REG - Panthera Resources - Kalaka Ownership Restructure

Panthera ResourcesAnnouncement

07/05/2024 07:15

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RNS Number : 3873N  Panthera Resources PLC  07 May 2024

7 May 2024

 

Panthera Resources Plc

("Panthera" or "the Company")

 

Ownership Restructure of Kalaka and Nigerian Projects

 

Panthera Resources Plc (AIM: PAT), the diversified gold exploration and
development company with assets in West Africa and India, is pleased to
announce that it has entered into definitive agreements with DFR Gold Inc
("DFR") and Maniger Ltd ("Maniger") to restructure the ownership interests in
the Kalaka gold project in Mali ("Kalaka" or the "Kalaka Project") and the
Paimasa, Dagma and Dext gold projects in Nigeria (the "Nigerian Projects")
(together the "Restructuring").

 

Following completion of the Restructuring, Panthera will own 100% of Maniger,
and consequently, an increase its relevant interest in the Kalaka Project from
40% to 80%.  The remaining 20% interest in the Kalaka Project will continue
to be owned by a local partner, Golden Spear Mali SARL.  Furthermore,
Panthera will no longer hold any interests in the Nigerian Projects.

 

As part of the Restructuring, Panthera will pay DFR approximately US$67,931.36
to settle intercompany loans. Related to this, DFR will acquire the Nigerian
Projects from Maniger for nominal cash consideration.

 

In the Company's audited accounts for the financial year ended 31 March 2023,
it was reported that Maniger had negative net assets of US$67,447 and that it
had a loss before taxation of US$219,733 (taking into account the Company 50%
ownership interest in Maniger at the time).

 

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

 

"Following a recent re-evaluation of the historical database at Kalaka and
improved gold prices, the Company has elected to expand its focus at Kalaka.
The change in ownership interest in Kalaka better aligns with its planned
activities.

 

We believe that Kalaka is a significant mineralised gold system with the
potential for a multi-million-ounce gold resource. The Company believes that
the strong gold price will underpin a lower grade, bulk tonnage development
strategy."

 

About the Kalaka Project

 

The Kalaka gold project, which is operated by Panthera, is situated in
southern Mali, 80km south of the 8 Moz Morila gold mine and 85km northwest of
the 6 Moz Syama gold mine (Resolute). Panthera believes the property has large
scale potential.

 

Historical drilling has intersected impressive mineralization widths at the
K1A target within a very large 0.5g/t Au mineralization envelope. Drilling
intersections at K1A have included 249m @ 0.54g/t Au (to end of hole). The
tenement hosts some 45km of prospective geology and structures along strike
from K1A as defined from drilling, surface geochemical and geophysical
surveys.

 

At the K1A target area, the Company's Competent Person Report (prepared by
Golder Associates Pty Ltd), which was disclosed in the Company's AIM Admission
Document, reported that drilling by past explorers defined a potential
endowment of 250,000 to 500,000 ounces. Furthermore, Golder Associates Pty Ltd
("Golder") reported that this represents an exploration target where further
infill drilling may lead to the estimation of a Mineral Resource.

 

More recently, follow-up work by Panthera including re-examination of all
available drill data at K1A, identified a mineralised envelope that broadly
conforms to the potential endowment mentioned by Golder. This work identifies
an exploration target of between 0.5 Moz to 1 Moz gold.  Importantly, the
Company is yet to drill the northern extension of the mineralisation at K1A
together with several similar targets within the project area. Taken together
this would potentially expand the exploration target to approximately 3 Moz of
gold.

 

Contacts

 

 Panthera Resources PLC                                                                                                                                                                                                  +61 411 220 942

 Mark Bolton (Managing Director)                                                                                                                                                                                         contact@pantheraresources.com

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

 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

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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 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.

 

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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