REG - Panthera Resources - Arbitration Update

Panthera ResourcesAnnouncement

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RNS Number : 2326F  Panthera Resources PLC  29 October 2025

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the UK Market Abuse
Regulation

 

29 October 2025

 

Panthera Resources Plc

("Panthera" or the "Company")

 

Arbitration Update

 

Procedural calendar for phase one

 

Gold exploration and development company Panthera Resources Plc (AIM: PAT),
with assets in West Africa and India, provides the following update in
relation to the Company's Australian subsidiary, Indo Gold Pty Ltd's ("IGPL's"
or the "Claimant") claim against the Republic of India ("India") over the
latter's breach of the 1999 Agreement between the Government of Australia and
the Government of India on the Promotion and Protection of Investments (the
"Treaty").

 

On 19 May 2025, the Company announced that the Claimant has filed its Memorial
in accordance with the order of the arbitral panel including a claim for
damages amounting to US$1.58 billion, net of Indian taxes.

 

The Company announces that the arbitral panel has now issued an order
detailing the procedural calendar for phase one.  Phase one will consider the
issues of jurisdiction together with the merits and the general principles of
compensation with the precise quantum calculations reserved for a second phase
of the proceedings, as necessary.

 

 Phase one: Procedural Action                                               Party       Deadline
 Counter-Memorial on Jurisdiction, Admissibility, Merits and Principles of  Respondent  27 February 2026
 Compensation

 Reply on Merits and Principles of Compensation and Counter‑Memorial on     Claimant    17 July 2026
 Jurisdiction and Admissibility

 Rejoinder on Merits and Principles of Compensation                         Respondent  23 October 2026

 Hearing                                                                    All         14-19 December 2026

 Oral closing submissions                                                   All         11 January 2027

 

The legal seat of the arbitration is London, United Kingdom, whereas the venue
of the hearings will be the Peace Palace, The Hague at the premises of the
Permanent Court of Arbitration, which administers the case.

 

IGPL's Treaty Claims

 

The Bhukia project includes legal rights that the Company holds via its
Australian subsidiary, IGPL, in respect of an area that was the subject of a
rejected Prospecting Licence Application in Rajasthan lodged by Metal Mining
Pvt Ltd ("MMI"), a wholly owned subsidiary of IGPL.

 

The Company made its initial investment in the Bhukia project (through IGPL)
in or around 2004.  IGPL provided substantial funding and managed the joint
venture exploration programmes with MMI. IGPL alleges that its right to be
granted a Prospecting Licence over the Bhukia project, through its joint
venture holding, was denied and frustrated over an extended period by the
Government of Rajasthan ("GoR").  In 2021, India passed a new act
("MMDR2021") to amend the Mines and Minerals (Development and Regulation) Act
of 2015 ("MMDR2015").  Under Clause 13 of the MMDR2021, the preferential
right to a Prospecting Licence and a Mining Lease was revoked.

 

By virtue of the measures India took resulting in the total loss of IGPL's
investment, IGPL alleges that India breached the Treaty, including but not
limited to, Article 3 (Promotion and Protection of Investments) and Article 7
(Expropriation and Nationalisation). IGPL is now seeking damages from India.

 

There can be no certainty as to the outcome of IGPL's Treaty claims.

 

Bhukia Project Background

 

IGPL completed a total of 20 holes drilled between 2005 and 2006 and in
October 2006 reported a JORC compliant mineral resource estimate of 38.5 Mt @
1.4 g/t Au for some 1.74 Moz gold using a cutoff of 0.5 g/t Au (updated in
2017 to comply with JORC 2012). In 2007, the Company advised shareholders of
its plan to undertake a first-phase, systematic drill-out campaign upon grant
of a Prospecting Licence, on well-defined exploration targets of 6 Moz gold.
Its vision from early on was that the Bhukia mineral resource would likely
support the development of an exceptional gold project capable of supporting a
large, low-cost, open pit gold mining and processing operation with low
stripping ratios and copper and cobalt by-product credits.

 

The Geological Survey of India ("GSI") published a report in 2014 after the
completion of over 150 drill holes (Bulletin Series A (April 2014)), wherein
it reported an indicated and inferred mineral resource estimate of 6.7 Moz
gold (excluding additional resources subsequently found through additional
drilling by the GSI). The estimate was reportedly prepared according to the
UNFC code. More recently, the GoR issued a gazette notification containing an
updated resource estimate of 113.52 Mt at 1.96 g/t and 0.14% Cu, which amounts
to 7.2 Moz of gold plus copper credits, with accessory nickel and cobalt.
According to Indian law, the resource estimate was required to be prepared in
accordance with the Minerals (Evidence of Mineral Contents) Rules 2015
("MEMCR") which are based on the United Nations Framework Classification
(UNFC) and Committee for Mineral Reserves International Reporting Standards
(CRIRSCO), though modifications to these standards have been made by India in
formulating the terms of the MEMCR.

