RCS - Panther Metals PLC - Corporate Update

Panther MetalsAnnouncement

02/01/2024 11:30

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RNS Number : 3739Y  Panther Metals PLC  02 January 2024

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 FOR IMMEDIATE RELEASE

PANTHER METALS PLC

("Panther" or the "Company")

(Incorporated in the Isle of Man with company number 009753V)

2 January 2024

Corporate Summary: Positioned to Succeed

Panther Metals PLC (LSE:PALM) the company focused on mineral exploration in
Canada, is delighted  to provide an update on the corporate strategy and to
summarise the positive strides in the multi-project portfolio in the Province
of Ontario, Canada.

 

This update highlights Panther's strategic advancements, financial resilience,
and promising investments, reflecting the Company's commitment to accelerated
growth.

 

Darren Hazelwood, Chief Executive Officer, expressed optimism about Panther's
prospects, stating:

"In light of positive market developments, Panther Metals PLC is well
positioned for accelerated growth in 2024.

External factors, such as the continued drive towards decarbonisation,
renewable energy and electric vehicles has resulted in a global shift towards
securing access to Critical Raw Materials and Metals, creating a favourable
environment that Panther will leverage given our geographic positioning to
serve the North American market.

Panther places strategic emphasis on the Obonga Project, a flagship endeavour
situated within the highly prospective Obonga Greenstone Belt covering an
expansive 291 km².

Jim Franklin, a world-renowned VMS expert has stated Obonga is the sister
greenstone belt to the Sturgeon Lake greenstone belt which contains five past
commercially producing mines and where Glencore had a team working during
2023.

The Obonga Project's significance lies not only in its current successes but
in its potential to unlock vast mineral resources, promising significant
economic growth and local job creation."

 

Key Achievements:

 

Over the course of 2023, Panther Metals PLC has not only weathered the
challenges but has emerged stronger, achieving several significant milestones:

 

·    High-Potential Exploration Projects

Panther's portfolio comprises three high-potential exploration projects
covering over 451 km² in Ontario, Canada. These projects strategically target
critical raw materials, base metals, and precious metals, reflecting Panther's
commitment to tapping into diverse and valuable resources.  With multiple
discoveries at the Obonga Project, Panther is committed to uncover Canada's
next mining district.

 

·    Prudent Portfolio Management

 

Panther have advanced the Company's entire asset portfolio, whilst maintaining
tight capital controls in a challenging market, in order to minimise dilution
and provide significant upside for shareholders.

 

·    Diversified Strategy

Panther has executed a multi-asset, diversified strategy, positioning the
Company to capitalise on a spectrum of minerals within the esteemed Tier One
mining jurisdiction of Ontario. This strategy enhances resilience and
maximises exposure to diverse market opportunities.

 

·    Monetisation of Non-Core Assets

 

Panther is actively pursuing the monetisation of non-core assets, generating
cash flow to support key projects within the portfolio. This disciplined
financial approach ensures sustained project development without overreliance
on external funding.

 

·    Strategic Investments and Partnerships

The Company has successfully forged strategic investments and partnerships,
instilling confidence in Panther's exploration model. With indicative finance
options available from multiple sources, Panther is well-positioned for
continued growth.

 

·    Strong Support from Stakeholders

Panther enjoys strong support from government entities, local communities, and
the industry. This collaborative approach provides a solid foundation for the
Company's operations, fostering a positive environment for sustainable growth.

 

 

Panther's High-Potential Exploration Project Portfolio

Obonga Project: Potential for Canada's Next Mining District

·    Total Area: 291.0 km(2)

·    Prospective for: Base Metals (Copper, Zinc, Lead, Nickel) and
Precious Metals (Gold, Silver and Platinum Group Metals) with Energy Mineral
(Lithium, Graphite) potential.

·    Significant Neighbours: Mattabi Mine (Glencore) and Sturgeon Lake VMS
Camp to west, Lac des Iles Mine (Impala Canada) to south.

 

The Obonga Project ("Obonga") is Panther's flagship project, a district scale
opportunity that already has potential partners watching our progress, has
advanced from a greenfield regional data based target area, through proof of
concept to drilling success and mineral discoveries.

Successful Drilling Campaigns:

 

Notably, Panther has achieved significant milestones through successful
drilling campaigns at Obonga's Wishbone prospect, revealing a substantial
Volcanogenic Massive Sulphide ("VMS") system. The Wishbone discovery, a first
of its kind on the Obonga Greenstone Belt, is characterised by impressive
drill hole intercepts, including 27.3m of massive sulphide and 51m of
sulphide-dominated mineralisation.

 

Further drilling in late 2022 reaffirmed the potential, with intersections
such as 3.6m @ 3.9% Zn, including 2m @ 6.8% Zn & 4.3 g/t Ag, indicating
proximity to metal-fertile fluid flow. The discovery of the Wishbone VMS
system is pivotal, boding well for the existence of additional VMS bodies in
the vicinity, given their tendency to occur in clusters.

