TIDMPALM
RNS Number : 5234P
Panther Metals PLC
10 February 2023
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THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF REGULATION 2014/596/EU WHICH IS PART OF DOMESTIC UK
LAW PURSUANT TO THE MARKET ABUSE (AMMENT) (EU EXIT) REGULATIIONS
(SI 2019/310) ("UK MAR"). UPON THE PUBLICATION OF THIS
ANNOUNCEMENT, THIS INSIDE INFORMATION (AS DEFINED IN UK MAR) IS NOW
CONSIDERED TO BE IN THE PUBLIC DOMAIN.
FOR IMMEDIATE RELEASE
PANTHER METALS PLC
("Panther" or the "Company")
(Incorporated in the Isle of Man with company number
009753V)
10 February 2023
Fulcrum Metals PLC: Placing and Proposed AIM Admission
Panther Metals PLC (LSE:PALM) the company focused on mineral
exploration in Canada, is pleased to note that Fulcrum Metals PLC
("Fulcrum") have announced the successful pricing of an initial
public offering (the "IPO") and conditional placing (the "Placing")
of 17,142,857 Shares at 17.5 pence per ordinary share (the "Placing
Price") to raise gross proceeds of approximately GBP3 million.
It is expected that Fulcrum's Admission to AIM and dealings in
its ordinary shares on the AIM market of the London Stock Exchange
plc will commence at 8:00am on 14 February 2023 ("Admission") under
the TIDM "FMET" with a market capitalisation at the Placing Price
of GBP8.725million. The ISIN of the Ordinary Shares is
GB00BPCPPZ79.
Upon Admission Panther will hold a total of 9,971,839 ordinary
shares in Fulcrum representing a 20% interest in the entire issued
share capital of Fulcrum, valuing Panther's interest at GBP1.745m
at the Placing Price. In addition, Panther hold a total 714,286
warrants exercisable at 17.5p with a two-year life from the date of
Admission and a further 476,190 warrants exercisable at 26.25p with
a three-year life.
The Admission of Fulcrum concludes the sale of the Big Bear
Project as announced 7 April 2022. Panther retains a 2% net smelter
return ("NSR") royalty over the Big Bear Project and is in receipt
of a GBP200,000 cash payment from Fulcrum.
Darren Hazelwood, Chief Executive Officer, commented:
"I congratulate Ryan and his team on delivering an outstanding
raise and bringing Fulcrum Metals onto the public market in such a
strong position. The Big Bear Project has outstanding potential and
well deserves the injection of capital that Fulcrum are planning.
With the successful listing the Fulcrum team will now have all the
tools at their disposal to deliver value.
Over the past three years since we listed, over a challenging
market and over a period of global turmoil, Panther Metals have
accomplished much in the relatively short space of time. We have
built-up and divested assets in Canada and Australia to allow us to
create value and broaden our reach whilst not destroying our
capital structure.
Our exploration results and discoveries over the last six
months, both from our Obonga Project and Manitou Lakes, continue to
drive underlying value. Our confidence in the Dotted Lake Property
has been reinforced by the exploration successes of our project
neighbours Palladium One, ratifying its prospectivity and our own
mineral system model for the property.
Panther's focus is now squarely levelled on delivering
shareholder returns from the vast mineral potential held in our
exploration portfolio. We will manage our external holdings to the
benefit of the business and our shareholders.
We currently have no plans for a capital raise and I look
forward to updating the market on how we intend to advance our
exciting portfolio of assets, in a timely manner."
Ryan Mee, Chief Executive Officer of Fulcrum Metals,
commented:
"We are delighted to be announcing our intention to list on AIM
and the successful fundraise of GBP3 million. The funds will be
used to support our strategy - to focus on discovery and the
commercialisation of our projects through targeted exploration
programmes with a view to bringing them up the value chain and
ultimately to secure potential joint venture partner or acquisition
interest.
"I am particularly encouraged by investor appetite for our
company, which I believe speaks volumes for the quality of our
projects and the expertise of our team. I would like to take this
opportunity to thank all directors, advisers and stakeholders for
their hard work and commitment and our new investors for their
support."
Further Details
Fulcrum Metals plc was incorporated in England & Wales on 10
October 2022 and is the holding company of a mineral exploration
group with base, precious and energy metal projects in Canada.
Canada is a politically stable jurisdiction that is rich in mineral
resources.
The net proceeds of the Fulcrum Placing will be used to
capitalise on the potential of their multi-commodity portfolio of
base, precious and energy metals, in Canada a jurisdiction which is
politically stable and rich in mineral resources, by advancing them
through the value chain.
On Admission its project portfolio will comprise six gold and
base metal projects in Ontario totalling 252km2, covering the
Schreiber-Hemlo, Wawa, Winston Lake and Dayohessarah Greenstone
Belts, and two uranium and gold projects in the Northern Athabasca
Basin region of Saskatchewan totalling 136km2 (the "Projects").
The Projects are pre-discovery with large, diversified land
packages that have either substantial historical samples or
prospective geology and located nearby mineral rich deposits or
producing mines. Fulcrum sees the uranium projects as an
opportunity to capitalise on the increasing global recognition and
investment towards nuclear energy as a way of decarbonising base
load power.
The main focus of Fulcrum is to advance, develop, and scale the
flagship Schreiber-Hemlo Project comprising the Big Bear and
Jackfish Lake properties whereby the Group has amassed a
significant land position of circa 113km2. The properties have 38
recorded mineral occurrences, high grade gold in rock samples and
shear zones that have real potential for the discovery and
development of an economic mineral deposit.
Conditional on Admission, Fulcrum has raised approximately
GBP3.0 million (before expenses). The net proceeds from the Placing
are intended to be used to progress the Projects through targeted
exploration programmes, with a primary focus on advancing the
flagship Schreiber-Hemlo properties and establishing the
prospectivity of its wider Ontario portfolio with a view to
securing a potential joint venture or acquisition interest.
Panther has entered into a relationship agreement with, inter
alia, Fulcrum on usual terms to ensure the relationship between the
two entities is conducted on an arm's length basis and a lock-up
agreement, restricting the sale, and terms of sale, by Panther of
its interest in Fulcrum, for certain time periods on usual market
terms. Further details of these arrangements can be found in the
Admission document which will be published on Fulcrum's website
upon Admission.
For further information please contact:
Panther Metals PLC:
Darren Hazelwood, Chief Executive Officer: +44(0) 1462 429 743
+44(0) 7971 957 685
Mitchell Smith, Chief Operating Officer: +1(604) 209 6678
Broker:
SI Capital Limited
Nick Emerson +44(0) 1438 416 500
Notes to Editors
Panther Metals PLC is an exploration company listed on the
standard segment of the official list and whose shares are admitted
to trading on the main market for listed securities 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.
Big Bear Project
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 in have been identified in
five areas, ranging up to 0.71g/t, 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
1 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 E-W
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.
Panther Metals Australia
Following the listing of Panther's Australian assets on the
Australian Securities Exchange ("ASX") in December 2021, the
valuation of the Company's 36.6% holding in the business has risen
by over 30% to a valuation of almost GBP3m. 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 with
that operational focus Panther will continue to advance.
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