TIDMPALM
RNS Number : 7197A
Panther Metals PLC
27 September 2022
Panther Metals Plc
Half Yearly Financial Report
For the six months ended 30 June 2022
Operational Highlights
Key operational milestones achieved during the six-month period
to 30 June 2022.
Canada
-- On 18 January 2022 the Company announced the discovery of a
volcanogenic massive sulphide ("VMS") mineral system on the Obonga
Project. This was a very significant development for Panther.
-- On 24 January 2022 the Company announced drill core assay
results from the diamond drill hole PD-DL21-01 at the 100% owned
Dotted Lake property in the Hemlo region, of Ontario. Subsequent
assay results show widely dispersed gold mineralisation to 172m
downhole depth, with subsequent assay results extending this gold
dispersal down to 391m.
-- On 22 March 2022 the Company announced the acquisition of
thirteen single cell mining claims to provide coverage for the
interpreted eastward strike extension side of the Awkward intrusive
conduit target at the Awkward Prospect the Obonga greenstone belt.
The Awkward Prospect is an upcoming drill target for Panther.
-- On 7 April 2022 the Company announced the signing of a sale
agreement (the "Agreement") for the transfer of 128 mining claims
("Claims"), constituting the Company's Big Bear Project ("Big
Bear") located on the Schreiber-Hemlo Greenstone Belt. Under the
terms of the agreement the Company's Canadian subsidiary Panther
Metals (Canada) Limited has agreed to transfer the Claims and
associated information to Fulcrum Metals (Canada) Ltd., the
Canadian subsidiary of Fulcrum Metals Limited ("Fulcrum") an Irish
registered company which is seeking an initial public offering
("IPO") on the AIM Market of the London Stock Exchange Group
PLC.
o As consideration for the sale upon Fulcrum IPO Panther will be
issued with; 20% of the entire issued share capital in Fulcrum as
Consideration Shares; a payment of GBP200,000 and the grant of a 2%
net smelter return ("NSR") royalty. The Agreement is conditional
upon, inter alia, Fulcrum being admitted to trading on the AIM
Market of the London Stock Exchange Group PLC. The longstop date of
the Agreement completion is 31 October 2022 which was subsequently
extended to 30 November 2022. If completion does not occur before
the longstop date Panther will be due a payment of 50,000 Euro from
Fulcrum.
o The sale will supplement Panther's Dotted Lake property
through indirect exposure to early-stage gold and base metal
exploration over a further four properties on the Schreiber-Hemlo
Greenstone Belt; with an additional two properties on the
Dayohessarah Lake Greenstone and the Michipicoten Greenstone Belt;
whilst diversifying commodity exposure through Fulcrum's two
uranium exploration properties in the vicinity of the Athabasca
Basin in Saskatchewan1.
-- On 7 April 2022 the Company announced that it had entered
into an option and sale and purchase agreement with Shear Gold
Exploration Corporation ("Shear Gold") to purchase a substantial
claim holding (the "Shear Gold Project" or "Project") including the
West Limb and Glass Reef gold properties, on the Eagle - Manitou
Lakes Greenstone Belt (the "Shear Gold Agreement").The Shear Gold
Project covers a total area of approximately 98km(2) and is located
within the gold endowed Kenora Mining District, approximately 300km
east of Thunder Bay and equidistant between the towns of Fort
Frances and Dryden in north-western Ontario, Canada. The terms of
the Shear Gold Agreement are set out below.
o A cash consideration of $11,325 Canadian dollars ("CAD$") has
been paid to Shear Gold Exploration Corporation in order to secure
the option and sale and purchase agreement.
o Panther has committed to a minimum spend commitment of
CAD$325,000 to be expended over years one and two; and a further
CAD$400,000 to be expended between the second and fourth annual
anniversaries of the Agreement. Any excess spend in years one and
two can be offset against expenditure in years three and four.
o Grant to Shear Gold a NSR royalty of 2% over the 32 multicell
mining claims (the "Shear Claims") covered in the Shear Gold
Agreement. Panther can elect to purchase 50% of the NSR (reducing
the remaining royalty to 1%) for the sum CAD$1M at any time.
o Panther Metals PLC can elect at any time to purchase the Shear
Claims outright through a payment of CAD$250,000 to Shear Gold.
-- On 21 April 2022 the Company announced the receipt of four
Exploration Permits for the Big Bear Project ("Big Bear") located
in the townships of Priske and Strey on the Schreiber-Hemlo
Greenstone Belt in northern Ontario. The Temporary Hold which had
been in place over Exploration Permit Applications had been lifted
allowing the permits to be awarded. The Exploration Permits allow
activities including diamond drilling, trenching, stripping, ground
geophysics, trail cutting, and exploration camp set-up and are
effective for a period of three years to 13 April 2025.
-- On 26 April 2022 the Company announced it had submitted an
Exploration Permit Application (PR-22-000116) for an additional
three drill prospects at the Company's Obonga Project located on
the Obonga Greenstone Belt in northern Ontario. The application
submitted in collaboration with Broken Rock Resources Ltd ("Broken
Rock") concerns planned work within 45 Single Cell Mining Claims
("Claims") in the Puddy Lake administrative area. The grant of
Exploration Permit PR-22-000116 was announced, post period on 21
July 2022, permitted activities include diamond core drilling of up
to 10 holes and associated down-hole electromagnetic geophysics
surveys spread across three named prospects: Silver Rim; Ottertooth
and Survey, which are respectively located in the north,
centre-east and centre-west of the Obonga Project area. The three
prospects are targeting VMS base metal mineralisation and intrusion
related nickel in association with compelling, coincident,
geophysical anomalies and historical work results.
Australia
-- On 28 February 2022, the Company announced, with Panther
Metals Limited ("Panther Australia"), the first drilling results of
a planned 6,000m reverse circulation ("RC") infill drilling
programme for the Coglia Nickel-Cobalt Project located
approximately 60km southeast of the town of Laverton in Western
Australia. The initial results from the first five RC drill holes
on the project included high-grade nickel and cobalt intercepts in
all holes. A new zone of mineralisation was discovered outside the
previous Exploration Target and additional drill holes were added
to the programme to test extensions to the new mineralised zone.
Further assay results for drill holes CGRC005 to CGRC005020 and
CGRC 031 to CGRC040 were announced 23 March 2022, with the final
and highest-grade batch of Coglia results announced 12 May
2022.
-- On 3 May 2022, the Company announced the completion of the
Panther Australia 38 hole, 2,500m, RC drilling programme at the
Eight Foot Well Gold Prospect and the drill rig was moving to the
Burtville East Gold Prospect. The completion of the Burtville East
Gold Project drilling programme was subsequently announced 12 May
2022, and post period, on 14 July 2022 the Company announced
Panther Australia had published the Burtville East assay results
which included a shallow high grade gold zone composite intercept
of 15m @ 53.94g/t Au from 27m downhole in RC drillhole BVE006.
