TIDMPAT
RNS Number : 1403Y
Panthera Resources PLC
29 December 2023
29 December 2023
Panthera Resources PLC
(Panthera or the Company)
Interim Results - Six months ended 30 September 2023
Panthera Resources PLC (AIM: PAT), the gold exploration and
development company with key assets in West Africa and India, is
pleased to announce its unaudited interim results for the half-year
ended 30 September 2023.
Highlights
-- Total loss for the reporting period of US$ 1,010,983 loss or
US$0.01 per share (2022: US$1,477,506 loss or US$0.01 per share)
reflecting our ongoing commitment to our exploration activities
during the period
-- LCM Funding SG Pty Ltd ("LCM Funding" or the "Funder")
successfully completed its due diligence and issued the Funding
Confirmation Notice (the "FCN") for US$13.6 million
-- Moydow completed a 5641 metre reverse circulation (" RC")
drilling campaign at the Cascades Project targeting extensions to
the current resources and several new targets
-- At Kalaka, the Company completed eight reverse circulation
drill holes for 705 metres advance at the K1A Prospect with drill
assay results including 76 metres at 0.53 g/t Au (includes 10
metres at 1.16 g/t Au), 34 metres at 0.50 g/t Au, 85 metres at 0.52
g/t Au (includes 12 metres at 1.62 g/t Au to End of the hole)
-- At Bido, the Company completed IP gradient array (for a total
of 82 km lines) and IP pole-dipole array lines (6.4 km) focusing on
the Kwademen Zone
Mark Bolton, Managing Director of Panthera Resources,
commented:
" The September 2023 decision by the High Court of Rajasthan
("HCR") to dismiss the writ petition adds to the act of
expropriation, and India has again breached its obligations to
provide investment protections to Indo Gold Pty Ltd (" IGPL") and
its investment under the Treaty.
Our focus has now shifted to pursuing a claim against India for
breaches of its obligations under Treaty and we have secured the
US$13.6 million unconditional funding facility from LCM Funding in
support of our claim. The issuance of a Notice of Dispute ("NoD")
will be the first step in this process.
Under the Treaty, compensation for expropriation is required to
be calculated on the basis of the market value of the investment
immediately before the expropriation. The Company believes that the
market value of Bhukia is substantial with the project ranking
among the top undeveloped gold projects in the world. "
Bhukia Project (India)
Arbitration
On 27 September 2023, the Company announced that the HCR had
dismissed Metal Mining India Pvt Ltd's ("MMI") writ petition based
on the recent Mines and Minerals (Development and Regulation)
Amendment Act (2021) ("MMDR2021").
Following the decision by the HCR, the Company's Australian
subsidiary, Indo Gold Pty Ltd ("IGPL") expects to issue a NoD
against India over the latter's breaches of its obligations under
the Treaty.
Following the delivery of the NoD and in the absence of any
meaningful correspondence in relation to this matter from the
Government of India or if no amicable settlement is reached, IGPL
will subsequently deliver a notice of arbitration to the Government
of India. Under the Treaty, an arbitral tribunal is to be
constituted within two months of delivery of the notice of
arbitration.
The Company is aware that on 30 September 2023 the Times of
India reported that, based on information from the Geological
Survey of India and the Additional Chief Secretary of Mines, the
gold deposit at the site could be worth over US$1 billion. This
valuation has not been independently verified by the Company.
Accordingly, while at this stage the Company is not able to make
any comments in relation to the potential quantum of damages that
IGPL will claim from India, the Company will in due course,
announce the actual quantum of damages that IGPL will claim from
India when available. This quantum may differ from that reported by
third parties, including but not limited to, the Times of
India.
Litigation Financing Facility
On 28 February 2023, the Company announced that it had entered
into a conditional agreement with LCM Funding SG Pty Ltd ("LCM
Funding" or the "Funder") to provide a facility to the Company's
subsidiary, IGPL, to support IGPL's claims against India arising
from the Treaty.
On 25 August 2023, the Company announced that LCM Funding had
successfully completed its due diligence and issued the Funding
Confirmation Notice (the "FCN") for US$13.6 million. Following such
issuance, an unconditional funding facility has been made available
to IGPL.
LCM Funding is a subsidiary of Litigation Capital Management
Limited ("LCM"), a firm quoted on the AIM Market of the London
Stock Exchange. LCM is a leading global disputes funder with
significant expertise in international arbitration and cross-border
disputes, including bilateral investment treaty claims over mineral
resource assets.
The US$13.6 million non-recourse litigation financing facility
from LCM Funding is to be used in pursuing its Treaty claims
against India. If no award and/or recovery are achieved, then LCM
Funding is not entitled to any repayment of the Facility.
