TIDMPAT
RNS Number : 7919X
Panthera Resources PLC
23 December 2019
23 December 2019
Panthera Resources PLC
("Panthera" or "the Company")
Interim Results - Six months ended 30 September 2019
Panthera Resources PLC (AIM: PAT), the gold exploration and
development company with key assets in India and West Africa, is
pleased to announce its unaudited interim results for the half year
ended 30 September 2019.
Highlights
-- Earnings for the reporting period was a loss of $659,348 or
$0.01 per share. This was an improvement on the previous
corresponding period loss of $1,106,883 or $0.02 per share. The
improvement resulted from efforts to reduce the company's overall
cost base and lower levels of expensed exploration
expenditures.
-- Government of Rajasthan (GoR) finally filed its response to
Metal Mining India Pvt Ltd's (MMI's) writ petition. The rejoinder
has now been filed on behalf of MMI and all documents therefore
lodged with the Hon'ble High Court of Rajasthan (Court) and the
case is now ready for a final hearing.
-- MMI was granted an interim stay order by the Court, which
fully protects our rights to the project area.
-- The Labola Project in Burkina Faso was acquired. Labola hosts
evidence of mineralisation over at least 7km of mineralised
structures known to extend for 9km strike and hosts a previously
identified resource which was estimated at approximately 600,000
ounces of contained gold averaging (approximately) 1.2g/t Au.
-- The final instalment of the first tranche of Galactic Gold
Pvt Ltd's (Galaxy) investment in Indo Gold Pty. Ltd (IGL) was
received and Galaxy now holds a 5% interest in IGL, resulting in
Panthera holding an effective 66.5% stake in the Bhukia Joint
Venture Project (Bhukia).
-- Tranche 3 of the Republic Investment Management (Republic)
financing agreement was restructured to bring forward GBP500,000 at
GBP0.10 per share and align pricing for the remainder of the
tranche with the market prevailing at the time.
-- Following up on the gold mineralised drill intercepts that
were returned from drilling at the Naton project in Burkina Faso,
further work (mostly soil geochemistry and mapping) has outlined
and better defined extensions to this mineralization and added
further high-quality drill targets.
-- The company's corporate restructuring has been completed and
subsidiaries formed in Mali and Burkina Faso now hold the
exploration assets in-country.
Activities during the Reporting Period
The key focus of Panthera's operating activities during the
reporting period was to:
(i) Progress the permitting of the Bhukia joint venture property
in Rajasthan, India through the Court and through parallel
negotiations with the GoR;
(ii) Continue to build a highly attractive portfolio of West
African gold exploration properties, some with clearly identified
drill targets;
(iii) Seek and successfully identify a strategic partner (or
partners) to advance the Company's West African gold exploration
initiatives; and
(iv) Optimise the Company's investment in Anglo Saxony Mining.
To this end the Company met with good success:
Bhukia Project (67%), India
-- Panthera is targeting a 6.0Moz+ AU resource at Bhukia, where
it currently has a JORC (2012) compliant inferred resource of
1.74Moz on a 100% basis (1.16Moz on a 67% attributable basis),
defined over only approximately 10% of an extensive gold in soil
geochemical anomaly.
-- During the previous reporting period, MMI's Bhukia PLA was
rejected. On 6 September 2018 a substantive writ petition was filed
with the Court on MMI's behalf. The GoR filed its reply 14 months
later in November of 2019. With the recent filing of MMI's
rejoinder to the reply, all pleadings are now lodged with the court
and the matter is ready for the Court to decide. Unfortunately,
given the overtaxed and generally inefficient nature of the Court,
we cannot predict with any certainty when our case will be
adjudicated.
-- The Company's operations in India have benefitted from input
and assistance from Galaxy and it's affiliates since the inception
of the investment and cooperation agreement. Even as events have
unfolded in the Court, communication with newly elected and
appointed politicians and bureaucrats have improved and, while at
an early stage, an increasingly constructive dialogue is
underway.
West African Gold Exploration Initiative
-- During the reporting period the West African assets were
restructured to be held in subsidiary companies in Mali and Burkina
Faso.
