VANCOUVER, British Columbia — December 23, 2025 — Leads & Copy —
Winshear Gold Corp. (TSXV: WINS) has received final approval from the TSX Venture Exchange for an agreement with Peak Nickel Limited, a private UK company, allowing Winshear to earn a 100% interest in the Portsoy Project.
The 250km2 Portsoy Project is located in Aberdeenshire, Northeast Scotland. A technical report, titled ‘NI 43-101 Technical Report for the Portsoy Nickel-Copper-Cobalt Exploration Project, Aberdeenshire, Scotland,’ will be available on Winshear’s website and SEDAR+ page. The report was prepared under the supervision of Richard Siddle of Addison Mining Services, UK.
Historical exploration in the 1970s identified significant Ni and Cu sulphide mineralization, and recent drilling by Peak Nickel confirmed these results and identified Co associated with the Ni-Cu mineralization. The report recommends a minimum 1,000 m diamond drilling program to test extensions of mineralization at the North and South Zones at the Rodburn Target. Downhole electromagnetic surveys and initial metallurgical testwork are also recommended, with a budget of CAD$560,000.
Winshear CEO Richard Williams said the company is excited to start work at the Rodburn Target within the Portsoy Project in Q1 2026, calling it a tremendous opportunity to develop a new nickel – copper – cobalt project in Scotland.
The Portsoy Project includes the Rodburn Target, discovered in the early 1970s by Exploration Ventures Ltd (EVL), a Goldfields / Rio Tinto joint venture company, that drilled 26 holes (4,115m) at Rodburn, outlining a northeast trending, northwest dipping sheet of sulphide mineralisation (now named the South Zone), intersecting massive, semi-massive and disseminated nickel and copper sulphide mineralisation hosted within a mafic / ultramafic intrusive complex. Cobalt was not assayed for.
EVL’s program was halted in the mid 1970s due to legal issues.
The Qualified Person has inspected a range of the historic EVL drill core stored at the British Geological Survey in the UK, as well as the recent drilling of Peak Nickel, and found that visually mineralized sulphide intervals correlated well with results. It is also noted that historic drill core was not systematically sampled, focusing on massive to semi massive mineralisation and in places leaving disseminated sulphide unsampled.
Between 2019 and 2022 Peak Nickel secured exploration and 100-year mining lease agreements with the landowners to conduct work over the Rodburn target.
Between 2023 and 2024 Peak Nickel completed 3,697.5m of drilling in 24 drill holes testing two zones, North (2 holes) and South (22 holes), expanding the extents of the Rodburn Target and confirming the presence of cobalt mineralisation.
Mineralisation in the South Zone is open down dip. Historic drilling to the west appears to close off mineralisation although drillholes were not systematically sampled and as such extension may be possible along strike in both directions. The North Zone is open laterally with a single non-sampled historic drillhole closing off the current interpretation to the east; further drilling may allow extension in this area in all directions considering the non-systematic sampling and limited number of drillholes.
South Zone mineralisation is modelled from 5-10 m from surface to 170-200 m from surface, the unit dips 40-45° to the north-northwest for up to 220-280 m of down dip extension with thickness varying from 4-12 m with subordinate narrow units of 2-3 m. The strike length is currently modelled at approximately 400 m.
Mineralisation in the North Zone is modelled from approximately 25 m from surface to 70 m from surface, the unit is sub horizontal and hosted in peridotite. The surface expression modelled is approximately 170 by 190 m with thickness up to 24 m interpreted in the south of the unit and two splaying units with thickness 8-10 m interpreted in the north of the area.
