Winshear Metals Unveils Promising Metallurgical Outcomes for Portsoy Nickel-Copper Project in Scotland

Conventional Processing Confirmed by Metallurgical Testing

British Columbia-based Blue Coast Research Ltd conducted the metallurgical testwork under the supervision of Rob Thorpe, VP Innovation and Technology at Winshear, and Tony Tran, P.Eng., Project Metallurgist. The study utilized a composite sample of massive to disseminated sulphide mineralization from drill holes completed between 2023 and 2024 at the Rodburn Target.

The primary goal was to assess if the mineralization responds well to conventional sequential flotation processing and produces saleable copper and nickel concentrates. The program evaluated both recovery feasibility and concentrate quality, addressing a critical early-stage question of whether the ore can be economically processed using established technologies instead of novel methods.

Recovery Rates and Concentrate Quality from Initial Batch Tests

Head assays from the composite sample reported 0.82% copper, 1.64% nickel (with 1.38% in sulphide form), and 0.11% cobalt, setting the baseline for recovery measurements. Batch testing, the initial step in metallurgical evaluation, aimed to determine optimal processing conditions prior to advanced validation.

Results showed copper recoveries between 7580% and nickel recoveries from 6065%. Nickel concentrate grades ranged from 1416%, containing over 1% cobalt, and included 0.54% copper payable to producers. Copper concentrate grades were approximately 25% with nickel content under 1%, below smelter penalty thresholds. Blue Coast Research described the nickel concentrate as "highly attractive to nickel smelters," indicating strong commercial viability.

Cobalt as a Valuable Component in Nickel Concentrate

Cobalt content exceeding 1% in the nickel concentrate offers significant economic advantages. Recognized as a critical mineral in jurisdictions including Canada, cobalt is in high demand for battery and advanced manufacturing sectors. The testwork shows cobalt reporting primarily to the nickel concentrate stream rather than tailings or multiple products.

While specific cobalt recovery rates and concentrate grades as separate products were not detailed, the cobalt concentration in nickel concentrate suggests potential for enhanced value capture in future optimization phases. Additionally, payable copper in the nickel concentrate improves the product's economic profile.

Upcoming Metallurgical Development Steps

Winshear anticipates further testwork to boost recovery rates beyond initial batch results. Locked-cycle testing (LCT), a more rigorous and repeatable method simulating industrial flotation circuits, is planned next. LCT involves multiple flotation cycles with recycling of rougher concentrates to better replicate steady-state plant operations, often yielding improved recoveries.

Transitioning from batch to locked-cycle testing follows standard mineral processing development. The company expresses confidence that current recovery figures are conservative and can improve with process refinement, laying a strong technical foundation for pilot-scale studies or pre-feasibility evaluations.

Mineralization Suited to Standard Processing Techniques

The testwork confirms that Rodburn Target mineralization responds effectively to conventional sequential flotation, a mature technology widely applied in copper and nickel mining globally. This reduces processing risks and capital uncertainties compared to projects requiring specialized extraction methods. The sequential flotation enables separation of copper and nickel into distinct concentrates, maximizing metal stream value.

Reported copper concentrate grades near 25% align with industry benchmarks for similar deposits, with nickel content below 1% avoiding smelter penalties that could reduce concentrate value. These factors support advancing the project to subsequent study stages.

Management Insights on Project Advancement

Winshear CEO Richard Williams described the results as "very positive at this stage of the Portsoy Project," highlighting the importance of early metallurgical understanding in exploration and development. He stated the findings "provide confidence that Rodburn mineralization can be processed using conventional methods, with potential to produce saleable copper and nickel concentrates, supporting further optimization testwork as the project advances."

Williams emphasized a strategic approach to de-risking by validating processing assumptions before larger capital commitments. Early metallurgical confirmation is critical to underpinning future phases such as locked-cycle testing, pilot plant trials, and feasibility studies, consistent with industry best practices.

Qualified Person Review and Technical Oversight

The technical disclosures were reviewed and approved by J. Patricio Varas, P.Geo., a Qualified Person under National Instrument 43-101 and Winshear's President and Director, along with Tony Tran, P.Eng., Project Metallurgist at Blue Coast Research. This dual review ensures validation of exploration and metallurgical data by qualified professionals.

Engaging external metallurgical experts alongside internal technical staff reflects standard industry practice for process development while maintaining project governance. The detailed metallurgical report authored by Rob Thorpe is available for investors seeking in-depth technical information.

Portsoy Project Overview and Company Assets

Located in northeast Scotland, the Portsoy Project is Winshear's flagship nickel-copper-cobalt asset. The Rodburn Target is the focus of current metallurgical activities following drilling campaigns in 2023 and 2024. The project benefits from Scotland's established mining infrastructure, regulatory framework, and proximity to European smelting and refining facilities.

Winshear Metals is a Canadian minerals exploration company with additional assets including the Thunder Bay Gold and Critical Minerals Project in northwestern Ontario. The company trades on the TSX Venture Exchange under ticker WINS and on the Frankfurt Exchange as 9HR0. This announcement marks progress from early drilling and geological evaluation toward preliminary technical and economic assessments.

Market Reaction and Future Outlook

Immediate share price impact remains unclear from public data. Positive metallurgical results often attract investor interest in junior exploration firms by validating technical assumptions and lowering project risk. However, broader market conditions, commodity prices, and investor sentiment also influence trading.

Investors will likely monitor updates on locked-cycle testing timelines, results from prior downhole electromagnetic surveys, and developments in permitting or stakeholder engagement in Scotland. Advancing metallurgical work is a positive milestone, moving Winshear closer to economic evaluation phases.