In the event that there is an award and/or recovery, LCM Funding
shall be entitled, in the first instance, to the amounts it has
deployed from the Facility, as well as the greater of:
a) approximately US$1.36 million being 10% of the Funding Limit
(which is the amount of the Facility);
b) a Funder's commission (the "Commission") of between 5% and
15% of the damages recovered, based upon the number of years that
have passed from the date of the Funding Confirmation Notice;
or
c) a multiple (the "Multiple") of between 2 and 4.25 times the
total of the Facility, based upon the number of years that have
passed from the date of the Funding Confirmation Notice.
In the event that the settlement or award includes the value or
benefit of any property other than cash, pursuant to the terms of
the AFA, IGPL is required to realise and convert a portion of its
interest in the property, or secure external finance, to secure
sufficient cash and then apply it in accordance with the above.
West Africa Activities
Cascades (Burkina Faso)
The Cascades Project, formerly named Labola, is owned and
managed by Moydow Holdings Ltd (Moydow). Following a restructuring
completed and announced on 30 June 2022, Panthera currently holds
an equity interest of 20% in Moydow with DFR agreeing to spend up
to US$18 million (Earn-In) on Cascades in order to maintain its
ownership interest of up to 80%.
The Cascades gold exploration project is in the Banfora
greenstone belt of the West African Birimian Supergroup in
southwest Burkina Faso. Cascades is approximately 450km
west-southwest of the capital, Ouagadougou, and 100km northeast of
the Wahgnion gold mine, operated by Endeavour Mining.
More than 65,500m of historical drilling (541 holes) has been
completed across multiple drilling campaigns by previous owners
with Moydow exploring the area since August 2020. Following a 2021
drilling program by Moydow, a maiden Mineral Resource Estimate
(MRE) was published in October 2021 as stated in Table 1:
Table 1 Maiden Mineral Resource Estimate, October 2021
Indicated Mineral Resource: 5.41Mt @ 1.52g/t Au (264,000oz)
Inferred Mineral Resource: 6.93Mt @ 1.67g/t Au (371,000oz)
--------------------------------
In May 2023, the Company completed a 5641 metre (RC) in 57 drill
holes targeting five areas. The drilling programme was the first
phase of a planned two-phase 10,000m programme and targeted both
extensions to the current resources and several new areas (Figure
1):
-- two newly defined targets immediately north and southwest of
the Daramandougou resource pit shell western Zone extension, and
Dara North respectively;
-- step-out drilling on the TT13 target, a significant new gold zone identified in 2022; and
-- first-pass drilling on three other newly delineated targets
in the Wuo Land 2 licence area at Far East, Sina Yar and
TT13-West.
Sina Yar
Ten drill holes were drilled for an aggregate of 903 metres.
Significant mineralisation was intersected in each hole drilled. In
particular, three consecutive holes testing 250m metres of strike
length of the main north-south trending structure in metasediments
intersected significant widths of mineralisation as follows:
- CS23-RC077 50-84 metres, 34 metres @ 1.83g/t
- CS23-RC077 23-29 metres 6 metres @ 1.14
- CS23-RC078 53-71 metres, 18 metres @ 1.13g/t
- CS23-RC078 74-78 metres, 4 metres @ 1.25g/t and
- CS23-RC078 88-96 metres, 8 metres @ 1.64g/t and
- CS23-RC078 103-113 metres, 10 metres @ 1.02g/t
The mineralisation is hosted by quartz veins within a
north-south trending mineralised envelope hosted by banded
greywacke and sandstone metasedimentary sequence. Sina Yar is
currently the target of significant artisanal mining activity over
a kilometre-long strike length exploiting a north-south zone from
what appears to be a near-vertical mineralised envelope. The zone
is open to the north and possibly to the south.
Mineralisation appears open to the north of the drill-tested
area. In the more southerly holes, mineralisation was weaker and
patchier although artisanal activity remains intense. A highly
altered felsitic intrusion has been mapped towards the southern end
of the Sina Yar workings, similar to the intrusions mapped at both
the Daramandougou and Wuo Ne mineral resource areas. Follow-up
drilling is planned at Sina Yar, starting with stepping out to the
north of CS23-RC077.
The three northernmost holes at the Far East target appear to
have found a significant zone of mineralisation albeit low grade.
Significant intersections included hole CS23-RC066 32-60 metres, 28
metres @ 0.56g/t.
Although the intersections are low grade, historical drilling by
High River Gold intersected several high-grade intercepts nearby
and grab samples by DFR in 2022 returned grades up to 9.3g/t in
quartz veins being exploited by artisanal miners. The
mineralisation appears to be open north of CS23-RC066 and the
current artisanal workings appear to extend between 250 metres to
450 metres further north of CS23-RC066.
