TIDMPALM
RNS Number : 5044N
Panther Metals PLC
25 September 2023
Panther Metals plc
Half Yearly Financial Report
For the six months ended 30 June 2023
Chairman's Statement
The start of 2023 presented a significant milestone for Panther
Metals plc ("Panther"), with the drill core assay results from the
Autumn 2022 drilling programme in Canada confirming the discovery
of a new volcanogenic massive sulphide ("VMS") mineral system at
the Obonga Project's Survey Target. The discovery coincided with
further drilling success at Wishbone with significant and
high-grade zinc ("Zn") intersections up to 11.65% Zn, that together
confirms the Obonga Greenstone Belt as an emerging new VMS and Base
Metal Camp located only 75km east of the former Mattabi/Sturgeon
Lake Mining Camp on the Wabigoon Greenstone Belt, where five past
producing mines were operated by Noranda between 1972 to 1991.
The drill assay results also confirmed the Intersection of flake
graphite at Obonga's Awkward Target. Graphite, like Zn, is on the
Canadian Critical Minerals List with an identified supply risk
fuelled by the high-purity graphite demand for the rapidly growing
electric vehicle ("EV") and energy storage industry.
Also in January, inaugural High Pressure Acid Leach ("HPAL")
test work results for the Panther Metals Ltd ("Panther Australia",
ASX:PNT) Coglia Nickel-Cobalt Project ("Coglia"), in Western
Australia, yielded positive results bolstering Panther's then 36.6%
holding in Panther Australia. In May, following a successful rights
issue raising $3,040,000 Australian dollars ("AUD") , Panther
Australia embarked on a second drilling campaign seeking to grow
the current 70.6Mt Inferred Mineral Resource at Coglia. The results
of this programme of works, which completed post period end in
August, are currently eagerly awaited as Panther currently hold
23.54% of the outstanding ordinary shares in Panther Australia.
In February, Panther realised a material gain with the
successful AIM IPO of Fulcrum Metals plc (LON:FMET). The vending in
of Panther's Big Bear Project in Canada as a cornerstone asset
resulted in Panther gaining a 20% stake in Fulcrum, as well as
warrants, cash and a royalty, with Panther's interest valued at
GBP1.745 million at 17.5 pence per ordinary share (the "Fulcrum
Placing Price") . Fulcrum remain very active in Canada, and we
monitor their progress with interest.
Against a backdrop of cautious market sentiment around the
resource sector, in a period that saw the FTSE All Share Precious
Metals and Mining Index fall by 9%, Panther continued to advance
and grow the business whilst preserving the Company's capital
structure. In late spring the gold focussed Manitou Lakes Project
was granted an Exploration Permit which will facilitate induced
polarisation and electromagnetic geophysics surveys over an
exciting shear zone gold anomaly as well as surface stripping and
drilling of resulting gold targets. The Company also acquired 171
additional mining claims providing coverage of highly anomalous
values of a variety of critical minerals, including uranium, rare
earth and lithium from government high density lake sediment and
water geochemical samples. This new area, called Obonga North,
forms a contiguous addition to the Obonga Project and coincides
with a major structural feature which helps to make the acquired
exploration ground especially prospective.
At the close of the period, Panther submitted a drilling permit
application for the Dotted Lake property, over an area that is
considered very prospective for ultramafic intrusive related nickel
and base metal mineralisation, and over which Panther has flown
airborne geophysics, and which has produced very anomalous nickel,
cobalt and copper soil sampling anomalies. It is noteworthy that on
a neighbouring property, 9km to the east, a new zone of massive
nickel-copper sulphide mineralisation has been drilled by Palladium
One Mining Inc (TSXV:PDM.V) at their Tyko Project. Panther's
drilling permit should allow up to 15 diamond drill holes as well
as associated geophysics and trench sampling.
With a significant pipeline of high-quality exploration targets,
focussed on critical minerals, in a Tier 1 mining jurisdiction, as
well as material holdings in two other well respected explorers,
the Board consider Panther will enjoy a significant rerating when
the market turns to the positive. Having actively maintained our
strategy to protect our capital structure to maintain shareholder
value, we see the prospect of delivering significant shareholder
returns and would like to thank everyone for the support.
Nicholas O'Reilly
Non-Executive Chairman
22 September 2023
Operational Highlights
Key operational milestones achieved during the six-month period
to 30 June 2023
Canada
Obonga
On 2 February 2023, the Company reported that the results from
the latest round of diamond drilling confirmed the discovery of an
VMS mineral system at the Obonga Project. The Survey Prospect is
confirmed as a new VMS. In addition, at the Wishbone VMS System,
drilling has given further wide massive sulphide intersections and
Zn intersections of up to 11.65% Zn.
The Survey VMS discovery, together with the Wishbone VMS System,
located 6.8km to the east, confirms the Obonga Greenstone belt as a
new emerging VMS Camp, located advantageously close to national
railroad transport links and the industrial port city of Thunder
Bay, also approximately 75km east of the former Mattabi/Sturgeon
Lake Mining Camp on the Wabigoon Greenstone Belt, where five past
producing mines were operated by Noranda Minerals between 1972 to
1991.
The latest round of diamond drilling outlined potentially
significant intersections of near surface crystalline 'flake'
graphite at the Obonga Project, Awkward Prospect.
