REG - Panther Metals PLC - Half-year Report
25/09/2025 07:00
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RNS Number : 7140A Panther Metals PLC 25 September 2025
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FOR IMMEDIATE RELEASE
PANTHER METALS PLC
("Panther" or the "Company")
(Incorporated in the Isle of Man with company number 009753V)
Panther Metals plc
Half Yearly Financial Report
For the six months ended 30 June 2025
Chairman's Statement
I am pleased to present the Chairman's Statement for Panther Metals PLC for
the six months ended 30 June 2025, a period that has been marked by
significant strategic developments and continued progress in our operational
activities.
Strategic Developments- Winston Project Advancement
On 17 June 2025, we announced option and purchase agreements for the Winston
Project, the high-grade, advanced stage, polymetallic zinc, copper and
precious metal property in Ontario, Canada. This strategically important
high-grade critical mineral asset represents a significant step forward in
expanding our Canadian portfolio and offers the potential of early cashflow
from the historical mine tailings which we have shown to contain significant
quantities of both gold and gallium.
The Winston Project acquisition agreement is particularly significant as it
provides Panther with access to a potential near-term production opportunity
with existing infrastructure including power lines, plant site, and
underground development. Subject to the necessary studies, the historical
tailings reprocessing opportunity at Winston provides the potential for early
cash flow while the underground mining proposition is advanced. Success at
Winston should see a step-change in the Company as our asset base is rerated.
To strengthen our expertise in this area, we appointed Mr Kerem Usenmez to the
Company's Advisory Board. Kerem brings over 25 years of mining industry
experience across all stages from exploration through to mine development,
providing invaluable knowledge specifically related to the Winston Project.
Julien Bosche has also joined the Advisory Board, bringing over 16 years of
mining investment related experience, including merger and acquisition
strategy, transaction execution and deal origination. His expertise will be
invaluable as we seek to move Winston towards production.
Demonstrating strong confidence in the Company's future prospects, both myself
and Chief Executive Officer Darren Hazelwood, undertook a direct share
subscription with the Company totalling £132,000 at the market mid-price of
69p, reinforcing management's alignment with shareholder interests.
Operational Activities- Obonga and Dotted Lake
Throughout the period, we have maintained our focus on our highly prospective
Obonga and Dotted Lake exploration projects which, like Winston, offer
exciting base metal and critical mineral potential with capacity for project
scalability. Our approach continues to emphasise the rapid assessment of drill
targets utilising advanced technologies and extensive geological data to
determine commercial viability.
We were pleased to extend the Obonga Project purchase agreement with Broken
Rock Resources in April and undertook a high-resolution magnetic geophysics
survey of the Wishbone Prospect during May. This was followed by subsequent
data processing and three-dimensional inversion modelling to inform the drill
hole parameters for the planned Wishbone diamond drilling programme which will
build out the volcanic massive sulphide discovery as the next step towards
establishing a maiden Mineral Resource estimate at Obonga, which hosts
multiple VMS discoveries and platinum group element potential.
At Dotted Lake, as reported in the 2024 Annual Report, the last quarter of the
2024 reporting year saw significant developments following the award of the
Exploration Permit in July 2024, and as Panther focussed on the critical
mineral potential offered by the ultramafic intrusive system on the northern
limb of the Schreiber-Helmo Greenstone Belt. The processed results of the
additional soil sampling programme which became available in March 2025,
supported by the Ontario Junior Exploration Program ("OJEP"), extended
high-resolution soil survey coverage to 5.5km strike length over high priority
targets and delineating highly anomalous, regionally significant, nickel and
cobalt anomalies coincident with ultramafic intrusive targets along the
eastern north shore of Dotted Lake.
The five hole (1,558m), Phase 1 Diamond Drilling Programme assay results,
reported between 30 December 2025 to 25 March 2025, successfully defined the
extensive ultramafic body, modelled from Panther's airborne geophysics data,
as a mineralised magnesium-rich serpentinite carrying the platinum group
elements, platinum (Pt) and palladium (Pd), as well as nickel (Ni), chromium
(Cr) and silver (Ag). The drilling confirmed the intrusive displays distinct
ultramafic layering pointing to the Dotted Lake project being part of a
Fertile Mineral System.
Panther continues to nurture our important relationships with First Nation
stakeholders, local community and governmental relations, to maintain the
Company's standing as an active explorer dedicated to make a positive impact
for all concerned.
In corporate activities, Panther raised £455,000 in the period through a
placing, £80,000 in warrant conversions and, as noted above, directors
subscribed for shares and made additional on-market share purchases in the
Company. The Company capitalised its remaining debt and sold its remaining
investment in Fulcrum Metals PLC, streamlining its balance sheet ready for the
next stage of its corporate development.
The Board is focussed on continuing to execute our strategy and to strengthen
our position as we advance three distinct opportunities which each benefit
from Ontario's established mining jurisdiction with good infrastructure
access, proximity to Thunder Bay, and qualification for Canadian critical
minerals support programmes.
• Winston: Near-development stage with existing
infrastructure and feasibility study.
• Obonga: Early-stage exploration with multiple VMS
discoveries and PGE potential.
• Dotted Lake: Advanced exploration confirming
widespread base metal and gold mineralisation
The Winston project provides huge potential for Panther with access to a
potential near-term production opportunity with existing infrastructure
including power lines, plant site, and underground development. Whilst the
Dotted Lake and Obonga projects have been advanced beyond generative
exploration to delineate multiple drill ready discovery and resource targets.
The Board and I are extremely pleased with the strategic and operational
developments during 2025 to date, and I would like to thank everyone involved
for their hard work and dedication.
Nicholas O'Reilly
Executive Chairman
24 September 2025
INTERIM MANAGEMENT REPORT FOR THE SIX MONTHS ENDED 30 JUNE 2025
Operational Highlights
Key operational milestones achieved during the six-month reporting period to
30 June 2025 and from the period end to 19 September 2025.
Obonga Project Background
· Total Area: 291 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.
· Potential: Canada's Next Mining District
The Obonga Project is Panther's flagship project, which has advanced from a
greenfield regional data-based target area, through proof of concept to
drilling success and base metal VMS and graphite discoveries. The project
covers 90% (291 km(2)) of the district scale Obonga Greenstone Belt in
northwest Ontario.
Panther has achieved significant milestones through successful drilling
campaigns at Obonga's Wishbone prospect, revealing a substantial Volcanogenic
Massive Sulphide 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 have also benefitted from preliminary drilling,
confirming VMS style mineralisation at Survey with a 29m wide intercept of
cyclical semi-massive and disseminated sulphide, with graphite discovered at
Awkward. This, coupled with the Wishbone discovery, solidifies the Obonga
Greenstone Belt's status as a new 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.
On 3 April 2025 Panther announced an Amending Agreement to the 2021 purchase
agreement (announced 2 August 2021) to allow for an additional year to meet
the exploration commitment at Obonga which has advanced from a greenfield
regional data based target area, through proof of concept to drilling success
with two base metal volcanogenic massive sulphide ("VMS") discoveries, at
Wishbone and Survey Lake targets and a graphite discovery in the Awkward area.
The Awkward magmatic feeder conduit target at Obonga is focused on a
nickel-copper-platinum-palladium discovery, the significant pathfinders in the
Awkward area continue to gain traction within the industry.
Under the Amending Agreement the exploration commitment is now spread over
five years; whilst the original net smelter return royalty is replaced with a
gross revenue royalty equal to 1.5% of the gross value of the sale proceeds
actually received by the royalty payor from activity carried out on the
Property. In connection with the signing of the Amending Agreement Panther
issued 42,070 new ordinary shares (the "Consideration Shares") with a value
of Canadian $30,000 to Broken Rock (based on the mid-market closing price of
Panther's ordinary shares on 27 March 2025 and an exchange rate of CAD$1.85 to
£1.00. The Consideration Shares rank pari passu in all respects with the
existing Ordinary Shares in the share capital of the Company.
On 21 May 2025 Panther announced Pioneer Exploration Consultants Ltd
("Pioneer") were mobilising to conduct a high-resolution drone unmanned aerial
vehicle ("UAV") based airborne magnetic geophysics survey ("Magnetics Survey")
over the Wishbone Prospect and that the resulting processed data and three
dimensional ("3D") inversion model would provide important supplementary data
for a significant drill programme on this highly prospective VMS system.
The Magnetics Survey was flown over the period 23 - 25 May 2025, with the
parameters as outlined in Table 1 and in Figure 1. The use of a UAV for the
Magnetics Survey resulted in a high-quality, high-resolution data product. The
increased flight line density and lower flight elevation possible with the use
of a UAV platform results in superior resolution data products when compared
to conventional airborne magnetic data. Using an auto controlled UAV platform
also allows for minimal deviation from pre-planned flight lines and greatly
reduces the impact of human error during data acquisition. Pioneer were very
pleased with the results from the survey and confirmed that the level of error
and noise in the dataset falls below the threshold, which is set based on the
Geological Survey of Canada guidelines for airborne magnetometer survey data.
The deliverables of the high-resolution magnetics surveys and their data
products, including six processed data products and associated maps (Figure 2)
as well as the 3D inversion model (Figure 3) helped to refine planned drill
hole orientations to target high grade base metal zones at depth, as well as
providing inputs and informing the mineral system modelling for the Wishbone
Prospect.