 

The Survey and Awkward targets also witnessed preliminary drilling, confirming
VMS style mineralisation at Survey with a 29m wide intercept of cyclical
semi-massive and disseminated sulphide. This, coupled with the Wishbone
discovery, solidifies the Obonga Greenstone Belt's status as a new emerging
VMS Camp.

Emerging VMS Camp

 

The Obonga Greenstone Belt, with its emerging VMS Camp status, is
strategically positioned close to national railroad transport links and the
industrial port city of Thunder Bay. Moreover, it is approximately 75km east
of the former Mattabi/Sturgeon Lake Mining Camp on the Wabigoon Greenstone
Belt, underlining its advantageous geological and logistical position.

 

The presence of significant gold occurrences, base metals, and promising
exploration results in the Obonga Greenstone Belt contribute to its appeal as
a potential mining district. This strategic positioning makes it an attractive
prospect for future resource development and exploration.

Scalp Lake Area Potential

 

Based on regional structural studies and government geochemical datasets,
Panther has identified the Scalp Lake area adjoining the north-eastern end of
the Obonga Project as highly prospective. This area shows potential for
various metals, including lithium, rare-earths, uranium, copper, and gold.

 

The southeast trend of elevated element anomalies from the Scalp Lake area
into the central portion of the Awkward intrusive batholith suggests the
presence of a pegmatitic rock and/or structure. This presents a promising
opportunity for lithium and rare-earth pegmatite exploration, aligning with
the global demand for critical minerals.

Continued Expansion

 

Recognising the exciting potential, Panther expanded the Obonga Project
footprint by acquiring an additional 171 mining claims covering 34.2 km(2)
contiguous with the existing Obonga land package. This expansion reflects
Panther's confidence in the prospectivity of the region and its commitment to
thorough exploration.

Industry Interest and Support

 

The Canadian resource sector has shown growing interest in the Obonga Project,
with major companies expressing a desire to stay informed on drilling results.

 

The financial sector has also provided offers of support, further validating
the project's attractiveness within the larger mining and exploration
landscape.

 

In summary, the Obonga Project stands as a beacon of potential within the
Panther Metals portfolio. As Panther continues to delve into this promising
region, the Company remains poised to contribute significantly to the
development of the next mining district in Canada, showcasing its commitment
to responsible resource development and exploration in a globally significant
mining jurisdiction.

Dotted Lake Project: A Strategic Frontier

·    Total Area: 36.9 km(2)

·    Prospective for: Base Metals (Nickel, Cobalt, Copper, Zinc) and
Precious Metals (Gold, Silver and Platinum Group Metals)

·  Significant Neighbours: Barrick Gold (Hemlo Mine) to south, Palladium
One Mining Inc (Glencore 10% stake) to east.

 

Panther's strategic exploration extends ambitiously to the Dotted Lake
Project, encompassing a substantial 36.9 km² within the North Limb of the
Schreiber-Helmo Greenstone Belt. This project has become a pivotal focus for
Panther as it continues to bolster its presence in this mineral-rich region.

 

Situated just 16 km north of Barrick Gold's Hemlo Gold Mine, the Dotted Lake
Project strategically capitalises on its proximity to a renowned mining
operation. The area has undergone Panther's airborne electromagnetic and
magnetics geophysics survey, extensive soil sampling and stratigraphic
drilling, laying the groundwork for potential discoveries. Panther's
meticulous exploration approach is unfolding amidst promising prospects,
leveraging the geological advantages of this prime location.

 

The Dotted Lake Project has not only garnered attention but has also delivered
compelling results. In September 2022 the results of Panther's comprehensive
compilation study revealed a 2.8 km strike length of elevated copper, nickel
and cobalt mineralisation. This zone is strategically positioned, situated 9
km west of a recent zone of massive nickel-copper sulphide mineralisation
drilled by Palladium One Mining Inc. These findings underscore the project's
significant potential and Panther's commitment to uncovering valuable mineral
resources.

 

Soil assay results from Dotted Lake have been nothing short of extraordinary,
unveiling exceptionally high-grade nickel, copper, and cobalt. These critical
minerals hold immense importance in the burgeoning Electric Vehicle and Energy
Storage industry. Panther's success in identifying high-grade targets
reinforces its role as a key player in supplying essential resources for
industries driving future technological advancements.

Manitou Lakes: Precious Metal Potential

·    Total Area: 123.4 km(2)

·    Prospective for: Precious Metal (Gold)

·    Significant Neighbours: Dryden Gold Corp (planned Canadian listing)

 

Spanning an impressive 123.4 km² within the Eagle-Manitou-Wabigoon Greenstone
Belt, the Manitou Lakes Project takes centre stage in Panther's exploration
endeavours towards the end of 2023, with a specific focus on precious metal
exploration, particularly gold. Recent accomplishments at Manitou Lakes have
been marked by successful soil programmes containing elevated gold.

 

A non-dilutive fundraising initiative, yielding £150,000, exemplifies
Panther's strategic financial management. The infusion of capital facilitated
an extensive 503m of diamond drilling at Manitou Lakes, unveiling a previously
undrilled shear zone containing mineralisation.