On 12 May 2023, the Company announced the acquisition of 171
additional mining claims that are directly contiguous to the Obonga
Project and which provide coverage of exploration ground considered
highly prospective for critical metals on the northwest corner of
the Obonga greenstone belt.
Manitou Lakes
On 3 May 2023 the Company announced the award of Exploration
Permit PR-23-000024 (the "Permit") for drilling at the Manitou
Lakes Project ("Manitou Lakes" or the "Project") in Ontario,
Canada.
The Permit, which is valid through to 24 April 2026, covers the
Barker Prospect on the West Limb area of the Project and allows for
ground and down-hole geophysics, bedrock stripping and up to 23
drill holes over an area encompassing 7 mining claims.
Dotted Lake
On 27 June 2023, the Company provided an exploration permitting
update for the Dotted Lake property in the Province of Ontario
Canada. Panther have submitted a comprehensive exploration and
drill permit application (number PR-23-000215) that covers 57 claim
cells on the north and northwest side of our 100% owned Dotted
Lake. The area is considered very prospective for ultramafic
intrusive related nickel and base metal mineralisation.
Australia
On 30 January 2023, the Company announced the following positive
High Pressure Acid Leach ("HPAL") test work results for Coglia in
Western Australia:
-- initial High Pressure Acid Leach (HPAL) testing by ALS Laboratories complete;
-- testwork confirmed final nickel extraction at 92.6% and cobalt extraction at 73.9%;
-- testwork based on blended sample from six drill holes
encompassing the current Mineral Resource;
-- blended sample dominantly in the -38 <MU>m size fraction;
-- nickel grade is higher in finer fractions, indicating
beneficiation may negate the requirement for milling; and
-- further bench test work is now being planned with ALS to
provide detailed data for future mining studies
On 28 March 2023, the Company announced that Panther Australia
launched a new prospectus in respect of a renounceable rights issue
to raise up to A$2.7 million AUD to grow the nickel-cobalt Mineral
Resource at its flagship Coglia Project in Western Australia. On 28
April 2023, the Company informed shareholders that Panther
Australia had closed its rights issue to raise A$2.7 million AUD to
grow the nickel-cobalt Mineral Resource at its flagship Coglia
Project in Western Australia. A Follow-on Placement of A$308,750
AUD was instituted to accommodate a portion of the excess demand
from both existing shareholders and new institutional and
professional investors.
The proceeds from the rights issue and the Follow-on Placement
will be used for the following:
-- Coglia Nickel-Cobalt: Conducting a 7,500m targeted
extensional drilling program to significantly increase the current
JORC compliant 70.6 million tonne nickel-cobalt Inferred Mineral
Resource;
-- Red Flag Nickel Sulphide: Maiden drilling campaign on this
newly discovered nickel sulphide project area, once access is
secured;
-- Burtville East: Expansion drilling on this shallow, bonanza grade, gold prospect;
-- 40 Mile Camp: Maiden drilling campaign on a largely untested
5.0 x 2.5 km anomalous gold and nickel prospect, once access is
secured; and
-- for general working capital and to cover costs associated
with the Rights Issue and the Follow-on Placement.
As a result of the rights issue and placing, the Company is
holding 23.54% of the outstanding ordinary shares in Panther
Australia (ASX:PNT).
On 11 May 2023, the Company announced that a second drilling
campaign seeking to grow the current 70.6Mt Inferred Mineral
Resource1 at the Coglia Nickel-Cobalt Project in the Eastern
Goldfields region of Western Australia is due to commence shortly.
The Panther Australia drilling is targeting three key areas,
through: infill drilling at the 'Southern JORC Exploration Target';
drilling on the yet untested 'East Target'; and step-out drilling
at the 'Central Target'. These targets have the potential to
contribute to a material increase in the current Mineral Resource
estimate for Coglia. On 1(st) August 2023, the Company noted that
Panther Australia had completed its second drilling campaign
seeking to grow the current 70.6Mt Inferred Mineral Resource at the
Coglia Nickel-Cobalt Project in the Eastern Goldfields region of
Western Australian. The Panther Australia drilling campaign also
targeted additional prospects at 40 Mile Camp, Mt Goose and Comet
Well South, these programs are also complete.
On 5 September 2023, the Company announced the acquisition by
staking, of two nickel focused exploration licences constituting
the Marlin Nickel Sulphide Project ("Marlin Ni Project") with a
combined area of 84km (2) , located 10km northeast of their
principal Coglia Ni-Co Project in Western Australia.
Corporate and Financial Highlights
Panther Metals plc
Sale of Big Bear to Fulcrum Metals plc
On 10 February 2023, the Company noted that Fulcrum Metals plc
announced the successful pricing of an initial public offering and
conditional placing (the "Placing") of 17,142,857 ordinary shares
at the Fulcrum Placing Price to raise gross proceeds of
approximately GBP3 million.
Fulcrum's Admission to AIM and dealings in its ordinary shares
on the AIM market of London Stock Exchange plc commenced at 8.00
a.m. on 14 February 2023 ("Admission") under the TIDM FMET with a
market capitalisation at the Placing Price of GBP8.725 million.
Panther holds 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 holds a total of 714,286 warrants
exercisable at 17.5 pence with a two-year life from the date of
Admission and a further 476,190 warrants exercisable at 26.25 pence
with a three-year life.