The Wishbone VMS system is covered by Exploration Permit PR-24-000022 which is
valid through 20 June 2027 (Figure 4). This permit authorises a comprehensive
exploration programme, including up to 39 diamond core drill holes and
down-hole electromagnetic geophysics.
Table 1: Wishbone Prospect UAV Magnetic Survey Details
UAV Magnetics Survey Rational Survey Equipment Survey Size Flight Line Azimuth (degrees) Survey Data Products
Targeting VMS style base metal mineralisation at depth. Unmanned Airborne magnetometer survey system incorporating: 25m line & 250m tie line spacing 090° · Final Total Magnetic Intensity
Total line kilometres:
3D Inversion modelling will facilitate drill hole orientation planning to Base station magnetometer GSM-19W Overhauser 190.11 km · First Vertical derivative
target the expected high base metal grade parts of the targeted VMS systems.
Airborne magnetometer Gem Systems GSMP-35U potassium vapor magnetometer & · Second Vertical Derivative
ancillary electronics.
· Horizontal Derivative
· Analytic Signal
· Tilt Derivative
· 3D Inversion Models
Figure 1: Wishbone Magnetics Survey Area with 25m Spaced E-W
Flight lines and 250m Spaced N-S Tie Lines
Figure 2: Wishbone First Vertical Derivative Magnetics
Survey Map
Figure 3: Oblique View of the 3D Wishbone Magnetic Inversion
Model That Will Inform the Next Round of Drilling
Figure 4: Wishbone Exploration Permit Planned Drill Pads and
Access
Post period end, on 29 July 2025, Panther announced the assay results from the
resampling of historical drill core into the northern side of the Awkward
Target ("Awkward") at the Obonga Project. The assay of drill core samples from
two holes drilled in 2013 has yielded previously un-assayed Platinum Group
Element ("PGE"), Nickel (Ni) and Copper (Cu) results which are deemed highly
encouraging for the existence of the targeted mineral system with individual
results up to 1.07% Ni, 0.14 g/t Platinum (Pt), 0.11 g/t Palladium (Pd), 2.18
g/t Silver (Ag) and 0.42% Cu.
Awkward is a PGE, Ni and Cu magmatic sulphide prospective conduit and layered
mafic intrusive target. The target comprises a highly anomalous geophysical
target comprising a coincident magnetic remnant low and electromagnetic
conductor. Historical surface sampling in the target area returned anomalous
palladium (Pd) and platinum (Pt) up to a reported 1.23 g/t Pd+Pt and
historical drilling on the periphery of the target intersected un-assayed
massive and disseminated sulphide and chalcopyrite in course gabbro and
'marble cake' textured gabbro which matches the description of the varitexture
gabbro ore zone within Impala's Lac des Iles Platinum Mine located due south
of Obonga.
As part of the ongoing assessment of the Awkward Target Panther sourced and
acquired the historical drill core from three drill holes (PL-13-01, PL-13-02
and PL-13-03) drilled by Navigator Minerals during 2013 for further
investigation and reanalysis.
The drill core was re-examined and re-assayed in conjunction with specialists
from the Ontario Geological Survey ("OGS") Resident Geologist Programme, who
visited Awkward in November 2024, and whose field visit is covered in the OGS
Open File Report 6417 (2025). The rationale for resampling the core was that
Navigator Minerals did not assay for PGE in their 2013 programme despite the
Awkward intrusion bearing many characteristics (size, age, rock types,
mineralisation, interpreted conduit) that make it favourable for PGE
exploration.
Specifically, the Awkward intrusion shares many of these characteristics with
the intrusion that hosts Impala's 3 Moz Lac des Iles PGE mine located 85 km to
the south. The drill core includes two types of rock that are very prospective
for this mineralisation, both of which have never been seen at surface at
Awkward and never analysed for PGEs:
1) Varitextured, "marble cake" gabbro that bears a visual similarity to
one of the main ore-hosting horizons at the Lac des Iles mine, and
2) Massive sulphide rip-up clasts that may represent remobilisation from a
magma conduit or other massive sulphide horizon within the intrusion.
Twenty drill core samples were selected for submittal to sample preparation at
the OGS laboratory in Sudbury and for subsequent assay at accredited ALS
Laboratories (by ALS methods PGM-ICP23 and ME-MS61r).
The samples represent intersections from drill holes PL-13-01 and PL-13-03,
with selected assay results set out in Table 2.
The assay results are deemed highly encouraging for the presence of
potentially economic concentrations of nickel and platinum group elements in a
layered intrusive and feeder conduit. Moreover, the Company has noted
similarities with the Mount Keith Deposit Type. The Mount Keith mine owned
by BHP in Western Australia is the world's largest low grade, economically
mined, disseminated nickel sulphide deposit with a grade of around 0.57% Ni.
A review of historical information relating to the Awkward area notes that
Newmont identified the potential for around 1 billion tonnes at between
0.19-0.2% Ni in the area in 1967. Whilst the Company has yet to locate the
supporting technical evidence, this observation supports the potential for
Mount Keith comparables.
Previous geophysical modelling undertaken by Panther interpreted the course of
the magmatic feeder conduit based on Maxwell Plate Modelling of the regional
electromagnetic ('EM') geophysical data. The modelling established 20
conductive plates which outline four distinct conductive lineations or
'Trends' which are interpreted to relate to sulphide bearing magmatic conduits
and graphite.
Panther's 2022 diamond drilling programme tested three of the 20 conductive
plates (three holes totalling 243m drilled) with hole BBR22_AW-P1-1
intersecting 27.2 m @ 2.25 % Total Graphitic Carbon ('TGC') from 12m downhole
in 'Trend 3'. Whilst this drilling did not interest the targeted massive
sulphide bearing pipe, it was deemed very positive as the graphite is
interpreted to have resulted from the high heat flow associated with a
proximal magmatic conduit. The remainder of the conductive plates are as yet
untested and Panther is currently designing follow-up work at Awkward which
will be outlined in due course.
Table 2: Summary of Drill Core Assay Results
Hole ID Sample ID From (m) To (m) Interval (m) Ni (%) Pt (g/t) Pd (g/t) Ag (g/t) Cu (ppm)
PL-13-01 25-NMPL-001 34.55 35.25 0.7 0.05 0.01 0.01 0.27 285
PL-13-01 25-NMPL-002 49.20 50.00 0.8 0.01 0.00 0.02 7
PL-13-01 25-NMPL-003 63.65 64.40 0.75 0.11 0.02 0.04 0.32 599
PL-13-01 25-NMPL-004 158.00 159.50 1.5 0.16 0.04 0.04 0.74 1,180
PL-13-01 25-NMPL-005 159.50 161.00 1.5 0.21 0.03 0.05 1.21 1,420
PL-13-01 25-NMPL-006 161.00 162.50 1.5 0.41 0.14 0.11 1.67 2,520
PL-13-01 25-NMPL-007 162.50 164.00 1.5 0.39 0.09 0.11 1.72 2,690
PL-13-01 25-NMPL-008 164.00 165.50 1.5 0.21 0.05 0.06 1.05 1,435
PL-13-03 25-NMPL-009 57.10 57.70 0.6 0.08 0.01 0.01 1.09 1,250
PL-13-03 25-NMPL-010 171.40 171.85 0.45 0.89 0.02 1.71 3,550
PL-13-03 25-NMPL-011 173.65 174.50 0.85 1.07 0.01 0.04 1.28 2,290
PL-13-03 25-NMPL-012 213.00 213.35 0.35 0.13 0.00 0.45 809
PL-13-03 25-NMPL-013 233.00 233.35 0.35 0.81 0.02 0.42 337
PL-13-03 25-NMPL-014 246.40 247.40 1 0.84 0.04 1.33 723
PL-13-03 25-NMPL-015 247.40 248.25 0.85 0.41 0.01 0.01 2.18 4,200
PL-13-03 25-NMPL-016 255.00 256.50 1.5 0.18 0.01 0.01 0.81 1,255
PL-13-03 25-NMPL-017 288.00 289.25 1.25 0.21 0.02 1.13 2,020
PL-13-03 25-NMPL-018 289.25 290.50 1.25 0.18 0.01 0.97 1,640
PL-13-03 25-NMPL-019 290.50 291.75 1.25 0.29 0.01 0.01 0.74 1,400
PL-13-03 25-NMPL-020 291.75 293.00 1.25 0.23 0.01 0.02 1.03 1,520
(Drill hole locations: PL-13-01 UTM16N 312165E 5536265N, PL-13-03: UTM16N
312348E 5537443N)
Dotted Lake Project Background: Critical Mineral Potential
· 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, GT
Resources (TSXV: GT) (Glencore 16.7% stake) to east.
The Dotted Lake Project encompasses a substantial 36.9 km² (Figure 3) within
the North Limb of the Schreiber-Helmo Greenstone Belt, situated 16 km north of
Barrick Gold's Hemlo Gold Mine which has produced over 22 Moz of gold over 30
years to date and 9 km from GT Resources recent discovery at West Pickle
Lake on their Tyko One Belt. The area is considered very prospective for
ultramafic intrusive related nickel and base metal mineralisation as well as
gold.