 

LCM Litigation Financing

 

On 25 August 2023, the Company announced that IGPL had secured up to US$13.6
million in litigation financing ("Facility") with LCM Funding SG Pty Ltd ("LCM
Funding" or the "Funder").  LCM Funding is a subsidiary of Litigation Capital
Management Limited ("LCM"), a firm quoted on the AIM Market of the London
Stock Exchange. LCM is a leading global disputes funder with significant
expertise in international arbitration and cross-border disputes, including
bilateral investment treaty claims over mineral resource assets.

 

The non‐recourse Facility is to be used by IGPL in prosecuting its Treaty
claims against India. If no award and/or recovery are achieved, then LCM
Funding is not entitled to any repayment of the Facility.

 

Contacts

 

Panthera Resources PLC

Mark Bolton (Managing
Director)
+61 411 220 942

 
contact@pantheraresources.com

 

Allenby Capital Limited (Nominated Adviser & Joint Broker)
           +44 (0) 20 3328 5656

John Depasquale / Vivek Bhardwaj (Corporate
Finance)

Kelly Gardiner

 

VSA Capital Limited (Joint Broker)
                                      +44 (0) 20 3005 5000

Andrew Monk / Andrew Raca

 

Novum Securities Limited (Joint Broker)
                               +44 (0) 20 7399 9400

Colin
Rowbury

 

Subscribe for Regular Updates

 

Follow the Company on Twitter at @PantheraPLC

 

For more information and to subscribe to updates visit: pantheraresources.com

 

Qualified Person

The technical information contained in this disclosure has been read and
approved by Ian S Cooper (BSc, ARSM, FAusIMM, FGS), who is a qualified
geologist and acts as the Qualified Person under the AIM Rules - Note for
Mining and Oil & Gas Companies.  Mr Cooper is a geological consultant to
Panthera Resources PLC.

 

Glossary

 

 JORC:    Australasian Code for Reporting of Mineral Resources and Ore Reserves' of
          December 2012 ("JORC Code") as prepared by the Joint Ore Reserves Committee of
          the Australasian Institute of Mining and Metallurgy. Terms including Measured,
          Indicated and Inferred Resources as defined therein

 Mt:      Million Tonnes (Metric)

 g/t:     Grammes per Tonne (Metric)

 Moz:     Million Ounces (Troy)

 Au:      The chemical element for Gold

 

Arbitration Risks

If the dates are materially adjusted by the tribunal the Company will make an
appropriate announcement to a Regulatory Information Service giving details of
any such adjustments.

 

The arbitration remains in active litigation, and all litigation carries
significant uncertainty and unpredictability until final resolution, including
the risk of total loss.  Panthera cautions that there are meaningful
remaining risks in the arbitration, including potential further proceedings,
enforcement risks and collateral litigation.  Furthermore, litigation matters
often resolve for considerably less than the amount of any judgment rendered
and, to the extent that any settlement or resolution discussions occur in the
arbitration or at the enforcement stage, no public communication about those
discussions may be possible until their conclusion.

 

Forward-looking Statements

This news release contains forward-looking statements that are based on the
Company's current expectations and estimates. Forward-looking statements are
frequently characterised by words such as "plan", "expect", "project",
"intend", "believe", "anticipate", "estimate", "suggest", "indicate" and other
similar words or statements that certain events or conditions "may" or "will"
occur. Such forward-looking statements involve known and unknown risks,
uncertainties and other factors that could cause actual events or results to
differ materially from estimated or anticipated events or results implied or
expressed in such forward-looking statements. Such factors include, among
others: the actual results of current exploration activities; conclusions of
economic evaluations; changes in project parameters as plans continue to be
refined; possible variations in ore grade or recovery rates; accidents, labour
disputes and other risks of the mining industry; delays in obtaining
governmental approvals or financing; and fluctuations in metal prices. There
may be other factors that cause actions, events or results not to be as
anticipated, estimated or intended. Any forward-looking statement speaks only
as of the date on which it is made and, except as may be required by
applicable securities laws, the Company disclaims any intent or obligation to
update any forward-looking statement, whether as a result of new information,
future events or results or otherwise. Forward-looking statements are not
guarantees of future performance and accordingly, undue reliance should not be
put on such statements due to the inherent uncertainty therein.

 

**ENDS**

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