-- In an exciting addition to Panthera's West African gold
portfolio, a decision was made to move to a full Option to Purchase
agreement following its successful due diligence investigation of
the Labola Project in Burkina Faso.
-- Labola hosts drill defined mineralisation intermittently over
at least 7km of the known 9km strike and previously identified
resource estimates of approximately 600,000 ounces of contained
gold averaging (approximately) 1.2g/t Au.
-- The agreement allows for up to five years of exploration and
Panthera may obtain a 100% interest in the project by payment of
US$1,000,000 to the vendor at any time within this five-year
period. An additional payment of US$1,000,000 will become due if a
JORC compliant resource exceeding 1,000,000 ounces of contained
gold is defined and a 1% net smelter royalty capped at US$2M will
be payable from production.
-- This is the first time this package of properties has been
consolidated under one ownership and it represents an excellent
opportunity to integrate the significant amount of previous
drilling and optimise the resource potential of the project.
-- Significant potential for higher grade mineralisation can
also be seen based on previous drill results:
o 2m @ 130.6g/t Au from 66m
o 11m @ 8.2g/t Au from 147m
o 6.5m @ 7.26g/t Au from 318m.
Galaxy Partnership Tranche 1 Investment Concluded
-- During the reporting period Galaxy completed the first of its
two planned investment tranches in IGL. These two tranches,
totalling US$1.25m, will entitle Galaxy to a 10% holding in
IGL.
-- Galaxy has agreed to purchase two 5% stakes in IGL in two stages:
o Stage 1 (5%) - US$500,000 was completed in two investments of
$250,000 each, with the last $250,000 payment received in May
2019.
o Stage 2 (5%) - US$750,000 is scheduled to be made prior to the
re-commencement of exploration (now expected in the first half of
2020).
Republic Investment Management ("Republic") Tranche 3 Investment
Restructured
In a prudent move to provide near term liquidity in response to
delays to the permitting of the Company's Bhukia JV in India,
Panthera's binding investment agreement with Republic was
successfully restructured. The Tranche 3 payment previously
consisted of A$2.67m at A$0.65 per share and was due at the time
the Bhukia PL is granted and the necessary environmental and
forestry permits for drilling are obtained. The Tranche 3 capital
injection was restructured and split into two separate investment
tranches. Tranche 3A, provided proceeds of GBP500,000 at 10 pence
per share during the reporting period. The payment timing for
Tranche 3B will be made (as previously agreed) upon receipt of
approvals to recommence exploration at the Bhukia JV project in
India. Tranche 3B is now to be priced at a 15% discount to the 20
day VWAP at that time.
Management indicate that on current expenditure levels, all
current cash held will be used within the next 12 months. The
group's ability to continue as a going concern is dependent upon
raising additional capital. A key factor affecting this is the
granting of the PL and necessary environmental and forestry permits
which triggers an additional US$750,000 from Galaxy and GBP1m from
RIM. The Company will keep the market updated on progress with the
PL grant and its funding requirements.
Geoff Stanley, Chief Executive Officer of Panthera Resources,
commented:
"During this period Panthera has made excellent progress on
multiple fronts, including strengthening our legal case for grant
of the Bhukia PL, the acquisition of an excellent property package
with strong indications of gold mineralization in Burkina Faso and
completion of several financings that provide low dilution to
shareholders by leveraging the underlying value of the Company's
asset base.
With all legal pleadings now submitted with the Court in
Rajasthan, MMI's case is ready to be decided. The strength of the
joint venture's case is apparent, which we expect will allow a
fruitful negotiation to commence with the GoR regarding grant of
the long-awaited PL.
We are looking forward to reporting substantial additional
progress in 2020. Areas of focus will remain advancing the
permitting process in India to allow exploration to recommence at
Bhukia, adding to our already successful West African exploration
efforts and nurturing the ASM investment"
Enquiries
Panthera Resources PLC
Geoff Stanley (CEO) +1 (917) 941 7704
Nominated Advisor and Broker
RFC Ambrian +44 (0) 20 3440 6800
Rob Adamson
Bhavesh Patel
Charlie Cryer
Panthera Resources PLC
Unaudited Interim Financial Information for the period ended
30 September 2019
Set out below are the unaudited result of the group for the six
months to 30 September 2019.