Panther acquired 100% of the Dotted Lake Project in July 2020. An airborne
magnetic and electromagnetic geophysical survey was flown in December 2020
followed by an extensive soil programmes conducted in 2021 and 2024 which
identified numerous gold and base metal targets, all within the same
geological footprint as Hemlo. Following the reopening of a historical trail
providing direct access to the target location, an initial drilling programme
in the autumn of 2021 confirmed the presence of gold mineralisation within
this system with anomalous gold continuing along strike and present within the
surrounding area. Dotted Lake sits upon 2.7-billion-year-old, Archaean age,
rocks that form the north-eastern 'Dotted Lake Arm' of the Schreiber-Hemlo
Greenstone Belt. Geology consists sequences of foliated, fine grained, dark
green, amphibole rich metavolcanic rocks situated within an east-northeast
trending isoclinal syncline. The metavolcanics have been intruded by granitoid
rocks of the Dotted Lake Batholith in the southeast of the property whilst
in the northeast an ultramafic intrusive complex flanks the two.
Figure 5: Location of the Dotted Lake Project, East
of Thunder Bay, Ontario, Canada
The 'Phase 1 Diamond Drilling Programme' was conducted in 2024, the five drill
holes, totalling 1,559m drilled, were undertaken utilising a single sled
mounted diamond wire line NQ2 diameter core drilling rig operated by Platinum
Diamond Drilling Inc. The drilling rig was operated on a double shift basis
over the course of 25 days between 1 - 25 November 2024. Technical details
of the five holes drilled, totalling 1,559m drilled, are summarised in Table
3. Daily drilling rates varied due to weather related access delays and
technical challenges. In addition to the drilling Platinum also cut the drill
pads and pad access trails in advance of the drilling. Exceptionally mild
conditions combined with heavy rain meant ground conditions were very wet and
access was challenging due to the build-up of mud. Upon completion each drill
hole was surveyed using a REFLEX GYRO SPRINT-IQ™ multi-shot north-seeking
survey tool.
Table 3: Dotted Lake Phase 1 Diamond Drilling Programme
Hole Summary
Drillhole ID Easting Northing Elevation Azimuth Dip Hole Depth Start Finish
DL24-001 589,455 5,416,139 397 330 45 330 01/11/2024 04/11/2024
DL24-002 590,435 5,416,233 387 154 55 328 04/11/2024 08/11/2024
DL24-003 590,102 5,416,175 383 160 54 330 09/11/2024 11/11/2024
DL24-004 592,745 5,416,939 391 160 45 248 18/11/2024 22/11/2024
DL24-005 592,347 5,417,309 408 180 45 326 23/11/2024 25/11/2024
Note: Coordinate projection stated as UTM Zone 16N NAD 83. All depths measured
down-hole in metres.
Figure 6: Detailed Core Logging, Cire Cutting and Sample
Selection was undertaken from Bayside Geoscience Core Processing Facility in
Thunder Bay
The Dotted Lake Phase 1 Diamond Drilling Programme confirmed widespread
mineralisation across multiple targets:
· Nickel, Chromium, PGE:
§ Over 214 m of open-ended nickel-bearing ultramafic intrusive intersected in
hole DL24-002, with 129m intersected in DL24-003 and 94m intersected in
DL24-004.
§ Grades up to 0.25% Ni highlighting the scale and consistency of the
intrusive system.
§ Ultramafic layering confirmed by cyclical 5m wide banding of elevated
chromite grading up to 6.65 %, 0.1 g/t Platinum & 0.24 g/t Palladium.
· Zinc:
§ DL24-001 intersected wide predominantly seafloor volcano-sedimentary
derived packages prospective for hosting VMS mineralisation, with
· 5.5m @ 1.21 % Zn from 155.3m, including
· 2.7m @ 2.42% Zn from 155.3m and
· 1.0m @ 3.8% Zn from 155.3m
· Gold:
§ PM21-DL-001: nine separate gold intervals grading up to 2.57g/t Au (2021
drill hole)
§ DL24-001: three separate gold intervals grading up to 1.55 g/t Au
§ DL24-005: three anomalous intervals grading up to 1.63 g/t Au
On 13 March 2025 the Company announced the results of the autumn 2024 soil
geochemical sampling programme (the "Soil Survey") at the Dotted Lake Project.
The 1,044 soil assays collected over four grids had extended high-resolution
soil survey coverage to 5.5km strike length over high priority targets on the
north shore of Dotted Lake (Figure 7). The 1,044 soil samples, including 52
field duplicates, were collected at 25m sample spacing on 100m or 50m spaced
grid lines. Sample analysis for a suite of 53 elements was undertaken by ALS
Laboratories (Vancouver) using the ME-MS41L Multi-Element Super Trace method
which is considered ideal for exploration in soils or sediments.
The soil assays returned standout multi-element critical mineral geochemical
anomalies closely linked and coincident with geophysical anomalies and the
recent Phase 1 Diamond Drilling target areas.
Highly anomalous soil assays ranged up to 1,665 ppm copper, 480 ppm nickel, 62
ppm cobalt, 190 ppm zinc, 0.99 ppm silver and 377 ppb gold (Table 4).
The results delineated multiple new target areas around Lampson Lake where
lake sediment samples returned highly anomalous readings of over 985 ppm Cu,
130 ppm Zn, 29 ppm Ni, 19 ppm Co and 0.28 g/t Ag. The results also showed
highly anomalous, regionally significant, nickel and cobalt anomalies
coincident with ultramafic intrusive targets along the eastern north shore of
Dotted Lake
Table 4: Highest Three Soil Assay Results for Selected
Elements
Selected Element Lower Limit of Detection 1(st) Highest 2(nd) Highest 3(rd) Highest
Copper (Cu) 0.01 ppm 1,665 ppm 1,030 ppm 1,005 ppm
Nickel (Ni) 0.04 ppm 480 ppm 456 ppm 394 ppm
Cobalt (Co) 0.001 ppm 62 ppm 61 ppm 49 ppm
Zinc (Zn) 0.1 ppm 190 ppm 157 ppm 157 ppm
Silver (Ag) 0.001 ppm 0.99 ppm 0.56 ppm 0.50 ppm
Gold (Au) 0.2 ppb 377 ppb 42.2 ppb 30.6 ppb
Table notes: Soil assay results by ALS Laboratories analytical method
ME-MS41L. Limit of detection (LOD) = lower limit of stated method. ppm = parts
per million. ppb = parts per billion. 1 ppm = 1,000 ppb. Results subject to
rounding.
The Soil Survey work was supported by the Ontario Junior Exploration Program
("OJEP"), a provincial government grant to help junior companies finance early
exploration projects. OJEP covers 50% of eligible costs for approved
programmes, with the agreed contribution to Panther for this work totalling
Canadian $56,930.
On the 2 April 2025 Panther released a series of maps based on the processed
results of the combined 2024 and 2021 soil geochemical survey datasets. Theses
maps showing select copper, zinc, gold and nickel anomalies are shown in
Figures 7 to 11 below.
Figure 7: Dotted Lake Project 2024 Soil Sampling Grids and
Interpreted Ultramafic Bodies
(> 10 ppb Au Labels)
Figure 8: Structurally Controlled Gold Trends Merge South of
Lampson Lake
(> 100 ppm Ni Labels)
Figure 9: Significant Nickel Anomalies Trend Right Across
the Survey Area
(> 50 ppm Zn Labels)
Figure 10: Anomalous Zinc Trend Exceeds 3.5km In North of
Survey Area
(> 100 ppm Cu Labels)
Figure 11: Distinct Copper Anomalies Correlate with
Multielement Anomalies Including Nickel and Zinc
The assay results from the Dotted Lake Phase 1 Diamond Drilling Programme were
announced in a series of four batches based on the receipt of the assay
results from ALS Laboratories. The analytical methods used were ME-MS61r (4
acid multielement package) and PGM-ICP23 (Pt, Pd and Au by fire assay and
ICP-AES finish).
The first batch of drill core sample assay results were announced on 30
December 2024. The downhole intersections from drillhole DL24-001 returned
highly anomalous gold, silver, zinc and base metal assays at Target D on the
southern shore of Lampson Lake. They confirmed a 1.2km long open-ended gold
trend and the intersection of high-grade zinc/gold volcanogenic massive
sulphide ("VMS") style mineralisation.
The subsequent three batches of drill core assay results were received and
reported during the month of March 2025. The Batch 2 results, reported 17
March 2025, verified an extensive mineralised ultramafic body and to Dotted
Lake being part of a Fertile Mineral System. The Batch 3 results, reported 21
March 2025, gave 94m and 129m wide intercepts of mineralised magnesium-rich
serpentinite.
The final, Batch 4, drill core assays were reported 25 March 2025, the results
for hole DL24-002 show a 214.7m wide open-ended zone of intrusive ultramafic
derived magnesium (Mg) rich serpentinite grading up to 21.7% Mg, which is
mineralised with Pt Pd, Ni, Cr and silver (Ag), between 113.3m downhole to end
of hole at 328m. The DL24-002 Ni and Cr assay result grade variations show
layering with three distinct higher grade zones within the bottom 112m of the
hole, with grades ranging up to 3.05% Ni Equivalent ("Ni(Eq)") as well as
overlimit Cr. As hole DL24-002 was ended inside the intrusive, the prospect of
strengthening grade-layering with depth is considered strong. Panther noted
that the separation of Mg from serpentinite has not yet applied on an
industrial scale, despite success under laboratory and small pilot plant
conditions.
