REG - Panthera Resources - Half-year Financial Report
Today 07:00
For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20251229:nRSc9654Ma&default-theme=true
RNS Number : 9654M Panthera Resources PLC 29 December 2025
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.
29 December 2025
Panthera Resources PLC
("Panthera" or the "Company")
Interim Results - Six Months Ended 30 September 2025
Panthera Resources PLC (AIM: PAT), the gold exploration and development
company with assets in India and West Africa, is pleased to announce its
unaudited interim results for the half-year ended 30 September 2025.
Highlights
· Net loss for the reporting period was $1,359,371 ($0.01 loss per
share), compared to a loss of $1,127,096 ($0.01 loss per share) in the prior
reporting period, reflecting continued arbitration activities and investment
in exploration activities.
· Arbitration proceedings advanced with the filing of the Memorial
on 19 May 2025, including a damages claim for US$1.58 billion, net of Indian
taxes.
· Arbitration funding facility of US$13.6 million remains
available; 63% drawn as at the report date (including committed and accrued
amounts).
· Exploration activities included the commencement of a 1,740-metre
RC drilling programme at the Bido Project and a feasibility study at the
Cascades Project in Burkina Faso.
· Issued 2,020,494 shares through warrant and option exercises,
raising approximately US$0.17 million, and issued 381,748 shares in lieu of
directors' fees during the period.
· Cash balance of $1,917,049 at 30 September 2025 (31 March 2025:
$3,139,744).
· Post Period: Issued 13,571,419 shares through warrant exercises,
raising approximately US$1.2 million, and issued 225,192 shares in lieu of
directors' fees; 125,000 warrants lapsed; total issued share capital now
258,139,751 shares.
· Post Period: The arbitral tribunal issued an order detailing the
procedural calendar for Phase One, including the Phase One hearing date in
December 2026.
· Post Period: OTCQB approval and trading commenced under ticker
"PATRF".
· Post Period: Metallurgical results at Kalaka confirm that the ore
is suitable for CIL and/or heap leaching.
Mark Bolton, Managing Director and CEO of Panthera, commented:
"During the half-year, significant progress was made in the arbitration
process for the Bhukia Gold Project. In May 2025, the Claimants' Memorial was
filed including the damages claim for US$1.58 billion, net of Indian taxes.
Importantly, in October 2025 the arbitral tribunal issued an order containing
the procedural calendar that set the Phase One hearing date for December 2026.
The Company also continued to progress its gold assets in West Africa, with a
1,740-metre RC drilling programme at Bido and initiating a feasibility study
at Cascades. At 30 September, the Group held a cash balance of approximately
$1.93 million and retained access to the US$13.6 million arbitration funding
facility. Subsequent to the end of the half-year reporting period, the Company
received approximately US$1.2 million from the conversion of warrants.
More recently, the Company achieved an important milestone with the
commencement of cross-trading on the OTCQB Venture Market in the USA."
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 (Sales & Corporate Broking)
ALbR Capital Limited (Joint
Broker)
+44 (0) 20 7399 9400
Colin Rowbury
VSA Capital Limited (Joint
Broker)
+44 (0) 20 3005 5000
Andrew Monk / Andrew Raca
Subscribe for Regular Updates
Follow the Company on X at @PantheraPLC (https://twitter.com/PantheraPlc)
For more information and to subscribe to updates visit: pantheraresources.com
(https://pantheraresources.com/)
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.
PANTHERA RESOURCES PLC
INTERIM REPORT
30 SEPTEMBER 2025
Review of Operations and Activities
Panthera Resources PLC ("Panthera" or the "Company") provides the following
update on its Indian and West African operations and other corporate
activities during the half-year. Further technical details, including mineral
resource estimates, additional information on the arbitration process and
funding arrangements, and associated disclaimers are provided in the Company's
Annual Report for the year ended 31 March 2025, available on the Company's
website.
Indian Operations (Bhukia Project)
The Bhukia Project in Rajasthan comprises legal rights that Panthera held
through its Australian subsidiary, Indo Gold Pty Ltd ("IGPL"), a wholly owned
subsidiary of Panthera. The Company's right to a Prospecting Licence was
frustrated over an extended period by the Government of Rajasthan ("GoR"),
culminating in legislative changes under the MMDR Act that revoked
preferential rights. The Company contends that these actions breached the 1999
Agreement between the Government of Australia and the Government of the
Republic of India on the Promotion and Protection of Investments (the
"Treaty"), under which IGPL is seeking damages.
During the half-year, IGPL advanced its arbitration claim against the Republic
of India under the Treaty. On 19 May 2025, IGPL filed its Memorial, including
a claim for damages amounting to US$1.58 billion (net of Indian taxes). The
claim reflects the economic loss arising from the expropriation of Bhukia and
associated rights.
On 29 October 2025, the arbitral tribunal issued an order detailing the
procedural calendar for Phase One, which includes an initial filing deadline
for the Respondent in February 2026 and the Phase One hearing scheduled for
December 2026.
To fund the arbitration, IGPL has a US$13.6 million non-recourse financing
facility with Litigation Capital Management ("LCM"), a leading global
litigation funder. The facility covers all arbitration-related costs. As
announced on 8 October 2025, approximately 50% had been drawn based on cash
payments made by LCM at that date. At the time of this report, total committed
amounts (including accrued amounts) represent approximately US$8.6 million
(around 63%), leaving US$5 million available under the facility.