Selected intercepts from the Peak Nickel drilling include:
Hole ID From (m) To (m) Length (m) True Thickness Estimated (m) Ni % Cu % Co ppm NiEq %* RBD001 40.52 53 12.48 12.4 0.63 0.54 403 0.97 inc. 45 51 6 5.9 0.95 0.75 601 1.42 RBD002 50.6 86 35.4 24.1 0.71 0.31 473 0.93 inc. 70 82 12 8.9 1.42 0.55 929 1.82 RBD003 103.94 118 14.06 5.9 0.34 0.40 242 0.58 inc. 114 118 4 2.3 0.70 0.66 484 1.10 RBD004 112 124.26 12.26 10.5 1.02 0.83 633 1.54 inc. 118.29 124.26 5.97 5.6 1.92 1.52 1198 2.86 RBD008 186 188 2 1.4 0.92 0.28 535 1.13 RBD009 51.6 65.39 13.79 13.2 1.39 0.53 785 1.76 inc. 60 65.39 5.39 5.3 2.04 0.56 1110 2.46 RBD013 33 34 1 1.0 1.14 0.60 450 1.51 RBD015 36 69 33 13.9 0.45 0.16 237 0.56 inc. 60 69 9 6.0 0.61 0.23 310 0.77 RBD016 30 89 59 44.7 0.32 0.19 291 0.45 inc. 43 56 13 9.4 0.29 0.12 251 0.38 and 74 83 9 7.1 1.13 0.74 1103 1.65 RBD018 100 102 2 1.4 1.54 0.93 815 2.13 RBD024 159 169.6 10.6 10.0 0.50 0.34 278 0.71 inc. 167 169.6 2.6 2.5 0.77 0.16 394 0.90 and 175 176 1 1.0 0.67 0.41 138 0.90
NiEq (% nickel equivalent) based on US$19,000/t Ni, US$9,000/t Cu, US$32,000/t Co, using the formula Ni% + (0.524 x Cu%) + (1.22 x 10-4 x Co ppm). Equal Recovery Assumed.
To earn a 100% interest in the Portsoy Project, Winshear must complete 1,000m of drilling (including downhole electromagnetic surveying), undertake initial metallurgical testwork, spend a total of £3,000,000 on the Portsoy Project within 5 years of TSX-V approval (with a minimum of £300,000 per year), and issue a total of 6,500,000 common shares of the Company to Peak Nickel over five years.
Upon completion of the earn-in, Peak Nickel would retain a 1% Net Smelter Returns Royalty capped at £10 million. In the event the Portsoy Project is acquired by a third party after Winshear has completed the earn-in, Peak Nickel would receive 10% of the cash / share value paid to Winshear, capped at £10 million. In the event the agreement with Peak Nickel is assigned to a third party prior to Winshear completing the earn-in, Peak Nickel would retain an uncapped 1% Net Smelter Returns Royalty.
Winshear will retain a right of first refusal if Peak Nickel wishes to sell the royalty.
Peak Nickel will be the designated contractor for the first two years of the exploration program, subject to the control of the Winshear-controlled Management Committee. Winshear can take over the designated contractor position upon the payment of £100,000 to Peak Nickel.
Winshear has paid Peak Nickel £50,000 for a two month exclusivity period prior to entering into the Agreement and £65,000 upon the execution of the agreement announced August 11, 2025. Subsequently the Company has paid Peak Nickel £40,000 while awaiting TSX-V approval, and also made payments totalling £19,145 in relation to certain underlying property agreement payments.
The Portsoy Project, located 60km northwest of Aberdeen, Scotland, is a 250km2 area covered by a Mines Royal Option (MRO), allowing exploration for gold and silver.
The project area is underlain by Neoproterozoic rocks of Dalradian Age intruded by ultramafic, mafic and granitic rocks approximately 475 million years ago. The mafic and ultramafic rocks host the nickel – copper – cobalt mineralisation. There is limited outcrop due to glacial till.
Nickel – copper – cobalt mineralisation was discovered in the Portsoy Project area in the early 1970s by EVL.
Over the last 5 years Peak Nickel has reached agreement with certain landowners (landowners in the UK own the underlying mineral rights), allowing Peak Nickel to explore and, if successful, mine any minerals discovered in commercial / economic quantities, subject of course to being granted planning permission by the relevant government authorities.
The NQ drill core was usually sampled in 1 or 2m lengths. Core was split in half using a rock saw and bagged. On average a standard/CRM sample, a duplicate (quarter core) sample and a blank sample (2” barren granite chips) was inserted into the sample string every 25 samples. Samples averaged ~2.5kg each, and were securely bagged and transported to the Bureau Veritas Commodities Canada Ltd. laboratory in Vancouver, Canada by courier. At the lab, samples were prepared by crushing the whole sample and pulverising a 250g riffle-split to -75 microns. Pulps were then analysed by the AQ-252-EXT method with a 30g digestion and 53-element ICP. Any overlimit Ni-Cu-Co results were reanalysed using the AQ370 method.
J. Patricio Varas, P.Geo, and Mr. Richard Siddle, MSc, MGeol, MAIG, are Qualified Persons and have approved the technical information in this release.
Winshear Gold Corp. is a Canadian-based minerals exploration company conducting a regional scale exploration programme on its Thunder Bay Gold Project in Ontario.
For more information, contact Irene Dorsman at +1 (604) 200 7874.
Richard Williams, CEO
Contact: Irene Dorsman at +1 (604) 200 7874
Source: Winshear Gold Corp.