A summary of the drilling hole findings is provided below.
Drill Hole DL24-001
· DL24-001 intersected predominantly seafloor volcano-sedimentary
derived metavolcanic packages. Ultramafic intrusions were not intersected,
with these bodies interpreted from the magnetisation vector inversion ("MVI")
Magnetic Susceptibility Model to be possibly located at a greater depth below
Lampson Lake.
· Multi-element analysis of drill hole assay results show strong
correlation between gold, silver, copper, lead, zinc and barium indicating the
mineralisation is linked to a volcanic-associated submarine hydrothermal
system as associated with a metamorphosed VMS style of mineralisation.
· The Zinc intersections in DL24-001 are located 1.2km south-west
of the Fairservice Zinc Showing where high-grade zinc (12% Zn with 2.2 g/t Au)
is considered to represent remobilised and metamorphosed VMS mineralisation.
The large, metamorphosed VMS-style Geco deposit, located 30km north of Dotted
Lake near Manitouwadge, was mined by Noranda from 1954 to 1995 and produced
49.4 Mt of ore grading 1.86% Cu, 3.78% Zn, 50.04 g/t Ag.
· Significant downhole zinc intersections:
o 5.5m @ 1.21 % Zn from 155.3m including
§ 2.7m @ 2.42% Zn from 155.3m and
§ 1.0m @ 3.8% Zn from 155.3m (Figure 2)
· Zinc and gold are closely associated together in DL24-001 and
also correlate well with conventional magnetic inversion domain boundaries in
the magnetic susceptibility model (Figure 12).
· Gold intersections in DL24-001 correlate with an open-ended 750m
long gold in-soil anomaly, offset from the western end of the 1.2km gold in
soil anomaly which extends westwards from the Panther 2021 drill hole which
intersected over 9 separate gold intervals grading up to 2.57g/t Au(3), and
from trench Tr-10-4 which returned gold samples up to 18.9g/t Au.
· Significant downhole gold intersections:
o 0.5m @ 1.15 g/t Au from 11.8m;
o 4.5m @ 0.64g/t Au from 156.3m, including
§ 0.9m @ 1.55g/t Au, 1.4g/t Ag & 2.08% Zn from 156.3m (Figure 2); and
o 1.0m @ 0.53 g/t Au & 1.24 g/t Ag from 105.0m.
Drill Hole DL24-002
Assay results for DL24-002 show a 214.7m wide open-ended zone of intrusive
ultramafic derived magnesium (Mg) rich serpentinite grading up to 21.7% Mg,
which is mineralised with the platinum group elements ("PGE"), platinum (Pt)
and palladium (Pd), nickel (Ni), chromium (Cr) and silver (Ag), between 113.3m
downhole to end of hole at 328m.
· The DL24-002 Ni and Cr assay result grade variations show
layering with three distinct higher grade zones within the bottom 112m of the
hole as well as overlimit Cr. As hole DL24-002 was ended inside the intrusive,
the prospect of strengthening grade-layering with depth is considered strong.
· DL24-002 intersected downhole 214.7m wide open-ended zone of
Mg-rich serpentinite intrusive from 113.3m to end of hole at 328m, with higher
grade layering including:
o 0.7m @ 0.07 % Ni, 0.06 g/t Pt, 0.14 g/t Pd, 5.47 % Cr & 9.2 %
Mg from 113.4m.
o 4.0m @ 0.13 % Ni, 0.02 g/t Pt, 0.04 g/t Pd, 0.91 % Cr & 17.2 %
Mg from 169.0m.
o 36.3m @ 0.13 % Ni, 0.01 g/t Pt, 0.02 g/t Pd, 0.43 % Cr & 18.8
% Mg from 216.0m.
o 7.5m @ 0.20 % Ni, 0.02 g/t Pt, 0.04 g/t Pd, 0.49 % Cr & 20.0 %
Mg from 258.5m.
o 12.0m @ 0.18 % Ni, 0.01 g/t Pt, 0.02 g/t Pd, 0.63 % Cr & 19.7
% Mg from 304.0m.
· Three samples returned intersections with overlimit chromium
(>1% Cr) which were subsequently reanalysed using the ore grade 'OG62'
overlimit assay method for high grade chromium, returning 0.7 m @ 5.47% Cr,
1.0m @ 1.44% Cr & 1.0m @ 1.37 % Cr.
Drill Hole DL24-003
· Diamond drill hole DL24-003 downhole intersection:
o 129.0m @ 0.09 % Ni, 0.01 g/t Pt, 0.02 g/t Pd, 0.37 % Cr & 14.4
% Mg from 172.0m, including:
§ 32.4m @ 0.12 % Ni, 0.01 g/t Pt, 0.03 g/t Pd, 0.59 % Cr & 17.1 %
Mg from 221.0m;
§ 6.0m @ 0.13 % Ni, 0.02 g/t Pt, 0.05 g/t Pd, 0.67 % Cr & 13.7 %
Mg from 254.0m; and
§ 23.0m @ 0.11 % Ni, 0.01 g/t Pt, 0.02 g/t Pd, 0.24 % Cr & 16.1 %
Mg from 274.0m
o Six samples returned intersections with chromium (>1% Cr) of
1.29%, 1.38%, 1.45%, 1.52%, 1.62% (all 1m wide) and 6.65% (0.5m wide).
Drill Hole DL24-004
· Diamond drill hole DL24-004 downhole intersections:
o 94.4m @ 0.12 % Ni, 0.01 g/t Pt, 0.02 g/t Pd, 0.46 % Cr & 17.7
% Mg from 152.6m, including:
§ 4.6m @ 0.17 % Ni, 0.03 g/t Pt, 0.09 g/t Pd, 1.13 % Cr & 20.1 %
Mg from 196.7m
§ 7.0m @ 0.15 % Ni, 0.02 g/t Pt, 0.04 g/t Pd, 0.46 % Cr & 18.7 %
Mg from 233.0m
o Five samples returned intersections with chromium (>1% Cr) of
1.14% (1.0m wide), 1.24% (1.0m wide), 1.37% (0.8m wide), 1.61% (0.5m wide) and
1.89% (0.6m wide).
Drill Hole DL24-005
· DL24-005 did not intersect ultramafic intrusive however the
bottom 12m of the hole show a 10 fold increase in average Cr levels (ranging
up to 0.72% Cr) suggesting the bottom of the hole is in the vicinity of the
ultramafic alteration halo.
· Gold intersection:
o 0.4m @ 1.625 g/t Au from 123.5m
· Distinct intervals with elevated Fe content (ranging 14-19% Fe)
display correlation with low-level but elevated Cu ranging up to 0.36% Cu.
A:
B:
Figure 12: DL24-001 Drill Hole Lithology over Conventional Magnetic
Inversion Magnetic Susceptibility Model, with: (A) Gold Intersections; (B)
Zinc Assay Traces. Gold and zinc mineralisation display good correlation
with conventional magnetic inversion domain boundaries.
Winston Project
(· ) Total Area: 60.41km(2)
· Prospective for: Base Metals (Zinc, Copper, Cobalt, Gallium and
Indium) and Precious Metals (Gold and Silver)
Panther signed two option agreements (the "Option Agreements"), announced 17
June 2025, to create the Winston Project, a polymetallic high-grade zinc,
copper and precious metal VMS property comprising a critical mineral mine
redevelopment and resource building exploration opportunity, located 150 km
east of Thunder Bay in Ontario, Canada (Figure 13).
The Option Agreements signed with First Quantum, the Canada based global
top-10 copper mining company and Frontier, the Australia listed renewable
energy company, consolidate a project area comprising both freehold patented,
leased and crown land mining claims. These cover two high-grade VMS deposits,
Pick Lake and Winston Lake, the Winston Lake Mine site infrastructure, Winston
Lake tailings and highly prospective exploration targets. The Option
Agreements consolidate the high-grade deposits, mineral resources and mining
claim portfolios comprising the former producing Winston Lake Mine owned by
First Quantum, with the Pick Lake property held by Frontier.
Based on an underground mining Feasibility Study published in 2021 the Winston
Project is expected to generate average life of mine ("LOM") annual EBITDA of
CAD$67.64 million and have a pre-tax net present value ("NPV") of CAD$175.8
million and internal rate of return ("IRR") of 26%, with further strong
exploration potential for defining additional mineral resources and mineral
reserves from the two main deposits as well as additional near-mine VMS
exploration targets.
The Winston tailings storage facility provides the potential for reprocessing
historical mine tailings, unlocking residual contained metal value and
contributing to the long-term environmental rehabilitation of the site.
The Winston Project is located only 20 km from the trans-Canada highway and
rail transport links. Onsite infrastructure includes a 115kv power line,
plant site, tailings and freshwater facilities, transport links and
underground development already in place (Figure 14). The previous mining
operation closed in February 1999 due to very low zinc prices at the time. In
total, 3.4 million tonnes grading 1.0% copper and 16% zinc was mined and
processed. The total project area covers approximately 60.41km(2) and
comprises both patented and leased mining claims and crown land mining claims.
The 2021 feasibility study positions the project in the lowest quartile of
operating costs globally, with a projected initial mine life of 8.5 years.