West African Operations
Kalaka Project (Mali)
The Kalaka Project is located over the regional scale Banifin Shear Zone the
Birimian terrain of southwestern Mali, between the Morila and Syama gold
mines, approximately 200 km southeast of Mali's capital city, Bamako. Panthera
holds an 85% interest through its subsidiary Maniger Limited, with the
remaining 15% owned by Golden Spear Mali SARL under a carried interest
arrangement.
Drilling has confirmed wide zones of gold mineralisation at the K1A prospect,
and a maiden JORC-compliant Mineral Resource Estimate (MRE) was published in
February 2025.
The Maiden Statement of Mineral Resource Estimate (JORC 2012) for gold at the
K1A deposit in the Kalaka Project was reported as: Inferred MRE of 49.9
million tonnes at a grade of 0.50 g/t Au for 803,000 ounces of gold (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
No drilling or exploration activities were undertaken during the half-year. A
bank guarantee of XOF 45,707,439 (US$75,369 at 30 September 2025) was lodged
as part of the licence renewal process under the new mining act and
regulations. As at the date of this report, the Kalaka licence renewal
application remains pending government approval.
After the reporting period, on 21 November 2025, the Company announced
metallurgical study results for the Kalaka deposit. Bulk composite samples
from recently drilled diamond holes were tested to assess processing options.
The results confirmed that the ore is amenable to cyanide leaching, with
recoveries summarised below:
Test Type Average Recovery (%)
CIL Bottle Roll 93.4
Column Leach (90-day, 10mm crush) 76.3
These results indicate that the Kalaka ore is suitable for conventional CIL
processing and/or heap leaching, providing flexibility for potential
development scenarios.
Bassala Project (Mali)
Bassala is located within the Birimian terrain of southwestern Mali,
approximately 200 km south of Mali's capital city of Bamako. Panthera
currently holds an 85% interest, with the remaining 15% owned by Golden Spear
Mali SARL under a carried interest arrangement. Previous work has identified
multiple prospects through soil sampling, IP surveys, and drilling campaigns.
The Bassala licence remains in good standing, and no material exploration or
drilling activity occurred during the half-year.
Bido Project (Burkina Faso)
The Bido permit in Burkina Faso is located some 125km WSW of Burkina Faso's
capital, Ouagadougou. The tenement lies within the Boromo greenstone belt
which is principally composed of Paleoproterozoic Birimian terrain within the
West African Man Craton. This belt 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. The Perkoa VMS deposit is located about 35 km to the north of the
area.
Panthera currently holds an 80% interest and may acquire the remaining 20% by
further expenditure of US$1 million within two years. The vendor retains a
buy-back right of 1% for US$1 million and a 1% NSR (net smelter returns)
royalty capped at US$3 million.
In July 2025, Panthera commenced a 1,740-metre reverse circulation (RC)
drilling programme at the Kwademen prospect within the Bido Project. The
programme is designed to test continuity of mineralisation intersected by
historical drilling, including previous intercepts of 24m @ 1.38 g/t Au, and
to evaluate priority targets identified through systematic geological mapping,
geochemical sampling, and geophysical surveys.
Cascades Project (Burkina Faso)
The Cascades Project (formerly Labola) is located in the Banfora greenstone
belt of the West African Birimian terrain in southwest Burkina Faso,
approximately 450 km west-southwest of Burkina Faso's capital, Ouagadougou,
and 100 km northeast of Endeavour Mining's Wahgnion gold mine.
More than 65,500m of historical drilling (541 holes) has been completed across
multiple drilling campaigns by previous owners, High River Gold Mines Limited
("HRG"), later acquired by Nord Gold Plc, and Taurus Gold Limited ("Taurus"),
consisting of principally diamond and RC drilling (24,589m/39,339m,
respectively). Mineralisation has been intercepted by historical drilling and
outlined by previous artisanal mining in three main zones over a 10 km strike
length.
The project is managed by Moydow Holdings Limited ("Moydow"), a subsidiary of
DFR Gold Inc, with Panthera holding a 20% equity interest in Moydow; DFR Gold
Inc is earning an 80% interest by funding up to US$18 million in exploration
and development. Panthera retains a back-in right to increase its interest
to 30% for US$7.2 million once the earn-in is completed.
A maiden mineral resource estimate was prepared in October 2021, prepared in
accordance with National Instrument 43-101 for the Cascades project, and
amended on April 20, 2022, reporting:
· Indicated resource of 5.41 million tonnes at an average grade of
1.52 g/t Au for a total 264,000 ounces of gold; and
· Inferred resource of 6.93 million tonnes at an average grade of
1.67 g/t Au for a total of 371,000 ounces of gold.
On 4 August 2025, a feasibility study commenced at Cascades following positive
mapping and geophysical survey results. The study, fully funded by DFR, will
include:
· reserve definition drilling to delineate starter pits;
· metallurgical test work to determine the optimal process circuit
design;
· determination of the optimal locations for plant, waste dumps and
tailings; and
· completion of the Environmental and Social Impact Assessment.
DFR also paid the remaining US$500,000 consideration in relation to the Wuo
Land Option, and subject to satisfying certain administrative requirements,
the Wuo Land permit is expected to be transferred to Moydow, DFR's subsidiary
and held on behalf of the joint venture partners.
Subject to a positive outcome, DFR intends to apply for a mining permit on the
Wuo Land and Wuo Land 2 exploration permits. The feasibility study is
anticipated to be completed later in 2026.