TT13 Target
The TT-13 target was tested by DFR with a first-pass drilling
programme of 9 holes in July 2022. A 1,800 metre strike length of
intermittent mineralisation has been delineated from field mapping
and drone surveys. The zone is characterised by almost continuous
artisanal workings at the surface. The 2022 drilling here
delineated a 300-metre strike length with significant
mineralisation in three holes for example CS22-RC029 27-36m, 9
metres @ 1.0g/t plus 56-66m, 10 metres @ 1.81g/t. The current
campaign targeted the northerly and southerly extensions of the
zone. Mineralisation is sporadic but several holes intersected
significant mineralisation which extends the zone. For example,
hole CS23-RC098, collared 370 metres north of CS22-RC029, returned
8 metres @ 1.21g/t (30-38 metres) plus 4 metres @ 1.81g/t (63-67
metres).
TT-13 West target
In the first pass drilling at the newly delineated TT-13 West
target five easterly inclined holes targeted a vertical shear zone
in a new orpaillage area 800 metres west of the TT13 target. The
artisans are targeting an array of thin, reportedly high-grade,
quartz veins in metasediment but the mineralisation intersected has
been sporadic. The highest grade intersected in the drilling was
CS23-RC086, 61-62 metres downhole, 1 metre @11.6g/t gold. The
broadest intercept was in CS23-RC088 63-78 metres, 15 metres @
0.88g/t.
Western Zone SW-Extension and Dara North targets
Drilling at the Dara North and the Southwestern Extension of the
Western Zone was targeted primarily at combined
resistivity/chargeability geophysics anomalies and at each target
significant mineralisation was only intersected over sub-mineable
widths. At Dara North, a pervasive linear zone of artisanal mining
confirms the northerly extension of Western Zone mineralisation
from the main Daramandougou artisanal area. However, the
mineralised zone appears to be thin and sporadic within the 750
metres of strike length tested.
Bassala Project (Mali)
The Bassala project is located within the highly gold-endowed
Birimian volcano-sedimentary belt in southwestern Mali,
approximately 200km south of the capital city Bamako.
The belt hosts the Kalana (Endeavour Mining, 4Moz) and Kodieran
(Wassoul'or, 2Moz) gold mines, both within a few kilometres of the
Bassala project. The adjacent belt to the west is also well endowed
with gold and hosts the Siguiri (AngloGold Ashanti ("AngloGold"),
17Moz), Tri-K (Avocet Mining, 3Moz), Kobada (African Gold Group,
3Moz), and Yanfolila (Hummingbird Resources, 2Moz) gold mines.
In June 2022 and July 2022, the Company completed a 5931 metre
drilling programme to follow up results of earlier drilling across
the Bassala North, Bassala Central and Bassala South Sectors, with
five significant prospects defined from initial and follow-up
geochemical drilling campaigns. The most significant prospect is
the Tabakorole Prospect which has a 2km strike length within which
drilling has identified wide zones of mineralisation. Drill assay
results (based on 5m composite sampling) from the 2022 campaigns
include:
- 5 metres at 5.60 g/t Au from 40m
- 5 metres at 4.68 g/t Au from 10m
- 5 metres at 3.73 g/t Au from 35m.
Recent field work at Bassala in 2023 has identified the location
of new artisanal gold diggings that highlight several zones of
potential mineralisation that had not previously been drill tested
by the Company. The Company intends to complete geological mapping
and sampling of these new zones ahead of planning for further
drilling.
Bido (Burkina Faso)
The Bido permit in Burkina Faso is located on the Koudougou
quadrangle some 125km WSW of the capital Ouagadougou. The tenement
lies within the Boromo greenstone belt which also hosts the Poura
gold deposit (1 to 2 Moz), situated about 50 km to the SSW of the
area, as well as numerous gold occurrences.
In 2022, the Company completed an IP geophysical survey and
expanded its geological mapping and outcrop rock sampling, with 28
strong IP anomalies identified. Rock sample results identified
several outcropping mineralised vein systems coincident with the
strong IP anomalies, best results from grab sampling being:
- 42.2g/t Au
- 20.0g/t Au
- 13.6g/t Au
- 13.4g/t Au
- 10.9g/t Au
In 2023, the Company completed a geophysical programme of IP
gradient array (for a total of 82 km lines ) and IP pole-dipole
array lines (6.4 km). The work is focusing on three prospects
(Figure 2) on the Kwademen Zone (Kwademen, Kwademen-East and
Kwademen-South).
