REG - Panthera Resources - Half-year Report
29/12/2023 07:00
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RNS Number : 1403Y Panthera Resources PLC 29 December 2023
29 December 2023
Panthera Resources PLC
(Panthera or the Company)
Interim Results - Six months ended 30 September 2023
Panthera Resources PLC (AIM: PAT), the gold exploration and development
company with key assets in West Africa and India, is pleased to announce its
unaudited interim results for the half-year ended 30 September 2023.
Highlights
· Total loss for the reporting period of US$1,010,983 loss or
US$0.01 per share (2022: US$1,477,506 loss or US$0.01 per share) reflecting
our ongoing commitment to our exploration activities during the period
· LCM Funding SG Pty Ltd ("LCM Funding" or the "Funder")
successfully completed its due diligence and issued the Funding Confirmation
Notice (the "FCN") for US$13.6 million
· Moydow completed a 5641 metre reverse circulation ("RC")
drilling campaign at the Cascades Project targeting extensions to the current
resources and several new targets
· At Kalaka, the Company completed eight reverse circulation
drill holes for 705 metres advance at the K1A Prospect with drill assay
results including 76 metres at 0.53 g/t Au (includes 10 metres at 1.16 g/t
Au), 34 metres at 0.50 g/t Au, 85 metres at 0.52 g/t Au (includes 12 metres at
1.62 g/t Au to End of the hole)
· At Bido, the Company completed IP gradient array (for a total
of 82 km lines) and IP pole-dipole array lines (6.4 km) focusing on the
Kwademen Zone
Mark Bolton, Managing Director of Panthera Resources, commented:
"The September 2023 decision by the High Court of Rajasthan ("HCR") to dismiss
the writ petition adds to the act of expropriation, and India has again
breached its obligations to provide investment protections to Indo Gold Pty
Ltd ("IGPL") and its investment under the Treaty.
Our focus has now shifted to pursuing a claim against India for breaches of
its obligations under Treaty and we have secured the US$13.6 million
unconditional funding facility from LCM Funding in support of our claim. The
issuance of a Notice of Dispute ("NoD") will be the first step in this
process.
Under the Treaty, compensation for expropriation is required to be calculated
on the basis of the market value of the investment immediately before the
expropriation. The Company believes that the market value of Bhukia is
substantial with the project ranking among the top undeveloped gold projects
in the world."
Bhukia Project (India)
Arbitration
On 27 September 2023, the Company announced that the HCR had dismissed Metal
Mining India Pvt Ltd's ("MMI") writ petition based on the recent Mines and
Minerals (Development and Regulation) Amendment Act (2021) ("MMDR2021").
Following the decision by the HCR, the Company's Australian subsidiary, Indo
Gold Pty Ltd ("IGPL") expects to issue a NoD against India over the latter's
breaches of its obligations under the Treaty.
Following the delivery of the NoD and in the absence of any meaningful
correspondence in relation to this matter from the Government of India or if
no amicable settlement is reached, IGPL will subsequently deliver a notice of
arbitration to the Government of India. Under the Treaty, an arbitral tribunal
is to be constituted within two months of delivery of the notice of
arbitration.
The Company is aware that on 30 September 2023 the Times of India reported
that, based on information from the Geological Survey of India and the
Additional Chief Secretary of Mines, the gold deposit at the site could be
worth over US$1 billion. This valuation has not been independently verified by
the Company. Accordingly, while at this stage the Company is not able to make
any comments in relation to the potential quantum of damages that IGPL will
claim from India, the Company will in due course, announce the actual quantum
of damages that IGPL will claim from India when available. This quantum may
differ from that reported by third parties, including but not limited to, the
Times of India.
Litigation Financing Facility
On 28 February 2023, the Company announced that it had entered into a
conditional agreement with LCM Funding SG Pty Ltd ("LCM Funding" or the
"Funder") to provide a facility to the Company's subsidiary, IGPL, to support
IGPL's claims against India arising from the Treaty.
On 25 August 2023, the Company announced that LCM Funding had successfully
completed its due diligence and issued the Funding Confirmation Notice (the
"FCN") for US$13.6 million. Following such issuance, an unconditional funding
facility has been made available to IGPL.
LCM Funding is a subsidiary of Litigation Capital Management Limited ("LCM"),
a firm quoted on the AIM Market of the London Stock Exchange. LCM is a leading
global disputes funder with significant expertise in international arbitration
and cross-border disputes, including bilateral investment treaty claims over
mineral resource assets.