-- On 12 May 2022, the Company announced the final batch of
assay results from the Coglia drill programme, these included: 19m
at 1.19% Ni from 60m, including 8m at 2.10% Ni from 63m, with a new
highest peak intercept of 1m at 3.97% Ni from 64m, and 5m at
2,592ppm Co from 62m, including 2m at 5,105ppm Co from 64m, with an
extraordinary new highest peak of 1m at 7,900ppm Co from 64m (hole
CGRC054); and 24m at 0.92% Ni from 56m, including 1m at 1.20% Ni
from 62m, and 24m at 646ppm Co, including 7m at 1,260ppm Co from
59m, with a peak of 1m at 3,090ppm Co from 69m (hole CGRC041).
-- On 27 June 2022, following the completion of the 61-hole RC
infill drill programme Panther Australia published a JORC Code
(2012) compliant Inferred Mineral Resource estimate ("MRE") (Table
1) and revised Exploration Target (Table 2) for the Coglia
Nickel-Cobalt project. The MRE and revised Exploration Target was
based on the 2022 RC drilling results and on historical drilling
conducted between 2001-2003 and in 2018.
Table 1: Coglia Nickel-Cobalt Inferred Mineral Resource Estimate
at a 0.5% Nickel Grade Cut-Off (#)
0.5% Ni cut-off Tonnes Ni % Co ppm Ni tonnes Co tonnes
Domain North 25,800,000 0.7 360 186,000 9,300
------------- ------ -------- ---------- ----------
Domain South 44,800,000 0.6 510 290,000 22,900
------------- ------ -------- ---------- ----------
Total Inferred
Resources 70,600,000 0.7 460 476,000 32,200
------------- ------ -------- ---------- ----------
(#) See Panther Australia ASX announcement of 27 June 2022
Table 1 for further details. Some errors may occur due to
rounding.
Table 2: New Coglia Nickel-Cobalt Southern JORC Code (2012)
Exploration Target*
Tonnage Range Grade Range Grade Range
Nickel % Cobalt ppm
34,000,000 - 62,000,000 0.40 - 0.65 400 - 600
---------------- ----------------
* The potential quantity and grade of an Exploration Target
is conceptual in nature. There has been insufficient exploration
to estimate a Mineral Resource and there is no certainty
that further exploration work will result in the determination
of Mineral Resources.
Corporate and Financial Highlights
-- The start of 2022 has witnessed several corporate actions by
the Company as the business positions itself to exploit the
remarkable team and network it has developed. Panther now moves
into a period of development that will see a major upturn in work
across its entire portfolio of assets.
-- On 7 March 2022, the Company announced the placing of
4,500,000 ordinary shares raising gross proceeds of approximately
GBP360,000. Admission of the shares took place on 10 March
2022.
-- On 8 March 2022, the Company announced that it has received
notice of exercise of a total of 265,242 warrants with an exercise
price of 6p per share, raising GBP15,915 for the Company. Admission
of the shares took place on 11 March 2022.
-- On 29 April 2022, the Company published the audited Results
for the Year Ended 31 December 2021. A copy of the 2021 Annual
Report was submitted to the National Storage Mechanism and is
available to the public for inspection at:
ttps://www.fca.org.uk/markets/primary-markets/regulatory-disclosures/national-storage-mechanism
-- The Annual General Meeting ("AGM") of the Company was held on
9 June 2022, at which all resolutions were duly passed.
-- Panther Metals Limited commenced trading on the Australian
Securities Exchange ('ASX') on 10 December 2021 following the
completion of its oversubscribed $5m IPO, which capitalised it at
$10.9m. Since listing the share price of Panther Metals Limited has
risen by 19% (as at 31 August 2022). The ASX listing has provided
the Australian projects with the necessary capital to advance
drill-ready targets focused on nickel and gold (within the Tier 1
Mining Districts of Laverton WA and in the NT).Panther Metals
Limited Annual Report for the year ended 31 December 2021 and post
year end trading updates are available on its website at
https://www.panthermetals.com.au
-- Post the six-monthly financials, on 18 August 2022, the
Company announced the Placing and admission of 20,872,726 ordinary
shares at a price of 5.5 pence, raising gross proceeds of
GBP1,148,000 .
Nicholas O'Reilly, Chairman, commented:
The first half of 2022 has been an exciting time for Panther.
Following the work and travel restrictions in Canada and Australia
imposed in response to the COVID-19 pandemic a busy last half of
2021 with two drill programmes and the initial public offering
("IPO") on the ASX of Panther's Australian interests culminated in
a great start to 2022.
With assay results coming in from the two Canadian diamond
drilling programmes at the Wishbone Prospect on the Obonga Project
and Dotted Lake Property in early January 2022, the year started
with much data analysis and interpretation work.
In a very significant development for the Company, these results
confirmed the discovery of a volcanogenic massive sulphide ("VMS")
mineral system at Wishbone. Importantly it is well known that VMS
type deposits typically occur in clusters, and a geological
analysis of the drill programme data in collaboration with academic
VMS specialists, confirmed the western part of the Obonga
Greenstone belt as a very favourable geological environmental, and
permissive tract, for the development of further volcanic
associated mineralising systems. Our partner Broken Rock presented
the results from Wishbone at the important Prospectors and
Developers Association of Canada ("PDAC") conference in Toronto,
generating significant interest from mining industry
practitioners.
Also, at Obonga, planning work for drilling the Awkward nickel
intrusive conduit prospect to the east of Wishbone saw Panther
agree the acquisition of the claims covering the eastward anomaly
in March. With five prospects now permitted for drilling at Obonga
Panther is confident of exciting times ahead.
Like Wishbone, the drill core assay results from Dotted Lake
also proved a significant development for Panther. The initial
objective of the drilling the single 402m deep diamond drill hole
was to understand the stratigraphy linked to the airborne
geophysics survey and trench sample anomalies. With the core assay
results delineating a total five gold intersections above 1g/t Au
and gold mineralisation widely dispersed between 47m and 391m, this
hole is considered very encouraging for follow-up investigation
especially given the structural setting and highly anomalous soil
survey results immediately along strike.