The Company has also acquired analog historical data from the
archives of the library of the Ministry of Mines in Ouagadougou and
has commenced converting the database to a digital format to
intergrate with the Company's data. The historical works performed
on the Kwademen area included mapping, trenching, soil sampling,
drilling, and geophysics (EM). The results of these programs have
highlighted the presence of gold and base metals occurrences.
Kalaka Project (Mali)
The Kalaka Project is located in southeast Mali, between Morila
and Syama gold mines and is approximately 260 km southeast of
Bamako. It lies approximately 80 km south of the Morila gold mine
(8m oz) and 85 km northwest of Resolute's Syama gold mine (6m oz)
and is situated adjacent and to the east of the regional Banifin
Shear Zone.
Panthera and DFR Gold Inc (DFR) each have 40% interest in Kalaka
held through their interest in Maniger Ltd. The remaining 20%
interest is owned by a local partner, Golden Spear Mali SARL.
Panthera is the operator of the project.
During the September 2023 period the Company completed eight
reverse circulation drill holes for 705 metres advance at the K1A
Prospect at the Kalaka Project in Mali with drill assay results
(based on 2m sampling intervals) including:
- 76 metres at 0.53 g/t Au (includes 10 metres at 1.16 g/t Au) in hole KRC_23_005
- 34 metres at 0.50 g/t Au in hole KRC_23_006
- 85 metres at 0.52 g/t Au in hole KRC_23_007 (includes 12
metres at 1.62 g/t Au to End of the hole)
The programme was interrupted due to heavy rain and accordingly,
the proposed northern exploration holes were untested.
Events Post Balance Date
In December 2023, the Company completed an equity capital
raising of GBP935,000.
Based on current expenditure levels, it is anticipated that all
funds will be used within the next 6 months. The Group's ability to
continue as a going concern is dependent upon raising additional
capital.
Panthera Resources PLC
Unaudited Interim Financial Information for the period ended
30 September 2023
Set out below are the unaudited result of the group for the six
months to 30 September 2023.
Group Statement of Comprehensive Income
For the six months ended 30 September
2023
Six months Six months
to 30 September to 30 September
2023 2022
Notes Unaudited $USD Unaudited $USD
------------------------------------------- ------ ----------------- -----------------
Continuing operations
Revenue - -
------------------------------------------- ------ ----------------- -----------------
Gross profit - -
Other Income 2 411,274 13
Exploration costs expensed (167,368) (842,611)
Administrative expenses (441,737) (427,279)
Share of losses in Investment
in Associate 3 (335,798) (167,066)
Arbitration related expense 4 (482,968) -
------------------------------------------- ------ ----------------- -----------------
Loss from operations (1,016,597) (1,436,943)
Investment revenues 22 7
------------------------------------------- ------ ----------------- -----------------
Loss before taxation (1,016,575) (1,436,936)
Taxation - -
Other comprehensive income
Items that may be reclassified
to profit or loss:
Exchange differences 5,592 (40,570)
-----------------
Loss and total comprehensive
income for the period (1,010,983) (1,477,506)
------------------------------------------- ------ ----------------- -----------------
Total loss for the period
attributable to:
- Owners of the Parent Company (1,012,665) (1,432,158)
- Non-controlling interest (3,910) (4,778)
(1,016,575) (1,436,936)
------------------------------------------- ------ ----------------- -----------------
Total comprehensive income
for the period attributable
to:
- Owners of the Parent Company (1,007,073) (1,472,728)
- Non controlling interest (3,910) (4,778)
(1,010,983) (1,477,506)
------------------------------------------- ------ ----------------- -----------------
Earnings per share attributable
to the owners of the parent
Continuing operations (undiluted/diluted) 5 (0.01) (0.01)
------------------------------------------- ------ ----------------- -----------------
Group Statement of Financial Position
As at 30 September 2023
30 September 31 March 2023
2023
Notes Unaudited $USD Unaudited $USD
-------------------------------- ------ --------------- ---------------
Non-current assets
Intangible Assets 1,251,457 1,251,457
Property, plant and equipment 2,232 2,288
Investments 457,201 654,357
-------------------------------- ------ --------------- ---------------
1,710,890 1,908,102
Current assets
Trade and other receivables 6 468,732 65,826
Cash and cash equivalents 217,486 126,275
-------------------------------- ------ --------------- ---------------
686,218 192,101
-------------------------------- ------ --------------- ---------------
Total assets 2,397,108 2,100,203
Non-current liabilities
Provisions 41,998 42,508
41,998 42,508
Current liabilities
Provisions 33,930 27,160
Trade and other payables 7 841,748 799,293
Total liabilities 917,676 868,961
-------------------------------- ------ --------------- ---------------
Net assets 1,479,432 1,231,242
-------------------------------- ------ --------------- ---------------
Equity
Share capital 2,019,222 1,721,441