Panther plans to build on the resources, to increase reserves and extend the
mine life utilising the Company's strong local exploration network and
leveraging institutional, governmental and critical mineral programme support.
Winston Key Highlights
· Feasibility Study Stage Project (2021)
· NPV(8%): C$175.8M pre-tax, assuming zinc priced at
US$2,700/t, copper at US$7,300/t, gold at US$1,635/oz & silver at
US$21/oz. At a derisked 6% discount Pre-tax NPV = C$213.2M.
· IRR: 26% pre-tax
· EBITDA: C$574.9M (gross), C$67.64M (annual). Gross revenue:
C$983.3M
· CAPEX: C$145.1 M
· OPEX: C$65.17/t
· LOM: Initial 8.5 year life of mine, with 3.5 year
pay-back period. Strong potential to increase LOM.
· Producing an average 33.40ktpa contained zinc,1.3ktpa contained
copper, 698oz recovered gold and 90.8koz recovered silver (after ramp-up),
from an onsite processing facility with an annualised 326ktpa capacity.
· The unit pricing for copper, gold and silver, concentrate payable
percentages and exchange rates, are positively different from 2021 in today's
dollars, providing scope for additional value uplift.
· High-Grade Mineral Resource
· Indicated Resource of 2.07 Million Tonnes @ 18% Zinc
· Volcanogenic Massive Sulphide mineralisation well understood by
Panther.
· Positive Upside
· Panther plans to build value through extending the mine life
utilising the Company's strong local exploration network and leveraging
institutional, governmental and critical mineral programme support.
· No name discussions in Canada have indicated strong support for
this deal on an asset base previously supported by industry heavyweights,
including Sprott.
· Strong prospects to increase Mineral Resources and Mineral
Reserves through exploration down-dip and along strike of the current
Resources.
· Zinc and Copper deemed Critical Minerals in Canada, eligible for
enhanced tax-efficient flow-through funding.
· Positive First Nation engagement.
· Strong Institutional and Governmental support for future
financing options.
· Existing historical tailings storage facility offers potential
for near-term cash-flow subject to further studies.
Figure 13: Location of the Winston Project
Figure 14: Winston Project infrastructure including plant site, tailings and
water storage facilities
In relation to advancing the Winston Project on 18 June 2025 Panther announced
the appointment of Julien Bosche to the Company Advisory Board, bringing
mining investment and private equity related experience, including merger and
acquisition strategy, transaction execution and deal origination. A further
Winston Project related Company Advisory Board appointment was announced post
period on 23 July 2025, with Mr Kerem Usenmez bringing more than 25 years of
mining industry covering all stages from exploration through to mine
development. Kerem was previously CEO of Metallum Resources Inc the company
which formerly held the Winston Project prior to its takeover by Frontier
Energy, and under whose tenure he advanced the Project, through the 2021 NI
43-101 compliant Feasibility Study. Kerem previously forged strong
relationships with local stakeholders at Winston and is well respected by the
First Nation community.
On 19 June 2025, Panther announced a collaboration with Fulcrum to investigate
the potential commercialisation of the historical mine processing tailings
storage facility located on the Winston Project.
Post period end, on 15 July 2025 the Company further announced the
commencement of a tailings sampling programme at the Winston Project. The
tailings focussed work forms part of the Company's strategy to unlock the
value from the Winston Project's historical mine site while contributing
positively to local environmental outcomes. The Winston Lake Mine was
operational from 1988 to 1998, producing approximately 3.3 million tonnes of
ore and yielding zinc, copper, silver, and gold. Based on historic processing
recoveries it is believed that a significant quantity of valuable material was
not captured and remains in the tailing storage facility.
The tailings focussed programme, and associated follow-on work, includes:
· collection of representative samples from the historical tailings
storage facility;
· undertake tailings Mineral Resource estimate with initial metals
recovery test work;
· assess the financial potential of tailings reprocessing to
enhance project economics;
· evaluate the opportunity to add to the operational life of the
Winston Project;
· quantify the potential for resource growth based on historical
recovery rates; and
· support future environmental remediation by reducing the
long-term footprint of legacy tailings.
Assay results from the tailings sampling were announced on 31 July 2025. These
exceeded Panther's expectations returning high grade gold (Au), gallium (Ga),
silver (Ag), zinc (Zn), copper (Cu) and cobalt (Co), strongly supporting
further sampling and metallurgical testwork to determine the most economic and
environmentally sensitive route for extracting the precious metals and other
critical minerals from the TSF.
· Tailings samples return assay results of up to:
o 0.814 g/t Au
o 21.9 g/t Ag
o 2.20% Zn
o 0.20 % Cu
o 496 ppm Co
o 122 ppm Ga
In addition, a rock sample from a historical massive sulphide dump at the Pick
Lake deposit located circa 1.4km west of the TSF yielded 25.3% Zn, 3.0% Cu,
0.55g/t Au. 119 g/t Ag, 388 ppm Co and 26.2 ppm Ga which points to the future
potential offered by the strong exploration targets in the Pick Lake area.
The Company further announced on 1 September 2025 that it had formally
commenced the application for the Recovery of Minerals Permit as part of a
series of workstreams to quantify, evaluate and permit the contained
high-grade gold, gallium, silver, zinc, copper and cobalt and other
recoverable minerals located within the historic Winston Lake Mine tailings
storage facility, comprising the Winston Project.
A Recovery Permit allows its holder to recover minerals from tailings or other
mine waste materials at a given location without having first obtained an
exploration permit or a filed Mine Closure Plan. If the tailings or other mine
waste materials are located on crown land, the holder can also recover
minerals and exploit them commercially without a mining claim or mining lease.
Corporate and Financial Highlights
Share Issues and Director Dealings
Placing
On 20 January 2025, the Company announced the completion of a conditional
placing of 910,000 ordinary shares of no par value (the "Placing Shares") at
a price of 50 pence per Placing Share (the "Placing Price") in a placing (the
"Placing"), raising gross proceeds of £455,000. Each Placing Share was issued
with one warrant attached entitling the holder to subscribe for one new
ordinary share at a price of 75 pence (the "Warrants"). The Warrants have a
life of 36 months from the date of Admission on 28 February 2025. Following
Admission on 28 February 2025, the Company's total issued share capital
consisted of 5,189,080 Ordinary Shares.
Debt Capitalisation
On 12 March 2025, the Company announced that it had agreed terms to capitalise
its only outstanding debt facilities, comprising the £150,000 of unsecured
convertible loan notes announced 20 November 2023, which carry an interest
rate of 15%. The Company settled this liability by the issue of new ordinary
shares with warrants attached, on the same economic terms as the most recent
placing announced on 20 January 2025.
The Company allotted, issued and admitted to trading a combined total of
362,250 shares at an issue price 50p (the "Settlement Shares") and delivered
362,250 warrants with an exercise price of 75p to the former holders of the
loan notes. The warrants have a life of 3 years and be subject to an
"accelerator" requiring the warrants to be exercised should the Panther share
price exceed £1.50 at any time over a period of 20 trading days following the
date of the issue of the warrants. The shares were admitted on 8 April 2025.
Warrant Issue
On 24 June 2025, the Company announced it had received notice of exercise of a
total of 106,666 warrants with an exercise price of 75p per share, raising
£80,000 for the Company. The Company made applications for 106,666 new
Ordinary Shares to be admitted to listing and Admission took place on 30 June
2025.
Director Purchase in Market
On 25 June 2025, the Company that on 24 June 2025 Kerry Hazelwood, a PCA of
the Chief Executive Officer, Darren Hazelwood, had purchased 21,068 ordinary
shares of no par value in the Company ("Ordinary Shares") at a weighted
average price of 94.9p per Ordinary Share. Following the transaction, the
number of shares in which Darren and Kerry Hazelwood have an interest has
increased by 21,068 Ordinary Shares to 276,457 Ordinary Shares equivalent to
4.85% of the issued share capital.
Director Direct Subscription
On 30 June 2025, the Company announced that Executive Chairman, Nicholas
O'Reilly, and Chief Executive Officer, Darren Hazelwood, have undertaken a
direct share subscription with the Company for a total of £132,000 at the
market mid-price of 69p. Mr Hazelwood subscribed for a total of 155,072
new shares for a consideration of £107,000.00, taking his and Mrs Hazelwood's
total holding to 7.32% of the issued share capital in the Company. Mr O'Reilly
subscribed for a total of 36,232 new shares for a consideration of
£25,000.00, taking his total holding to 113,305 Ordinary Shares equivalent to
1.92% of the issued share capital in the Company. The total number of
Ordinary Shares in issue following Admission was 5,891,370.
GM and AGM
On 2 April 2025, the Company announced that at its General Meeting of the
Company, all resolutions were duly passed. On 30 June 2025, the Company
announced the results of its AGM in which all of the resolutions were passed
successfully.
Held for Sale Investment - Fulcrum Sale
On 8 April 2025, the Company announced that it had sold a total of 7,625,122
ordinary shares of nominal value 1 pence each in the capital of Fulcrum Metals
plc ("Fulcrum") (the "Ordinary Shares") on 7 April 2025, at a price of 3.5
pence per Ordinary Share, for an aggregate amount of £266,879.27 (net of fees
and expenses). The Fulcrum sale constituted a disposal of Panther's remaining
holding in Fulcrum.