The US$13.6 million non-recourse litigation financing facility from LCM
Funding is to be used in pursuing its Treaty claims against India. If no award
and/or recovery are achieved, then LCM Funding is not entitled to any
repayment of the Facility.
In the event that there is an award and/or recovery, LCM Funding shall be
entitled, in the first instance, to the amounts it has deployed from the
Facility, as well as the greater of:
a) approximately US$1.36 million being 10% of the Funding
Limit (which is the amount of the Facility);
b) a Funder's commission (the "Commission") of between 5% and
15% of the damages recovered, based upon the number of years that have passed
from the date of the Funding Confirmation Notice; or
c) a multiple (the "Multiple") of between 2 and 4.25 times the
total of the Facility, based upon the number of years that have passed from
the date of the Funding Confirmation Notice.
In the event that the settlement or award includes the value or benefit of any
property other than cash, pursuant to the terms of the AFA, IGPL is required
to realise and convert a portion of its interest in the property, or secure
external finance, to secure sufficient cash and then apply it in accordance
with the above.
West Africa Activities
Cascades (Burkina Faso)
The Cascades Project, formerly named Labola, is owned and managed by Moydow
Holdings Ltd (Moydow). Following a restructuring completed and announced on 30
June 2022, Panthera currently holds an equity interest of 20% in Moydow with
DFR agreeing to spend up to US$18 million (Earn-In) on Cascades in order to
maintain its ownership interest of up to 80%.
The Cascades gold exploration project is in the Banfora greenstone belt of the
West African Birimian Supergroup in southwest Burkina Faso. Cascades is
approximately 450km west-southwest of the capital, Ouagadougou, and 100km
northeast of the Wahgnion gold mine, operated by Endeavour Mining.
More than 65,500m of historical drilling (541 holes) has been completed across
multiple drilling campaigns by previous owners with Moydow exploring the area
since August 2020. Following a 2021 drilling program by Moydow, a maiden
Mineral Resource Estimate (MRE) was published in October 2021 as stated in
Table 1:
Table 1 Maiden Mineral Resource Estimate,
October 2021
Indicated Mineral Resource: 5.41Mt @ 1.52g/t Au (264,000oz)
Inferred Mineral Resource: 6.93Mt @ 1.67g/t Au (371,000oz)
In May 2023, the Company completed a 5641 metre (RC) in 57 drill holes
targeting five areas. The drilling programme was the first phase of a planned
two-phase 10,000m programme and targeted both extensions to the current
resources and several new areas (Figure 1):
· two newly defined targets immediately north and southwest of
the Daramandougou resource pit shell western Zone extension, and Dara North
respectively;
· step-out drilling on the TT13 target, a significant new gold
zone identified in 2022; and
· first-pass drilling on three other newly delineated targets
in the Wuo Land 2 licence area at Far East, Sina Yar and TT13-West.
Sina Yar
Ten drill holes were drilled for an aggregate of 903 metres. Significant
mineralisation was intersected in each hole drilled. In particular, three
consecutive holes testing 250m metres of strike length of the main north-south
trending structure in metasediments intersected significant widths of
mineralisation as follows:
- CS23-RC077 50-84 metres, 34 metres @ 1.83g/t
- CS23-RC077 23-29 metres 6 metres @ 1.14
- CS23-RC078 53-71 metres, 18 metres @ 1.13g/t
- CS23-RC078 74-78 metres, 4 metres @ 1.25g/t and
- CS23-RC078 88-96 metres, 8 metres @ 1.64g/t and
- CS23-RC078 103-113 metres, 10 metres @ 1.02g/t
The mineralisation is hosted by quartz veins within a north-south trending
mineralised envelope hosted by banded greywacke and sandstone metasedimentary
sequence. Sina Yar is currently the target of significant artisanal mining
activity over a kilometre-long strike length exploiting a north-south zone
from what appears to be a near-vertical mineralised envelope. The zone is open
to the north and possibly to the south.
Mineralisation appears open to the north of the drill-tested area. In the more
southerly holes, mineralisation was weaker and patchier although artisanal
activity remains intense. A highly altered felsitic intrusion has been mapped
towards the southern end of the Sina Yar workings, similar to the intrusions
mapped at both the Daramandougou and Wuo Ne mineral resource areas. Follow-up
drilling is planned at Sina Yar, starting with stepping out to the north of
CS23-RC077.
The three northernmost holes at the Far East target appear to have found a
significant zone of mineralisation albeit low grade. Significant intersections
included hole CS23-RC066 32-60 metres, 28 metres @ 0.56g/t.