 

As a testament to Panther's commitment to exploration and growth, additional
land has been strategically staked during 2023. This move grants Panther
options over more prospective exploration claims until August 2025, further
solidifying the Company's footprint in this promising region.

 

The Manitou Lakes region stands out as a gold-rich haven, boasting over 200
known gold occurrences and more than 12 km of gold-bearing structures. This
region has positioned itself as one of the most exciting greenstone belt areas
in Canada, providing Panther with ample opportunities for significant gold
discoveries.

 

Acknowledgment from the industry further validates the importance of the
Manitou Lakes Project within Panther's portfolio. The adjacent drilling
successes achieved by Dynasty Gold and the claim consolidations by Dryden
Gold, underscore the value attributed to this project, affirming Panther's
strategic vision and the project's potential for long-term success.

 

In closing, the Dotted Lake and Manitou Lakes projects represent strategic
pillars in Panther's diverse exploration portfolio. Each project contributes
unique prospects and substantial potential to the company's overarching vision
of responsible resource development and exploration in key mining
jurisdictions. The promising results and industry recognition underscore
Panther's commitment to excellence and the significant role it can play in
shaping the future of mineral exploration and development.

 

Corporate Developments

Recent changes to Panther's Board, including the appointment of Non-Executive
Directors Katherine O'Reilly and Tracy Weslosky, aim to strengthen Panther's
leadership. These appointments bring diverse expertise in corporate finance,
business strategy, capital markets, and investor relations.

Financial Initiatives

Panther's proactive approach to financial management is evident through recent
initiatives:

Convertible Loan Note ("CLN")

 

In August 2023, Panther announced a £200,000 unsecured convertible loan note
with a 12-month maturity, accompanied by a one-for-one warrant. This strategic
move aims to avoid dilution for shareholders and reflects the Board's belief
in the business's undervaluation.

Drawdown Facility with existing shareholders

 

Panther secured an unsecured drawdown facility with existing shareholders for
£150,000 to facilitate drilling of the Glass Reef target at Manitou Lakes in
late 2023. This alternative to equity financing, accompanied by attached
warrants at a premium, showcases Panther's proactive financial management.

 

Investments

Panther has strategically positioned itself for success in the mining sector
through significant investments in two key enterprises: Fulcrum Metals PLC
("Fulcrum Metals") and Panther Metals Ltd ("Panther Australia"). These
investments not only underscore Panther's commitment to a diversified
portfolio but also demonstrate a shrewd strategic approach that enhances the
overall strength and resilience of its business model.

 

Fulcrum Metals PLC (AIM:FMET): Panther's 20% stake in Fulcrum Metals
represents a substantial interest in a company that aligns with Panther's
vision for excellence in the exploration industry. Fulcrum Metals, with its
unique strengths and capabilities, brings a valuable dimension to Panther's
portfolio. The partnership is a testament to Panther's discerning investment
choices, emphasising collaborative growth and mutual success.

 

Panther Metals Ltd (ASX: PNT): Panther's 23.5% ownership stake in Australian
Securities Exchange listed Panther Australia exemplifies a strategic expansion
into key mining territories. This significant position in the Company's former
Australian branch not only showcases Panther's global reach but also positions
the Company to capitalise on the vast mineral resources in the region. The
investment in Panther Australia is a testament to Panther's confidence in the
potential for growth and success in the Australian mining landscape.

 

These strategic investments in both Fulcrum Metals and Panther Australia
contribute synergistically to Panther's overall business model. The
diversified portfolio ensures resilience against market fluctuations, while
the strategic positioning in different geographical locations maximises
exposure to valuable mining markets. Panther's vision, coupled with these
astute investments, positions the Company as a formidable force in the mining
exploration sector, poised for sustained growth and success.

 

In Conclusion

Panther remains committed to its vision of a commercial discovery while
maintaining a dynamic and flexible approach. The Company is backed by a robust
network of financial and industry partners worldwide.

As Panther continues to explore and develop its projects, the Company's
positive trajectory is poised to accelerate as we look to contribute
significantly to the mining and exploration sector in both London and Canada.

 

For further information please contact:

 

 

Panther Metals PLC:

Darren Hazelwood, Chief Executive Officer:  +44 (0)1462 429 743

 
+44 (0)7971 957 685

Joint Brokers:

Axis Capital Markets Limited
+44 (0)20 3026 0449

Ben Tadd

Lewis Jones

Tavira Financial
Limited                                  +44
(0)20 3833 3743

Christopher James Kipling
 

 

SI Capital Limited
 
+44 (0)1438 416 500

Nick Emerson
 

 

Notes to Editors

Panther is an exploration company listed on the main market of the London
Stock Exchange. Panther is focussed on the discovery of commercially viable
mineral deposits. The Company's operational focus is on established mining
jurisdictions with the capacity for project scalability. Drill targets are
assessed rapidly utilising a combination of advanced technologies and
extensive geological data to decipher potential commercial viability and act
accordingly. Panther's current geological portfolio comprises of three highly
prospective properties in Ontario, Canada while the developing investment wing
focuses on the targeting of nickel and gold in Australia.

 

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