Share premium 23,099,794 22,125,397
Capital reorganisation reserve 537,757 537,757
Other reserves 967,598 980,604
Retained earnings (24,762,937) (23,755,864)
-------------------------------- ------ --------------- ---------------
Total equity attributable
to owners of the parent 1,861,434 1,609,334
Non-controlling interest (382,002) (378,092)
Total equity 1,479,432 1,231,242
-------------------------------- ------ --------------- ---------------
Group Statement of changes of equity
For the six months ended 30 September 2023
Share Share Capital Other Retained Total Non-controlling Total
Capital premium re-organisation reserves earnings equity interest
account reserve
Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited
$USD $USD $USD $USD $USD $USD $USD $USD
--------------- ------------------- ------------- ---------------- ------------------- ------------------ ---------------------- ------------------------ --------------------
Balance at
1 April 2022 1,408,715 20,510,881 537,757 980,604 (20,791,956) 2,782,536 (361,740) 2,420,796
Loss for the
period - - - - (1,432,158) (1,432,158) (4,778) (1,436,936)
Foreign
exchange
differences
realised
during
the period - - - - (40,570) (40,570) - (40,570)
Total
comprehensive
income for
the period - - - - (1,472,728) (1,472,728) (4,778) (1,477,506)
--------------- ------------------- ------------- ---------------- ------------------- ------------------ ---------------------- ------------------------ --------------------
Issue of
shares
during the
period 193,958 1,239,021 - - - 1,432,979 - 1,432,979
Loss on
remeasurement
of financial
assets at
FVOCI - - - 295 - 295 - 295
Foreign
exchange
differences
on
translation
of currency - - - 177,642 - 177,642 - 177,642
Total
transactions
in the year
recognised
directly in
equity 193,958 1,239,021 - 177,937 - 1,610,916 - 1,610,916
--------------- ------------------- ------------- ---------------- ------------------- ------------------ ---------------------- ------------------------ --------------------
Balance at
30 September
2022 1,602,673 21,749,902 537,757 1,295,076 (22,264,684) 2,920,724 (366,518) 2,554,206
--------------- ------------------- ------------- ---------------- ------------------- ------------------ ---------------------- ------------------------ --------------------
Balance at
1 April 2023 1,721,441 22,125,937 537,757 980,604 (23,755,864) 1,609,334 (378,092) 1,231,242
Loss for the
period - - - - (1,012,665) (1,012,665) (3,910) (1,016,575)
Foreign
exchange
differences
realised
during
the period - - - - 5,592 5,592 - 5,592
Total
comprehensive
income for
the period - - - - (1,007,073) (1,007,073) (3,910) (1,010,983)
--------------- ------------------- ------------- ---------------- ------------------- ------------------ ---------------------- ------------------------ --------------------
Issue of
shares
during the
period 297,781 974,397 - - - 1,272,178 - 1,272,178
Share options
issued - - - 1,848 - 1,848 - 1,848
Foreign
exchange
differences
on
translation
of currency - - - (14,855) - (14,855) - (14,855)
Total
transactions
in the period
recognised
diectly in
equity 297,781 974,397 - (13,007) - 1,259,171 - 1,259,171
--------------- ------------------- ------------- ---------------- ------------------- ------------------ ---------------------- ------------------------ --------------------
Balance at
30 September
2023 2,019,222 23,099,794 537,757 967,597 (24,762,937) 1,861,432 (382,002) 1,479,430
--------------- ------------------- ------------- ---------------- ------------------- ------------------ ---------------------- ------------------------ --------------------
Group Statement of cash flows
For the period ended 30 September 2023
Six months Six months
to 30 September to 30 September
2023 2022
Unaudited Unaudited
$USD $USD
---------------------------------------------- ----------------- -----------------
Cash flows from operating activities
Cash used in operations (737,942) (1,472,597)
Income taxes paid - -
---------------------------------------------- ----------------- -----------------
Net cash outflow from operating activities
8 (737,942) (1,472,597)
Investing activities
Payments for arbitration related expenses (304,330) -
Additional investment in joint venture (138,694) -
Net cash generated/(used) in investing
activities (443,024) -
Financing activities
Proceeds from issue of shares 1,412,979 -
Effect of exchange rate movement on cash - (1)
Net cash generaged from financing activities 1,272,178 1,412,978
Net increase in cash and cash equivalents (91,211) (59,619)
Cash and cash equivalents at beginning
of the period 126,275 175,925
Cash and cash equivalents at end of the
period 217,486 116,306
---------------------------------------------- ----------------- -----------------
NOTES TO THE FINANCIAL STATEMENTS
Basis of preparation
1
The interim consolidated financial statements have been prepared
in accordance with UK adopted International Financial Reporting
Standards (IFRS) and IFRS Interpretations Committee (IFRS IC)
interpretations as adopted by the European Union applicable to
companies under IFRS . The interim financial information relating
to the six-month periods to 30 September 2023 and 30 September
2022 are unaudited.
