REG - Panthera Resources - Kalaka Metallurgical Study Results

Panthera ResourcesAnnouncement

21/11/2025 07:00

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RNS Number : 4867I  Panthera Resources PLC  21 November 2025

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

 

 

21 November 2025

 

Panthera Resources Plc

("Panthera" or "the Company")

 

Kalaka Metallurgical Study Results

 

Gold exploration and development company Panthera Resources Plc (AIM:PAT),
with gold assets in West Africa and India, is pleased to advise that positive
results have been returned for CIL bottle roll tests and Column leach tests
that have been carried out on bulk composite samples from the Kalaka deposit
in Mali.

 

Highlights

 

Results achieved indicate that:

·    The ores are amenable to cyanide leaching.

·    CIL extractions can achieve excellent results - recovery average of
93.4%.

·    Column leach tests confirm the ore is amenable to heap leaching -
recovery average of 76.3%.

 

Commenting on the results, Mark Bolton, Managing Director of Panthera said:

 

"The positive results from this metallurgical testing together with the
previously reported favourable Bottle Roll and Leachwell test results further
underpin our growing confidence in the potential at Kalaka, which is a
significant mineralised gold system.

 

Albeit preliminary in nature, this test programme was expansive, and
represents an important milestone towards assessing the potential for Kalaka
mineralisation to be developed."

 

Metallurgical Test Work - Results

 

Bottle roll tests for CIL leaching Tests incorporating a 2-hour Oxygen
Conditioning have achieved excellent results (Table 1):

TABLE 1

 

The Column Leach Test Results Completed by Intertek on bulk samples of plus
30kg 10mm crush size samples leached over a 90-day period (Table 2) showed an
overall performance of:

TABLE 2

These are reasonable results and suitable for heap leaching.

 

The metallurgical test work was carried out by Intertek, Tarkwa, Ghana.
Intertek Group plc is publicly listed on the London Stock exchange and is a
FTSE 100 company.  Intertek is a leading Total Quality Assurance provider to
industries worldwide. The Tarkwa laboratory is accredited ISO17025 standard by
SANAS.

 

Sample Selection and Collection

 

The Company collected five composite core samples from recently drilled
diamond drill holes.  These were selected based on geological similarities
and to provide comparisons for different areas of the deposit. A section
showing locations is shown in Figure 1. The bulk samples were collected under
supervision of the company's Manager Mali and shipped to Intertek in Ghana via
DHL.

 

Figure 1: Location of Kalaka Section showing Metallurgical sample locations

 

 

TABLE 3

*Note that the column "ESTIMATED GRADE g/t Au" refers to arithmetic average of
the original drill core sampling completed by 50g Fire Assay for gold at SGS
Laboratory Bamako

Intertek Process Methodology

 

The samples upon receipt were registered into Intertek Laboratory management
system (MinLims) and sorted. The wet weight of each sample is accurately
weighed and recorded, and the samples dried individually at 105°C. After
drying, the dry weight of each sample is recorded. The samples were coarse
crushed to 10mm using the Boyd crusher and split into 10Kg lots. A 10Kg split
will be further crushed to 2mm and subjected to subsequent head grade and CIL
bottle roll processes. The 10mm splits will be utilized for the column leach
test.

 

Head Grade

 

A 1Kg aliquot is assayed for gold by duplicate 50g fire assay.

 

Standard CIL Test

 

A 1Kg portion of each portion was milled to 80% passing 75μm and leached for
24 hours under the following conditions

•          Intertek tap water 50% solids

•          pH 10.5 maintain >10 with quicklime

•          20g/L carbon

•          500ppm NaCN

 

A subsequent test was completed where the CIL leaching Tests incorporated a
2-hour Oxygen Conditioning.

Head Sample size by size assay

 

One of the 5Kg sub splits is taken and split into 1kg lots and subjected to
head grade and size by size assay analysis on a
10mm,6.3mm,2.5mm,1mm,300μm,212μm and 150μm screen arrangement.

 

 

10-day coarse bottle roll

 

A kilo of the crushed sample is subjected to a 10-day coarse bottle roll to
ascertain the leach kinetics and reagent consumption of the sample prior to
the column leach.

 

Column Leach

 

30kg of the crushed 10mm sample is agglomerated if required using 10kg/t
cement, tumbled in a cement mixer, and allowed to cure for 5 days. The cured
sample is loaded into a column gently, with the column at an angle to prevent
packing. The initial height is marked and recorded. Photo below showing the
test leach columns:

 

Photo of Kalaka sample testing.

 

An NaCN lixiviant at 500ppm concentration is dosed at the application rate
unto the ore and the volume measured together with the pregnant solution every
twenty-four hours.

The pH of the pregnant solution is recorded every twenty-four hours and the
solution assayed for gold. The final height is marked and recorded, and the
column washed thoroughly with water for three days when the leaching is
complete (test run for appropriate number of days). The residue is spread and
allowed to dry.

