{"id":141920,"title":"Panther Metals raises £2.22 million to extend Wishbone drilling programme into 2027","publisher":"Share Talk","author":"sharetalk","published":"2026-10-16T07:17:11+00:00","modified":"2026-10-16T07:17:11+00:00","canonical_url":"https://www.share-talk.com/panther-metals-raises-2-22-million-to-extend-wishbone-drilling-programme-into-2027/","markdown_url":"https://www.share-talk.com/panther-metals-raises-2-22-million-to-extend-wishbone-drilling-programme-into-2027.md","json_url":"https://www.share-talk.com/panther-metals-raises-2-22-million-to-extend-wishbone-drilling-programme-into-2027.json","category":"Mining","categories":["Mining"],"tags":["Australia","Belt","Big Bear Gold Project","Bluebrook","Bonanza","canada","Core Geophysics","Darren Hazelwood","data","Dotted Lake","Dr. Kerim Sener","Exchange","Exploration","Geophysical","Gold","greenstone","helicopter","irborne","Julien Bosche","Kerr Allan Financial","Merolia","Mineralisation","Mitchell Smith","Obonga","Ontario","PALM","Panther Metals","Sanlam Private Wealth","survey"],"featured_image":"https://i0.wp.com/www.share-talk.com/wp-content/uploads/2026/10/5321d8a4-ee9f-422e-ba6d-86fdf1e2bed8.png?fit=1727%2C911&quality=80&ssl=1","format":"news","language":"en-GB","content":"[Panther Metals plc (LON: PALM)](https://www.investegate.co.uk/announcement/rns/panther-metals--palm/closing-of-flow-through-share-fundraise-/9825936) has successfully completed a £2.22 million Canadian flow-through share fundraising to support continued exploration at its Wishbone VMS prospect within the Obonga Project in northwest Ontario, Canada.\n\nThe UK-listed mineral exploration company confirmed that the financing raised **C$4.16 million (£2.22 million)** through the issue of 980,398 flow-through units priced at C$4.24 (£2.26) each.\n\nEach unit comprises one ordinary share and half a share purchase warrant, with each whole warrant allowing investors to acquire an additional ordinary share at **267 pence within 36 months** of the fundraising’s completion.\n\nThe new shares rank equally with Panther’s existing ordinary shares, while SI Capital has facilitated a secondary sale of the units to selected institutional investors through a UK block trade.\n\n**The proceeds will primarily fund the continuation of Phase 1 diamond drilling at the Wishbone volcanogenic massive sulphide (VMS) prospect into 2027**, allowing Panther to advance exploration across its Canadian mineral portfolio.\n\nUnder Canada’s flow-through share financing framework, qualifying exploration expenditure can provide tax benefits to eligible investors, making it an established source of funding for mineral exploration activities.\n\nPanther confirmed that **the £2.22 million raised must be allocated to qualifying exploration expenses and cannot be used for general working capital**, ensuring the proceeds remain directed towards eligible exploration activities.\n\nThe company believes the structure offers a potentially valuable financing route for UK-listed businesses developing Canadian mineral projects, providing access to specialist exploration capital.\n\n**Chief Executive Darren Hazelwood** described the completed fundraising as a significant milestone, highlighting the company’s efforts to establish an alternative funding model for UK-listed explorers operating in Canada.\n\nHe said the structure could improve financing efficiency while offering tax advantages to eligible Canadian subscribers and potentially provide a model for other UK-listed exploration companies.\n\n**For investors, the completed placing secures additional funding for the Wishbone drilling programme**, providing greater financial visibility for exploration activities extending into 2027.\n\nHowever, the new shares increase Panther’s issued share capital, while the attached warrants could result in further dilution if exercised.\n\n**Attention will now turn to the progress of diamond drilling at Wishbone and the resulting geological and assay data**, which will help determine the prospect’s mineral potential as Panther advances its Obonga exploration programme."}