NOT
FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART,
DIRECTLY OR INDIRECTLY IN OR INTO AUSTRALIA, CANADA, JAPAN, THE
REPUBLIC OF SOUTH AFRICA, THE UNITED STATES OR ANY OTHER
JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE
RELEVANT LAWS OF SUCH JURISDICTION
PANTHER METALS
PLC
("Panther" or the "Company")
(Incorporated in the Isle of
Man with company number 009753V)
12 March 2024
Fulcrum: Share Sale and
Extension of Lock-in Agreement
Panther Metals PLC (LSE:PALM) the
company focused on developing Canada's next VMS camp and graphite
deposit, announces it has sold a total of 2,346,717 ordinary shares
of 1 p each in Fulcrum Metals PLC ("Fulcrum") (the "Ordinary Shares") on 11 March 2024 at
an average price of 15.2 pence per Ordinary Share (the
"Transaction").
Following the Transaction, Panther
will continue to hold 7,625,122 Ordinary Shares (the "Panther Shares") representing 15.26% of
the Fulcrum issued share capital.
Darren Hazelwood, Chief Executive Officer,
commented:
"The professionalism and integrity shown by Ryan and the
Fulcrum team during our partial disposal process only increases my
confidence that the Fulcrum business will
deliver.
Whilst managing Panther's own interests, we have delivered a
balance that aligns with our shareholders, our plans for the future
and the Company's current requirements.
As
Fulcrum's Teck-Hughes Gold Tailings Project venture unfolds over
the coming months, given the technology available at their disposal
and the appetite for gold, I see Fulcrum have the potential to set
the London junior market alight. A story I believe the Fulcrum team
are currently underplaying.
At
Panther Metals, I look forward to updating the market on our
advanced plans as the Canadian field season draws ever
closer."
Lock-in Agreement
As set out in the Fulcrum's
Admission Document dated 8 February 2023 (the "Admission Document"), Panther entered
into a lock-in agreement (the "Agreement") with Fulcrum, Allenby
Capital Limited ("Allenby
Capital") and Clear Capital Markets Limited ("Clear Capital").
In accordance with Rule 7 of the AIM
Rules for Companies, the Agreement imposed a 12 month hard lock-in
and a 12 month orderly market provision on Panther's shareholding
in Fulcrum, with effect from admission of the Fulcrum Ordinary
Shares to trading on the AIM market of the London Stock Exchange on
14 February 2023 ("Admission").
Pursuant to the Transaction, Panther
has on 11 March 2024 entered into a new lock-in agreement (the
"New Agreement"), with
Fulcrum, Allenby Capital and Clear Capital, thereby imposing a hard
lock-in period on the Panther Shares to 15 May 2025 and the orderly
market provision on the Panther Shares for a year thereafter
through to 15 May 2026.
The provisions of the New Agreement
shall apply to the Panther Shares and any Ordinary Shares allotted
and issued to or subsequently acquired by Panther during the
locked-in period described in the New Agreement.
The New Agreement is deemed to be a
transaction with a related party pursuant to rule 13 of the AIM
Rules for Companies (the "AIM
Rules") by virtue of Panther being a substantial shareholder
of Fulcrum (within the meaning of the AIM Rules).
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 20% 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.