Although the intersections are low grade, historical drilling by High River
Gold intersected several high-grade intercepts nearby and grab samples by DFR
in 2022 returned grades up to 9.3g/t in quartz veins being exploited by
artisanal miners. The mineralisation appears to be open north of CS23-RC066
and the current artisanal workings appear to extend between 250 metres to 450
metres further north of CS23-RC066.
TT13 Target
The TT-13 target was tested by DFR with a first-pass drilling programme of 9
holes in July 2022. A 1,800 metre strike length of intermittent mineralisation
has been delineated from field mapping and drone surveys. The zone is
characterised by almost continuous artisanal workings at the surface. The 2022
drilling here delineated a 300-metre strike length with significant
mineralisation in three holes for example CS22-RC029 27-36m, 9 metres @ 1.0g/t
plus 56-66m, 10 metres @ 1.81g/t. The current campaign targeted the northerly
and southerly extensions of the zone. Mineralisation is sporadic but several
holes intersected significant mineralisation which extends the zone. For
example, hole CS23-RC098, collared 370 metres north of CS22-RC029, returned 8
metres @ 1.21g/t (30-38 metres) plus 4 metres @ 1.81g/t (63-67 metres).
TT-13 West target
In the first pass drilling at the newly delineated TT-13 West target five
easterly inclined holes targeted a vertical shear zone in a new orpaillage
area 800 metres west of the TT13 target. The artisans are targeting an array
of thin, reportedly high-grade, quartz veins in metasediment but the
mineralisation intersected has been sporadic. The highest grade intersected in
the drilling was CS23-RC086, 61-62 metres downhole, 1 metre @11.6g/t gold. The
broadest intercept was in CS23-RC088 63-78 metres, 15 metres @ 0.88g/t.
Western Zone SW-Extension and Dara North targets
Drilling at the Dara North and the Southwestern Extension of the Western Zone
was targeted primarily at combined resistivity/chargeability geophysics
anomalies and at each target significant mineralisation was only intersected
over sub-mineable widths. At Dara North, a pervasive linear zone of artisanal
mining confirms the northerly extension of Western Zone mineralisation from
the main Daramandougou artisanal area. However, the mineralised zone appears
to be thin and sporadic within the 750 metres of strike length tested.
Bassala Project (Mali)
The Bassala project is located within the highly gold-endowed Birimian
volcano-sedimentary belt in southwestern Mali, approximately 200km south of
the capital city Bamako.
The belt hosts the Kalana (Endeavour Mining, 4Moz) and Kodieran (Wassoul'or,
2Moz) gold mines, both within a few kilometres of the Bassala project. The
adjacent belt to the west is also well endowed with gold and hosts the Siguiri
(AngloGold Ashanti ("AngloGold"), 17Moz), Tri-K (Avocet Mining, 3Moz), Kobada
(African Gold Group, 3Moz), and Yanfolila (Hummingbird Resources, 2Moz) gold
mines.
In June 2022 and July 2022, the Company completed a 5931 metre drilling
programme to follow up results of earlier drilling across the Bassala North,
Bassala Central and Bassala South Sectors, with five significant prospects
defined from initial and follow-up geochemical drilling campaigns. The most
significant prospect is the Tabakorole Prospect which has a 2km strike length
within which drilling has identified wide zones of mineralisation. Drill assay
results (based on 5m composite sampling) from the 2022 campaigns include:
- 5 metres at 5.60 g/t Au from 40m
- 5 metres at 4.68 g/t Au from 10m
- 5 metres at 3.73 g/t Au from 35m.
Recent field work at Bassala in 2023 has identified the location of new
artisanal gold diggings that highlight several zones of potential
mineralisation that had not previously been drill tested by the Company. The
Company intends to complete geological mapping and sampling of these new zones
ahead of planning for further drilling.
Bido (Burkina Faso)
The Bido permit in Burkina Faso is located on the Koudougou quadrangle some
125km WSW of the capital Ouagadougou. The tenement lies within the Boromo
greenstone belt which also hosts the Poura gold deposit (1 to 2 Moz), situated
about 50 km to the SSW of the area, as well as numerous gold occurrences.
In 2022, the Company completed an IP geophysical survey and expanded its
geological mapping and outcrop rock sampling, with 28 strong IP anomalies
identified. Rock sample results identified several outcropping mineralised
vein systems coincident with the strong IP anomalies, best results from grab
sampling being:
- 42.2g/t Au
- 20.0g/t Au
- 13.6g/t Au
- 13.4g/t Au
- 10.9g/t Au
In 2023, the Company completed a geophysical programme of IP gradient array
(for a total of 82 km lines) and IP pole-dipole array lines (6.4 km). The work
is focusing on three prospects (Figure 2) on the Kwademen Zone (Kwademen,
Kwademen-East and Kwademen-South).