Corporate Updates
On 23 April 2025, the Company issued 381,748 ordinary shares of 1 pence each
(nominal value), at an average issue price of 7.04 pence each, to satisfy
accrued non-executive directors' fees for the period from 1 October 2024 to 31
March 2025.
Between 23 April 2025 and 30 July 2025, the Company issued 1,660,494 ordinary
shares of 1 pence each (nominal value) pursuant to the exercise of warrants
at 6.68 pence each, raising gross proceeds of £110,921 (US$148,854).
On 13 August 2025, the Company issued 360,000 ordinary shares of 1 pence each
(nominal value) pursuant to the exercise of options at 5 pence each, raising
gross proceeds of £18,000 (US$24,156).
On 17 November 2025, the Company's ordinary shares were approved for
cross-trading on the OTCQB Venture Market in the United States under the
ticker symbol "PATRF".
Financial Highlights
For the six months ended 30 September 2025, the Company reported a net
comprehensive loss of US$1,359,371 (US$1,127,096 in the prior period). The
period was marked by a significant increase in arbitration activity, with
arbitration income rising to US$2,576,696 (up from US$1,218,102 in the prior
period) and arbitration expenses increasing to US$2,545,119 (up from
US$1,186,892). Exploration expenditure was US$439,527, lower than the prior
period's US$520,191, due to timing differences, while administrative costs
rose to US$817,433 from US$483,731 due to CEO's performance-based bonus,
resource evaluation related to the Bhukia project and additional marketing
costs.
Cash at period end stood at US$1,917,049, down from US$3,139,744 at March,
following operating outflows of US$1,319,062. Total assets were US$6,267,645
and net assets US$3,204,841, with no borrowings and continued reliance on
equity and arbitration funding.
Events Subsequent to Interim Reporting Balance Date
Arbitration
On 29 October 2025, the Company announced that the arbitral tribunal issued an
order detailing the procedural calendar for Phase One of the arbitration,
which includes an initial filing deadline for the Respondent in February 2026
and the Phase One hearing scheduled for December 2026.
Kalaka Project (Mali)
On 21 November 2025, the Company announced metallurgical test results for the
Kalaka deposit, confirming that the ore is amenable to cyanide leaching and
suitable for both CIL processing and/or heap leaching.
Shares Issued and Warrants Exercised
Between 14 October 2025 and 16 December 2025, the Company issued 13,571,419
ordinary shares of 1 pence each (nominal value) pursuant to the exercise of
warrants at 6.68 pence each, raising gross proceeds of £906,571
(approximately US$1,207,180). Out of the 13,571,419 ordinary shares, 250,000
were issued to Mark Bolton, the Managing Director and CEO of the Company. All
warrants were validly exercised before their expiry on 10 December 2025, with
the final share issuance completed on 16 December 2025. The remaining 125,000
warrants from the parcel exercisable at 6.68 pence each lapsed on 10 December
2025.
On 6 November 2025, the Company also issued 225,192 ordinary shares of 1 pence
each (nominal value), at an average issue price of 11.93 pence each, to
satisfy accrued non-executive directors' fees for the period from 1 April 2025
to 30 September 2025.
As at the date of this report, the issued ordinary share capital of Panthera
consists of 258,139,751 ordinary shares.
Other
On 17 November 2025, the Company's ordinary shares were approved for
cross-trading on the OTCQB Venture Market in the United States under the
ticker symbol "PATRF".
There were no other significant subsequent events, transactions or items
occurring after the half-year end, of a material and unusual nature likely, in
the opinion of the Directors, to affect significantly the operations of the
Group, the results of those operations, or the state of affairs of the Group
in future financial periods.
Qualified Persons
The technical information contained in this report has been reviewed and
approved by Ian S Cooper (BSc, ARSM, FAusIMM, FGS), who is a qualified
geologist and acts as the Qualified Person under the AIM Rules - Note for
Mining and Oil & Gas Companies. Mr Cooper is a geological consultant to
Panthera Resources PLC and consents to the inclusion of the information in the
form and context in which it appears.
Panthera Resources PLC
Unaudited Interim Financial Information
For the Period Ended 30 September 2025
Set out below are the unaudited results of the group for the six months to 30
September 2025.