The Admission of Fulcrum concludes the sale of the Big Bear
Project as announced on 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.
On 11 May 2023, the Company noted that Fulcrum announced an
update on its exploration activities, including airborne
geophysics, remote sensing study and further mining claim
acquisitions at its projects in the provinces of Ontario and
Saskatchewan in Canada.
On 27 July 2023, the Company provided an update on Fulcrum's
exploration activities as follows:
Big Bear Property
-- Integration of Fulcrum's newly acquired airborne data with
previous magnetic and EM data over the full Big Bear claim block
has significantly enhanced the prospectivity of the property.
-- The recent survey identified 250 new geophysical anomalies,
of which 54 are designated for priority investigation.
-- The addition of the new survey data to the historical survey
data completed by Panther in 2020, and taking into account any
areas of overlap, the total number of geophysical anomalies have
increased from 253 to 441 and those designated as priority for
investigation increased from 39 to 72.
-- The infill magnetic mapping, particularly in the area of
Schreiber Pyramid gold target, shows a number of magnetic
structures that correlate with gold mineralisation in bedrock and
soils. These structures could link the gold occurrences and require
further field checking.
-- Numerous conductive EM anomalies were identified, both
localised and more linear features that appear to be linked to
banded iron formations ("BIF") which could represent gold
targets.
-- The results of the airborne survey will be merged with data
from the recent mapping and sampling programme reported as soon as
assay results are received and assessed.
Tocheri Lake Property
-- The survey was particularly aimed at potential Ni-Cu-PGE
mineralisation similar to recently discovered mineralisation on the
Palladium One property immediately to the west (Tyko etc.) related
to a series of mafic/ultramafic feeder dykes.
-- A number of distinct magnetic lineaments were identified
striking discordant to the main linear trend, which may be
indicative of structures of interest for exploration, possibly
analogous to features seen on the Palladium One Mining inc. claim
block.
-- These distinct magnetic features represent legitimate targets for ground investigation.
-- Checking of coincident magnetic/weak EM anomalies in the NE
of the survey area is also warranted, as they might be indicative
of more deeply buried massive sulphide bodies.
Sale of Queensland Asset to ECR Minerals plc
On 5 April 2023, the Company announced that it has entered into
a conditional agreement to sell Panther's 30% interest in the Blue
Mountain Project, Queensland, Australia, comprising the Denny Gully
Gold property, (the "Proposed Acquisition"), to ECR Minerals plc
(LON:ECR). If the conditions to completion are satisfied, the total
consideration under the agreement is GBPGBP200,000 of which 30% is
due to Panther, to be settled by the issue of 31,913,196 ordinary
shares in ECR Minerals plc at a price of 0.6267p. The Proposed
Acquisition is conditional, inter alia , upon ECR Minerals plc
obtaining Australian Ministerial approval for the transfer of the
tenements comprising the Blue Mountain Project. All conditions were
satisfied, the ordinary shares were issued. The Company's entire
holding in ECR Minerals plc was disposed of after the period
end.
Operational Review
Canada
Dotted Lake Project
Dotted Lake Overview
Panther 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 of 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.
Dotted Lake Project- Work conducted in 2023
On 27 June 2023, the Company provided an exploration permitting
update for the Dotted Lake property in the Province of Ontario
Canada. Panther have submitted a comprehensive exploration and
drill permit application (number PR-23-000215) that covers 57 claim
cells on the north and northwest side of our 100% owned Dotted Lake
property (see Table 1). The area is considered very prospective for
ultramafic intrusive related nickel and base metal
mineralisation.
Table 1: Exploration Permit Application and Prospect Details
Exploration Prospect Name Targeting & Requested Activities
Permit (location) Exploration
Application Rational
Number
(Administrative
Area & Claim
numbers)
PR-23-000215 Ni & Base Metal Nickel & base * Mechanised Drilling (up to 15 diamond core drill
Target metals. holes),
(Black River and
Olga Lake areas (north and northeast Distinct 2.8km
of Dotted Lake long linear * Electromagnetic ("EM") and Induced Polarisation
Cells: 541544, property) trend of soil ("IP") Geophysics
541545, 541546, anomalies
541547, 541548, coincident with
541549, 541550, the geophysical * Up to 36 pits / trenches
541551, 548348, signature
548349, 548350, of an
548351, 548352, interpreted * Stripping (unto 10 localities)
548353, 548354, ultramafic
548355, 548356, body.
548357, 548358, * Exploration camps
548359, 548362, Additional
548363, 548364, coincident
548365, 548366, electromagnetic
550121, 550122, and magnetic
550124, 550125, target
550126, 550127, associated with
550128, 550129, Cu soil
550130, 600373, anomalies
600379, 600380, along strike
600384, 600386, from a known Zn
600387, 600388, occurrence.
600390, 600391,
600392, 600394, Historical soil
600395, 600396, anomalies
600397, 600399, peaking at
600404, 600409, 614ppm Ni,
600410, 600413, 861 ppm Cu and
600415, 600418, 214 ppm Co
600419, 600421) located east
along strike
from multi
element
anomalies
identified
by Panther's
soil survey
grid.