Group Statement of comprehensive income
For the six months ended 30 September 2019
Six months Six months
to 30 September to 30 September
2019 2018
Unaudited Unaudited
$USD $USD
================================================= ========================== ==========================
Continuing operations
Revenue - 1,682
----------------------------------------------------- -------------------------- --------------------------
Gross profit - 1,682
Other Income 28,697 -
Exploration costs expensed (289,934) (534,903)
Administrative expenses (397,724) (260,054)
Share option expenses - -
Impairment expense -
AIM Listing and acquisition related costs - -
--------------------------------------------------- -------------------------- --------------------------
Loss from operations (658,961) (793,275)
Investment revenues 607 6,759
Loss on sale of assets - -
-------------------------------------------------- -------------------------- --------------------------
Loss before taxation (658,354) (786,516)
Taxation - -
Other comprehensive income
Items that may be reclassified to profit
or loss:
Changes in the fair value of available-for-sale
financial assets 1,316 -
Gain on sale to non controlling interest - -
Exchange differences (2,310) (320,367)
--------------------------
Loss and total comprehensive income for
the year (659,348) (1,106,883)
---------------------------------------------------- -------------------------- --------------------------
Total loss for the year attributable to:
- Owners of the Parent Company (637,744) (765,945)
- Non-controlling interest (20,610) (20,571)
(658,354) (786,516)
------------------------------------------------- -------------------------- --------------------------
Total comprehensive income for the year
attributable to:
- Owners of the Parent Company (638,738) (1,086,312)
- Non controlling interest (20,610) (20,571)
(659,348) (1,106,883)
------------------------------------------------- -------------------------- --------------------------
Earnings per share attributable to the owners
of the parent
Continuing operations (undiluted/diluted) (0.01) (0.02)
--------------------------------------------------- -------------------------- --------------------------
Group Statement of financial position
As at 30 September
2019
30 September 30 September
2019 2018
Unaudited Unaudited
$USD $USD
========================================= ========================== ==========================
Non-current assets
Property, plant
and equipment 4,275 1,941
Investments 6,747 -
Available for sale financial
asset 1,760,635 1,227,797
------------------------------------------- -------------------------- --------------------------
1,771,657 1,229,738
Current
assets
Trade and other
receivables 171,454 64,623
Cash and cash equivalents 381,847 500,883
------------------------------------------ -------------------------- --------------------------
553,301 565,506
----------------------------------------- -------------------------- --------------------------
Total assets 2,324,958 1,795,244
Non-current liabilities
Provisions 42,923 35,765
Deferred tax liabilities - -
42,923 35,765
Current liabilitites
Provisions 6,019 -
Trade and other
payables 185,883 72,120
Total liabilitites 234,825 107,885
------------------------------------------ -------------------------- --------------------------
Net assets 2,090,133 1,687,359
--------------------------------------------- -------------------------- --------------------------
Equity
Share capital 1,007,056 913,588
Share premium 18,010,161 17,373,601
Capital reorganisation
reserve 537,757 537,757
Other reserves (227,875) (819,211)
Retained earnings (16,991,030) (16,099,803)
------------------------------------------ -------------------------- --------------------------
Total equity attributable to owners
of the parent 2,336,069 1,905,932
Non-controlling
interest (245,936) (218,573)
Total equity 2,090,133 1,687,359
--------------------------------------------- -------------------------- --------------------------
Group Statement of changes
of equity
For the six months
ended 30 September
2019
Share Share premium Capital Other Retained Total Non-controlling Total
Capital account re-organisation reserves earnings equity interest
reserve
Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited
$USD $USD $USD $USD $USD $USD $USD $USD
==================== ======================= ============================= ============================= ============================= ============================= ========================== ============================= ==========================
Balance at