On 7 April the Company announced the signing of a sale agreement
for the transfer of the Big Bear Project ("Big Bear") to Fulcrum
Metals Ltd who are seeking an IPO on London's AIM Market. Upon
successful listing this deal should see Panther hold a 20% share in
Fulcrum together with cash and a royalty and will give Panther
exposure to a further 6 gold exploration properties and two uranium
exploration projects. In a balancing transaction, Panther entered
into an option and sale and purchase agreement with Shear Gold
Exploration Corporation to purchase a substantial claim holding
comprising the Manitou Lakes Project upon the Eagle - Manitou Lakes
Greenstone Belt in the gold endowed Kenora Mining District,
approximately 300km east of Thunder Bay in Ontario. This
underexplored region contains a number of historic gold mines and
has been yielding significant discoveries for neighbouring
explores.
In Australia, the successful listing of Panther Metals Limited
("Panther Australia") on the ASX in December 2021, allowed the
planned 6,000m reverse circulation drilling programme to commence
at their Coglia Nickel-Cobalt Project in Western Australia. Assay
results received from the 61 holes through February, March and May
culminated in Panther Australia publishing a JORC Code (2012)
compliant Inferred Mineral Resource estimate ("MRE") of 70.6Mt @
0.7% Ni & 460ppm Co, for 476kt Ni and 32.2kt Co and an
additional revised Exploration Target on 27 June 2022. Drilling in
Australia also targeted gold with programmes Eight Foot Well Gold
Prospect and the Burtville East Gold Prospect competed to plan
during the period. Panther maintains a 36.61% holding in Panther
Australia.
The progress of the Company during the period has been
tremendous and with the successful completion of our fund raise,
post-period on 18 August, Panther are fully funded to continue to
drive through the exciting planned workstreams ahead.
I would like to take this opportunity thank and congratulate our
teams and partners in Canada and Australia for their hard work and
results and to state that we very much look forward to continuing
together.
Operational Review
Canada
The ongoing COVID-19 pandemic and related restrictions on travel
into Ontario continued to impact on exploration staffing,
permitting and logistics across the sector. However, with a growing
local network of contractors, Panther was able to progress work
across the Canadian properties.
Big Bear Gold Project
Overview
The acquisition of various prospects in 2018 and 2019
consolidated previously fragmented areas into the wider Big Bear
umbrella project, priming Panther Metals for extensive and
comprehensive exploration in the area. A total of 253 geophysical
anomalies have been identified, with 39 designated for priority
investigation. Gold in soil anomalies have been identified in five
areas, ranging up to 0.71g/t Au, extending up to 250m wide and open
along strike. Gold bearing quartz veins have been outlined within
seven separate areas (two with rock and vein samples grading 1g/t
to 5 g/t Au, four with quartz vein sample assays above 5g/t Au, and
two quartz samples collected at 50m separation on an east-west
trending vein open in both directions returning 105.5g/t Au and
112g/t Au respectively).
The Little Bear Lake and Schreiber prospects are of particular
interest to the Company: historic work programmes in 2010 and 2011
targeted an intense magnetic response from both. Assays yielded
from the 1.6km long gold trend included 6m at 1.5g/t Au, up to
53.7g/t Au and 19.25 g/t Ag in rock chip and 18.2g/t Au and 1.03g/t
Ag in soil. Historical bulk sampling reported 150t averaging
17.6g/t Au, while historical drill intersections include 0.55m at
19.2% Zn and 4.6% Cu from 15.2m depth.
Work conducted in 2022
No fieldwork was undertaken at Big Bear during the first half of
2022. Due to the winter snow cover and the Exploration Permit
Applications being put on Temporary Hold by the issuing
authorities, only desk based technical work was conducted. The
Temporary Hold order had been in place since the last two of
Exploration Permit Applications were lodged in May 2021, this order
was lifted in April and all four Exploration Permits Applications
were subsequently awarded (PR-21-000140, Big Duck Creek Project,
PR-20-000052 Big Bear North Project, PR-20-000054 Big Bear West
Project, and PR-20-000055 Big Bear East Project), as announced 21
April 2022.
The Exploration Permits allow activities including diamond
drilling, trenching, stripping, ground geophysics, trail cutting,
and exploration camp and are effective for a period of three years
to 13 April 2025 as summarised in .
Table 3: Permitted Activities for Big Bear Project Exploration
Permits Awarded April 2022
Exploration Project Name (claim Expiry Permitted Activities
Permit Number numbers included) Date
PR-21-000140 Big Duck Creek Project 13 April
2025 * Mechanised Drilling (up to 19 diamond core drill
( 546085, 566379) holes),
northern Big Bear
Project * Line Cutting (8,000m),
* Ground Geophysics (Electromagnetics ("EM"), Induced
Polarisation ("IP"), Resistivity) up to 15 line/km,
* Pitting and Trenching (up to 24 pits/trenches).
* Exploration camp for up to 10 persons.
----------------------- --------- -----------------------------------------------------------
PR-20-000052 Big Bear Project 13 April
- North 2025 * Mechanised Drilling (up to 5 diamond core drill
holes),
(546085, 566379,
571638)
* Mechanised stripping (125m(2) )
* Line Cutting (2,000m),
* Ground Geophysics ( IP),
* Pitting and Trenching (up to 5 pits/trenches).
* Exploration camp for up to 6 persons.
----------------------- --------- -----------------------------------------------------------
PR-20-000054 Big Bear Project 13 April
- West 2025 * Mechanised Drilling (up to 10 diamond core drill
holes),
(140258, 141544,
145842, 146218,
174809, 174810, * Mechanised stripping (500m(2) )
174811, 192267,
192268, 241122,
277831, 277832, * Line Cutting (10,000m),
288061, 308268,
315504, 327866,
336359, 554099, * Ground Geophysics (IP),
554100, 556514,
557198, 563083,
566293) * Pitting and Trenching (up to 15 pits/trenches).
* Exploration camp for up to 6 persons.
----------------------- --------- -----------------------------------------------------------
PR-20-000055 Big Bear Project 13 April
- East 2025 * Mechanised Drilling (up to 5 diamond core drill
holes),
(565926, 566292,
566390, 566391,
566392, 571621, * Mechanised stripping (200m(2) )
571637)
* Line Cutting (10,000m),
* Ground Geophysics ( IP),
* Pitting and Trenching (up to 10 pits/trenches).
* Exploration camp for up to 6 persons.
----------------------- --------- -----------------------------------------------------------
On 7 April 2022 the Company announced the signing of a sale
agreement (the "Agreement") for the transfer of 128 mining claims
("Claims") constituting the Big Bear Project. Under the terms of
the agreement the Company's Canadian subsidiary Panther Metals
(Canada) Limited has agreed to transfer the Claims and associated
information to Fulcrum Metals (Canada) Ltd., the Canadian
subsidiary of Fulcrum Metals Limited ("Fulcrum") an Irish
registered company which is seeking an initial public offering
("IPO") on the AIM Market of the London Stock Exchange Group
PLC.