Advisory Board
On 18 June 2025, the Company announced the appointment of Julien Bosche to the
Advisory Board. Julien brings over 16 years of mining investment and private
equity related experience, including merger and acquisition strategy,
transaction execution and deal origination.
On 23 July 2025, the Company announced the appointment of Mr Kerem Usenmez
MSc. P.Eng to the Company's Advisory Board. Kerem brings a wealth of knowledge
and experience on the Winston Project the high-grade, advanced stage,
polymetallic zinc, copper and precious metal property which is the subject of
option and purchase agreements announced 17 June 2025. Kerem will commence
his Advisory Board position upon the successful completion of the Winston
acquisition.
The Advisory Board now comprises Mel Sanderson, Julien Bosche and Kerem
Usenmez.
Bitcoin Acquisition
On 23 June 2025, the Company announced the successful opening of a Bitcoin
Treasury account CoinCorner Ltd based in the Isle of Man. The Company
purchased one Bitcoin with CoinCorner on 24 June 2025. The Company sold the
majority of its Bitcoin in July and August 2025. As at 24 September 2025, the
Company holds Bitcoin with a value of £457. The Company has no immediate
intention to buy Bitcoin.
Exploration Agreements
Obonga Amendment
On 3 April 2025, the Company announced the amendment and extension to the
purchase agreement (the "Amending Agreement") with Broken Rock Resources Ltd
("Broken Rock") over the Obonga Project ("Obonga" or the "Property"), which
covers over 90% of the Obonga Greenstone Belt, in Ontario, Canada. The
Amending Agreement to the 2021 purchase agreement (announced 2 August 2021)
allows for an additional year to meet the exploration commitment at Obonga.
Under the Amending Agreement the exploration commitment is now spread over
five years; whilst the original net smelter return royalty is replaced with a
gross revenue royalty equal to 1.5% of the gross value of the sale proceeds
received by the royalty payor from activity carried out on the Property.
In connection with the signing of the Amending Agreement Panther allotted and
issued 42,070 new ordinary shares (the "Consideration Shares") with a value of
Canadian $30,000 to Broken Rock (based on the mid-market closing price of
Panther's ordinary shares on 27 March 2025 and an exchange rate of CAD$1.85 to
£1.00.
The Consideration Shares were credited as fully paid and rank pari passu in
all respects with the existing Ordinary Shares in the share capital of the
Company, including the right to receive all dividends and other distributions
declared, made, or paid on or in respect of such shares after the date of
issue of the Consideration Shares. The shares were admitted on 8 April 2025
Winston
On 17 June 2025, the Company announced the signing of two option and
purchase agreements (the "Agreements") to create the Winston Project, a
polymetallic high-grade zinc, copper and precious metal volcanogenic massive
sulphide ("VMS") property comprising a critical mineral mine redevelopment and
resource building exploration opportunity (the "Project"), located 50 km east
of Thunder Bay in Ontario, Canada.
The Agreements signed with First Quantum Minerals Ltd ("First Quantum"), the
Canada based global top-10 copper mining company and Frontier Energy Ltd
("Frontier"), the Australia listed renewable energy company, consolidate a
project area comprising both freehold patented, leased and crown land mining
claims. These cover two high-grade VMS deposits, Pick Lake and Winston Lake,
the Winston Lake Mine site infrastructure and highly prospective exploration
targets.
The 2021 Feasibility Study for the mine redevelopment expected to generate
average life of mine ("LOM") annual EBITDA of C$67.64 million (M) and have a
pre-tax NPV(8%) of C$ 175.8 M and IRR of 26%, with further strong exploration
potential for defining additional Mineral Resources and Mineral Reserves from
the two main deposits as well as additional near-mine VMS exploration targets.
Panther's Winston Project is underpinned by two separate purchase option
agreements which will upon exercise consolidate the mining claims, leases and
mineral assets into a single 100% owned property.
1. First Quantum Minerals Option to Purchase Winston Lake Property
The First Quantum option to purchase agreement affords Panther the Option to
purchase, all right, title and interest in, the Winston Lake Property and
patented land leases. The agreement includes an initial due diligence period
in which Panther has the right to conduct agreed exploration work.
In the initial 12-month due diligence period Panther has the right to all
project data and to conduct an agreed exploration programme on the First
Quantum property, in return for a C$100,000 payment. Prior to the expiration
of the due diligence period, Panther may extend the period for a further 12
months up to three times (for a total maximum due diligence period of 48
months) by making payments of C$50,000 per extension.
Upon Panther exercising the purchase option, First Quantum will be granted a
2% net smelter return ("NSR") royalty (the "Royalty") over the Winston Lake
Property, with Panther having the right to purchase back half (50%) of the
Royalty for a payment of C$3,000,000. Upon exercise Panther will be required
to replace First Quantum's outstanding letter of credit for C$4,000,000 (or
such greater amount as may be in place as of the completion date), currently
issued in favour of the Ministry of Northern Development and Mines.
2. Frontier Energy Option and Sale and Purchase Agreement for the Pick Lake
Mining Ltd Property
The terms of the Frontier Energy Option and Sale and Purchase Agreement
comprise an Option Period running to 15 October 2025. An Option payment of
100,000 Australian dollars (A$), with additional A$30,000 per month, payable
on the first business day in each month thereafter and ending on 15th October
2025, the payments in each case offset against the total purchase price of
A$2,750,000, when the Option is exercised. Panther is entitled to exercise the
Option at any time during the Option Period.
The Pick Lake property is subject to a 2% NSR royalty with a previous owner,
50% of which may be bought back for C$1M.
Financial Review
The Group has reported an unaudited loss for the six months ended 30 June 2025
of £1,068,265 (six months ended 30 June 2024 - loss £967,902). The basic and
diluted earnings per share for the period was -20.99 pence and -20.99 pence
respectively (six months ended 30 June 2024 - basic and diluted earnings of
-25.59 pence and -25.59 pence respectively).
The key performance indicators are set out below:
At At At
30-Jun-25 30-Jun-24 31-Dec-24
(unaudited) (unaudited) (audited)
£ £ £
Net asset value 2,074,738 3,005,768 2,111,196
The Directors are required to provide an Interim Management Report in
accordance with the Financial Conduct Authorities ("FCA") Disclosure Guidance
and Transparency Rules ("DTR"). The Directors consider the Interim Management
Report of this Half Yearly Financial Report provides details of the important
events which have occurred during the period and their impact on the financial
statements as well as the outlook for the Company for the remaining six months
of the year ended 31 December 2025.
The following statement of the Principal Risks and Uncertainties, the Related
Party Transactions, the Statement of Directors' Responsibilities and the
Operational and Financial Review constitute the Interim Management Report of
the Company for the six months ended 30 June 2025.
Principal Risks and Uncertainties
The principal risks and uncertainties of the Company are detailed on page 28
of the Company's most recent Annual Report for the year ended 31 December 2024
which can be found on the Company's website at www.panthermetals.co.uk. The
principal risks and uncertainties facing the Company remain unchanged from
those disclosed in the Annual Report for the year ended 31 December 2024, and
the Board are of the opinion that they will continue to remain unchanged for
the forthcoming six-month period.
The principal risks and uncertainties facing the Company are as follows:
• adverse foreign exchange fluctuations;
• if the Group is unable to raise additional capital when needed or
on suitable terms it could force a delay, reduce or eliminate its exploration
development and production plans and efforts; and
• there are significant risks associated with any discovery and the
ability of the Company to then generate any operational cashflows.
Related Party Transactions
There have been no material changes to the related party transactions
described in the Annual Report that could influence the financial position or
performance of the Company.
Going Concern
As at 30 June 2025, the Group had total cash reserves of £27,293 (31 December
2024: £17,536). The Directors are aware of the reliance on fundraising within
the next 12 months having reviewed the Group's working capital forecasts.
Directors believe that the Group is well placed to manage its business risks
successfully, providing future fundraisings are successful. The interim
financial statements have been prepared on a going concern basis and do not
include adjustments that would result if the Group was unable to continue in
operation. As a junior exploration company, the Directors are aware that the
Company must go to the marketplace to raise funds in the next 12 months to
meet its investment and exploration plans and to maintain its listing status.
For and on behalf of the Board of Directors
Darren Hazelwood
Chief Executive Officer
24 September 2025
STATEMENT OF DIRECTORS' RESPONSIBILITY FOR THE HALF YEARLY REPORT FOR THE SIX
MONTHS ENDED 30 JUNE 2025
The Directors confirm to the best of their knowledge:
· the interim financial statements have been
prepared in accordance with International Accounting Standard 34, Interim
Financial Reporting, as adopted by the EU;
· the interim financial statements give a
true and fair view of the assets and liabilities, financial position and the
loss of the Group;
· the interim report includes a fair review
of the information required by DTR 4.2.7R of the Disclosure and Transparency
Rules, being an indication of important events that have occurred during the
first six months of the financial year and their impact on the interim
financial information, and a fair description of the principal risks and
uncertainties for the remaining six months of the year; and
· the interim financial information includes
a fair review of the information required by DTR 4.2.8R of the Disclosure and
Transparency Rules, being information required on related party transactions.