1 April 2018 913,588 17,373,601 537,575 (497,524) (15,313,287) 3,014,135 (198,002) 2,816,133
Loss for the
year (786,516) (786,516) (20,571) (807,087)
Foreign exchange
differences
on translation
of currency (320,367) (320,367) (320,367)
Total comprehensive
income for
the year - - - (320,367) (786,516) (1,106,883) (20,571) (1,127,454)
-------------------- ----------------------- ----------------------------- ----------------------------- ----------------------------- ----------------------------- -------------------------- ----------------------------- --------------------------
Expiry of Options (1,320) (1,320) (1,320)
Total transactions
in the year
recognised
diectly in
equity - - - (1,320) - (1,320) - (1,320)
-------------------- ----------------------- ----------------------------- ----------------------------- ----------------------------- ----------------------------- -------------------------- ----------------------------- --------------------------
Balance at
30 September
2018 913,588 17,373,601 537,575 (819,211) (16,099,803) 1,905,932 (218,573) 1,687,359
-------------------- ----------------------- ----------------------------- ----------------------------- ----------------------------- ----------------------------- -------------------------- ----------------------------- --------------------------
Balance at
1 April 2019 913,588 17,373,601 537,757 (115,997) (16,352,292) 2,356,657 (225,326) 2,131,331
Loss for the
year (637,744) (637,744) (20,610) (658,354)
Changes in
the fair value
of
available-for-sale
financial assets 1,316 1,316 1,316
Foreign exchange
differences
realised during
the year (2,310) (2,310) (2,310)
Total comprehensive
income for
the year - - - - (638,738) (638,738) (20,610) (659,348)
-------------------- ----------------------- ----------------------------- ----------------------------- ----------------------------- ----------------------------- -------------------------- ----------------------------- --------------------------
Share application
moneys received 61,450 553,050 - 614,500 614,500
Shares issued
in lieu of
fees 32,018 83,510 115,528 115,528
Gain on fair
value of
investment
assets (81,943) (81,943) (81,943)
Foreign exchange
differences
on translation
of currency (29,935) (29,935) (29,935)
Total transactions
in the year
recognised
diectly in
equity 93,468 636,560 - (111,878) - 618,150 - 618,150
-------------------- ----------------------- ----------------------------- ----------------------------- ----------------------------- ----------------------------- -------------------------- ----------------------------- --------------------------
Balance at
30 September
2019 1,007,056 18,010,161 537,757 (227,875) (16,991,030) 2,336,069 (245,936) 2,090,133
-------------------- ----------------------- ----------------------------- ----------------------------- ----------------------------- ----------------------------- -------------------------- ----------------------------- --------------------------
Group Statement of cash flows
For the six months ended 30 September
2019
Six months Six months
to 30 September to 30 September
2019 2018
Unaudited Unaudited
$USD $USD
========================================== ========================== ==========================
Cash flows from operating
activities
Cash used in operations (606,593) (879,924)
Income taxes paid - -
------------------------------------------- -------------------------- --------------------------
Net cash outflow from operating
activities (606,593) (879,924)
Investing activities
Purchase of intangible
assets - -
Sale/(purchase) of property, plant
and equipment (1,308) -
Payments for available for sale
financial assets - -
Sale/(Purchase) of Investments - -
Net cash generated/(used) in investing
activities (1,308) -
Financing activities
Proceeds from issue of
shares 741,600 -
Share issue costs - -
Proceeds from share applications - -
Loans repaid from other
companies - -
Loans advanced to other
companies - -
Effect of exchange rate movement on cash
and investments 59,773 (190,771)
Net cash generaged from financing
activities 801,373 (190,771)
Net increase in cash and
cash equivalents 193,472 (1,070,695)
Cash and cash equivalents at beginning
of period 188,375 1,571,578
Cash and cash equivalents
at end of period 381,847 500,883
-------------------------------------------- -------------------------- --------------------------
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END
IR LIFFDFELVFIA
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December 23, 2019 02:32 ET (07:32 GMT)
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