Panther Metals Plc (LON: PALM) has announced an extension amendment to its 2021 sale and purchase agreement with Broken Rock Resources Ltd for the Obonga Project in Ontario, Canada.
The Obonga Project covers more than 90% of the Obonga Greenstone Belt and remains a core focus for Panther’s Canadian exploration strategy.
The amendment extends the terms of the original agreement from the previous expiry date of 31 August 2026 to 30 April 2027. Panther said the extension provides additional operational flexibility to advance and potentially expand its ongoing Phase 1 diamond drilling programme at Obonga, supported by the company’s 18 June 2026 financing.
As consideration for the extension, Panther will issue 30,000 new ordinary shares to Broken Rock. The CAD$250,000 sale and purchase option payment date has also been amended to no later than 30 April 2027.
Chief executive Darren Hazelwood said the extension was an “outstanding outcome” for the company and shareholders, adding that it gives Panther more time to prioritise quality exploration work and strategic decision-making, rather than being constrained by a compressed drilling timetable.
He said the company now has the “runway, funding, and strategic flexibility” required to pursue the next phase of exploration at Obonga.
Separately, Panther has agreed to issue shares to two long-standing service providers in settlement of outstanding invoices. The company said the arrangements were agreed before its recent fundraising, when preserving cash ahead of securing funding for the Obonga drilling programme was considered prudent.
Panther will issue 14,000 new ordinary shares to a drilling contractor as part settlement for work undertaken at Obonga, with the balance paid in cash. A further 34,000 new ordinary shares will be issued to a service provider in settlement of consultancy fees relating to the company’s proposed listing on the Canadian Securities Exchange.
The company said both service providers chose to proceed with the original share settlement arrangements despite Panther offering to pay the invoices in cash after the successful financing.
All shares will be issued at the 18 June 2026 placing price of 135p per share. In total, the consideration shares will represent approximately 0.73% of Panther’s enlarged ordinary share capital.
Admission of the new shares to trading on the Main Market of the London Stock Exchange is expected to become effective at 8.00 a.m. on 13 July 2026.
Panther said it remains committed to disciplined capital management and minimising shareholder dilution wherever possible.