Group Statement of Comprehensive Income
For the six months ended 30 September 2025
Amounts in US$ Note Six Months to Six Months to
30 Sep 2025
30 Sep 2024
From Continuing Operations:
Revenue - -
Gross Profit - -
Arbitration income 3 2,576,696 1,218,102
Arbitration expenses 3 (2,545,119) (1,186,892)
Exploration costs expensed (439,527) (520,191)
Administrative expenses 4 (817,433) (483,731)
Share of losses in investment 5 (133,880) (153,234)
in associates and joint venture
Loss from Operations (1,359,263) (1,125,946)
Finance income 48 6
Finance costs - -
Loss Before Taxation (1,359,215) (1,125,940)
Taxation - -
Loss for the Period from Continuing Operations (1,359,215) (1,125,940)
Other Comprehensive Loss
Items that may be reclassified to profit or loss:
- Exchange differences (156) (1,156)
Other Comprehensive Loss for (156) (1,156)
the Period, Net of Income Tax
Total Comprehensive Loss for the Period (1,359,371) (1,127,096)
Loss Attributable to:
Owners of the parent company (1,353,878) (1,123,450)
Non-controlling interest (5,337) (2,490)
(1,359,215) (1,125,940)
Total Comprehensive Loss Attributable to:
Owners of the parent company (1,354,034) (1,124,606)
Non-controlling interest (5,337) (2,490)
(1,359,371) (1,127,096)
Loss per Share from Continuing Operations Attributable to the Owners of the
Parent:
Basic and diluted (dollars per share) 6 (0.01) (0.01)
Group Statement of Financial Position
As at 30 September 2025
Amounts in US$ Note 30 Sep 2025 31 Mar 2025
Non-Current Assets
Intangible assets 1,251,456 1,251,456
Property, plant and equipment 3,102 3,082
Investments 5 - 133,880
1,254,558 1,388,418
Current Assets
Trade and other receivables 7 3,096,038 2,264,869
Cash and cash equivalents 1,917,049 3,139,744
5,013,087 5,404,613
Total Assets 6,267,645 6,793,031
Non-Current Liability
Provisions 25,451 45,781
25,451 45,781
Current Liabilities
Provisions 19,100 21,135
Trade and other payables 8 3,018,253 2,405,667
3,037,353 2,426,802
Total Liabilities 3,062,804 2,472,583
Net Assets 3,204,841 4,320,448
Equity
Share capital 9 3,162,476 3,130,238
Share premium 9 28,416,809 28,237,283
Capital reorganisation reserve 537,757 537,757
Other reserves 760,768 728,768
Accumulated losses (29,264,613) (27,910,579)
Total Equity Attributable to Owners of the Parent 3,613,197 4,723,467
Non-controlling interest (408,356) (403,019)
Total Equity 3,204,841 4,320,448
Group Statement of Changes in Equity
For the six months ended 30 September 2025
Attributable to Owners of the Company
Amounts in US$ Share Share Capital Other Accumulated Total Non-Controlling Total
Capital
Premium
Reorganisation Reserves
Losses Interest Equity
Account Reserve
Balance at 1 April 2025 3,130,238 28,237,283 537,757 728,768 (27,910,579) 4,723,467 (403,019) 4,320,448
Loss for the period - - - - (1,353,878) (1,353,878) (5,337) (1,359,215)
Foreign exchange differences - - - - (156) (156) - (156)
realised during the period
Total Comprehensive Loss for the Period - - - - (1,354,034) (1,354,034) (5,337) (1,359,371)
Share options issued - - - 3,325 - 3,325 - 3,325
Share options and warrants exercised 27,115 148,583 - (2,688) - 173,010 - 173,010
Shares issued in lieu of fees 5,123 30,943 - - - 36,066 - 36,066
Foreign exchange differences on translation of currency - - - 31,363 - 31,363 - 31,363
Total Transactions with 32,238 179,526 - 32,000 - 243,764 - 243,764
Owners of the Company
Balance at 3,162,476 28,416,809 537,757 760,768 (29,264,613) 3,613,197 (408,356) 3,204,841
30 September 2025
Group Statement of Changes in Equity (Continued)
For the six months ended 30 September 2024
Attributable to Owners of the Company
Amounts in US$ Share Share Capital Other Accumulated Total Non-Controlling Total
Capital
Premium
Reorganisation
Reserves
Losses
Interest
Equity
Account
Reserve
Balance at 1 April 2024 2,288,782 24,007,525 537,757 522,174 (25,503,975) 1,852,263 (390,769) 1,461,494
Loss for the period - - - - (1,123,450) (1,123,450) (2,490) (1,125,940)
Foreign exchange differences - - - - (1,156) (1,156) - (1,156)
realised during the period
Total Comprehensive Loss for the Period - - - - (1,124,606) (1,124,606) (2,490) (1,127,096)
Share options and warrants issued - - - 21,219 - 21,219 - 21,219
Issue of shares during the period 243,277 1,094,748 - - - 1,338,025 - 1,338,025
Share-based payments 1,733 8,663 - - - 10,396 - 10,396
Share issuance costs - (131,062) - - - (131,062) - (131,062)
Foreign exchange differences on translation of currency - - - (14,686) - (14,686) - (14,686)
Total Transactions with 245,010 972,349 - 6,533 - 1,223,892 - 1,223,892
Owners of the Company
Balance at 2,533,792 24,979,874 537,757 528,707 (26,628,581) 1,951,549 (393,259) 1,558,290
30 September 2024
Comparative figures for the six months ended 30 September 2024 have been
restated to reflect: (i) a reclassification of $366,041 between other reserves
and accumulated losses, as disclosed in the audited Annual Report for the year
ended 31 March 2025, and to align the opening balance at 1 April 2024 with the
Annual Report; and (ii) corrections to certain individual line items within
"Transactions with Owners of the Company." These adjustments did not affect
total equity.
