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FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART,
DIRECTLY OR INDIRECTLY IN OR INTO AUSTRALIA, CANADA, JAPAN, THE
REPUBLIC OF SOUTH AFRICA, THE UNITED STATES OR ANY OTHER
JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE
RELEVANT LAWS OF SUCH JURISDICTION.
PANTHER METALS
PLC
("Panther" or the "Company")
(Incorporated in the Isle of
Man with company number 009753V)
22 August 2024
Australia: Rights Issue to
Fund 7,000m Drill Programme
Panther Metals PLC (LSE:PALM) the
company focused on developing critical minerals projects in
Ontario, Canada, informs shareholders that Australian Securities
Exchange ("ASX") listed Panther Metals Ltd ("Panther Australia",
ASX:PNT) has launched a new prospectus in respect of a renounceable
rights issue to raise up to A$1,96 million Australian dollars
("AUD") with the use of funds focussed on 7,000m of drilling
planned over 10 gold targets at their Laverton Gold
Project.
Full details of the Panther
Australia ASX announcement and prospectus are available to view at
the following link:
https://www2.asx.com.au/markets/trade-our-cash-market/announcements.pnt
Key
Details:
• Panther Australia has lodged a prospectus with
the Australian Securities and Investments
Commission ("ASIC") in respect of a pro-rata renounceable
entitlement issue of three (3) Shares for every two (2) Shares held
by those Shareholders registered at the Record Date at an issue
price of $0.015 per Share together with one free Option for every
four Shares applied for and issued, exercisable at $0.030 on or
before the date that is 36 months from the date of issue (New
Options) to raise up to $1,961,238 (based on the number of Shares
on issue as at the date of the Prospectus) (Entitlement Offer). The
Entitlement Offer is expected to close at 3:00pm (Australian
Western Standard Time) on Tuesday 17 September
2024.
• The Panther Australia Prospectus also contains the following
secondary offers: (a) an offer of up to 32,687,310 New Options to
Cumulus Wealth Pty Ltd or its nominees ("Cumulus") for acting as
sub-underwriter the Entitlement Offer (Sub Underwriter Offer); and
(b) an offer of 10,000,000 New Options to Cumulus (or its nominees)
for acting as lead manager to the Entitlement Offer (Lead Manager
Offer), (together with the Entitlement Offer, the Offers). The
Entitlement Offer is conditionally underwritten by Westar Capital
Limited.
• Funds raised from the Entitlement Offer are to be used
principally to fund 7,000m of
exploration drilling over 10 highly prospective gold targets at
the Laverton Gold Project, this includes:
o Burtville
East: 1,300m of drilling the bonanza
gold target at Burtville East. Intercepts from the 2022 600m RC
campaign included: BVE006: 15m @ 53.94g/t Au from 27m, inc.
1m@478g/t from 28m; BVE009: 10m @ 7.15g/t Au from 84m, including,
1m @ 62.80g/t Au from 91m; BVE002: 1m @ 73.3g/t Au from 93m. Best
historic intercept was 5m at 23g/t Au, including a peak intercept
of 1m at 110g/t Au (MLJC-49).
o Ironstone
Gold: 1,800m planned over two
separate target areas with the northern area targeting historic
drilling that includes: CWRC013: 9m @ 46.5g/t Au from 113m and
CWRC003: 4.5m @ 5.5g/t Au from 119m.
o Rainer: Largely untested since
1995, historic intercepts circa that period included: LEP328: 12m @
1.32g/t from 36m and LEP418: 4m @ 3.35g/t from 64m. Drilling to
test gold occurrences over the target.
o Comet Well
Area: 2,200m campaign planned to
test the Comet Well and Comet Well South Areas over three target
areas. This includes the nugget rich Comet Well area where over 40
ounces of gold was recovered via detecting in 2016, and the newly
identified (and largely untested) Comet Well South target area that
displays high gold anomalies.
o Funding towards Coglia
Nickel-Cobalt Project will be focussed on advancing
metallurgical studies, specifically around the use of
environmentally friendly bacteria to extract nickel and cobalt via
low capital cost heap leaching.