---------------------- ----------------- -------------------------------------------------------
In the Autumn of 2022, a compilation study incorporating
Panther's airborne geophysics survey and geochemical soil sampling
data with historical geochemical soil sampling data, identified a
very prospective zone for nickel (Ni) mineralisation (the "Ni
Target") 1. The historical soil survey data was digitised from a
report based on work undertaken by Clear Mines Ltd in August 1983
(the "Clear Mines Survey"). These study results showed a 2.8km long
linear broadly east-west striking zone of elevated nickel in soil
coinciding with the mapped ultramafic / gabbro intrusive unit and a
distinct geophysical anomaly.
A map outlining the Ni Target is available to view at the
following link:
https://www.panthermetals.co.uk/images/dotted-lake-ultramafic.jpg
The Clear Mines Survey consisted of 577 soil samples analysed
for 27 elements, collected on a series of north-south lines
directly to the east of the Panther 2021 soil survey area 2. Nickel
is elevated across the prospect area defined by highs ranging 137 -
235 ppm Ni and peaking at 614ppm Ni in the eastern end. Other soil
anomalies across the Ni Target include cobalt (Co) up to 214 ppm
Co, copper (Cu) up to 861 ppm Cu.
The western end of the ultramafic intrusive is shown on
government mapping to lie beneath the lake, however the geophysics
survey and the Panther soil survey appears to show that the
intrusive rocks likely extend further to the west and may underlie
the soil survey Anomaly A and Anomaly C as reported 9 November
2021.
Panther's Ni Target is located 9km west of a new zone of massive
nickel-copper sulphide mineralisation drilled by Palladium One
Mining Inc (TSXV:PDM.V) at their Tyko Project, West Pickle Lake
joint venture property with First Class Metals (LSE:FCM). The 7
September 2022 Palladium One announcement 4 for the West Pickle
Lake discovery notes massive and semi-massive
pentlandite-pyrrhotite-chalcopyrite sulphide mineralisation
interpreted to be related to ultramafic chonolith feeder dykes, was
intersected in two diamond drill holes. Assay results are yet to be
reported.
Obonga Project
Obonga Project Overview
Panther 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.
Obonga Project - Work conducted in 2023
On 2 February 2023, the Company reported that the results from
the latest round of diamond drilling confirmed the discovery of a
VMS mineral system at the Obonga Project. The Survey Prospect is
confirmed as a new VMS. In addition, at the Wishbone VMS System,
drilling has given further wide massive sulphide intersections and
Zn intersections of up to 11.65% Zn.
The Survey VMS discovery, together with the Wishbone VMS System,
located 6.8km to the east, confirms the Obonga Greenstone belt as a
new emerging VMS Camp, located advantageously close to national
railroad transport links and the industrial port city of Thunder
Bay, also approximately 75km east of the former Mattabi/Sturgeon
Lake Mining Camp on the Wabigoon Greenstone Belt, where five past
producing mines were operated by Noranda Minerals between 1972 to
1991.
The latest round of diamond drilling outlined potentially
significant intersections of near surface crystalline 'flake'
graphite at the Obonga Project, Awkward Prospect.
On 12 May 2023, the Company announced the acquisition of 171
additional mining claims that are directly contiguous to the Obonga
Project and which provide coverage of exploration ground considered
highly prospective for critical metals on the northwest corner of
the Obonga greenstone belt.
Based on a regional structural study and government high-density
lake sediment and water sample geochemical datasets, Panther has
identified the Scalp Lake area adjoining the north-eastern end of
the Obonga Project as very prospective for a variety of metals
including lithium, rare-earths, uranium, copper and gold. In
addition, the southeast trend of elevated element anomalies from
the Scalp Lake area into the central portion of the Awkward
batholith may indicate that a pegmatitic rock and/or structure is
present in the area, which is considered prospective for both
lithium and rare-earth pegmatite exploration given the number of
lithium resource stage projects in the wider Armstrong / Lake
Nipigon area.
Panther acquired the 171 Single Cell Mining Claims, covering an
area of approximately 3,420 hectares, through direct staking. The
claims have a renewal date of 1 February 2025 and are directly
contiguous to the Obonga Project claims which may facilitate
assessment work credit distributions.
Manitou Lakes Project
Manitou Lakes Project Overview
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 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 can elect to
purchase 50% of the NSR (reducing the remaining royalty to 1%) for
the sum CAD$1M at any time; and Panther 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- 720ha
o Hosts the historic Glass Reef Gold Mine.
o Favourable structure and bedrock geology.
o Positive results from 2012 sampling programme.
-- West Limb- 2000+ha of unexplored ground.
o 5km+ strike length on multiple gold bearing structures.
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.
Manitou Lakes Project - Work conducted in 2023
On 3 May 2032, the Company announced the award of Exploration
Permit PR-23-000024 (the "Permit") for drilling at the Manitou
Lakes Project (the "Project") in Ontario, Canada.
The Permit, which is valid through to 24 April 2026, covers the
Barker Prospect on the West Limb area of the Project and allows for
ground and down-hole geophysics, bedrock stripping and up to 23
drill holes over an area encompassing 7 mining claims (see Table
1).