As consideration for the sale upon Fulcrum IPO Panther will be
issued with; 20% of the entire issued share capital in Fulcrum as
Consideration Shares; a payment of GBP200,000 and the grant of a 2%
net smelter return ("NSR") royalty. The Agreement is conditional
upon, inter alia, Fulcrum being admitted to trading on the AIM
Market of the London Stock Exchange Group PLC. The longstop date of
the Agreement completion is 31 October 2022, which was subsequently
extended to 30 November 2022 . If completion does not occur before
the longstop date Panther will be due a payment of 50,000 Euro from
Fulcrum.
The sale will supplement Panther's Dotted Lake property through
indirect exposure to early-stage gold and base metal exploration
over a further four properties on the Schreiber-Hemlo Greenstone
Belt; with an additional two properties on the Dayohessarah Lake
Greenstone and the Michipicoten Greenstone Belt; whilst
diversifying commodity exposure through Fulcrum's two uranium
exploration properties in the vicinity of the Athabasca Basin in
Saskatchewan.
Dotted Lake Project
Overview
Panther Metals acquired the Dotted Lake Project in July 2020, it
is situated approximately 16km from Barrick Gold's renowned Hemlo
Gold Mine. An extensive soil programme conducted in 2021 identified
numerous gold and base metal targets, all within the same
geological footprint as Hemlo. Following the reopening of a
historical trail providing direct access to the target location, an
initial drilling programme, consisting a single 402m deep hole
drilled in Autumn 2021 confirmed the presence of gold
mineralisation within this system with anomalous gold continuing
along strike and present within the surrounding area. The initial
objective of this drill hole was to build an understanding of the
stratigraphy linked to the Company's airborne geophysics survey and
trench sample anomalies, finding gold mineralisation widely
dispersed in this hole was considered very encouraging, given the
context of the wider prospective Hemlo region.
Work conducted in 2022
The first batch of encouraging assay results for the first 174m
of core from the Dotted Lake drill hole were announced on 24(th)
January 2022; showing in total eight separate intervals of gold
mineralisation, with four separate gold bearing intervals above
1.0g/t Au intersected between 47m and 158m down hole depth:
o Four sample intervals > 1g/t Au:
0.9m @ 1.73 g/t Au from 47.3m
1m @ 1.05 g/t Au from 122.2m
1m @ 1.59 g/t Au from 136.2m
1m @ 1.04 g/t Au from 158.2m
o Eight Intersections >0.57g/t Au, including two 2m wide
composites:
2m @ 0.87 g/t Au from 122.2m ( inc. 1m @ 1.05 g/t Au from
122.2m)
2m @ 0.96 g/t Au from 158.2m ( inc. 1m @ 1.04 g/t Au from
158.2m)
The remaining assay results were received during May 2022, a
single intersection of 1.1m @ 1.4 g/t Au from 228.3m (inc. 0.5m @
2.57 g/t Au from 228.3m) was noted, in addition to seven discrete
low level (0.11g/t Au to 0.31g/t Au) 1m wide gold intersections
between 200m to 391m downhole depth.
Preliminary analysis of the drill assay results points to an
orogenic gold signature with a strong correlation between zones of
shearing or strong foliation, alteration and sulphide bearing
quartz veinlets. Disseminated sulphides are also noted. Importantly
the results of the drilling tie in well with structures interpreted
from Panther's geophysics survey and with the highly anomalous
results of the soil geochemical survey to the west of the drill
collar.
Obonga Project
Panther Metals acquired the Obonga Greenstone Belt project in
July 2021 and have already identified four prospective primary
targets: Wishbone, Awkward, Survey and Ottertooth. A successful
Phase 1 drilling campaign at Wishbone in Autumn 2021 revealed the
presence of significant volcanogenic massive sulphide ("VMS") style
mineralised systems on the property - the first such discovery
across the entire greenstone belt. Intercepts include 27.3m of
massive sulphide in hole one, and 51m of sulphide-dominated
mineralisation in hole two. Both drill holes contained multiple
lenses. Anomalous high-grade copper in lake sediment close to the
target area has also been identified, increasing confidence in the
prospectivity of the location.
Awkward is a highly anomalous magnetic target, interpreted to be
a layered mafic intrusion and magmatic conduit based on mapped
geology and airborne geophysics. Historic sampling in the area
returned anomalous platinum and palladium (Pt, Pd) values, while
historic drilling on the periphery of the target intersected
non-assayed massive sulphide and copper (assumed to be
chalcopyrite), non-assayed disseminated pyrite and chalcopyrite in
coarse gabbro, and non-assayed 'marble cake' gabbro (matching the
description of the Lac des Iles Mine varitexture gabbro ore
zone).
Two additional named targets, Survey and Ottertooth, both
displays further coincident magnetic and electromagnetic anomalies
and are adjacent to the contact between intrusive and extrusive
mafic rocks. Historic drilling at Survey intersected several meters
of massive sulphides in multiple intersections (main parts of the
anomaly remain untested) while Ottertooth remains untested in its
entirety.
Work conducted in 2022
The highly successful Wishbone drilling results and the
discovery of a VMS mineral system summarised below were announced
on 18 January 2022.
Wishbone Phase 1 Technical Summary
Wishbone Phase 1 Drilling Programme results, with the discovery
of the first VMS system on the Obonga Greenstone Belt, show proof
of concept and validation of the exploration targeting and
modelling undertaken by Broken Rock Resources Ltd ("Broken Rock"),
Panther's exploration partner at Wishbone.
Two diamond core drill holes, totalling 600m, completed to
planned depths of
BBR21_WB_001 ("WB001"): 297m; BBR21_WB_002 ("WB002"): 303m. Core
diameter: 42mm.
Wide massive sulphide and semi-massive sulphide mineralisation
intersections in both drill holes:
o WB001: Three wide sulphide intersections:
-- 27.3m of massive sulphide from 106.2m ('Upper layer'), with fault at base;
-- 2.5m of massive sulphide from 234.8m ('Mid layer'; and
-- 1.4m of massive sulphide from 256.6m ('Lower layer')
o WB002: Wide zoned sulphide intersection:
-- 51m from 174m comprising a wide zone of sulphide dominated mineralisation, including:
--17m from 180m of massive sulphide ('Upper zone') and
--7m from 218m of semi-massive sulphide ('Lower zone')
An important characteristic of VMS deposits is that they
typically display a zonation of metals within the massive sulphide
body from Fe+Cu at the base to Zn+Fe+/-Pb+/-Ba at the top and
margins, related to differing temperature and chemical conditions
at mineral deposition. The major observed mineral component2 of the
Wishbone massive sulphide mineralisation is pyrrhotite with less
common pyrite and minor sphalerite and chalcopyrite in distinct
zones:
o WB001:
-- Upper layer: MS intersection includes a 7.5m wide zone of Fe
above/ close to 50% Fe upper detection limit, with pyrrhotite,
pyrite and magnetite identified in the core logging.