The Company has also acquired analog historical data from the archives of the
library of the Ministry of Mines in Ouagadougou and has commenced converting
the database to a digital format to intergrate with the Company's data. The
historical works performed on the Kwademen area included mapping, trenching,
soil sampling, drilling, and geophysics (EM). The results of these programs
have highlighted the presence of gold and base metals occurrences.
Kalaka Project (Mali)
The Kalaka Project is located in southeast Mali, between Morila and Syama gold
mines and is approximately 260 km southeast of Bamako. It lies approximately
80 km south of the Morila gold mine (8m oz) and 85 km northwest of Resolute's
Syama gold mine (6m oz) and is situated adjacent and to the east of the
regional Banifin Shear Zone.
Panthera and DFR Gold Inc (DFR) each have 40% interest in Kalaka held through
their interest in Maniger Ltd. The remaining 20% interest is owned by a local
partner, Golden Spear Mali SARL. Panthera is the operator of the project.
During the September 2023 period the Company completed eight reverse
circulation drill holes for 705 metres advance at the K1A Prospect at the
Kalaka Project in Mali with drill assay results (based on 2m sampling
intervals) including:
- 76 metres at 0.53 g/t Au (includes 10 metres at 1.16 g/t Au) in hole
KRC_23_005
- 34 metres at 0.50 g/t Au in hole KRC_23_006
- 85 metres at 0.52 g/t Au in hole KRC_23_007 (includes 12 metres at 1.62
g/t Au to End of the hole)
The programme was interrupted due to heavy rain and accordingly, the proposed
northern exploration holes were untested.
Events Post Balance Date
In December 2023, the Company completed an equity capital raising of
£935,000.
Based on current expenditure levels, it is anticipated that all funds will be
used within the next 6 months. The Group's ability to continue as a going
concern is dependent upon raising additional capital.
Panthera Resources PLC
Unaudited Interim Financial Information for the period ended
30 September 2023
Set out below are the unaudited result of the group for the six months to 30
September 2023.
Group Statement of Comprehensive Income
For the six months ended 30 September 2023
Six months to 30 September 2023 Six months to 30 September 2022
Notes Unaudited $USD Unaudited $USD
Continuing operations
Revenue - -
Gross profit - -
Other Income 2 411,274 13
Exploration costs expensed (167,368) (842,611)
Administrative expenses (441,737) (427,279)
Share of losses in Investment in Associate 3 (335,798) (167,066)
Arbitration related expense 4 (482,968) -
Loss from operations (1,016,597) (1,436,943)
Investment revenues 22 7
Loss before taxation (1,016,575) (1,436,936)
Taxation - -
Other comprehensive income
Items that may be reclassified to profit or loss:
Exchange differences 5,592 (40,570)
Loss and total comprehensive income for the period (1,010,983) (1,477,506)
Total loss for the period attributable to:
- Owners of the Parent Company (1,012,665) (1,432,158)
- Non-controlling interest (3,910) (4,778)
(1,016,575) (1,436,936)
Total comprehensive income for the period attributable to:
- Owners of the Parent Company (1,007,073) (1,472,728)
- Non controlling interest (3,910) (4,778)
(1,010,983) (1,477,506)
Earnings per share attributable to the owners of the parent
Continuing operations (undiluted/diluted) 5 (0.01) (0.01)
Group Statement of Financial Position
As at 30 September 2023
30 September 2023 31 March 2023
Notes Unaudited $USD Unaudited $USD
Non-current assets
Intangible Assets 1,251,457 1,251,457
Property, plant and equipment 2,232 2,288
Investments 457,201 654,357
1,710,890 1,908,102
Current assets
Trade and other receivables 6 468,732 65,826
Cash and cash equivalents 217,486 126,275
686,218 192,101
Total assets 2,397,108 2,100,203
Non-current liabilities
Provisions 41,998 42,508
41,998 42,508
Current liabilities
Provisions 33,930 27,160
Trade and other payables 7 841,748 799,293
Total liabilities 917,676 868,961
Net assets 1,479,432 1,231,242
Equity
Share capital 2,019,222 1,721,441
Share premium 23,099,794 22,125,397
Capital reorganisation reserve 537,757 537,757
Other reserves 967,598 980,604
Retained earnings (24,762,937) (23,755,864)
Total equity attributable to owners of the parent 1,861,434 1,609,334
Non-controlling interest (382,002) (378,092)
Total equity 1,479,432 1,231,242
Group Statement of changes of equity
For the six months ended 30 September 2023
Share Capital Share premium account Capital re-organisation reserve Other reserves Retained earnings Total equity Non-controlling interest Total