Group Statement of Cash Flows
For the six months ended 30 September 2025
Amounts in US$ Note Six Months to Six Months to
30 Sep 2025
30 Sep 2024
Cash Flows from Operating Activities:
Cash used in operations (1,319,062) (1,072,709)
Income taxes paid - -
Net Cash Used in Operating Activities 10 (1,319,062) (1,072,709)
Cash Flows from Investing Activities:
Net payments on property, plant and equipment (1,276) -
Payment for bank guarantee for renewal of tenement (75,367) -
Net Cash Used in Investing Activities (76,643) -
Cash Flows from Financing Activities:
Proceeds from issue of shares, net of issue costs 173,010 1,255,805
Net Cash Generated from Financing Activities 173,010 1,255,805
Net (decrease)/increase in cash and cash equivalents (1,222,695) 183,096
Cash and cash equivalents at beginning of period 3,139,744 281,499
Cash and Cash Equivalents at End of Period 1,917,049 464,595
Notes to the Interim Financial Statements
For the six months ended 30 September 2025
1. Basis of Preparation
Compliance Framework
These interim consolidated financial statements should be read in conjunction
with the Group's audited annual financial statements in the Annual Report for
the year ended 31 March 2025 ("Annual Report") and have been prepared in
accordance with IAS 34 Interim Financial Reporting, as adopted in the UK, IFRS
Interpretations Committee guidance and AIM Rules for Companies. They apply the
same accounting policies as those set out in the Annual Report, approved on 26
August 2025, except where new standards or amendments are effective. The
interim financial information relating to the six-month period to
30 September 2025 is unaudited and does not constitute statutory accounts.
The interim financial statements were approved by the board of directors on 29
December 2025.
Measurement Basis and Currency
The financial statements have been prepared on a historical cost basis, except
for certain financial instruments and investments measured at fair value
through profit or loss. The interim consolidated financial statements are
presented in United States Dollars ("$" or "US$"), which is the Group's
reporting currency. This presentation currency has been selected to align with
industry practice among major gold exploration and development companies. The
functional currency of the Company remains British Pounds ("£"), reflecting
its UK registration, AIM listing, and predominance of administrative and
operating costs in £. Monetary amounts are rounded to the nearest whole
dollar.
Going Concern
For the six months ended 30 September 2025, the Group incurred a net
comprehensive loss of $1,359,371 (September 2024: $1,127,096) and operating
cash outflows of $1,319,062 (September 2024: $1,072,709). The Group does not
currently generate revenue from operations and remains in the exploration and
development phase of its projects.
The Directors have assessed the Group's cash flow forecasts and funding
requirements for the 12-month period from the date of this report. Based on
current forecasts and committed expenditure, the Group expects to have
sufficient financial resources to meet its obligations during this period.
In addition, costs associated with the Group's ongoing arbitration proceedings
are being funded through the arbitration funding facility provided by
Litigation Capital Management Limited ("LCM") through its subsidiary, LCM
Funding SG Pty Ltd ("LCM Funding"). The funding agreement includes a clause
that allows LCM to terminate the arrangement with 15 business days' notice.
Management has assessed this clause and considers the likelihood of
termination to be low, based on all currently available information. In the
unlikely event of termination, the Group may elect to pause arbitration
activities not funded by LCM until an alternate funding stream is secured.
During this period, the Group has the means to fund essential minimal costs
using cash reserves and apply mitigations on discretionary spending, whilst
alternate funding is secured.
The Directors have considered the Group's ability to continue as a going
concern and believe it is appropriate to prepare the financial statements on
that basis. Accordingly, these interim financial statements have been prepared
on a going concern basis and do not include any adjustments that would be
required if the Group were unable to continue as a going concern. The
Directors continue to adopt the going concern basis of accounting in
accordance with IAS 8 Accounting Policies, Changes in Accounting Estimates and
Errors.
Standards and Amendments
At the date of authorisation, there are no new applicable standards or
amendments that have been published by the IASB and are not yet effective,
which would have a material impact on these interim financial statements. The
Group notes that IFRS 18 Presentation and Disclosure in Financial Statements
(effective 1 January 2027) introduces new disclosure requirements for
management-defined performance measures. The Group has not early adopted IFRS
18.
Other Disclosures
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 $1,338,411 (September
2024: $1,038,442).
Directors' Responsibility Statement
The Directors confirm that these interim financial statements have been
prepared in accordance with IAS 34 Interim Financial Reporting and AIM Rules
for Companies and should be read in conjunction with the Annual Report for the
year ended 31 March 2025. The financial information gives a true and fair view
of the Group's position as at 30 September 2025 and of its performance for the
period then ended.
2. Segment Reporting
The Group operates in three reportable segments, consistent with the annual
financial statements for the year ended 31 March 2025:
· Corporate: Head office and administrative activities.
· India: Bhukia Project and related arbitration activities.
· Africa: Exploration and development activities in West Africa
including in Mali and Burkina Faso.
There have been no changes to the basis of segmentation or measurement since
the last annual report. Segment results for the six months ended 30 September
2025 and 30 September 2024 are as follows:
Amounts in US$ Corporate India Africa Total
Six months to 30 September 2025 (702,440) (128,562) (528,213) (1,359,215)
Six months to 30 September 2024 (603,721) (59,351) (462,868) (1,125,940)
Segment assets and liabilities as at 30 September 2025 and 31 March 2025 are
as follows:
As at 30 September 2025:
Amounts in US$ Corporate India Africa Total
Reportable segment assets 1,820,188 4,147,356 300,101 6,267,645
Reportable segment liabilities 157,872 2,870,737 34,195 3,062,804
As at 31 March 2025:
Amounts in US$ Corporate India Africa Total
Reportable segment assets 3,450,237 3,207,879 134,915 6,793,031
Reportable segment liabilities 469,392 1,973,547 29,644 2,472,583
3. Arbitration Income and Expenses
Group
Amounts in US$ Six Months to Six Months to
30 Sep 2025
30 Sep 2024
Arbitration income 2,576,696 1,218,102
Arbitration expenses (2,545,119) (1,186,892)
Net Arbitration Income 31,577 31,210
Arbitration income and expenses relate to the Group's ongoing claim against
the Republic of India under the Treaty and are funded through the
$13.6 million arbitration finance facility provided by LCM. Further details
of the claim, arbitration finance facility, and terms and conditions of the
facility are detailed in the Annual Report for the year ended 31 March 2025.