Table 1: Exploration Permit Details
Exploration Permit Number, Prospect Name (location) Targeting & Exploration Permitted Activities
Validity, Claim numbers Rational
PR-23-000024 Barker Prospect Shear zone hosted gold. -- Mechanised Drilling
(up to 23 diamond core
V alid: 25/04/2023 to (West Limb, western Manitou 700m long gold in soil drill holes),
24/04/2026 Lakes Project) anomaly outlined by -- M echanised stripping
Panther's fieldwork (for up to 5 areas, for a
Mining Claim numbers: conducted during total area of 9,999m(2) )
672022, summer/autumn -- Line cutting (up to
672050, 2022. 26.2km total)
672053, -- Geophysical surveys
684078, Gold anomaly is coincident (including induced
684706, with a major shear polarisation, magnetic and
712903, structure and is located electromagnetic surveys,
746644. 200m north of the ground and down-hole)
historical
Barker Brothers Mine.
---------------------------- ---------------------------- ----------------------------
The Barker Prospect comprises a 700m long, currently open-ended,
north-northwest trending shear structure hosted, gold in soil
geochemical anomaly located 200m north of the historical Barker
Brothers Mine. The prospect was subject to an enlarged soil
sampling programme following positive assay results as reported on
1 December 2022. The Permit will facilitate induced polarisation
and electromagnetic geophysics surveys over the shear zone gold
anomaly and will allow surface stripping and the drilling of
identified gold targets.
Financial Review
The Group has reported an unaudited profit for the six months
ended 30 June 2023 of GBP792,012 (six months ended 30 June 2022 -
loss GBP65,793). The basic and diluted earnings per share for the
period was 0.85 pence and 0.64 pence respectively (six months ended
30 June 2022 - basic and diluted loss 0.09 pence).
The key performance indicators are set out below:
At At At
30-Jun-23 30-Jun-22 31-Dec-22
(unaudited) (unaudited) (audited)
GBP GBP GBP
Net asset value 4,024,884 2,631,492 3,210,905
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 Interim Management Report 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 2023.
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 2023.
Principal Risks and Uncertainties
The principal risks and uncertainties of the Company are
detailed on page 21 of the Company's most recent Annual Report for
the year ended 31 December 2022 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 2022,
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.
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. It is noted
that Mitchell Smith is both a director of Panther Metals plc and
Fulcrum Metals plc.
Going Concern
As at 30 June 2023, the Group had total cash reserves of
GBP24,458 (31 December 2022: GBP48,859). 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. On 31 August 2023,
the Company announced that it has raised in aggregate GBP200,000
(before expenses) by the issue of 17% unsecured convertible loan
notes with a 12-month maturity and possible early conversion and
warrants attached on a one-for-one basis with an exercise price of
5.5 pence each. 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. 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
22 September 2023
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;
-- the interim financial statements 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 fair 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
22 September 2023
Notes Period
ended Period ended
30 June 30 June
2023 2022
GBP GBP
Unaudited Unaudited
Revenue - -
Cost of sales - -
Gross profit - -
Administrative expenses (258,029) (157,092)
Share-based payment (charge)/ credit 6 (21,967) 89,705
Operating loss (279,996) (67,387)
Share of associate's (loss)/gain 2 (109,678) 1,594
Profit on disposal of Big Bear Exploration
Project to Fulcrum Metals plc 3 1,481,754 -
Loss on disposal of Queensland Asset to
ECR Minerals Limited 3 (12,974) -
Loss on held for sale investment in Fulcrum
Metals plc 3 (254,210) -
Loss on held for sale investment in ECR
Minerals Limited 3 (31,278) -
Finance costs (1,606) -
Profit before taxation 792,012 (65,793)
Taxation - -
Profit for the period 792,012 (65,793)
Other comprehensive income - -
Total comprehensive profit for the period 792,012 (65,793)
Profit attributable to:
Equity holders of the company: 792,012 (65,793)
792,012 (65,793)
Basic earnings/ (loss) per share (pence) 40.85p (0.09)p
Diluted earnings/ (loss) per share (pence) 40.64p (0.09)p
As at As at As at
30 June 30 June 31 December
Notes 2023 2022 2022
GBP GBP GBP
Unaudited Unaudited Audited
Non-current assets
Exploration and evaluation
assets 1,742,941 1,631,359 2,303,520
Investment in Associate 2 909,380 1,166,942 1,044,644
Total non-current assets 2,652,321 2,798,301 3,348,164
Current assets
Investments Held for Sale 3 1,559,835 - -
Receivables 46,836 67,741 150,319
Cash at bank and in hand 24,458 71,517 48,859
Total current assets 1,631,129 139,258 199,178
Total assets 4,283,450 2,937,559 3,547,342
Current liabilities
Trade and other payables (73,580) (95,049) (146,835)
Net current assets 1,557,549 44,209 52,343
Non-current liabilities
Provision for deferred
consideration (184,986) (211,018) (189,602)
Total liabilities (258,566) (306,067) (336,437)
Net assets 4,024,884 2,631,492 3,210,905
Capital and reserves
Called up share capital 5 6,330,665 5,163,780 6,330,665
Share-based payment reserve 7 536,208 214,610 514,241
Retained losses (2,841,989) (2,746,898) (3,634,001)
