-silver project in Arkansas and, a day later, completed the acquisition of the 470-square-kilometre Corona gold project in Western Australia. The two updates were released on 27 and 28 October 2026.

Together they show a small explorer running two different strategies: a US critical minerals play built around historic antimony and silver workings, and an early-stage project in a well-known gold corridor of Western Australia.

First modern drilling at Gillham

According to Pantera, nine diamond holes totalling 906 metres were completed at Gillham on 16 October, testing beneath the historic Davis, Stewart and May mines. The company described the programme as the first known modern subsurface test of the Gillham system, which hosts more than 18 historical antimony and silver workings.

All holes were logged, surveyed and cemented and the rig has been demobilised. Core samples have been sent to ALS in Nevada for multi-element analysis covering antimony, silver, gold, copper, lead and zinc, with results expected in late November 2026.

No assays have yet been received, and the release did not provide historical production or grade figures. Investors therefore have no drill data yet on whether mineralisation continues at depth beneath the old workings. That makes the November results the key test.

Pantera said it will use the results to update its geological model, rank targets and decide how to allocate capital across Gillham and other US critical minerals opportunities.

Corona acquisition completed

The Corona gold project lies about 200 kilometres east of Kalgoorlie in the Albany Fraser Orogen and comprises two exploration licences. Pantera said completion occurred on 27 October, less than a month after the agreements were announced, following conditions including ministerial consent for the transfer of one licence.

Total consideration was A$200,000, made up of A$40,000 in cash and A$160,000 in shares. Pantera issued 10,568,030 shares to the vendors at a deemed price of about 1.5 cents each. The vendors also retain a 2% gross revenue royalty, subject to partial buy-back provisions.

Historical aircore drilling outlined an interpreted gold-in-bedrock structure about eight kilometres long, with results including 6 metres at 1.50 g/t gold from 66 metres. Another historical aircore intercept returned 11 metres at 0.29 g/t gold from 93 metres. Only one reverse circulation hole has been drilled in the prospect area, and about 30% of the broader project has never been geochemically sampled. Pantera noted these historical results have not been verified by the company and the release did not state true widths.

The project sits in the corridor hosting the Tropicana gold mine and BPM Minerals' Beachcomber discovery, but the company cautioned that nearby results are not necessarily indicative of mineralisation at Corona.

Funding and risks

Pantera reported about A$1.7 million in cash at the end of the previous quarter and said it expects a further A$2 million from its holding in privately held lithium company EnergyX in April 2027. The company said Corona work will not divert funding or attention from its US portfolio, although a modest cash balance means further capital may be needed to drill both projects meaningfully.

Both projects are at an early stage. Neither has a mineral resource or exploration target, and Gillham's prospects depend heavily on assay results that are still weeks away.

Next steps

At Gillham, Pantera expects assays in late November 2026, followed by a drilling close-out report. At Corona, planned work includes heritage and access engagement with the Upurli Upurli Nguratja native title holders, a review of historical data and closer-spaced ultra-fine fraction soil sampling over priority anomalies, ahead of ranking aircore and RC drilling targets. No specific dates were given for the Corona programme.