For further information please
contact:
Panther Metals PLC:
Darren Hazelwood, Chief Executive
Officer: +44(0) 1462 429 743
+44(0) 7971 957 685
Brokers:
Tavira Financial
Limited
Christopher James
Kipling
+44(0) 203
833 3743
SI Capital Limited
Nick
Emerson
+44(0) 1438 416 500
Axis Capital Markets
Limited
Ben Tadd
Lewis
Jones
+44 (0)20 3026 0449
Notes to Editors
Panther Metals PLC is an exploration
company listed on the main market of the London Stock Exchange.
Panther is focussed on the discovery of commercially viable mineral
deposits. The Company's operational focus is on established mining
jurisdictions with the capacity for project scalability. Drill
targets are assessed rapidly utilising a combination of advanced
technologies and extensive geological data to decipher potential
commercial viability and act accordingly. Panther's current
geological portfolio comprises of three highly prospective
properties in Ontario, Canada while the developing investment wing
focuses on the targeting of nickel and gold in
Australia.
Obonga Project
Panther Metals acquired the Obonga
Greenstone Belt in July 2021 and have already identified five
prospective primary targets: Wishbone, Awkward, Survey, Ottertooth
and Silver Rim. A successful Phase 1 drilling campaign at Wishbone
in Autumn 2021 revealed the presence of significant 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.
Dotted Lake Project
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. Following the
installation of a new trail providing direct access to the target
location, an initial drilling programme in Autumn 2021 confirmed
the presence of gold mineralisation within this system with
anomalous gold continuing along strike and present within the
surrounding area.
Manitou Lakes Project
The Manitou Lakes gold project is
located approximately 300km's east of Thunder Bay, Ontario and
covers a total area of around 98sq km's.
There are over 200 known gold
occurrences on the Manitou Lakes project area with the wider
Eagle/Manitou Lakes greenstone belt hosting numerous historic gold
producers and is prospective for Archean age orogenic gold and
associated base metal deposits.
Exploration work conducted by Shear
Gold on the Project to date has identified numerous gold bearing
structures and favourable geological host rocks through early-stage
mapping and surface sampling. The work has focussed on two target
areas, being the West Limb Gold Property and the Glass Reef Gold
Property, both of which host historic gold mines which have never
been systematically explored using modern techniques or drill
tested
Fulcrum Metals Plc
Fulcrum Metals PLC (LON: FMET) is an
AIM listed exploration company which finances and manages
exploration projects focused on Canada, widely recognised as a top
mining jurisdiction.
FMET currently holds a beneficial
100% interest in highly prospective gold and base metals projects
in Ontario and Uranium projects in Saskatchewan.
Fulcrum's strategy is to focus on
discovery and commercialisation of its Projects through targeted
exploration programmes. The primary focus is to make an economic
discovery on the flagship Schreiber-Hemlo Properties and
establishing the prospectivity of its wider Ontario and
Saskatchewan portfolio with a view to securing potential joint
venture and/or acquisition interest.
Panther Metals Plc own 15% of the
issued share capital of Fulcrum Metals Plc and a 2% NSR on the Big
Bear project.
Panther Metals Australia
Following the listing of Panther
Metals' Australian assets on the Australian Securities Exchange
("ASX") in December 2021. 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). Through this
spin-out Panther holds an attractive investment prospect, without
any disruption to the Company's capital structure and without any
financial obligations.
Conclusion
Panther Metals understand that the
commercial realities of building an exploration company requires
expertise in geology, finance, and the markets within which they
operate. The Company's extensive network of industry leaders allows
it to meet these objectives. Ultimately however, drilling success
is the only route to discovery: the fundamental objective of any
exploration company. Once Panther's world-class geological team
identify the anomalies, they work hard to get drilling. The drill
hole is the only place where substantial and sustained capital
growth originates and it's with that operational focus Panther
Metals will continue to advance.