Winshear Starts Drill Testing Strong EM Target at the Portsoy Nickel-Copper-Cobalt Project, Northeast Scotland

Winshear Metals Corp. (WINS) has begun drilling to test a strong downhole electromagnetic conductor at the South Zone of the Rodburn target within its Portsoy Ni-Cu-Co project in northeast Scotland. The DHEM conductor, identified approximately 100 m east of hole RBD030, is modeled as being over 350 m long by 50 m wide and remains open at depth. The current target is expected at 260 m to 320 m downhole, a depth deeper than the main South Zone intercepts reported historically.

The company notes that the North and South Zones are 500 m to 700 m apart and appear to be two separate mineralized zones. No new assay results are reported for the current drill hole. The release includes a recap of historical and previous South Zone and North Zone intercepts.

South Zone recap includes: - RBD002: 17.00 m at 1.16% Ni, 0.51% Cu, 769 ppm Co, 1.52% NiEq, including 12.00 m at 1.42% Ni, 0.54% Cu, 929 ppm Co, 1.82% NiEq. - RBD009: 5.39 m at 2.04% Ni, 0.56% Cu, 1,110 ppm Co, 2.47% NiEq. - RBD004: 12.26 m at 1.02% Ni, 0.83% Cu, 633 ppm Co, 1.53% NiEq, including 5.97 m at 1.92% Ni, 1.50% Cu, 1,197 ppm Co, 2.86% NiEq. - RBD029: 8.15 m at 0.77% Ni, 1.14% Cu, 469 ppm Co, 1.42% NiEq, including 6.00 m at 0.98% Ni, 1.51% Cu, 600 ppm Co, 1.84% NiEq.

North Zone recap includes: - RBD016: 9.00 m at 1.13% Ni, 0.73% Cu, 1,056 ppm Co, 1.64% NiEq. - RBD028: 3.00 m at 0.98% Ni, 0.14% Cu, 452 ppm Co, 1.11% NiEq, and 4.00 m at 0.76% Ni, 0.32% Cu, 339 ppm Co, 0.97% NiEq.

Mineralization is described as disseminated, semi-massive and massive sulphide in a mafic-to-ultramafic intrusive complex, with high-grade material hosted in late-stage undeformed peridotite; nickel is in coarse pentlandite. The release repeats earlier metallurgical work indicating clean nickel and copper concentrates with no penalty elements, and potential for a 14% to 16% nickel concentrate with about 1% cobalt. J. Patricio Varas, P.Geo., President and Director, is named as the Qualified Person.

Winshear Metals Corp. (WINS) released operational news that does not constitute an earnings release. The company’s financial statements and investor presentation provide prior-period context rather than new information from today’s announcement. The release contains no updates on revenue, cash flow, mineral resources, or reserves.

Winshear is a micro-cap exploration company with no revenue, known mineral resources, or reserves. At this stage, a genuine discovery hole or a major step-out can be material even without a resource, but a drilling commencement notice is not. The release does not change the perceived scale, grade, or odds of the project. Historical intercepts have already established a small high-grade Ni-Cu-Co system, and the current announcement adds only the fact that a DHEM conductor is now being tested.

The equity is valued at C$4.9M at C$0.07. A successful massive-sulphide hit at 260 m to 320 m could be meaningful for a company of this size, but that remains optionality rather than a current result. The price chart shows the stock has round-tripped from C$0.17 in February-March 2026 to C$0.07 in October 2026.

What would matter is assaying the current DHEM target and reporting massive or semi-massive sulphide over mineable true width with good nickel grades and acceptable recoveries. That information is not in this release. The announcement should be treated as ordinary operational news flow.

Winshear Metals Corp. (TSXV: WINS, FRA: 9HR0) is a Canadian mineral exploration company with no revenue, mineral resources, or reserves. The company’s primary asset is the Portsoy Nickel-Copper-Cobalt Project, a 250 km2 property in Aberdeenshire, northeast Scotland. Winshear holds an earn-in agreement to acquire 100% interest from Peak Nickel Ltd., which requires £3 million in exploration spending over five years, a minimum 1,000-meter drill program, the issuance of 6.5 million shares over five years, and a 1% net smelter return (NSR) capped at £10 million. Peak Nickel serves as the designated contractor for the first two years, after which Winshear may assume control for £100,000.

The Portsoy target features five geochemical and geophysical anomalies, with only the North and South Zones at Rodburn having been drill-tested recently. Historical drilling by Peak Nickel in 2023 and 2024 established the Ni-Cu-Co sulphide system, and the current DHEM test is located at the South Zone.

In Ontario, Winshear holds a 100% earn-in on the Thunder Bay Gold Project, located northeast of Thunder Bay. The agreement requires the issuance of 1 million shares over four years and $2 million in exploration spending. Vendors retain a 2% NSR, half of which can be purchased for $500,000 during the four-year period, with the remainder available for $5 million before the 15th anniversary. The project includes gold and critical minerals targets at Inflection, El Dorado, MacGregor, and Kingfisher.

The company previously held projects in Peru, Gaban and ICA, but relinquished them back to Palamina Corp. on April 11, 2025, and is no longer conducting exploration there.

As-reported financials indicate cash of C$472,936 and working capital of C$468,637 at December 31, 2025, alongside a nine-month net loss of C$1.597 million. Winshear closed a C$2.5 million private placement in March 2026. An investor presentation shows 69,251,965 shares outstanding following that placement; adding the 1,000,000 shares approved in August 2026 for the Thunder Bay assessment credit results in approximately 70.25 million basic shares, excluding options and warrants.

Outstanding after the March 2026 placement were 19.6 million warrants, including 6.66 million at C$0.12 expiring in June 2027 and 12.96 million at C$0.20 expiring in March 2029. There were also 3.7 million options at a weighted-average price of C$0.13. The November 3 release did not disclose a current cash balance, burn rate, or budget.