For and on behalf of the Board of Directors
Darren Hazelwood
Chief Executive Officer
24 September 2025
CONSOLIDATED CONDENSED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 30 JUNE 2025
Notes Period ended Period ended
30 June 30 June
2025 2024
£ £
Unaudited Unaudited
Revenue - -
Cost of sales - -
Gross profit - -
Administrative expenses (525,871) (393,724)
Share-based payment (charge)/ credit 7 (167,466) (41,725)
Realised and unrealised gains/losses on investments held for sale 2 (365,738) (531,821)
Operating loss (1,059,075) (967,270)
Finance costs (9,190) (632)
Profit/ (loss) before taxation (1,068,265) (967,902)
Taxation - -
Profit/(loss) for the period (1,068,265) (967,902)
Other comprehensive income - -
Total comprehensive profit/ (loss) for the period (1,068,265) (967,902)
Profit/ (loss) attributable to:
Equity holders of the company: (1,068,265) (967,902)
(1,068,265) (967,902)
Basic earnings/ (loss) per share (pence) 3 (20.99)p (25.59)p
Diluted earnings/ (loss) per share (pence) 3 (20.99)p (25.59)p
As at As at As at
30 June 30 June 31 December
Notes 2025 2024 2024
£ £ £
Unaudited Unaudited Audited
Non-current assets
Exploration and evaluation assets 2,464,568 1,979,125 2,281,726
Bitcoin Treasury Intangible 1.3 52,010 - -
Total non-current assets 2,516,578 1,979,125 2,281,726
Current assets
Investments Held for Sale 2 - 1,371,868 631,270
Receivables 45,991 139,057 104,795
Cash at bank and in hand 27,293 236,958 17,536
Total current assets 73,284 1,747,883 753,601
Total assets 2,589,862 3,727,008 3,035,327
Current liabilities
Trade and other payables (366,441) (153,948) (613,916)
Loan Notes 4 - (406,500) (172,500)
Total Current Liabilities (366,441) (560,448) (786,416)
Net current assets/(liabilities) (293,157) 1,187,435 (32,815)
Non-current liabilities
Provision for deferred consideration 5 (148,683) (160,792) (137,715)
Total liabilities (515,124) (721,240) (924,131)
Net assets 2,074,738 3,005,768 2,111,196
Capital and reserves
Called up share capital 6 7,808,682 6,705,665 6,944,341
Share-based payment reserve 7 735,206 632,822 567,740
Retained losses (6,469,150) (4,332,719) (5,400,885)
Total equity 2,074,738 3,005,768 2,111,196
As at As at As at
30 June 30 June 31 December
Notes 2025 2024 2024
£ £ £
Unaudited Unaudited Audited
Cash flows from operating activities
Operating Loss (1,059,075) (967,270) (2,206,568)
Adjusted for:
Share-based payment charge 167,466 41,725 152,991
Loss on termination of exploration projects - - 180,462
Realised and unrealised gains/losses on investments held for sale 365,738 531,821 1,051,189
Foreign exchange 79,859 41,973 111,818
(Increase)/decrease in receivables 63,094 (80,779) (46,516)
Increase/(decrease) in payables (296,586) 13,508 465,083
Net cash (used in)/generated from operating activities (679,504) (419,022) (291,541)
Investing activities
Proceeds from the sale of held for sale investments 266,879 356,701 570,548
2
Cash spent on exploration activities (223,767) (81,841) (702,591)
Purchase of Bitcoin 1.3 (52,010) - -
Net cash (used in)/ generated from investing activities (8,898) 274,860 (132,043)
Financing activities
Proceeds from issuing shares 6 587,000 315,000 375,000
Proceed from conversion of warrants 6 80,000 - -
OJEP funding 1.3 31,159 - -
Net cash generated from financing activities 698,159 315,000 375,000
Net increase/ (decrease) in cash and cash equivalents 9,757 170,838 (48,584)
Cash and cash equivalents at beginning of period 17,536 66,120 66,120
Cash and cash equivalents at end of period 27,293 236,958 17,536
Group Share Share Total
capital based payment reserve £
£ £ Retained
Notes losses
£
Balance at 1 January 2024 6,330,665 591,097 (3,364,817) 3,556,945
Loss for the year - - (2,212,416) (2,212,416)
Total comprehensive loss for the year - - (2,212,416) (2,212,416)
Transactions with the owners of the company
Shares issued 6 375,000 - - 375,000
Conversion of convertible loan notes 238,676 - - 238,676
Other transactions
Options issued 7 - 47,232 - 47,232
Warrants issued 7 - 105,759 - 105,759
Warrants forfeited 7 - (176,348) 176,348 -
Balance at 31 December 2024 6,944,341 567,740 (5,400,885) 2,111,196
Balance at 1 January 2025 6,944,341 567,740 (5,400,885) 2,111,196
Loss for the year - - (1,068,265) (1,068,265)
Total comprehensive loss for the year - - (1,068,265) (1,068,265)
Transactions with the owners of the company
Shares issued 6 455,000 - - 455,000
Debt capitalised 6 181,125 - - 181,125
Obonga extension shares 6 16,216 - - 16,216
Warrant Conversion 6 80,000 - - 80,000
Director Subscription 6 132,000 - - 132,000
864,341 - -
864,341
Other transactions
Options issued/charged 7 - 23,616 - 23,616
Warrants issued/charged (net of exercise) 7 - 143,850 - 143,850
Balance at 30 June 2025 7,808,682 735,206 (6,469,150) 2,074,738
NOTES TO THE UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS
FOR THE SIX-MONTH PERIOD ENDED 30 JUNE 2025
1 Accounting policies
1.1. Half-yearly report
This interim financial information for the six months ended 30 June 2025 and
30 June 2024 is unaudited and does not constitute statutory financial
statements within the meaning of the Companies Act 1982 (Isle of Man). The
interim financial information was approved by the Board of Directors on 18
September 2025.
The figures for the year ended 31 December 2024 have been extracted from the
statutory financial statements which have been prepared in accordance with UK
adopted International Accounting Standards ("IFRS") and which have been
reported on by the Company's auditor. The auditor's report on those financial
statements was unqualified.
The condensed interim financial statements have not been reviewed by the
Company's auditor.
1.2. Basis of accounting
The condensed interim financial information has been prepared in accordance
with the requirements of IAS 34 "Interim Financial Reporting".
The interim financial information does not include all notes of the type
normally included in the annual financial report and therefore cannot be
expected to provide as full an understanding of the financial performance,
financial position and financing and investing activities of the group as the
full financial report.
The financial information has been prepared on the historical cost basis. The
accounting policies and methods of computation adopted in the Company's
preparation of the condensed interim financial information are consistent with
those adopted and disclosed in the financial statements for the year ended 31
December 2024 and those expected to be used for the year ending 31 December
2025.
The Company will report again in full for the year ending 31 December 2025.
1.3. Accounting policies
The accounting policies are unchanged from those used in the last published
annual financial statements for the year ended 31 December 2024. The Company
has accounted for the OJEP funding in accordance with IAS 20 Accounting for
Government Grants and Disclosure of Government Assistance by offsetting the
£31,160 received against the related Dotted Lake exploration asset. The
Company has accounted for the £52,010 of Bitcoin Treasury held at 30 June
2025 in accordance with IAS 38 Intangible Assets. The majority of the Bitcoin
Treasury was disposed of after the period end. As at 24 September 2025, the
Company holds Bitcoin with a value of £457. The Company has no immediate
intention to buy Bitcoin.
2 Investments Held for Sale
£
Net book value
At 1 January 2025 631,270
Disposals in the period (590,947)
Fair value loss of investment held for sale (40,323)
At 30 June 2025 -
On 8 April 2025 the Company announced that it sold its remaining holdings in
Fulcrum a total of 7,625,122 ordinary shares of nominal value 1 pence each in
the capital of Fulcrum Metals plc on 7 April 2025, at a price of 3.5 pence per
ordinary share, for an aggregate amount of £266,879 (net of fees and
expenses).
3. 2025 Loss per share
The basic loss per ordinary share reflecting for the interim period to 30 June
2025 is -20.99 (2024 -25.59) pence and has been calculated by dividing the
loss for the period by the weighted average number of ordinary shares in issue
of 5,087,019. There are 2,586,492 potentially issuable shares all of which
relate to share options issued to Directors and professional advisers under
option, options issued as part of acquisitions and warrants issued as part of
placings (see note 7). The weighted average number of potential ordinary
shares in issue is 7,673,511 shares. Based on the losses made in the period
which are, the diluted loss per share is anti-dilutive and therefore has been
kept the same as the basic loss per share of -20.99 (2024 -25.59) pence per
share.
4. Convertible Loan Note and Loan Notes
As at As at As at
30 June 2025 30 June 31 December
£ 2024 2024
£ £
Current Liabilities payable within 1 year
Amount due to Convertible Loan Note Holders (Aug 2023) - 234,000 -
Amount due to Loan Note Holders (November 2023) - 172,500 172,500
- 406,500 172,500
On 12 March 2025 the Company announced it had agreed terms to capitalise its
only outstanding debt facilities, comprising the £150,000 of unsecured
convertible loan notes announced 20 November 2023, which carry an interest
rate of 15% by the issue of new ordinary shares with warrants attached as set
out in note 6.
