Panther Metals PLC (LON: PALM) has raised £1.19 million through an oversubscribed placing of 1.7 million shares at 70p each.
The funds will support diamond drilling at the Wishbone VMS discovery on the Obonga project, advance feasibility work at the Wishbone Tailings Project, and fund metallurgical studies at Dotted Lake for potential magnesium recovery.
The financing will also help progress a planned North American dual listing and provide general working capital. The placing shares represent around 24.3% of the company’s existing issued share capital.
Placing details
The placing shares represent around 24.3% of Panther Metals’ existing issued share capital and were issued at a 6.67% discount to the mid-market closing price on 5 February 2026. The transaction falls within the updated UK prospectus rules, which raised the secondary issuance threshold from 20% to 75% in January 2026. Optiva Securities acted as placing agent and will become the company’s joint broker on admission.
Net proceeds will be used to accelerate key exploration and corporate objectives, including diamond drilling at the Wishbone VMS discovery on the Obonga project, magnesium recovery metallurgical testwork at Dotted Lake, advancing feasibility and permitting work at the Winston Tailings Project, and supporting a planned North American dual listing alongside general working capital.
Darren Hazelwood, Chief Executive Officer, commented:
“The financing announced today, enables Panther Metals to accelerate its activities across the entire project portfolio which is timed well as the Company looks to a North American exchange dual list.
These activities include a diamond drilling campaign focussed on building out the Wishbone VMS discovery at Obonga, advancing the Wishbone Tailings Project workstreams towards a Feasibility Study and metallurgical studies on the Dotted Lake drill core as a potential source of high-value magnesium.
Accelerating these work streams meets our corporate objectives to grow the value of the business for the benefit of all shareholders.”