-- Mid layer: Strongest zinc (sphalerite) intersection averages
0.5m @ 1.9% Zn (based on verification sampling) within a 1.5m @
1.1% Zn with 3.1g/t Ag from 235.5m.
-- Lower layer: geochemical correlation to the Mid layer with lower Zn & Ag.
o WB002:
-- Upper zone: displays 10x relative enrichment in Ag (1g/t)
over the Lower zone and similar mineralogical composition to
WB001.
Work is ongoing to follow-up the Phase 1 programme results in
combination with geophysical, structural and geological datasets to
determine next steps to specifically target the potential for
economic base metal zonation within and close to Wishbone.
The Wishbone assay result suite, including rare earth element
(REE) analyses, yields important geochemical information allowing
the classification of the mineralisation, alteration ratios and the
development of exploration vectors towards zones of potential
economic interest.
o Alteration and REE ratio markers in both drill holes correlate
well with established VMS exploration models.
o Zn+Pb and Cu ratios of the Wishbone massive sulphide layers
indicate the mineralisation is most likely a bi-modal type VMS
deposit. The deposits of the Sturgeon Lake/Mattabi VMS Camp
(consisting of 6 historic VMS mines) 75km west of Wishbone, has
been classified as a bimodal type deposits as have Canada's Kidd
Creek (Ontario) and Noranda (Quebec) VMS deposits.
Another important characteristic of VMS type deposits is that
they typically occur in clusters. The Company views that the
discovery of the Wishbone VMS system bodes very well for the
existence of further, as yet undiscovered VMS bodies in the
vicinity, as it confirms the western part of the Obonga Greenstone
belt as a favourable geological environmental, and permissive
tract, for the development of volcanic associated mineralising
systems.
Panther have retained the support of a post-doctoral academic
from a Canadian VMS centre of excellence and are working towards
forging university relationships which will see the Company
leverage all available knowledge and expertise to open up the
Obonga greenstone belt for further VMS exploration.
On 26 April 2022 the Company announced it had submitted an
Exploration Permit Application (PR-22-000116) for an additional
three drill prospects at the Company's Obonga Project located on
the Obonga Greenstone Belt in northern Ontario. The application
submitted in collaboration with Broken Rock concerns planned work
within 45 Single Cell Mining Claims in the Puddy Lake
administrative area. The subsequent grant of Exploration Permit
PR-22-000116 was announced, post period on 21 July 2022, permitted
activities include diamond core drilling of up to 10 holes and
associated down-hole electromagnetic geophysics surveys spread
across three named prospects: Silver Rim; Ottertooth and Survey,
which are respectively located in the north, centre-east and
centre-west of the Obonga Project area. The three prospects are
targeting VMS base metal mineralisation and intrusion related
nickel in association with compelling, coincident, geophysical
anomalies and historical work results. Further diamond core
drilling at Obonga is expected to commence during the second half
2022.
Manitou Lakes Project
On 7 April 2022, the Company announced that it had entered into
an option and sale and purchase agreement with Shear Gold
Exploration Corporation ("Shear Gold") to purchase a substantial
claim holding (the "Shear Gold Project") including the West Limb
and Glass Reef gold properties, on the Eagle - Manitou Lakes
Greenstone Belt. The Shear Gold Project covers a total area of
approximately 98km (2) and is located within the gold endowed
Kenora Mining District, approximately 300km east of Thunder Bay and
equidistant between the towns of Fort Frances and Dryden in
north-western Ontario, Canada. The terms of the Agreement include a
cash consideration of CAD$11,325 has been paid to Shear Gold
Exploration Corporation in order to secure the option and sale and
purchase agreement, under which Panther Metals has committed to a
minimum spend commitment of CAD$325,000 to be expended over years
one and two and a further CAD$400,000 to be expended between the
second and fourth annual anniversaries of the sale and purchase
agreement. Any excess spend in years one and two can be offset
against expenditure in years three and four; A NSR royalty of 2%
over the 32 multicell mining claims is granted to Shear Gold;
Panther Metals can elect to purchase 50% of the NSR (reducing the
remaining royalty to 1%) for the sum CAD$1M at any time; and
Panther Metals can elect at any time to purchase the 32 multicell
mining claims outright through a payment of CAD$250,000 to Shear
Gold.
The Manitou Lakes Project consists of three prospect areas:
Glass Reef , West Limb and Catwill.
-- Glass Reef
o 720ha
o Hosts the historic Glass Reef Gold Mine.
o Favourable structure and bedrock geology.
o Positive results from 2012 sampling programme.
-- West Limb
o 5km+ strike length on multiple gold bearing structures.
o 2000+ha of unexplored ground.
o Historic exploration focused on high grade visible gold,
ignoring low-grade mineralized wall rock.
o New mineralisation model proposed - Felsic intrusive related
in addition to shear zone hosted.
o Three current mineralisation styles: 1) gold bearing shear
zone hosted quartz veins; 2) auriferous shear zones; and 3)
Auriferous semi-massive sulphides infilling fissures.
-- Catwill
o Newly staked ground
o No exploration undertaken over claim area despite the presence
of gold anomalies
o Exploration work expected to begin in summer 2022.
Financial Review
The Group has reported an unaudited loss for the six months
ended 30 June 2022 of GBP65,793 (six months ended 30 June 2021 -
loss GBP97,599). The basic and diluted loss per share for the
period was 0.09p (six months ended 30 June 2021 - loss 0.17p).
The key performance indicators are set out below:
At At At
30-Jun-22 30-Jun-21 31-Dec-21
(unaudited) (unaudited) (audited)
GBP GBP GBP
Net asset value 2,631,492 1,728,043 2,411,075
The Directors are required to provide an Interim Management
Report in accordance with the Financial Conduct Authorities ("FCA")
Disclosure Guidance and Transparency Rules ("DTR"). The Directors
consider the Operational and Financial Review on pages 1 to 11 of
this Half Yearly Financial Report provides details of the important
events which have occurred during the period and their impact on
the financial statements as well as the outlook for the Company for
the remaining six months of the year ended 31 December 2022.
The following statement of the Principal Risks and
Uncertainties, the Related Party Transactions, the Statement of
Directors' Responsibilities and the Operational and Financial
Review constitute the Interim Management Report of the Company for
the six months ended 30 June 2022.