The interim financial statements have been prepared on the historical
cost basis, except for the valuation of investments at fair value
through profit or loss. The interim financial statements have
been prepared under the same accounting policies as the year
end financial statements to 31 March 2023 as approved on 29 September
2023. The principal accounting policies adopted are set out in
the Annual Report 31 March 2023.
The interim financial statements have been prepared on a going
concern basis. The group incurred a net loss of $1,010,983 and
incurred operating cash outflows of $737,942 and is not expected
to generate any revenue or positive outflows from operations
in the 12 months from the date at which these interim financial
statements were signed. Management indicates that on current
expenditure levels, all current cash held will be used prior
to the 12 months subsequent of the signing of these interim financial
statements.
While the Directors are confident that they will be able to secure
the necessary funding, the current conditions do indicate the
existence of a material uncertainty that may cast significant
doubt regarding the applicability of the going concern assumption.
The Directors have, in the light of all the above circumstances,
a reasonable expectation that the group has adequate resources
to continue in operational existence for the foreseeable future.
Thus, they continue to adopt the going concern basis of accounting
preparing the group interim financial statements.
The functional currency of the Company is British Pounds (GBP).
This is due to the Company being registered in the U.K and being
listed on AIM, a London based market. Additionally, a large proportion
of its administrative and operative costs are denominated in
GBP.
The interim financial statements are prepared in United States
Dollars ($), which is the reporting currency of the Group. Monetary
amounts in these interim financial statements are rounded to
the nearest whole dollar. This has been selected to align the
Group with accounting policies of other major gold-producing
Companies, the majority of whom report in $.
As permitted by section 408 of the Companies Act 2006, the Company
has not presented its own statement of comprehensive income and
related notes. The Company's total comprehensive loss for the
period was $868,044 (2022: $1, 480,858).
At the date of authorisation of these interim financial statements,
there are no new, but not yet effective, standards, amendments
to existing standards, or interpretations that have been published
by the IASB that will have a material impact on these financial
statements.
Other Income
2
Group
------------------------------
Six months Six months
to to
30 September 30 September
2023 2022
$ USD $ USD
------------------------------------- -------------- --------------
Arbitration Finance Facility Income 411,274 -
Sundry income - 13
------------------------------------- -------------- --------------
Other Income 411,274 13
------------------------------------- -------------- --------------
On 24 August 2023, the Company announced that LCM had issued
a Funding Confirmation Notice making available a US$13.6 million
unconditional arbitration finance facility for IGPL to support
its claims against India over the latter's breaches of its obligations
under the Treaty. Funding will be made available to cover arbitration
related expenses.
Share of losses in Investment in Associate and Joint Venture
3 Group
------------------------------
Six months Six months
to to
30 September 30 September
2023 2022
$ USD $ USD
---------------------------------------------- -------------- --------------
Moydow investment share of loss attributable
to Group at 45.8% ownership - 167,066
Moydow investment share of loss attributable 169,704 -
to Group at 20% ownership
Maniger joint venture share of loss 166,094 -
attributable to Group at 50% ownership
---------------------------------------------- -------------- --------------
Share of losses in Investment and
Joint Venture 335,798 167,066
---------------------------------------------- -------------- --------------
The Company's 45.8% investment in Moydow was diluted on 1 July
2022 to 20% following the completion of the farm in agreement with
diamond Field Resources ("DFR") whereby DFR acquired all the shares
and options in Moydow not held by the Group. As part of the
agreement, the Kalaka and Nigerian projects were transferred into a
new company called Maniger. As a result, the Company's investment
interest in Moydow and the Cascade project has reduced to 20% and
the Group now has a 50% joint venture interest in Maniger. The
Directors have assessed the Company has significant influence over
Moydow due its 20% holding and over Maniger due its 50%
holding.
Arbitration Related Expenses
4 Group
------------------------------
Six months Six months
to to
30 September 30 September
2023 2022
$ USD $ USD
----------------------------- -------------- --------------
Arbitration related expenses 482,968 -
----------------------------- -------------- --------------
Arbitration related expenses are those incurred in relation to
IGPL's claims against India over the latter's breaches of its
obligations under the Treaty.
