Panthera Resources PLC (AIM: PAT) share price was up nearly 7% today after the gold exploration and development company with assets in West Africa and India, has released its unaudited interim results, detailing progress in key projects and a financial overview.
Key Financial Highlights
- Loss for the period: $1.13m (H1 2023: $1.01m), reflecting ongoing investment in exploration and arbitration activities.
- Earnings per share: $(0.01), unchanged from H1 2023.
- Net assets: Increased to $1.56m (March 2024: $1.46m).
- Equity and convertible notes issued: Secured $1.5m for ongoing activities.
Operational Highlights
India – Bhukia Gold Project Arbitration
- Notice of Arbitration (NoA): Submitted to India under the Australia-India Bilateral Investment Treaty.
- Arbitral Tribunal: Fully constituted in November 2024; procedural calendar and hearing details under discussion.
- Resource Potential: Reports from the Geological Survey of India suggest Bhukia may contain 7.2 Moz of gold, with an estimated in-ground value of $16.7 billion.
- Litigation Funding: $13.6m non-recourse facility from LCM Funding to support arbitration proceedings.
West Africa – Exploration Updates
- Bido Project (Burkina Faso):
- Completed 2,483m of RC drilling with encouraging results, including:
- 14m @ 0.91 g/t Au at Somika Hill.
- 5m @ 1.79 g/t Au at Beredo-Kiekouyou.
- 80% interest held; vendor retains 20% with a buy-back option.
- Completed 2,483m of RC drilling with encouraging results, including:
- Kalaka Project (Mali):
- Diamond drilling verified historical results, with significant intersections:
- 35m @ 0.54 g/t Au.
- 264m @ 0.38 g/t Au.
- Metallurgical tests demonstrated cyanide leaching recoveries between 67% and 88%.
- Interest increased to 85% after restructuring agreements with local partners.
- Diamond drilling verified historical results, with significant intersections:
Strategic and Financial Developments
- Convertible Loan Notes (CLNs): Raised $250k in November 2024. Notes are unsecured, carry 10% interest, and are convertible into shares at 5.5p.
- West Africa Expansion: Continued focus on exploration at Kalaka and Bido, with further drilling and resource definition planned.
Management Commentary
Mark Bolton, Managing Director:
“The past six months reflect our commitment to realizing value at Bhukia while progressing exploration in West Africa. With arbitration proceedings advancing and encouraging drilling results from Bido and Kalaka, Panthera is well-positioned for growth.”
Outlook
- India Arbitration: Procedural calendar to be finalized in 2025, with damages claim submission anticipated.
- West Africa: Expanded drilling and exploration activities in Mali and Burkina Faso.
- Funding: Continued focus on securing resources for project advancement and arbitration proceedings.
Contact Information
- Managing Director: Mark Bolton – +61 411 220 942.
- Brokers: Allenby Capital, Novum Securities, and VSA Capital.
- Website: Panthera Resources.
Conclusion
Panthera Resources has made strategic progress in both arbitration and exploration, positioning itself to unlock significant resource value in India and West Africa. Financial stability through funding facilities supports continued operational focus.
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