Total equity 4,024,884 2,631,492 3,210,905
As at As at As at
30 June 30 June 31 December
Notes 2023 2022 2022
GBP GBP GBP
Unaudited Unaudited Audited
Cash flows from operating
activities
Profit/ (Loss) for the
financial year 792,012 (65,793) (952,896)
Adjusted for:
Foreign exchange 61,193 (107,245) (116,729)
Share-based payment charge 7 21,967 (89,705) 209,946
Finance costs 5 1,606 - 1,646
(Increase)/decrease in
receivables 114,774 5,017 (59,560)
(Decrease)/increase in
payables (72,666) 35,161 76,829
Share of associate's loss 2 109,678 (1,594) 214,782
Profit on disposal of Big
Bear Exploration Project
to Fulcrum Metals plc 3 (1,481,754) - -
Loss on disposal of Queensland
Asset to ECR Minerals Limited 3 12,974 - -
Loss on held for sale investment
in Fulcrum Metals plc 3 254,210 - -
Loss on held for sale investment
in ECR Minerals Limited 3 31,278 - -
Net cash (used in)/generated
from operating activities (154,728) (224,159) (625,982)
Investing activities
Cash spent on exploration
activities (74,796) (180,825) (949,660)
Net cash generated from
investing activities (74,796) (180,825) (949,660)
Financing activities
Proceeds from issuing shares 6 - 360,000 1,508,000
Proceeds from exercising
warrants 6 - 15,915 15,915
Proceeds from the sale
of the Big Bear Exploration
Project 3 200,000 - -
Proceeds from Panther Australia
Rights Issue 2 5,123 - -
Net cash generated from
financing activities 205,123 375,915 1,523,915
Net increase/ (decrease)
in cash and cash equivalents (24,401) (29,069) (51,727)
Cash and cash equivalents
at beginning of period 48,859 100,586 100,586
Cash and cash equivalents
at end of period 24,458 71,517 48,859
Group
Share
Share based payment Retained
Notes capital reserve losses Total
GBP GBP GBP GBP
Balance at 1 January 2022 4,781,917 310,263 (2,681,105) 2,411,075
Loss for the year - - (952,896) (952,896)
Total comprehensive loss
for the year - - (952,896) (952,896)
Transactions with owners
of the company
Shares issued 1,526,865 - - 1,526,865
1,526,865 - - 1,526,865
Other transactions
Shares issued upon exercise
of warrants 21,883 (6,282) - 15,601
Options issued - 43,394 - 43,394
Warrants issued - 277,664 - 277,664
Forfeited warrants - (110,798) - (110,798)
Balance at 31 December
2022 6,330,665 514,241 (3,634,001) 3,210,905
Balance at 1 January 2023 6,330,665 514,241 (3,634,001) 3,210,905
Profit for the year - - 792,012 792,012
Total comprehensive loss
for the year - - 792,012 792,012
Other transactions
Options issued/charged 6 - 21,967 - 21,967
Balance at 30 June 2023 6,330,665 536,208 (2,841,989) 4,024,884
1 Accounting policies
1.1. Half-yearly report
This interim financial information for the six months ended 30
June 2023 and 30 June 2022 is unaudited and does not constitute
statutory financial statements within the meaning of the Companies
Act 1982 (Isle of Man). The interim financial information was
approved by the Board of Directors on 22 September 2023.
The figures for the year ended 31 December 2022 have been
extracted from the statutory financial statements which have been
prepared in accordance with UK adopted International Accounting
Standards ("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 auditor.
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 2022 and those expected to be used for the year ending 31
December 2023.
The Company will report again in full for the year ending 31
December 2023.
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 2022.
2. Investment in Associate - Panther Australia
Investments
in associates
GBP
At 1 January 2022 1,165,528
Panther Australia loss on associate (214,782)
Panther Australia foreign exchange
gain 94,080
Deregistration of Parthian Resources
(HK) Limited (182)
At 31 December 2022 1,044,644
At 1 January 2023 1,044,644
Panther Australia loss on associate (109,678)
Panther Australia foreign exchange
loss (25,586)
At 30 June 2023 909,380
On 28 April 2023, the Company informed shareholders that Panther
Australia had closed its rights issue to raise A$2.7 million AUD to
grow the nickel-cobalt Mineral Resource at its flagship Coglia
Project in Western Australia. A Follow-on Placement of A$308,750
million AUD was instituted to accommodate a portion of the excess
demand from both existing shareholders and new institutional and
professional investors. As a result of the rights issue and
placement, Panther is holding 23.54% of the outstanding shares in
Panther Australia (December 2022 - 36.61%).
As at 30 June 2023, the market value of Panther Australia with
reference to its Australian Securities Exchange registration
amounted to AUD$6.38 million AUD or GBP3.43 million AUD. The
summarised financial information of Panther Australia as at 30 June
2023, its interim reporting date, is as follows:
AUD$
Aggregated Assets 8,099,692
Aggregated Liabilities (730,703)
Total net assets 7,368,989
, Revenues -
Loss for the period 624,050
There are no significant restrictions on the ability of
associates to transfer funds to Panther in the form of cash
dividends in the case they are declared.
3. Investments Held for Sale
Investments Held for Sale Fulcrum ECR Minerals
Metals plc
plc Total
GBP GBP
Net book value
At 1 January 2023 - - -
Additions in the period 1,785,323 60,000 1,845,323
Change in value from inception
date to 30 June 2023 (254,210) (31,278) (285,488)
At 31 December 2022 1,531,113 28,722 1,559,835
Fulcrum Metals plc
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, an Irish registered
company which is seeking an IPO on the AIM Market of the London
Stock Exchange.