Earnings per share
5 Group
------------------------------
Six months Six months
to to
30 September 30 September
2023 2022
Number Number
----------------------------------------- -------------- --------------
Weighted average number of ordinary
shares for basic earnings per share 149,331,074 122,269,464
----------------------------------------- -------------- --------------
Earnings
Continuing operations $ USD $ USD
Loss for the period from continuing
operations (1,016,575) (1,436,936)
Less non-controlling interests (3,910) (4,778)
Earnings for basic and diluted earnings
per share being net loss attributable
to equity shareholders (1,012,665) (1,432,158)
----------------------------------------- -------------- --------------
Basic earnings per share (0.01) (0.01)
----------------------------------------- -------------- --------------
Basic earnings per share has been calculated by dividing the
loss attributable to equity holders of the Company after taxation
by the weighted average number of shares in issue during the
period. There is no difference between the basic and diluted loss
per share on loss making operations.
Trade and other receivables Group
6 ------------------------------
Six months Six months
to to
30 September 30 September
2023 2022
$ USD $ USD
----------------------------------------- -------------- --------------
Current:
Other debtors 44,682 65,290
Arbitration finance facility receivable 404,328 -
Tenement Deposits 529 536
Loans advanced to other companies 19,193 -
----------------------------------------- -------------- --------------
468,732 65,826
----------------------------------------- -------------- --------------
Trade and other receivables are expected to be recovered in less
than 12 months for the Group. Subsequent to year end the Company
has received $404,328 from Arbitration funders.
Trade and other payables Group
7 --------------------------------
Six months Six months
to to
30 September 30 September
2023 2022
$ USD $ USD
------------------------------ ---------------- --------------
Current:
Trade payables 281,929 553,279 553,279
Arbitration related payables 455,524 -
Accruals and other payables 23,280 163,172
Intercompany creditor 81,015 102,843
------------------------------ ---------------- --------------
841,748 799,294
------------------------------ ---------------- --------------
Subsequent to year end the Company has paid $455,524 in
Arbitration related payables.
Cash flows from operating activities Group
8 ------------------------------
Six months Six months
to to
30 September 30 September
2023 2022
$ USD $ USD
-------------------------------------------- -------------- --------------
Loss for the period after
tax (1,010,983) (1,477,506)
Adjustments for:
Depreciation and impairment
of property, plant and equipment 56 (2,208)
Unrealised foreign exchange
gain/(loss) (12,952) 178,154
Share of loss of Investments 335,798 167,066
Payments made in shares in
lieu of cash - 20,000
Arbitration related expenses 304,330 -
Movements in working capital:
(Increase)/decrease in trade
and other receivables (402,906) 176,202
Increase/(decrease) in trade
and other payables 42,455 (527,561)
Increase/(decrease) in provisions 6,260 (6,744)
------------------------------------------- -------------- ----------------
Cash flow s used in operating
activities (737,942) (1,472,597)
------------------------------------------- -------------- ----------------
9 Related party transactions Group
------------------------------
Six months Six months
to to
30 September 30 September
2023 2022
$ USD $ USD
------------------------------------------- -------------- ----------------
Remuneration for qualifying services
- Directors 152,840 149,963
Remuneration disclosed above includes
the following amounts paid to the
highest paid Director 93,180 92,693
------------------------------------------ -------------- --------------
Directors' Fees Share based payments Total
For the For the For the For the For the For the
period period period period period period
ended 30 ended 30 ended 30 ended 30 ended 30 ended 30
Sep 2023 Sep 2022 Sep 2023 Sep 2022 Sep 2023 Sep 2022
-------------------
$ USD $ USD $ USD $ USD $ USD $ USD
------------------- --------- --------- ---------- ---------- --------- ---------
Mike Higgins 11,015 17,583 11,015 3,517 22,030 21,100
Mark Bolton 93,180 92,693 - - 98,180 92,693
David Stein 6,294 10,048 6,294 2,010 12,589 12,057
Tim Hargreaves 6,294 10,048 6,294 2,010 12,589 12,057
Catherine Apthorpe 6,294 10,048 6,294 2,010 12,589 12,057
------------------- --------- --------- ---------- ---------- --------- ---------
Totals 123,010 140,418 29,830 9,545 152,840 149,963
------------------- --------- --------- ---------- ---------- --------- ---------
At 30 September 2023, Directors were owed $94,522 in fees for
services performed during the period. These amounts have been
accrued and will be paid in the next 12 months.
Transactions with related parties
Directors of the Group, or their Director-related entities, hold
positions in other entities that result in them having control
or significant influence over the financial or operating policies
of these entities.