5. Provision for Deferred Consideration
As at As at As at
30 June 30 June 2024 31 December
2025 £ 2024
£ £
Current Liabilities payable within 1 year
Amount due to Broken Rock 16,053 17,346 16,653
Amount due to Aki Siltamaki - 5,782 -
Amount due to Frontier Energy 58,800 - -
Amount due to Douglas Kakeeway and John Ternowesky - 8,673 -
74,853 31,801 16,653
Non-Current Liabilities
Amounts due to Broken Rock 148,683 160,792 137,715
223,536 192,593 154,368
On 3 April 2025 the Company announced the amendment and extension to the
purchase agreement allows for an additional year to meet the exploration
commitment at Obonga and so an additional CAD$30,000 payment will be due to
Broken Rock in August 2026 with the final payment due in August 2027.
In November 2021, the Company agreed a deal with Aki Siltamaki to take an
option on four further properties on the Obonga greenstone belt to supplement
its landholding in the area. The headline consideration was CAD$30,000 upfront
and an ongoing payment of CAD $10,000 per year for the three consecutive years
of the agreement and the final payment of CAD $200,000. The final payment is
contingent on success in the ground.
In relation to the Company's interest in Winston and the Frontier Energy
Option and Sale and Purchase Agreement for the Pick Lake Mining Ltd Property,
the terms agreement comprise an Option Period running to 15 October 2025. An
Option payment of 100,000 Australian dollars (A$), with additional A$30,000
per month, payable on the first business day in each month thereafter and
ending on 15th October 2025, the payments in each case offset against the
total purchase price of A$2,750,000, when the Option is exercised. Panther is
entitled to exercise the Option at any time during the Option Period.
A deferred consideration liability has been recognised as there are no
conditions attached to these payments. The amounts payable over time have been
discounted to present value. Each period the liability is increased by the
interest rate used in the discounting calculation with subsequent increases
expensed to finance costs.
No payments have yet been made in the six months to 30 June 2025 (2024:
£nil). £565 was recognised in finance costs (2024: £632).
6. Share capital
Number of new Ordinary shares Share
Capital
No £
Allotted, issued and fully paid:
As at 1 January 2025 4,279,080 6,944,341
Placing- January 2025 910,000 455,000
Capitalisation of debt facility- March 25 362,250 181,125
Obonga extension consideration shares- April 2025 42,070 16,216
Warrant Conversion- June 2025 106,666 80,000
Director Subscription- June 2025 191,304 132,000
As at 30 June 2025 5,891,370 7,808,682
On 20 January 2025 the Company announced the completion of a conditional
placing, confirming it has placed 910,000 ordinary shares of no-par value at a
price of 50 pence raising gross proceeds of £455,000. Each share was
issued with one warrant attached entitling the holder to subscribe for one new
ordinary share at a price of 75 pence. The warrants have a life of 36 months
from the date of Admission. Admission took place on 28 February 2025.
On 12 March 2025 the Company announced it had agreed terms to capitalise its
only outstanding debt facilities, comprising the £150,000 of unsecured
convertible loan notes announced 20 November 2023, which carry an interest
rate of 15%. The Company settled this liability by the issue of new ordinary
shares with warrants attached, a combined total of 362,250 shares at an issue
price 50p and delivered 362,250 warrants with an exercise price of 75p to the
former holders of the loan notes. The warrants have a life of 3 years and be
subject to an "accelerator" requiring the warrants to be exercised should the
Panther share price exceed £1.50 at any time over a period of 20 trading days
following the date of the issue of the warrants.
On 3 April 2025 the Company announced an Amending Agreement on the Obonga
project extending the existing agreement for a further 12 months and meaning
that the exploration commitment is now spread over five years; whilst the
original net smelter return royalty is replaced with a gross revenue royalty
equal to 1.5% of the gross value of the sale proceeds actually received by the
royalty payer from activity carried out on the Property. In connection with
the signing of the Amending Agreement the Company allotted and issued 42,070
new ordinary shares with a value of Canadian $30,000 to Broken Rock based on
the mid-market closing price of Panther's ordinary shares on 27 March 2025 and
an exchange rate of CAD$1.85 to £1.00.
On 24 June 2025 the Company announced it had received notice of exercise of a
total of 106,666 warrants with an exercise price of 75p per share, raising
£80,000 for the Company. Admission took place on 30 June 2025.
On 30 June 2025 the Company announced that Executive Chairman, Nicholas
O'Reilly, and Chief Executive Officer, Darren Hazelwood, have undertaken a
direct share subscription with the Company for a total of £132,000 at the
market mid-price of 69p. Mr Hazelwood subscribed for a total of 155,072
new shares for a consideration of £107,000, taking his and Mrs Hazelwood's
total holding to 7.32% of the issued share capital in the Company. Mr O'Reilly
subscribed for a total of 36,232 new shares for a consideration of £25,000,
taking his total holding to 113,305 Ordinary Shares equivalent to 1.92% of the
issued share capital in the Company.
7. Share based payment transactions- Equity settled share based payments
Options issued, cancelled and outstanding at 30 June 2025
In relation to the Placing announced on 23 May 2024 each Placing Share was
issued with one warrant attached entitling the holder to subscribe for one new
ordinary share at a price of 7.5 pence with a life of 36 months from the date
of Admission.
In relation to the conditional placing announced on 20 January 2025, each
Placing share was issued with one warrant attached entitling the holder to
subscribe for one new ordinary share at a price of 75 pence. The warrants have
a life of 36 months from the date of Admission. Admission took place on 28
February 2025. On 24 June 2025 the Company announced it had received notice of
exercise of a total of 106,666 warrants with an exercise price of 75p per
share, raising £80,000 for the Company. The Company made applications for
106,666 new Ordinary Shares to be admitted to listing and admission took place
on 30 June 2025.
On 12 March 2025 the Company announced it had agreed terms to capitalise its
only outstanding debt facilities, comprising the £150,000 of unsecured
convertible loan notes announced 20 November 2023, which carry an interest
rate of 15%. The Company settled this liability by the issue of new ordinary
shares with warrants attached, a combined total of 362,250 shares at an issue
price 50p (the "Settlement Shares") and delivered 362,250 warrants with an
exercise price of 75p to the former holders of the loan notes. The warrants
have a life of 3 years and be subject to an "accelerator" requiring the
warrants to be exercised should the Panther share price exceed £1.50 at any
time over a period of 20 trading days following the date of the issue of the
warrants.
Options and warrants issued, cancelled and outstanding
at the period end
1 Jan 2025 At Weighted average exercise
30 June 2025
No of options No of options price
Issued Exercised (£)
Obonga options 20,000 - - 20,000 3.25
Management options 184,000 - - 184,000 3.75
Placing Warrants- Aug 2022 - 2.13
834,909 834,909
Management Options- November 2023 48,000 - - 48,000 1.50
Placing warrants- May 2024 333,333 - - 333,333 1.88
Placing warrants- January 2025 - 910,000 (106,000) 804,000 0.75
Debt capitalisation warrants March 2025 - 362,250 - 362,250 0.75
1,420,242 1,272,250 (106,000) 2,692,492 14.01
Options and warrants outstanding and exercisable at the
interim period end
Vested and exercisable Exercise price (£) Weighted average contractual life Expiry date
(years)
Obonga options 20,000 3.25 1.09 2 August 2026
3.75 22 August 2026
Management options- August 2021 184,000 1.15
Placing Warrants- August 2022 834,909 2.13 0.13 18 August 2025
1 November 2028
Management Options- November 2023 48,000 1.50 3.34
Placing warrants- May 2024 333,333 1.88 1.90 23 May 2027
Placing warrants- January 2025 910,000 0.75 2.67 28 February 2028
12 March 2028
Debt capitalisation warrants- March 2025 362,250 0.75 2.78
A Black-Scholes model has been used to determine the fair value of the share
options and warrants on the date of grant. The model assesses several factors
in calculating the fair value. These include the market price on the date of
grant, the exercise price of the share options, the expected share price
volatility of the Company's share price, the expected life of the options, the
risk-free rate of interest and the expected level of dividends in future
periods.
For those options granted where IFRS 2 "Share-Based Payment" is applicable,
the fair values were calculated using the Black-Scholes model. The inputs into
the model were as follows:
Date of grant Risk free rate Share price volatility Expected Share price
life at grant date
Obonga options- August 2021 0.66% 55% 5 years 0.1363
Management options- August 2021 0.77% 55% 5 years 0.1175
54% 0.0535
Placing Warrants- August 2022 3.67% 3 years
43% 0.0340
Management Options- November 2023 5.49% 5 years
55% 0.4075
Placing warrants- May 2024 4.31% 3 years
57% 0.4900
Placing warrants- January 2025 3.97% 3 years
57% 0.3850
Debt capitalisation warrants- March 2025 3.90% 3 years
The total charge to the consolidated statement of comprehensive income for the
period to 30 June 2025 was £167,466 (2024: charge of £41,725).
8 Subsequent events
Bitcoin Treasury Disposal
During the post period end in July and August 2025, the Company sold the
majority of its Bitcoin holdings to meet certain supplier liabilities. As at
24 September 2025, the Company holds Bitcoin with a value of £457. The
Company has no immediate intention to buy Bitcoin.
August 2022 Warrants Expiry
On 18 August 2025, 834,909 warrants relating to the warrants issued alongside
the placing in August 2022 expired.
END
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