Unaudited $USD Unaudited $USD Unaudited $USD Unaudited $USD Unaudited $USD Unaudited $USD Unaudited $USD Unaudited $USD
Balance at 1 April 2022 1,408,715 20,510,881 537,757 980,604 (20,791,956) 2,782,536 (361,740) 2,420,796
Loss for the period - - - - (1,432,158) (1,432,158) (4,778) (1,436,936)
Foreign exchange differences realised during the period - - - - (40,570) (40,570) - (40,570)
Total comprehensive income for the period - - - - (1,472,728) (1,472,728) (4,778) (1,477,506)
Issue of shares during the period 193,958 1,239,021 - - - 1,432,979 - 1,432,979
Loss on remeasurement of financial assets at FVOCI - - - 295 - 295 - 295
Foreign exchange differences on translation of currency - - - 177,642 - 177,642 - 177,642
Total transactions in the year recognised directly in equity 193,958 1,239,021 - 177,937 - 1,610,916 - 1,610,916
Balance at 30 September 2022 1,602,673 21,749,902 537,757 1,295,076 (22,264,684) 2,920,724 (366,518) 2,554,206
1,721,441 22,125,937 537,757 980,604 (23,755,864) 1,609,334 (378,092) 1,231,242
Balance at 1 April 2023
Loss for the period - - - - (1,012,665) (1,012,665) (3,910) (1,016,575)
Foreign exchange differences realised during the period - - - - 5,592 5,592 - 5,592
Total comprehensive income for the period - - - - (1,007,073) (1,007,073) (3,910) (1,010,983)
Issue of shares during the period 297,781 974,397 - - - 1,272,178 - 1,272,178
Share options issued - - - 1,848 - 1,848 - 1,848
Foreign exchange differences on translation of currency - - - (14,855) - (14,855) - (14,855)
Total transactions in the period recognised diectly in equity 297,781 974,397 - (13,007) - 1,259,171 - 1,259,171
Balance at 30 September 2023 2,019,222 23,099,794 537,757 967,597 (24,762,937) 1,861,432 (382,002) 1,479,430
Group Statement of cash flows
For the period ended 30 September 2023
Six months to 30 September 2023 Six months to 30 September 2022
Unaudited $USD Unaudited $USD
Cash flows from operating activities
Cash used in operations (737,942) (1,472,597)
Income taxes paid - -
Net cash outflow from operating (737,942) (1,472,597)
activities 8
Investing activities
Payments for arbitration related expenses (304,330) -
Additional investment in joint venture (138,694) -
Net cash generated/(used) in investing activities (443,024) -
Financing activities
Proceeds from issue of shares 1,412,979 -
Effect of exchange rate movement on cash - (1)
Net cash generaged from financing activities 1,272,178 1,412,978
Net increase in cash and cash equivalents (91,211) (59,619)
Cash and cash equivalents at beginning of the period 126,275 175,925
Cash and cash equivalents at end of the period 217,486 116,306
NOTES TO THE FINANCIAL STATEMENTS
1 Basis of preparation
The interim consolidated financial statements have been prepared in
accordance with UK adopted International Financial Reporting Standards (IFRS)
and IFRS Interpretations Committee (IFRS IC) interpretations as adopted by the
European Union applicable to companies under IFRS . The interim financial
information relating to the six-month periods to 30 September 2023 and 30
September 2022 are unaudited.
The interim financial statements have been prepared on the historical cost
basis, except for the valuation of investments at fair value through profit or
loss. The interim financial statements have been prepared under the same
accounting policies as the year end financial statements to 31 March 2023 as
approved on 29 September 2023. The principal accounting policies adopted are
set out in the Annual Report 31 March 2023.
The interim financial statements have been prepared on a going concern basis.
The group incurred a net loss of $1,010,983 and incurred operating cash
outflows of $737,942 and is not expected to generate any revenue or positive
outflows from operations in the 12 months from the date at which these interim
financial statements were signed. Management indicates that on current
expenditure levels, all current cash held will be used prior to the 12 months
subsequent of the signing of these interim financial statements.
While the Directors are confident that they will be able to secure the
necessary funding, the current conditions do indicate the existence of a
material uncertainty that may cast significant doubt regarding the
applicability of the going concern assumption.
The Directors have, in the light of all the above circumstances, a reasonable
expectation that the group has adequate resources to continue in operational
existence for the foreseeable future. Thus, they continue to adopt the going
concern basis of accounting preparing the group interim financial statements.