Principal Risks and Uncertainties
The principal risks and uncertainties of the Company are
detailed on page 22 of the Company's most recent Annual Report for
the year ended 31 December 2021 which can be found on the Company's
website at www.panthermetals.co.uk. The principal risks and
uncertainties facing the Company remain unchanged from those
disclosed in the Annual Report for the year ended 31 December 2021
and the Board are of the opinion that they will continue to remain
unchanged for the forthcoming six-month period.
The principal risks and uncertainties facing the Company are as
follows:
-- Adverse foreign exchange fluctuations;
-- If the Group is unable to raise additional capital when
needed or on suitable terms it could force a delay, reduce or
eliminate its exploration development and production plans and
efforts; and
-- There are significant risks associated with any discovery and
the ability of the Company to then generate any operational
cashflows.
The Board has also reviewed emerging risks which may impact the
forthcoming six-month period and the main risk facing the Company
is the ongoing impact of the COVID-19 pandemic.
Related Party Transactions
There have been no material changes to the related party
transactions described in the Annual Report that could influence
the financial position or performance of the Company.
Going Concern
As at 30 June 2022 the Group had total cash reserves of
GBP71,517 (31 December 2021: GBP100,586). The directors are aware
of the reliance on fundraising within the next 12 months and having
reviewed the Group's working capital forecasts they believe the
Group is well placed to manage its business risks successfully
providing future fundraisings are successful. The interim financial
statements have been prepared on a going concern basis and do not
include adjustments that would result if the Group was unable to
continue in operation. The Company successfully raised GBP1.148m
through the placing and admission of its shares to the Main Market
of the London Stock Exchange in August 2022. As a junior
exploration company, the Directors are aware that the Company must
go to the marketplace to raise significant funds in the next 12
months to meet its investment and exploration plans and to maintain
its listing status.
For and on behalf of the Board of Directors
Darren Hazelwood
Chief Executive Officer
27 September 2022
The Directors confirm to the best of their knowledge:
-- The interim financial statements have been prepared in
accordance with International Accounting Standard 34, Interim
Financial Reporting, as adopted by the EU;
-- Give a true and fair view of the assets and liabilities,
financial position and the loss of the Group
-- The interim report includes a fair review of the information
required by DTR 4.2.7R of the Disclosure and Transparency Rules,
being an indication of important events that have occurred during
the first six months of the financial year and their impact on the
interim financial information, and a description of the principal
risks and uncertainties for the remaining six months of the year;
and
-- The interim financial information includes a fair review of
the information required by DTR 4.2.8R of the Disclosure and
Transparency Rules, being information required on related party
transactions.
For and on behalf of the Board of Directors
Darren Hazelwood
Chief Executive Officer
27 September 2022
Notes Period
ended Period ended
30 June 30 June
2022 2021
GBP GBP
Unaudited Unaudited
Revenue - -
Cost of sales - -
Gross profit - -
Administrative expenses (264,337) (222,629)
Share-based payment charge 6 89,705 134,164
Operating loss (174,632) (88,465)
Finance income - -
Loss before taxation (174,632) (88,465)
Taxation - -
Loss for the period (174,632) (88,465)
Other comprehensive income
Translation of foreign currency transactions 107,245 (9,094)
Gain on retained investment in Panther Australia 1,594 -
Total comprehensive loss for the period (65,793) (97,559)
Loss attributable to:
Equity holders of the company: (65,793) (97,559)
(65,793) (97,559)
Basic and diluted loss per share (pence) 3(0.09)p (0.17)p
As at As at As at
30 June 30 June 31 December
Notes 2022 2021 2021
GBP GBP GBP
Unaudited Unaudited Audited
Non-current assets
Goodwill - 553,656 -
Exploration and evaluation
assets 1,631,359 913,254 1,334,994
Investments 2 1,166,942 - 1,165,347
Total non-current assets 2,798,301 1,466,910 2,500,341
Current assets
Receivables 67,741 73,931 72,758
Cash at bank and in hand 71,517 275,021 100,586
Total current assets 139,258 348,952 173,344
Total assets 2,937,559 1,815,862 2,673,685
Current liabilities
Trade and other payables (95,049) (87,819) (60,592)
Net current assets 44,209 261,133 112,752
Non-current liabilities
Provision for deferred
consideration (211,018) - (202,018)
Total liabilities (306,067) (87,819) (262,610)
Net assets 2,631,492 1,728,043 2,411,075
Capital and reserves
Called up share capital 5 5,163,780 4,053,396 4,781,917
Equity attributable to
the parent 2 - 142,536 -
Share-based payment reserve 6 214,610 164,292 310,263
Retained losses (2,746,898) (2,652,395) (2,681,105)
Total equity attributable
to equity shareholders 2,631,492 1,707,829 2,411,075
Non-controlling interest 2 - 20,214 -
Total equity 2,631,492 1,728,043 2,411,075
As at As at As at
30 June 30 June 31 December
Notes 2022 2021 2021
GBP GBP GBP
Unaudited Unaudited Audited
Cash flows from operating
activities
Loss for the financial
year (65,793) (97,559) (126,269)
Adjusted for:
Interest received - - -
Foreign exchange (107,245) 9,094 (41,786)
Share-based payment charge (89,705) (134,164) 15,224
(Increase)/decrease in
receivables 5,017 (1,860) 21,164
(Decrease)/increase in
payables 35,161 (19,603) (74,024)
Net gain on change in ownership
of Panther Metals Limited (1,594) - (514,528)
Non cash costs of Panther
Metals Ltd - - 163,474
Net cash (used in)/generated
from operating activities (224,159) (244,092) (556,745)
Investing activities
Cash spent on exploration
activities (180,825) (176,687) (523,863)
Net cash generated from
investing activities (180,825) (176,687) (523,863)
Financing activities
Proceeds from issuing shares 5 360,000 200,000 830,000
Proceeds from exercising
warrants 5 15,915 79,100 110,000
Proceeds from shares issued
by subsidiary 2 - 165,506 -
Proceeds received in advance - 10,000 -
Net cash generated from
financing activities 375,915 454,606 940,000
Net increase in cash and
cash equivalents (29,069) 33,827 (140,608)
Cash and cash equivalents
at beginning of period 100,586 241,194 241,194
Cash and cash equivalents
at end of period 71,517 275,021 100,586
Group
Share
Share based payment Retained
Notes capital reserve losses Total
GBP GBP GBP GBP
Balance at 1 January 2021 3,675,421 397,331 (2,554,836) 1,517,916
Loss for the year - - (126,269) (126,269)
Total comprehensive loss
for the year - - (126,269) (126,269)
Transactions with owners
of the company
Shares issued 5 830,000 - - 830,000
Shares issued to acquire
exploration and evaluation
assets 5 31,191 - - 31,191
861,191 - - 861,191
Other transactions
Placing warrants issued 5 - 143,978 - 143,978
Shares issued upon exercise
of warrants 5 245,305 (166,139) - 79,166
Options issued/charged 6 - 48,668 - 48,668
Forfeited options 6 - (113,575) - (113,575)
Balance at 31 December
2021 4,781,917 310,263 (2,681,105) 2,411,075
Balance at 1 January 2022 4,781,917 310,263 (2,681,105) 2,411,075
Loss for the year - - (65,793) (65,793)
Total comprehensive loss
for the year - - (65,793) (65,793)
Transactions with owners
of the company
Shares issued 5 360,000 - - 360,000
360,000 - - 360,000
Other transactions
Shares issued upon exercise
of warrants 5 21,863 (6,819) - 15,044
Options issued/charged 6 - 21,697 - 21,697
Forfeited options 6 - (110,531) - (110,531)
Balance at 30 June 2022 5,163,780 214,610 (2,746,898) 2,631,492
1 Accounting policies
1.1. Half-yearly report
This interim financial information for the six months ended 30
June 2022 and 30 June 2021 is unaudited and does not constitute
statutory financial statements within the meaning of the Companies
Act 1982 (Isle of Man). The Board of Directors approved it on 27
September 2022.