On 10 February 2023, the Company noted that Fulcrum Metals plc
announced the successful pricing of an IPO and conditional placing
(the "Fulcrum Placing") of 17,142,857 ordinary shares in the
capital of Fulcrum Metals plc at the Fulcrum Placing Price to raise
gross proceeds of approximately GBP3 million. Fulcrum's IPO on AIM
and dealings in its ordinary shares on the AIM market of the London
Stock Exchange commenced at 8.00 a.m. on 14 February 2023
("Admission") under the TIDM FMET with a market capitalisation at
the Fulcrum Placing Price of GBP8.725 million.
Panther holds a total of 9,971,839 ordinary shares in Fulcrum
Metals plc representing a 20% interest in the entire issued share
capital of Fulcrum Metals plc, valuing Panther's interest at
GBP1.745 million at the Fulcrum Placing Price. In addition, Panther
holds a total of 714,286 warrants exercisable at 17.5 pence with a
two-year life from the date of Admission and a further 476,190
warrants exercisable at 26.25 pence with a three-year life.
The Big Bear exploration project asset booked in Panther Canada
amounting to CAD$811,637 (GBP503,562) was transferred into a newly
formed Canadian vehicle and was acquired by Fulcrum Metals plc.
Fulcrum Metals plc issued ordinary shares, warrants and paid cash
to Panther. The share consideration has been valued at the price
per ordinary share as at the date of issue of the ordinary shares
which was GBP1,745,000 as at 10 February 2023. The associated
warrants have been valued by Fulcrum Metals plc in their interim
report to 31 March 2023
(https://fulcrummetals.com/wp-content/uploads/2023/06/Fulcrum-Metals-interims-March-2023.pdf).
The cash has been valued at GBP200,000, the cash proceeds received.
This gives rise to a gain on disposal of GBP1,481,754 which has
been accounted for in the income statement in the period ended 30
June 2023.
3. Investments Held for Sale (continued)
As at 30 June 2023, the investment in Fulcrum Metals plc has
been classed as held for sale on the basis that the ordinary shares
can be sold within the next 12 months and has been valued at the
market price of the ordinary shares as at that date being 0.1495
pence and the warrants on the same value as was recognised on
inception. The difference between the market value at inception and
as at 30 June 2023 has been recognised in the income statement in
the period.
ECR Minerals plc
On 5 April 2023, the Company announced the Proposed Acquisition,
specifically, that it entered into a conditional agreement to sell
Panther's 30% interest in the Blue Mountain Project, Queensland,
Australia, comprising the Denny Gully Gold property to ECR Minerals
plc (LON:ECR). The total consideration under the agreement amounted
to GBP200,000 of which 30% is due to Panther, settled by the issue
of 31,913,196 ordinary shares in ECR Minerals plc at a price of
0.6267p.
The Company's interest in the Blue Mountain project amounted to
GBP72,974. The share consideration has been valued at the price per
ordinary share as at the date of issue of the ordinary shares which
was GBP60,000 as at 5 April 2023. This gives rise to a loss on
disposal of GBP12,974 which has been accounted for in the income
statement in the period ended 30 June 2023.
As at 30 June 2023, the investment in ECR Minerals plc has been
classed as held for sale on the basis that the ordinary shares can
be sold within the next 12 months and has been valued at the market
price of the ordinary shares as at that date being 0.003p. The
difference between the market value at inception and as at 30 June
2023 has been recognised in the income statement in the period.
The Company's entire holding in ECR Minerals plc was disposed of
after the period end.
4. Earnings/ loss per share
The basic earnings per ordinary share for the interim period to
30 June 2023 is 0.85 pence (2022: - 0.09 pence loss per ordinary
share) and has been calculated by dividing the earnings for the
period by the weighted average number of ordinary shares in issue
of 92,822,310 (2022: 68,346,112).
There are 31,222,726 potentially issuable shares all of which
relate to share options issued to Directors and professional
advisers under option, options issued as part of acquisitions and
warrants issued as part of placings (see note 6), the weighted
average number of potential ordinary shares in issue is 124,045,032
(2022: 78,696,112) giving rise to a diluted earnings per ordinary
share of 0.64 pence (2022: -0.09 pence diluted loss per share is
anti-dilutive due to losses).
5. Provision for Deferred Consideration
As at As at As at
30 June 30 June 31 December
2023 2022 2022
GBP GBP GBP
Current Liabilities
payable within 1 year
Amount due to Broken
Rock 17,695 18,055 18,136
Amount due to Aki Siltamaki 5,944 6,018 6,092
23,639 24,073 24,228
Non-Current Liabilities
Amounts due to Broken
Rock 179,088 199,119 183,557
Amount due to Aki Siltamaki 5,898 11,899 6,045
184,986 211,018 189,602
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. 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 13 pence 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 upfront and an ongoing
payment of CAD $10,000 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.
A deferred consideration liability has been recognised as there
are no conditions attached to these payments. The amounts payable
over time have been discounted to present value. Each period the
liability is increased by the interest rate used in the discounting
calculation with subsequent increases expensed to finance
costs.
