Panther Metals PLC (LON:PALM) Interims for the Six Months Ended 30 June 2019

The interim results for the six months ended 30 June 2019 continue to reflect the positive progress and dynamism evident within Panther.

The period kicked-off with a structural change to streamline the operational management of the Company, with my colleagues Darren Hazelwood and Mitchell Smith adopting the roles of CEO and COO respectively.

This evolution within the board was required in order that we may increase the efficiency of our activities in Canada, balanced against the hands-on promotion of our Company within our active financing market of London.

In Canada, our field activities during the period have been rewarded with some exceptional results, including significant soil gold anomalies in four major target areas and rock-chip results exceeding 100 g/t gold. The subsequent acquisition of the historic Little Bear Mine, from which a previously reported one-ton bulk sample yielded 1,564 g/t gold, capped off a very successful season of work by the Company.

These results, among others, continue to demonstrate the prospectivity of this part of the Schreiber-Hemlo Greenstone Belt. These developments culminated in the post-period end announcement concerning a 230% increase in area of our ground-holding within this highly prospective region. With a contiguous land package of 42km2 now consolidated in this area, we are making serious headway as an exploration enterprise. This property will be explored further, with drill targeting expected to be completed following an airborne geophysical programme and further follow-up fieldwork.

Meanwhile, the Company concluded its acquisition of Parthian Resources Pty. Ltd. in Australia, which was subsequently renamed Panther Metals Pty. Ltd. This provided access to existing funds and new funding opportunities in Australia, in addition to providing Panther with the capability to make licence applications in the country. During the period, Panther made two significant ground applications in the Top End of the Northern Territory, approximately 70-105km southeast of Darwin. The Marrakai and Annaburroo gold project applications, each of which contain known gold prospects and several gold anomalies that require follow-up, are expected to be granted towards the end of 2019 or by early 2020. Fieldwork in both project areas is due to commence from Q2 2020.

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Share Talk Weekly Stock Market News, 24th November 2019

During the very successful 18-month period in which the Company overhauled its management and finances, and built its new business strategy, it has developed an enviable early-stage gold project portfolio in Canada, along with its embryonic antipodean counterpart. This sets up Panther for its next strategic moves, as it enhances the value of these portfolios and starts to make new discoveries. We welcome shareholders, old and new alike, on this journey of discovery for which I am confident that there will be rewards in the years ahead.

FINANCIALS

The interim results for the six months ended 30 June 2019 show a consolidated loss of £78,448 (2018: £185,549). This is mainly due to the costs associated with maintaining the listing status, which is made up of administrative fees, retainers to advisors and operational expenditure.

Goodwill arising on the acquisition of Panther Metals Pty Ltd totals £475,378 and a further £54,040 of exploration expenditure, including the Little Bear Mine acquisition, has been capitalised in the period with exploration and evaluation assets now totalling £307,850 (31 December 2018: £253,810).

These interim statements to 30 June 2019 have not been reviewed by the auditors.

The Directors accept responsibility for the contents of this announcement.

 


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