The figures for the year ended 31 December 2021 have been
extracted from the statutory financial statements which have been
prepared in accordance with International Financial Reporting
Standards, as adopted by the European Union, ("IFRS") and which
have been reported on by the company's auditor. The auditor's
report on those financial statements was unqualified.
The condensed interim financial statements have not been
reviewed by the Company's auditors.
1.2. Basis of accounting
The condensed interim financial information has been prepared in
accordance with the requirements of IAS 34 "Interim Financial
Reporting".
The interim financial information does not include all notes of
the type normally included in the annual financial report and
therefore cannot be expected to provide as full an understanding of
the financial performance, financial position and financing and
investing activities of the group as the full financial report.
The financial information has been prepared on the historical
cost basis. The accounting policies and methods of computation
adopted in the Company's preparation of the condensed interim
financial information are consistent with those adopted and
disclosed in the financial statements for the year ended 31
December 2021 and those expected to be used for the year ending 31
December 2022.
The Company will report again in full for the year ending 31
December 2022.
1.3. Accounting policies
The accounting policies are unchanged from those used in the
last published annual financial statements for the year ended 31
December 2021.
2. Investments
On 10(th) December 2021, the Company announced that Panther
Metals Limited has successfully listed on the Australian Securities
Exchange raising AUD$5,000,000, thus diluting Panther Metals PLC to
a holding of 36.6%.
As this constituted a loss of control, Panther Australia was
consolidated to 10 December 2021, the disposal of the subsidiary
was then accounted for and then the investment in a company in
which Panther Metals PLC has significant influence has been
accounted for under the equity method of IAS 28 Investments in
Associates and Joint Ventures. The goodwill on acquisition of
GBP553,656 was fully derecognised as part of the disposal
calculation in the year ended 31 December 2021.
As at 30 June 2022 the market value of Panther Metals Limited
with reference to its Australian Securities Exchange registration
amounted to AUD$12.94m or GBP7.34m. The summarised financial
information of Panther Metals Limited as at 30 June 2022, its
interim reporting date, is as follows:
AUD$
Aggregated Assets 5,909,430
Aggregated Liabilities (288,848)
Total net assets 5,620,582
, Revenues -
Loss for the period 379,468
There are no significant restrictions on the ability of
associates to transfer funds to Panther Metals PLC in the form of
cash dividends in the case they are declared.
3. Loss per share
The basic loss per share for the interim period to 30 June 2022
is 0.09p (2021: - 0.17p) and has been calculated by dividing the
loss for the period by the weighted average number of ordinary
shares in issue of 68,346,112 (2021: 58,792,331).
Shares issued in the period to 30 June 2022 are detailed in note
5.
There are 4,600,000 potentially issuable shares which relate to
share options issued to Directors and management under option (see
note 6) and warrants issued as part of various placings totalling
78,696,112 (2021: 73,289,000). Due to the losses for the period the
diluted loss per share is anti-dilutive and therefore has been kept
the same as the basic loss per share of 0.09p per share.
4. Provision for Deferred Consideration
As at As at As at
30 June 30 June 31 December
2022 2021 2021
GBP GBP GBP
Current Liabilities
payable within 1 year
Amount due to Broken
Rock 18,055 - 17,285
Amount due to Aki Siltamaki 6,018 - 5,762
24,073 - 23,047
Non-Current Liabilities
Amounts due to Broken
Rock 199,119 - 190,626
Amount due to Aki Siltamaki 11,899 - 11,392
211,018 - 202,018
On 2 August 2021, the Company announced the acquisition of 1,128
claims, constituting an almost exclusive exploration holding over
the Obonga Greenstone Belt located approximately 80km north of the
Lac Des Iles Mine and 160km north of Thunder Bay in the Province of
Ontario Canada. The acquisition of claims, consolidating Panther
Canada's new Obonga Project, results from an agreement with Broken
Rock Resources Ltd and Panther's own claim staking strategy which
provides the Company with control of an important mineral belt with
identified and permitted high prospectivity drill-ready base and
precious metal targets. The acquisition agreement for the 80 claims
held by Broken Rock Resources Ltd, together with associated
exploration data and permits, entails Panther delivering combined
cash and stock consideration together with a right to an additional
deferred consideration and a net smelter return ("NSR") royalty. In
addition, as part of the agreement, Panther has made an exploration
commitment which will be directed towards drilling and associated
exploration works and will designate the 1,084 claims it has staked
directly into the Obonga Project.
Consideration for the Broken Rock transaction consisted of
CAD$50,000 in cash, 228,925 Panther shares credited as fully paid,
the right to receive deferred consideration comprising four
tranches of CAD$30,000 in cash each payable within 30 days of the
annual anniversary of the acquisition agreement, followed by a
final payment of CAD$250,000 in cash payable within 30 days of the
fifth anniversary of the date of the acquisition agreement and 1.5%
NSR royalty (which has provision for Panther to reduce the royalty
to 1.0% NSR through a CAD$3,000,000 buy-back). As part of the
transaction Panther also awarded 500,000 share options with an
exercise price of 13p per share and a life of five years.
In November 2021 the Company agreed a deal with Aki Siltamaki to
take an option on four further properties on the Obonga greenstone
belt to supplement its landholding in the area. The headline
consideration was CAD$30,000.00 upfront and an ongoing payment of
CAD $10,000.00 per year for the three consecutive years of the
agreement and the final payment of CAD $200,000. The final payment
is contingent on success in the ground.