The functional currency of the Company is British Pounds (£). This is due to
the Company being registered in the U.K and being listed on AIM, a London
based market. Additionally, a large proportion of its administrative and
operative costs are denominated in £.
The interim financial statements are prepared in United States Dollars ($),
which is the reporting currency of the Group. Monetary amounts in these
interim financial statements are rounded to the nearest whole dollar. This has
been selected to align the Group with accounting policies of other major
gold-producing Companies, the majority of whom report in $.
As permitted by section 408 of the Companies Act 2006, the Company has not
presented its own statement of comprehensive income and related notes. The
Company's total comprehensive loss for the period was $868,044 (2022: $1,
480,858).
At the date of authorisation of these interim financial statements, there are
no new, but not yet effective, standards, amendments to existing standards, or
interpretations that have been published by the IASB that will have a material
impact on these financial statements.
2 Other Income
Group
Six months to Six months to
30 September 2023
30 September 2022
$ USD $ USD
Arbitration Finance Facility Income 411,274 -
Sundry income - 13
Other Income 411,274 13
On 24 August 2023, the Company announced that LCM had issued a Funding
Confirmation Notice making available a US$13.6 million unconditional
arbitration finance facility for IGPL to support its claims against India over
the latter's breaches of its obligations under the Treaty. Funding will be
made available to cover arbitration related expenses.
3 Share of losses in Investment in Associate and Joint Venture
Group
Six months to Six months to
30 September 2023
30 September 2022
$ USD $ USD
Moydow investment share of loss attributable to Group at 45.8% ownership - 167,066
Moydow investment share of loss attributable to Group at 20% ownership 169,704 -
Maniger joint venture share of loss attributable to Group at 50% ownership 166,094 -
Share of losses in Investment and Joint Venture 335,798 167,066
On 24 August 2023, the Company announced that LCM had issued a Funding
Confirmation Notice making available a US$13.6 million unconditional
arbitration finance facility for IGPL to support its claims against India over
the latter's breaches of its obligations under the Treaty. Funding will be
made available to cover arbitration related expenses.
3
Share of losses in Investment in Associate and Joint Venture
Group
Six months to Six months to
30 September 2023
30 September 2022
$ USD $ USD
Moydow investment share of loss attributable to Group at 45.8% ownership - 167,066
Moydow investment share of loss attributable to Group at 20% ownership 169,704 -
Maniger joint venture share of loss attributable to Group at 50% ownership 166,094 -
Share of losses in Investment and Joint Venture 335,798 167,066
The Company's 45.8% investment in Moydow was diluted on 1 July 2022 to 20%
following the completion of the farm in agreement with diamond Field Resources
("DFR") whereby DFR acquired all the shares and options in Moydow not held by
the Group. As part of the agreement, the Kalaka and Nigerian projects were
transferred into a new company called Maniger. As a result, the Company's
investment interest in Moydow and the Cascade project has reduced to 20% and
the Group now has a 50% joint venture interest in Maniger. The Directors
have assessed the Company has significant influence over Moydow due its 20%
holding and over Maniger due its 50% holding.
4 Arbitration Related Expenses
Group
Six months to Six months to
30 September 2023
30 September 2022
$ USD $ USD
Arbitration related expenses 482,968 -
Arbitration related expenses are those incurred in relation to IGPL's claims
against India over the latter's breaches of its obligations under the Treaty.
5 Earnings per share
Group
Six months to Six months to
30 September 2023
30 September 2022
Number Number
Weighted average number of ordinary shares for basic earnings per share 149,331,074 122,269,464
Earnings
Continuing operations $ USD $ USD
Loss for the period from continuing operations (1,016,575) (1,436,936)
Less non-controlling interests (3,910) (4,778)
Earnings for basic and diluted earnings per share being net loss attributable
to equity shareholders
(1,012,665) (1,432,158)
Basic earnings per share (0.01) (0.01)
Basic earnings per share has been calculated by dividing the loss attributable
to equity holders of the Company after taxation by the weighted average number
of shares in issue during the period. There is no difference between the basic
and diluted loss per share on loss making operations.
6 Trade and other receivables
Group
Six months to Six months to
30 September 2023
30 September 2022
$ USD $ USD
Current:
Other debtors 44,682 65,290
Arbitration finance facility receivable 404,328 -
Tenement Deposits 529 536
Loans advanced to other companies 19,193 -
468,732 65,826
Trade and other receivables are expected to be recovered in less than 12
months for the Group. Subsequent to year end the Company has received
$404,328 from Arbitration funders.