During the half-year, IGPL advanced its arbitration claim, including the
filing of its Memorial on 19 May 2025, which in turn included a statement of
claim for $1.58 billion (net of Indian taxes). On 29 October 2025, the
arbitral tribunal issued a procedural calendar that included the Phase One
hearing scheduled for December 2026.
The funding arrangement with LCM remains in place and continues to be drawn
down as needed to cover arbitration-related costs. The net arbitration income
for the period of $31,577 (September 2024: $31,210) contributed to covering
administration costs related to the arbitration.
As at 30 September 2025, total committed amounts (including accrued amounts)
represented approximately $8.6 million (around 63%), leaving approximately
$5 million of the facility available at half-year end (31 March 2025: $7.83
million).
4. Administrative Expenses
Group
Amounts in US$ Six Months to Six Months to
30 Sep 2025
30 Sep 2024
Employee benefits 382,693 275,264
Consultants and advisory 33,634 49,946
Corporate costs 211,412 85,371
Legal and related costs* 100,998 34,609
Listing and compliance 88,696 38,541
Total Administrative Expenses 817,433 483,731
* Relates to legal and other related costs that are outside the scope of the
arbitration funding arrangement with LCM.
5. Share of Losses in Investment in Associate
The Company's investment balance in Moydow is as shown below:
Amounts in US$ Six Months to
30 Sep 2025
Investment balance at 1 April 133,880
20% share of loss in Moydow during the period (133,880)
Investment Balance in Moydow at 30 September -
The Group's share of losses in its associate (Moydow Holdings Limited) for the
period was $133,880 (September 2024: $153,234), reducing the carrying value
of the investment to nil at 30 September 2025. The Group retains its 20%
interest in Moydow but has not recognised further losses because it currently
has no legal or constructive obligation to fund the associate. Under the
farm-in agreement, DFR Gold Inc is responsible for funding up to $18 million
in exploration and development costs.
6. Loss per Share
Group
Amounts in US$ per Share Six Months to Six Months to
30 Sep 2025
30 Sep 2024
Loss per share attributable to the owners (0.01) (0.01)
of the parent from continuing operations
There is no difference between the basic and diluted loss per share on loss
making operations. The calculation of basic and diluted loss per share has
been based on the following loss attributable to ordinary shareholders and
weighted-average number of ordinary shares outstanding:
Group
Six Months to Six Months to
30 Sep 2025
30 Sep 2024
Loss Attributable to the Owners of the Parent Company US$ US$
Loss for the period from continuing operations (1,359,215) (1,125,940)
Adjusted for: Non-controlling interests (5,337) (2,490)
Loss Used in Basic and Diluted Loss per Share Calculation (1,353,878) (1,123,450)
Group
Weighted-Average Number of Ordinary Shares Number Number
Issued ordinary shares at 1 April 241,940,898 175,988,340
Effect of shares issued from capital raising and share placements during the - 9,562,358
period
Effect of options and warrants exercised during the period 935,798 -
Effect of other shares issued during the period 335,855 80,529
Weighted-Average Number of 243,212,551 185,631,227
Ordinary Shares at 30 September
7. Trade and Other Receivables
Group
Amounts in US$ 30 Sep 2025 31 Mar 2025
Current:
Other debtors 35,820 206,955
Prepayments 59,244 71,989
Arbitration receivables* 2,358,309 1,390,071
Accrued arbitration income* 511,010 539,568
Carried amounts receivable 55,658 55,658
Tenement deposits** 75,878 509
Loans advanced to other companies 119 119
Total Trade and Other Receivables 3,096,038 2,264,869
The Group has assessed the expected credit losses ("ECL") on its financial
assets in accordance with the requirements of IFRS 9 Financial Instruments.
Trade and other receivables are expected to be recovered in less than 12
months.
*Arbitration Receivables and Accrued Arbitration Income
Subsequent to half-year end, the Company received $1,688,484 from LCM, in
respect of its arbitration receivables as at 30 September. Further details of
the Group's arbitration income and expenses, and its funding arrangement with
LCM are provided in Note 3.
**Bank Guarantee
During the period, the Group lodged a bank guarantee of XOF 45,707,439
($75,369 at 30 September 2025) as part of the licence renewal process for the
Kalaka Project in Mali. This amount is reflected in the cash flow statement
under investing activities and is included within tenement deposits in trade
and other receivables. As at the date of this report, the Kalaka licence
renewal application remains pending government approval.
8. Trade and Other Payables
Group
Amounts in US$ 30 Sep 2025 31 Mar 2025
Current:
Trade payables 152,230 400,145
Arbitration payables* 2,838,883 1,371,484
Accruals and other payables 27,140 634,038
Total Trade and Other Payables 3,018,253 2,405,667
Trade and other payables are expected to be paid in less than 12 months.
*Arbitration Payables
Subsequent to half-year end, the Company paid $1,676,226 in respect of its
arbitration related payables as at 30 September. Further details of the
Group's arbitration income and expenses, and its funding arrangement with LCM
are provided in Note 3.
