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PANTHER METALS
PLC
("Panther" or the "Company")
(Incorporated in the Isle of
Man with company number 009753V)
13 May 2024
Australia: Coglia Ni-Co
Project Scoping Study
Panther Metals PLC (LSE:PALM) the
company focused on mineral exploration in Canada, is pleased to
note the Panther Metals Ltd ("Panther Australia") Australian
Securities Exchange ("ASX") announcement of the Scoping Study
results for the Coglia Nickel-Cobalt Project ("Coglia" or the
"Project") in Western Australian. Panther Metals Plc hold 23.54% of
the outstanding shares in Panther Metals Ltd (ASX:PNT).
The Coglia Scoping Study has
established a robust net present value ("NPV" @ 8% discount) of
A$409M, with an internal rate of return ("IRR") of 31.8% and a 3.2
year payback period on a pre-production Capital expenditure
("CAPEX") of A$376.9M based on conceptual open pit mining with
processing of the current potential mining inventory to be
undertaken onsite at a newly constructed bioleach extraction
facility.
Announcement highlights are outlined
below, further details including cautionary
statements, illustrative figures and maps are provided in the ASX
Announcement via the Panther Australia
website: https://www.panthermetals.com.au
Darren Hazelwood, Chief Executive Officer,
commented:
"This Scoping Study, whilst conservative in many aspects,
provides clear evidence of the value building in Panther Australia.
Assigning the company a 5% valuation on the Coglia NPV alone would
see a share price in-excess of A$0.23.
As
we see markets globally start to recover from the recent bear
market, Panther Australia looks exceptionally well positioned to
benefit."
Announcement Highlights
·
Exceptional results from Scoping Study:
NPV8 of A$409M, IRR
31.8%, 3.2 year payback.
·
A$776.6M 10 year
mine life cash flow; low
pre-production CAPEX of
A$376.9M, Life of Mine C1
Cash Cost of US$4.10/lb, US$8.16/lb Ni sell
price.
·
Globally competitive all-in sustaining cost
("AISC") of US$4.68/lb.
·
Conservative 50% recovery applied, with 94.7kt
nickel and 9.3kt cobalt metal tonnes recovered.
·
Bulk of the 102.8Mt nickel- cobalt Mineral
Resource estimate ("MRE") excluded. The scoping study only
considered 32.3Mt of the MRE, leaving substantial future
upside.
·
Environmentally friendly bio-heap leaching
strategy. This eliminates the need for a capital-intensive on-site
acid plant, minimising upfront costs.
·
Substantial future opportunities: potential to
further upgrade the Inferred component of the MRE into Indicated
classification and enhance recovery estimates via infill drilling
and further metallurgical test work.
·
Daniel Tuffin, Managing Director and CEO of
Panther Australia, commented:
"We are extremely pleased with these amazing early-stage
Scoping Study outcomes. These results, which are based on less than
a third of the current MRE's size, demonstrate the incredible
potential of the Coglia Nickel-Cobalt Project. Even at these
conservative levels, Coglia is economically robust with an
indicated initial life of mine ('LOM') of 10 years and a LOM
cashflow of $A776.6M.
Our planned 3.5Mtpa environmentally friendly bioleach facility
not only reflects our commitment to environmental stewardship but
also positions the Company as a global leader in sustainable
processing practices. As we delve deeper into the project's
development, the scalability of Coglia becomes increasingly
apparent. We are on the cusp of unlocking its full potential, with
substantial opportunities for future expansion and
enhancement."
Important Note - Cautionary
Statement: The Scoping Study is a
preliminary technical and economic assessment of the potential
viability of the Project. It is based on low level technical and
economic assessments that are not sufficient to support estimation
of Ore Reserves. Further evaluation work and studies are required
to provide assurance of an economic development case.
See the ASX Announcement for
further details.
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.