The change in deferred consideration from the position at 31
December 2021 relates to the foreign exchange difference on
conversion of the Canadian dollar balances to sterling at 30 June
2022.
5. Share capital
Number of
new Ordinary Share
shares Capital
No GBP
Allotted, issued and fully paid:
As at 1 January 2021 57,862,419 3,675,421
Share issue on 23 April 2021 1,666,666 200,000
Share issue upon exercising Subscription
warrants 17 May 1,318,331 177,975
Share issue upon exercising Subscription
warrants 9 July 333,334 44,167
Share issue upon exercising Subscription
warrants 29 July 181,667 23,163
Shares issued as consideration for
Obonga transaction 228,925 31,191
Share issue on 22 September 2021 5,250,000 630,000
As at 31 December 2021 66,841,342 4,781,917
As at 1 January 2022 66,841,342 4,781,917
Placing on 7 March 2022 4,500,000 360,000
Shares issued upon exercising Subscription
warrants 265,242 21,863
As at 30 June 2022 71,606,584 5,163,780
On 21 April 2021, the Company announced the completion of a
private placing for a total of 1,666,666 ordinary shares at a price
of 12p raising a total of GBP200,000. The admission of those shares
took place on 23 April 2021.
On 17 May 2021, the Company announced that it has received
notice of exercise of a total of 1,318,331 warrants with an
exercise price of 6p per share, raising GBP79,100 for the Company.
The admission of those shares took place on 20 May 2021.
On 9 July 2021, the Company announced that it has received
notice of exercise of a total of 333,334 warrants with an exercise
price of 6p per share, raising GBP20,000 for the Company. The
admission of those shares took place on 14 July 2021.
On 29 July 2021, the Company announced that it has received
notice of exercise of a total of 181,667 warrants with an exercise
price of 6p per share, raising GBP10,900 for the Company. The
admission of those shares took place on 3 August 2021.
On 2 August 2021, the Company announced the acquisition of 1,128
claims over the Obonga Greenstone Belt located approximately 80km
north of the Lac Des Iles Mine and 160km north of Thunder Bay in
the Province of Ontario Canada. Part of the consideration for the
transaction was 228,925 Panther shares credited as fully paid. The
admission of those shares took place on 5 August 2021.
5 Share capital (continued)
On 22 September 2021 the Company announced completion of a
capital raise for a total of 5,250,000 ordinary shares of no par
value (the "Placing Shares"), raising GBP630,000 before expenses,
at a price of 12p per Placing Share. Each Placing Share will be
issued with a one-for-one warrant attached. The warrants have an
exercise price of 18p and a 24-month life. The warrants are subject
to an accelerator, shortening the exercise period, if the volume
weighted average price of the Company's shares exceeds 30p for five
consecutive trading days. The admission of those shares took place
on 29 September 2021.
O n 7 March 2022, the Company raised GBP360,000 through a
placing of 4,500,000 Ordinary Shares at a price of 8p per share.
The admission of those shares took place on 10 March 2022.
On 8 March 2022, 265,242 Ordinary Shares were issued upon the
exercise of 265,242 warrants at a price of 6p per share. The
admission of those shares took place on 11 March 2022.
6. Share based payment transactions
Equity settled share based payments
Options issued, cancelled and outstanding at 30 June 2022
At 1 At Weighted
January 30 June average
2022 2022 exercise
No of No of price
options Issued Forfeited Exercised options (pence)
Bookrunner
Warrants 265,000 - (265,000) - -
Placing Warrants-
Jan 20 13,716,666 - (13,716,666)- - - -
Obonga options 500,000 - - 500,000 0.13
Management
options 4,600,000 4,600,000 0.15
Placing Warrants-
Sept 2021 5,250,000 - - 5,250,000 0.18
24,331,666 - (13,716,666) (265,000) 10,350,000 0.64
On 20 December 2021 the Company announced the extension of the
expiry date of the 6p Bookrunner Warrants and the 12p Placing
Warrants from 8 January 2022 to 8 March 2022.
On 8 March 2022, the Company announced that it has received
notice of exercise of a total of 265,000 warrants with an exercise
price of 6p per share, raising GBP15,915 for the Company. Admission
of the shares took place on 11 March 2022.
On 8 March 2022 the Company had not received notice of exercise
of any of the January 2020 Placing Warrants and therefore these
13,716,666 warrants expired at this date and were forfeited.
6 Share based payment transactions (continued)
Options and warrants outstanding and exercisable at the interim
period end
No of Exercise Weighted
options, price (p) average
vested contractual
and exercisable life Expiry date
(years)
Obonga options 500,000 13 4.09 2 August 2026
Management options 4,600,000 15 4.15 22 August 2026
Placing Warrants-
Sept 2021 5,250,000 18 2.23 22 September 2024
A Black-Scholes model has been used to determine the fair value
of the share options and warrants on the date of grant. The model
assesses several factors in calculating the fair value. These
include the market price on the date of grant, the exercise price
of the share options, the expected share price volatility of the
Company's share price, the expected life of the options, the
risk-free rate of interest and the expected level of dividends in
future periods.
For those options granted where IFRS 2 "Share-Based Payment" is
applicable, the fair values were calculated using the Black-Scholes
model. The inputs into the model were as follows:
Date of grant Risk free Share price Expected Share price
rate volatility life at grant date
Obonga options-
August 2021 0.66% 55% 5 years 0.1363
Management options-
August 2021 0.77% 55% 5 years 0.1175
Placing Warrants-
Sept 2021 0.77% 55% 2 years 0.1325
The total charge/(credit) to the consolidated statement of
comprehensive income for the period to 30 June 2022 was a credit of
GBP89,705 (2021: credit of GBP134,164). The transactions from
exercising share options are shown within the statement of changes
in equity.
7. Conditional Disposal of the Big Bear Project
On 7 April 2022, the Company announced the conditional disposal
of the Big Bear Project to Fulcrum Metals (Canada) Limited for a
consideration equal to GBP200,000 and consideration shares equal to
20% of the share capital of Fulcrum Metals Limited (the parent
company of Fulcrum Metals (Canada) Limited. The transaction is
conditional on the share capital of Fulcrum Metals Limited being
admitted to trading on AIM not later than 31 October 2022, which
was subsequently extended to 30 November 2022. If completion does
not occur before the longstop date Panther will be due a payment of
50,000 Euro from Fulcrum.
8. Subsequent events
Placing
On 18 August 2022, the Company announced the Placing and
admission of 20,872,726 ordinary shares at a price of 5.5 pence per
Placing Share in raising gross proceeds of GBP1,148,000 . The total
number of ordinary shares in issue on Admission of these Placing
shares was 92,214,065.
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(END) Dow Jones Newswires
September 27, 2022 02:01 ET (06:01 GMT)
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