9. Share Capital and Share Premium
Ordinary Share Share Premium Total
Shares
Capital
Number US$ US$ US$
As at 1 April 2025 241,940,898 3,130,238 28,237,283 31,367,521
Shares issued in period (net of costs) 2,402,242 32,238 179,526 211,764
As at 30 September 2025 244,343,140 3,162,476 28,416,809 31,579,285
Shares Issued During the Period
Options and Warrants Exercised During the Period
During the period, the Company issued a total of 2,020,494 ordinary shares of
1 pence each (nominal value) pursuant to the exercise of the following options
and warrants:
· 23 April 2025: 500,000 warrants at 6.68 pence each;
· 30 July 2025: 1,160,494 warrants at 6.68 pence each; and
· 13 August 2025: 360,000 options at 5 pence each.
Shares Issued in Lieu of Fees
On 23 April 2025, the Company issued 381,748 ordinary shares of 1 pence each
(nominal value), at an average issue price of 7.04 pence each, to satisfy
accrued non-executive directors' fees for the period from 1 October 2024 to 31
March 2025.
Shares Issued Subsequent to the Half-Year End
Warrants Exercised
After the half-year end, the Company issued a total of 13,571,419 ordinary
shares of 1 pence each (nominal value) following the exercise of warrants, all
at 6.68 pence each, as follows:
· 14 October 2025: 2,206,471 warrants;
· 22 October 2025: 1,952,942 warrants;
· 6 November 2025: 685,294 warrants;
· 26 November 2025: 1,960,735 warrants;
· 28 November 2025: 250,000 warrants;
· 8 December 2025: 4,117,647 warrants; and
· 16 December 2025: 2,398,330 warrants (validly exercised prior to
expiry on 10 December 2025).
The remaining 125,000 warrants from the parcel exercisable at 6.68 pence each
lapsed on 10 December 2025.
Shares Issued in Lieu of Fees
On 6 November 2025, the Company issued 225,192 ordinary shares of 1 pence each
(nominal value), at an average issue price of 11.93 pence each, to settle
accrued non-executive directors' fees for the period from 1 April 2025 to 30
September 2025.
As at the date of this report, the issued ordinary share capital of Panthera
consists of 258,139,751 ordinary shares.
10. Cash Flows from Operating Activities
Group
Amounts in US$ Six Months to Six Months to
30 Sep 2025
30 Sep 2024
Loss for the period before tax (1,359,215) (1,125,940)
Adjustments for:
- Depreciation 1,088 -
- Net foreign exchange losses/(gains) 31,374 (57,726)
- Share of losses in investments in associates 133,880 153,234
- Payments made in shares in lieu of cash 36,065 -
- Share options issued 3,325 24,542
Movements in working capital:
- (Increase)/Decrease in trade and other receivables (755,800) (118,089)
- Increase/(Decrease) in trade and other payables 612,586 45,531
- Increase/(Decrease) in provisions (22,365) 5,739
Net Cash Flows Used in Operating Activities (1,319,062) (1,072,709)
11. Related Party Transactions - Directors' Remuneration
Group
Amounts in US$ Six Months to Six Months to
30 Sep 2025
30 Sep 2024
Remuneration for qualifying services 284,184 190,650
The remuneration disclosed above includes the following amounts paid to the 212,050 130,942
highest paid Director:
Directors' Fees and Share-Based Payments for the Six Months Ended 30 Sep 2025 Directors' Fees Share-Based Total Director Remuneration
and 2024
Payments ((a))
Amounts in US$ 2025 2024 2025 2024 2025 2024
Mike Higgins 11,743 10,999 11,743 10,999 23,486 21,998
Mark Bolton ((b)) 208,725 126,857 3,325 4,085 212,050 130,942
Tim Hargreaves 10,904 6,285 10,904 6,285 21,808 12,570
Catherine Apthorpe ((c)) 6,710 6,285 6,710 6,285 13,420 12,570
David Stein 6,710 6,285 6,710 6,285 13,420 12,570
Total 244,792 156,711 39,392 33,939 284,184 190,650
Comparative figures for the six months ended 30 September 2024 have been
adjusted to include $4,085 in "Share-Based Payments" for Mr Bolton for the
vesting of CEO options on 1 July 2024, as disclosed in the Annual Report.
(a) Share-Based Payments
Share-based payments during the six months ended 30 September 2025 and 30
September 2024 reflect the IFRS 2 accounting treatment for director
remuneration settled via equity. These amounts include accrued fees paid or
payable in shares and the fair value of options issued to Mr Bolton and vested
during the period. The arrangements were made to preserve cash in the Group.
(b) Executive Bonus
During the period, the Board approved a performance-based bonus of
AUD 150,000 (prior period: AUD 50,000). The bonus was awarded following a
review by the Remuneration Committee, which considered strategic progress,
stakeholder engagement, and operational leadership. The Board considers this
arrangement to be proportionate and aligned with long-term shareholder value
creation. The bonus is reviewed annually in line with performance and
financial position.
The bonus of AUD 150,000 was paid during the period and is included in Mr
Bolton's total director's fees of US$208,725.
(c) National Insurance Contributions
The disclosed remuneration includes employer National Insurance contributions
of £652 (September 2024: £109). This amount relates solely to Ms Apthorpe,
the only UK-based Director, and is included to reflect the full cost of her
remuneration package to the Company.