The terms and conditions of the transactions with Directors and
their Director related entities were no more favourable than
those available, or which might reasonably be expected to be
available, on similar transactions to non-Director related entities
on an arm's length basis.
The transactions recognised during the period relating to Directors
and their Director related entities were as follows:
* Indo Gold Pty Ltd (IGPL) owes by way of intercompany
loan to the Company $396,825 at 30 September 2023.
* Panthera Exploration Mali SARL owes by way of
intercompany loan to the Company $61,199 at 30
September 2023.
* Panthera Burkina SARL owes by way of intercompany
loan to the Company $12,135 at 30 September 2023.
* A fee was charged by the Company to IGPL during the
period of $4,056 for management services, company
secretarial, accounting and legal services provided.
* A fee was charged by the Company to Panthera Burkina
SARL during the period of $12,135 for tenement
service expenses.
* A fee was charged by the Company to Panthera
Exploration Mali SARL during the period of $3,961 for
tenement service expenses.
* The Company owes Directors $94,522 at 30 September
2023 for services rendered during the period.
Events Subsequent to Reporting Date
10
Capital Raising
Subsequent to 30 September, the Company has completed an equity
capital raising of GBP935,000 at 5 pence per share ("the Placing)
and issued 18,700,000 shares in December 2023. In addition, pursuant
to the Placing Agreement with Novum Securities Limited ("Novum")
and as a result of certain funds separately introduced by Allenby
Capital Limited ("Allenby") to the Subscription, the Company
has agreed to issue 312,000 options and 360,000 options to Novum
and Allenby Capital respectively, exercisable at a price of 5
pence on or before 14 December 2025 (together the "Option") with
each Option entitling the holder to acquire one new Ordinary
Share upon exercise of the Option.
As at the date of this report, the issued ordinary share capital
of Panthera consists of 173,989,083 ordinary shares.
Contacts
Panthera Resources PLC
Mark Bolton (Managing Director) +61 411 220 942
contact@pantheraresources.com
Allenby Capital Limited (Nominated Adviser & Broker) +44 (0) 20 3328 5656
John Depasquale / Vivek B hardwaj (Corporate Finance)
Kelly Gardiner / Stefano Aquilino (Sales & Corporate
Broking)
Allenby Capital Limited (Nominated Adviser & Joint Broker) +44 (0) 20 3328 5656
John Depasquale / Vivek B hardwaj (Corporate Finance)
Guy McDougall / Kelly Gardiner (Sales & Corporate
Broking)
Novum Securities Limited (Joint Broker) +44 (0) 20 7399 9400
Colin Rowbury
Financial Public Relations
Zak Mir +44 (0) 786 752 7659
Subscribe for Regular Updates
Follow the Company on Twitter at: @PantheraPLC
For more information and to subscribe to updates visit:
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Qualified Person
The technical information contained in this disclosure has been
read and approved by Ian S Cooper (BSc, ARSM, FAusIMM, FGS), who is
a qualified geologist and acts as the Qualified Person under the
AIM Rules - Note for Mining and Oil & Gas Companies. Mr Cooper
is a geological consultant to Panthera Resources PLC.
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
Forward-looking Statements
This news release contains forward-looking statements that are
based on the Company's current expectations and estimates.
Forward-looking statements are frequently characterised by words
such as "plan", "expect", "project", "intend", "believe",
"anticipate", "estimate", "suggest", "indicate" and other similar
words or statements that certain events or conditions "may" or
"will" occur. Such forward-looking statements involve known and
unknown risks, uncertainties, and other factors that could cause
actual events or results to differ materially from estimated or
anticipated events or results implied or expressed in such
forward-looking statements. Such factors include, among others: the
actual results of current exploration activities; conclusions of
economic evaluations; changes in project parameters as plans
continue to be refined; possible variations in ore grade or
recovery rates; accidents, labour disputes, and other risks of the
mining industry; delays in obtaining governmental approvals or
financing; and fluctuations in metal prices. There may be other
factors that cause actions, events, or results not to be as
anticipated, estimated, or intended. Any forward-looking statement
speaks only as of the date on which it is made and, except as may
be required by applicable securities laws, the Company disclaims
any intent or obligation to update any forward-looking statement,
whether as a result of new information, future events, or results
or otherwise. Forward-looking statements are not guarantees of
future performance and accordingly, undue reliance should not be
put on such statements due to the inherent uncertainty therein.
**ENDS**
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END
IR FIFSFFLLAFIV
(END) Dow Jones Newswires
December 29, 2023 02:00 ET (07:00 GMT)
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