 

The residue after the test is assayed for the mineral of interest content and
a size-by-size analysis conducted as well.

 

The initial response up to 30 days was poor at which point the dissolved
oxygen (DO) was increased to 10 - 15 ppm and the leach rate immediately
increased. The DO was later increased to >15 at 40 days.

 

CIC

 

The pregnant solution was contacted with carbon in a column (CIC) to remove
the Au from solution. After a 4-hour contact with carbon, the barren solution
was removed. The volume, pH, Au and NaCN concentration was measured.

 

Tail sample size by size assay

 

The residue after the test is completed and thoroughly washed is assayed for
the mineral of interest and a size-by-size assay is conducted on the same set
of screens as the head sample.

 

Kalaka Project Background

 

The Company has assembled an extensive and diverse portfolio of gold projects
in West Africa (Figure 2), a region that is now the largest gold producing
region globally.  In Mali, the Company operates the Kalaka and the Bassala
projects.

 

The 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.

 

Figure 2: West Africa Regional Geology Plan showing Panthera Project Areas

The primary mineralisation at the K1A deposit, is associated with an intrusive
tonalite / micro granodiorite in contact with altered metasediments.  The
alteration envelope is dominantly characterized by silica-feldspar flooding
and sulphide mineralisation.

 

Mineral Resources Estimate

A considerable gold system has been identified at the K1A deposit at the
Kalaka Project and an announcement reported (RNS 4 February 2025) on the
publication of the maiden MRE (JORC 2012).

 

The Inferred Mineral Resource Estimate (MRE) as reported in the table below
has been reported at a 0.3 g/t Au cut-off:

 

Statement of Kalaka K1A Deposit Mineral Resources

 

 Category  Domain                  Tonnage  Au
           Mt                               g/t   Koz
 Inferred  Oxide and transitional  6.8      0.50  109
           Sulphide                43.1     0.50  693
 Total                             49.9     0.50  803
 Notes:
 ·    The Mineral Resources are reported in accordance with the JORC code,
 2012 Edition

 ·    Mineral Resources stated using a cut-off of 0.3 g/t Au

 ·    Mineral Resources have not been constrained within an Economical Pit
 Shell

 ·    Figures have been rounded to the appropriate level of precision for
 the reporting Mineral Resources

 ·    Due to rounding, some columns or rows may not compute exactly as
 shown

 

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

 

AlbR Capital Limited (Joint
Broker)
+44 (0) 20 7399 9400

Colin
Rowbury

 

Subscribe for Regular Updates

 

Follow the Company on Twitter at @PantheraPLC
(https://twitter.com/PantheraPlc)

 

For more information and to subscribe to updates visit: pantheraresources.com
(http://pantheraresources.com)

 

Qualified Persons

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.

 

The technical information contained in this disclosure relating to the
metallurgical test work has been read and approved by Ray Burring. Ray is the
owner and principal engineer of the Consulting Company, 4 Dragons Gold Pty
Ltd, that has operated since 1989. Ray has a degree in Mineral Processing from
Leeds University and is a Member of the Australian Institute of Mining and
Metallurgy, Member of the Institute of Materials, Minerals and Mining and a
Chartered Engineer. Ray is a Metallurgist with extensive experience of Gold
and Base Metal operations, both operating and design. This work has been
carried out in Australia, Vietnam, Laos, New Zealand, France, Iran,
Mauritania, Russia and Eritrea. Ray Burring acts as the Qualified Person under
the AIM Rules - Note for Mining and Oil & Gas Companies.  Mr Burring is a
Metallurgical consultant to Panthera Resources PLC.

 

Glossary

 

 Au:                   The chemical element for Gold

 Diamond Core          Diamond core drilling uses a diamond cutting bit, which rotates at the end of

Drilling             a steel rod (tube) allowing for a solid column of rock to be recovered from

                     the tube at the surface.

 g/t:                  Grammes per Tonne (Metric)

 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

 CIL                   Carbon in Leach metallurgical process

 Moz:                  Million Ounces (Troy)

 Mt:                   Million Tonnes (Metric)

 Column Leach Test:    A metallurgical testing process commonly used to test for heap leach
                       properties of gold deposits

 RC                    Reverse Circulation drilling, or RC drilling, uses rods with inner and outer
                       tubes, the drill cuttings are returned to surface inside the rods. The
                       drilling mechanism is a pneumatic reciprocating piston known as a hammer
                       driving a tungsten-steel drill bit.
 NaCN                  A Sodium Cyanide compound

 

 

 

UK Market Abuse Regulation (UK MAR) Disclosure

The information contained within this announcement is deemed by the Company to
constitute inside information for the purposes of Regulation 11 of the Market
Abuse (Amendment) (EU Exit) Regulations 2019/310. Upon the publication of this
announcement via a Regulatory Information Service ("RIS"), this inside
information is now considered to be in the public domain.

 

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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