(d) Remuneration Arrangements
Remuneration arrangements of key management personnel are disclosed in the
Annual Report for the Group for the year ended 31 March 2025. Other than as
stated above, there have been no changes to those arrangements during the
period.
12. Other Related Party Transactions
(a) Amounts Owing to Directors
At 30 September 2025, the Directors were owed $34,723 (31 March 2025: $45,220)
in fees for services performed during the period. These amounts have been
accrued with $34,723 (31 March 2025: $45,220) as share-based payments. These
were paid via the issue of 225,192 ordinary shares on 3 November 2025.
(b) Exercise of Warrants by Director (Subsequent Event)
As referred to in Note 14, between 14 October 2025 and 16 December 2025, the
Company issued 13,571,419 ordinary shares of 1 pence each (nominal value)
pursuant to the exercise of warrants at 6.68 pence each. Out of the 13,571,419
ordinary shares, 250,000 were issued to Mark Bolton, the Managing Director and
CEO of the Company. The warrants exercised were originally acquired by Mr
Bolton on the same terms as other warrantholders.
(c) Transactions with Subsidiaries
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.
All intercompany balances are interest free and payable on demand to the
Company.
All subsidiaries were funded from the Company during the period. The balance
of intercompany loans at 30 September 2025 were as follows:
· Indo Gold Pty Ltd owes by way of intercompany loan to the Company
$1,619,372 (31 March 2025: $1,095,432);
· Panthera Burkina SARL owes by way of intercompany loan to the
Company $816,476 (31 March 2025: $570,645).
· Panthera Exploration Mali SARL owes by way of intercompany loan
to the Company $1,840,111 (31 March 2025: $1,800,832).
· Maniger Limited and its subsidiary, Panthera Mali Resources SARL,
owes by way of intercompany loan to the Company $888,306 (31 March 2025:
$727,726);
Except for amounts owed from Indo Gold Pty Ltd and its subsidiaries, all other
intercompany loans and other balances as shown above were fully impaired at 30
September 2025. The intercompany investment and loans between the parent
Company and Indo Gold Pty Ltd were not impaired as management expects these
balances to be fully recoverable.
During the six months ended 30 September 2025, a fee was charged by the
Company to the following subsidiaries:
· To Indo Gold Pty Ltd, of $68,193.00 (September 2024: $120,184),
for management services, Company secretarial, accounting and legal services
provided;
· To Panthera Burkina SARL, of $1,700 (September 2024: $4,486), for
tenement service expenses, management services, Company secretarial,
accounting and legal services provided;
· To Panthera Exploration Mali SARL, of $1,700 (September 2024:
$4,476) for tenement service expenses management services, Company
secretarial, accounting and legal services provided; and
· To Panthera Mali Resources SARL, of $1,700 (September 2024:
$2,844) for tenement service expenses management services, Company
secretarial, accounting and legal services provided.
13. Commitments
There have been no material changes in the Group's capital commitments or
other contractual obligations since 31 March 2025. Full details are disclosed
in the Annual Report for the year ended 31 March 2025.
14. Events Subsequent to Interim Reporting Balance Date
Arbitration
On 29 October 2025, the Company announced that the arbitral tribunal issued an
order detailing the procedural calendar for Phase One of the arbitration,
which includes an initial filing deadline for the Respondent in February 2026
and the Phase One hearing scheduled for December 2026.
Kalaka Project (Mali)
On 21 November 2025, the Company announced metallurgical test results for the
Kalaka deposit, confirming that the ore is amenable to cyanide leaching and
suitable for both CIL processing and/or heap leaching.
Shares Issued and Warrants Exercised
Between 14 October 2025 and 16 December 2025, the Company issued 13,571,419
ordinary shares of 1 pence each (nominal value) pursuant to the exercise of
warrants at 6.68 pence each, raising gross proceeds of £906,571
(approximately US$1,207,180). Out of the 13,571,419 ordinary shares, 250,000
were issued to Mark Bolton, the Managing Director and CEO of the Company
(refer Note 12(b)). All warrants were validly exercised before their expiry on
10 December 2025, with the final share issuance completed on 16 December 2025.
The remaining 125,000 warrants from the parcel exercisable at 6.68 pence each
lapsed on 10 December 2025.
On 6 November 2025, the Company also issued 225,192 ordinary shares of 1 pence
each (nominal value), at an average issue price of 11.93 pence each, to
satisfy accrued non-executive directors' fees for the period from 1 April 2025
to 30 September 2025.
As at the date of this report, the issued ordinary share capital of Panthera
consists of 258,139,751 ordinary shares.
Other
On 17 November 2025, the Company's ordinary shares were approved for
cross-trading on the OTCQB Venture Market in the United States under the
ticker symbol "PATRF".
There were no other significant subsequent events, transactions or items
occurring after the half-year end, of a material and unusual nature likely, in
the opinion of the Directors, to affect significantly the operations of the
Group, the results of those operations, or the state of affairs of the Group
in future financial periods.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END IR FIFIFFELAFIE
Copyright 2019 Regulatory News Service, all rights reservedRecent news on Panthera Resources
See all newsREG - Panthera Resources - Half-year Financial Report
AnnouncementREG - AIM - AIM Notice - 16/12/2025
AnnouncementREG - Panthera Resources - Warrant Conversion
AnnouncementREG - AIM - AIM Notice - 08/12/2025
AnnouncementREG - Panthera Resources - Warrant Conversion
Announcement