7 Trade and other payables
Group
Six months to Six months to
30 September 2023
30 September 2022
$ USD $ USD
Current:
Trade payables 281,929 553,279 553,279
Arbitration related payables 455,524 -
Accruals and other payables 23,280 163,172
Intercompany creditor 81,015 102,843
841,748 799,294
Subsequent to year end the Company has paid $455,524 in Arbitration related
payables.
8 Cash flows from operating activities Group
Six months to Six months to
30 September 2023
30 September 2022
$ USD $ USD
Loss for the period after tax (1,010,983) (1,477,506)
Adjustments for:
Depreciation and impairment of property, plant and equipment 56 (2,208)
Unrealised foreign exchange gain/(loss) (12,952) 178,154
Share of loss of Investments 335,798 167,066
Payments made in shares in lieu of cash - 20,000
Arbitration related expenses 304,330 -
Movements in working capital:
(Increase)/decrease in trade and other receivables (402,906) 176,202
Increase/(decrease) in trade and other payables 42,455 (527,561)
Increase/(decrease) in provisions 6,260 (6,744)
Cash flows used in operating activities (737,942) (1,472,597)
9 Related party transactions
Group
Six months to Six months to
30 September 2023
30 September 2022
$ USD $ USD
Remuneration for qualifying services - Directors 152,840 149,963
Remuneration disclosed above includes the following amounts paid to the 93,180 92,693
highest paid Director
Directors' Fees Share based payments Total
For the period ended 30 Sep 2023 For the period ended 30 Sep 2022 For the period ended 30 Sep 2023 For the period ended 30 Sep 2022 For the period ended 30 Sep 2023 For the period ended 30 Sep 2022
$USD $ USD $ USD $ USD $ USD $ USD
Mike Higgins 11,015 17,583 11,015 3,517 22,030 21,100
Mark Bolton 93,180 92,693 - - 98,180 92,693
David Stein 6,294 10,048 6,294 2,010 12,589 12,057
Tim Hargreaves 6,294 10,048 6,294 2,010 12,589 12,057
Catherine Apthorpe 6,294 10,048 6,294 2,010 12,589 12,057
Totals 123,010 140,418 29,830 9,545 152,840 149,963
At 30 September 2023, Directors were owed $94,522 in fees for services
performed during the period. These amounts have been accrued and will be
paid in the next 12 months.
Transactions with related parties
Directors of the Group, or their Director-related entities, hold positions in
other entities that result in them having control or significant influence
over the financial or operating policies of these entities.
The terms and conditions of the transactions with Directors and their Director
related entities were no more favourable than those available, or which might
reasonably be expected to be available, on similar transactions to
non-Director related entities on an arm's length basis.
The transactions recognised during the period relating to Directors and their
Director related entities were as follows:
· Indo Gold Pty Ltd (IGPL) owes by way of intercompany loan to the
Company $396,825 at 30 September 2023.
· Panthera Exploration Mali SARL owes by way of intercompany loan to
the Company $61,199 at 30 September 2023.
· Panthera Burkina SARL owes by way of intercompany loan to the Company
$12,135 at 30 September 2023.
· A fee was charged by the Company to IGPL during the period of $4,056
for management services, company secretarial, accounting and legal services
provided.
· A fee was charged by the Company to Panthera Burkina SARL during the
period of $12,135 for tenement service expenses.
· A fee was charged by the Company to Panthera Exploration Mali SARL
during the period of $3,961 for tenement service expenses.
· The Company owes Directors $94,522 at 30 September 2023 for services
rendered during the period.
Directors' Fees Share based payments Total
For the period ended 30 Sep 2023 For the period ended 30 Sep 2022 For the period ended 30 Sep 2023 For the period ended 30 Sep 2022 For the period ended 30 Sep 2023 For the period ended 30 Sep 2022
$ USD $ USD $ USD $ USD $ USD $ USD
Mike Higgins 11,015 17,583 11,015 3,517 22,030 21,100
Mark Bolton 93,180 92,693 - - 98,180 92,693
David Stein 6,294 10,048 6,294 2,010 12,589 12,057
Tim Hargreaves 6,294 10,048 6,294 2,010 12,589 12,057
Catherine Apthorpe 6,294 10,048 6,294 2,010 12,589 12,057
Totals 123,010 140,418 29,830 9,545 152,840 149,963
At 30 September 2023, Directors were owed $94,522 in fees for services
performed during the period. These amounts have been accrued and will be
paid in the next 12 months.
