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DIRECTLY OR INDIRECTLY IN OR INTO AUSTRALIA, CANADA, JAPAN, THE
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RELEVANT LAWS OF SUCH JURISDICTION
PANTHER METALS
PLC
("Panther" or the "Company")
(Incorporated in the Isle of
Man with company number 009753V)
13 September 2024
Fulcrum Metals: Subscription
to Raise circa £643,500
Panther Metals PLC (LSE:PALM) the
company focused on mineral exploration in Canada, notes the Fulcrum
Metals PLC ("Fulcrum", LON: FMET) announcement of a conditional
subscription of 8,043,750 new ordinary shares of 1 pence each
("Ordinary Shares") in Fulcrum (the "Subscription") at a price of 8
pence per share (the "Issue Price") raising Fulcrum £643,500 before
expenses.
Panther currently holds a total of
7,625,122 ordinary shares in Fulcrum representing a 15.26% interest
in the entire issued share capital of Fulcrum, plus 714,286
warrants exercisable at 17.5p with a two-year life from 14 February
2023 and a further 476,190 warrants exercisable at 26.25p with a
three-year life. Panther also retains a 2% net smelter return
("NSR") royalty over the Big Bear Project.
Further information is available in
the full Fulcrum RNS announcement which is available at:
https://fulcrummetals.com/news/
Key
Details:
•
Subscription to raise gross proceeds of £643,500
through the issue of 8,043,750 Ordinary Shares at 8 pence per
Ordinary Share (the "Subscription Shares").
•
Fulcrum board of Directors (the "Fulcrum Board")
are intending to subscribe for an additional total of circa
£114,500 at the Issue Price, following the publication of Fulcrum's
interim results for the six months ended 30 June 2024 which are
expected to be published by end of September
2024.
•
The Subscription, taken with the proposed
participation from the Fulcrum Board following announcement of the
Fulcrum interims, would result in a total fundraising of circa
£733,000 once completed.
•
The Subscription Shares will represent 13.7 per
cent. of the issued share capital of Fulcrum, as enlarged by the
issue of the Subscription Shares and Fee Shares (as detailed in the
Fulcrum RNS).
•
The net proceeds of the Subscription will be
utilised towards:
o Accelerating growth and driving development of the Teck-Hughes
and Sylvanite gold tailings projects including:
§ Payment of
CA$250,000 for the Teck-Hughes option agreement;
§ Reviewing
opportunities for drone supported surveys including Ground
Penetrating Radar (GPR) and Light Detection and Ranging (LiDAR)
surveys, follow auger sampling and on-site bulk sample extraction
and reprocessing to support defining National Instrument 43-101
compliant Mineral Resource;
§ Continuing
work with Extrakt, a sustainable technology company which uses
separation technology to extract metals from tailings without the
use of cyanide, on the application of its non-toxic technology to
process tailings material at both projects following successful
Phase 1 results at Teck-Hughes that included impressive 59.4% gold
recovery rates:
·
Progress Phase 1 testing at Sylvanite to establish
material characterisation and gold recovery rates; and
·
Progress Phase 2 conceptual study at Teck-Hughes
to determine the scoping, specification and sizing of major
equipment and processes using the scale up data derived from Phase
1.
o Furthering the relationship with Extrakt, and Extrakt's global
alliance partner Bechtel Engineering, as Fulcrum seeks to enter
into an exclusivity agreement around Extrakt's proprietary
processing technology, following on from advanced term sheet
discussions with Extrakt;
o Reviewing opportunities to establish a technology testing
facility in the Timmins region of Ontario, providing contracting
and commercial opportunities;
o Reviewing opportunities to advance drill ready exploration
assets in Ontario, in particular the Tully and Big Bear gold
projects; and
o Providing Fulcrum with additional working capital and for
general corporate purposes.
Further information including the
background to and reasons for the Subscription are set out in the
Fulcrum RNS announcement available at https://fulcrummetals.com/news/
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.