No payments have yet been made in the six months to 30 June 2023
(2022: GBPnil). GBP1,606 was recognised in finance costs (2022:
GBPnil). During the year ended 31 December 2022, payments of
CAD$30,000 and CAD$10,000 were made to Broken Rock and Aki
Siltamaki respectively and GBP1,646 (2021: GBPnil) was recognised
in finance costs.
6. Share capital
Number of
new Ordinary Share
shares Capital
No GBP
Allotted, issued and fully paid:
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 21,883
Placing on 18 August 2022 20,872,726 1,148,000
Issue of shares to geological consultant 343,000 18,865
As at 31 December 2022 92,822,310 6,330,665
As at 1 January 2023 92,822,310 6,330,665
As at 30 June 2023 92,822,310 6,330,665
On 7 March 2022, the Company raised GBP360,000 through a placing
of 4,500,000 ordinary shares at a price of 8 pence per share. The
admission of those ordinary shares to listing on the Main Market of
London Stock Exchange 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 6 pence per share
raising GBP15,915. The admission of those ordinary shares to
listing on the Main Market of London Stock Exchange took place on
11 March 2022.
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
admission of those shares took place on 18 August 2022. Each
Placing Share was issued with one warrant attached entitling the
holder to subscribe for one new ordinary share at a price of 8.5
pence (the "Warrants"). The Warrants have a life of 36 months from
the date of admission to listing on the Main Market of London Stock
Exchange and are subject to an accelerator so that in the event
that the Company's ordinary shares trade at a volume weighted
average price of 20 pence or more for five of more trading days
(the "Accelerator Target") the Company is obligated to give notice
to holders of the Warrants that any outstanding Warrants must be
exercised within 14 calendar days' and on 14 calendar days'
settlement terms. If the Accelerator Target is achieved, any
Warrants not so exercised will lapse.
On 24 November 2022, the Company announced it had issued 343,000
ordinary shares of no par value at a price of 5.5 pence each,
credited as fully paid, to a contractor as compensation for the
successful execution of this phase of the Obonga work programme.
The admission of those ordinary shares to listing on the Main
Market of London Stock Exchange took place on 28 November 2022.
No ordinary shares were issued during the period ended 30 June
2023.
7. Share based payment transactions
Equity settled share based payments
Options issued, cancelled and outstanding at 30 June 2023
At 1 At Weighted
January 30 June average
2023 2023 exercise
No of No of price
options Issued Forfeited Exercised options (pence)
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
Placing Warrants-
Aug 2022 20,872,726 - - - 20,872,726 0.085
31,222,726 - - - 31,222,726 0.545
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. As part of the transaction Panther also awarded
500,000 share options with an exercise price of 13 pence per share
and a life of five years.
On 20 August 2021, the Company announced the grant of 4,600,000
options to the Panther management team consisting of directors and
staff members. All the options have a 5-year term from the date of
grant and an exercise price of 15 pence per share. The options all
are subject to the vesting condition of the price of the Company's'
ordinary shares at a volume weighted average price of 30 pence per
share over any period of 120 trading days during the life of the
options.
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 12 pence per Placing Share. Each Placing Share was
issued with a one-for-one warrant attached. The warrants have an
exercise price of 18 pence 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 ordinary shares
exceeds 30 pence for five consecutive trading days.
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
admission of those ordinary shares to listing on the Main Market of
London Stock Exchange took place on 18 August 2022. Each Placing
Share was issued with one warrant attached entitling the holder to
subscribe for one new ordinary share at a price of 8.5 pence (the
"Warrants"). The Warrants have a life of 36 months from the date of
admission and are subject to an Accelerator Target so that in the
event that the Company's ordinary shares trade at a volume weighted
average price of 20 pence or more for five of more trading days the
Company is obligated to give notice to holders of the Warrants that
any outstanding Warrants must be exercised within 14 calendar days
and on 14 calendar days settlement terms. If the Accelerator Target
is achieved, any Warrants not so exercised will lapse.
7 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 3.09 2 August 2026
Management options 4,600,000 15 3.14 22 August 2026
Placing Warrants-
Sept 2021 5,250,000 18 0.23 22 September 2023
Placing Warrants-
August 2022 20,872,726 8.5 2.14 18 August 2025
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 ordinary 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 rate Share price volatility Expected Share price
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
Placing Warrants- August 2022 3.67% 54% 3 years 0.0535
The total charge/(credit) to the consolidated statement of
comprehensive income for the period to 30 June 2023 was a charge of
GBP21,967 (2022: credit of GBP89,705). The transactions from
exercising share options are shown within the statement of changes
in equity.
8 Subsequent events
On 31 August 2023, the Company announced that it has raised in
aggregate GBP200,000 (before expenses) by the issue of 17%
unsecured convertible loan notes with a 12-month maturity and
possible early conversion and warrants attached on a one-for-one
basis with an exercise price of 5.5 pence each.
-- The conversion price of each Convertible Loan Note is 4.1 pence per ordinary share.
-- The Convertible Loan Notes are convertible at the option of
the Company into such number of ordinary shares in the capital of
the Company as is the product of dividing the amount of an
individual holder's Convertible Loan Notes and accrued interest by
4.1 pence.
-- The Warrants are attached to the Convertible Loan Notes on a
one-for-one basis at an exercise price of 5.5 pence each.
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