Transactions with related parties
Directors of the Group, or their Director-related entities, hold positions in
other entities that result in them having control or significant influence
over the financial or operating policies of these entities.
The terms and conditions of the transactions with Directors and their Director
related entities were no more favourable than those available, or which might
reasonably be expected to be available, on similar transactions to
non-Director related entities on an arm's length basis.
The transactions recognised during the period relating to Directors and their
Director related entities were as follows:
· Indo Gold Pty Ltd (IGPL) owes by way of intercompany loan to the
Company $396,825 at 30 September 2023.
· Panthera Exploration Mali SARL owes by way of intercompany loan to
the Company $61,199 at 30 September 2023.
· Panthera Burkina SARL owes by way of intercompany loan to the Company
$12,135 at 30 September 2023.
· A fee was charged by the Company to IGPL during the period of $4,056
for management services, company secretarial, accounting and legal services
provided.
· A fee was charged by the Company to Panthera Burkina SARL during the
period of $12,135 for tenement service expenses.
· A fee was charged by the Company to Panthera Exploration Mali SARL
during the period of $3,961 for tenement service expenses.
· The Company owes Directors $94,522 at 30 September 2023 for services
rendered during the period.
10 Events Subsequent to Reporting Date
Capital Raising
Subsequent to 30 September, the Company has completed an equity capital
raising of £935,000 at 5 pence per share ("the Placing) and issued 18,700,000
shares in December 2023. In addition, pursuant to the Placing Agreement with
Novum Securities Limited ("Novum") and as a result of certain funds separately
introduced by Allenby Capital Limited ("Allenby") to the Subscription, the
Company has agreed to issue 312,000 options and 360,000 options to Novum and
Allenby Capital respectively, exercisable at a price of 5 pence on or before
14 December 2025 (together the "Option") with each Option entitling the holder
to acquire one new Ordinary Share upon exercise of the Option.
As at the date of this report, the issued ordinary share capital of Panthera
consists of 173,989,083 ordinary shares.
Contacts
Panthera Resources PLC
Mark Bolton (Managing
Director)
+61 411 220 942
contact@pantheraresources.com
Allenby Capital Limited (Nominated Adviser &
Broker) +44 (0) 20 3328 5656
John Depasquale / Vivek Bhardwaj (Corporate
Finance)
Kelly Gardiner / Stefano Aquilino (Sales & Corporate Broking)
Allenby Capital Limited (Nominated Adviser & Joint
Broker) +44 (0) 20 3328 5656
John Depasquale / Vivek Bhardwaj (Corporate
Finance)
Guy McDougall / Kelly Gardiner (Sales & Corporate
Broking)
Novum Securities Limited (Joint
Broker)
+44 (0) 20 7399 9400
Colin
Rowbury
Financial Public Relations
Zak
Mir
+44 (0) 786 752 7659
Subscribe for Regular Updates
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For more information and to subscribe to updates visit: pantheraresources.com
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Qualified Person
The technical information contained in this disclosure has been read and
approved by Ian S Cooper (BSc, ARSM, FAusIMM, FGS), who is a qualified
geologist and acts as the Qualified Person under the AIM Rules - Note for
Mining and Oil & Gas Companies. Mr Cooper is a geological consultant to
Panthera Resources PLC.
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed
inside information for the purposes of Article 7 of Regulation (EU) No
596/2014 until the release of this announcement.
Forward-looking Statements
This news release contains forward-looking statements that are based on the
Company's current expectations and estimates. Forward-looking statements are
frequently characterised by words such as "plan", "expect", "project",
"intend", "believe", "anticipate", "estimate", "suggest", "indicate" and other
similar words or statements that certain events or conditions "may" or "will"
occur. Such forward-looking statements involve known and unknown risks,
uncertainties, and other factors that could cause actual events or results to
differ materially from estimated or anticipated events or results implied or
expressed in such forward-looking statements. Such factors include, among
others: the actual results of current exploration activities; conclusions of
economic evaluations; changes in project parameters as plans continue to be
refined; possible variations in ore grade or recovery rates; accidents, labour
disputes, and other risks of the mining industry; delays in obtaining
governmental approvals or financing; and fluctuations in metal prices. There
may be other factors that cause actions, events, or results not to be as
anticipated, estimated, or intended. Any forward-looking statement speaks only
as of the date on which it is made and, except as may be required by
applicable securities laws, the Company disclaims any intent or obligation to
update any forward-looking statement, whether as a result of new information,
future events, or results or otherwise. Forward-looking statements are not
guarantees of future performance and accordingly, undue reliance should not be
put on such statements due to the inherent uncertainty therein.
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