TIDMPALM
Panther Metals PLC
02 January 2024
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FOR IMMEDIATE RELEASE
PANTHER METALS PLC
("Panther" or the "Company")
(Incorporated in the Isle of Man with company number
009753V)
2 January 2024
Corporate Summary: Positioned to Succeed
Panther Metals PLC (LSE:PALM) the company focused on mineral
exploration in Canada, is delighted to provide an update on the
corporate strategy and to summarise the positive strides in the
multi-project portfolio in the Province of Ontario, Canada.
This update highlights Panther's strategic advancements,
financial resilience, and promising investments, reflecting the
Company's commitment to accelerated growth.
Darren Hazelwood, Chief Executive Officer, expressed optimism
about Panther's prospects, stating:
"In light of positive market developments, Panther Metals PLC is
well positioned for accelerated growth in 2024.
External factors, such as the continued drive towards
decarbonisation, renewable energy and electric vehicles has
resulted in a global shift towards securing access to Critical Raw
Materials and Metals, creating a favourable environment that
Panther will leverage given our geographic positioning to serve the
North American market.
Panther places strategic emphasis on the Obonga Project, a
flagship endeavour situated within the highly prospective Obonga
Greenstone Belt covering an expansive 291 km(2).
Jim Franklin, a world-renowned VMS expert has stated Obonga is
the sister greenstone belt to the Sturgeon Lake greenstone belt
which contains five past commercially producing mines and where
Glencore had a team working during 2023.
The Obonga Project's significance lies not only in its current
successes but in its potential to unlock vast mineral resources,
promising significant economic growth and local job creation."
Key Achievements:
Over the course of 2023, Panther Metals PLC has not only
weathered the challenges but has emerged stronger, achieving
several significant milestones:
-- High-Potential Exploration Projects
Panther's portfolio comprises three high-potential exploration
projects covering over 451 km(2) in Ontario, Canada. These projects
strategically target critical raw materials, base metals, and
precious metals, reflecting Panther's commitment to tapping into
diverse and valuable resources. With multiple discoveries at the
Obonga Project, Panther is committed to uncover Canada's next
mining district.
-- Prudent Portfolio Management
Panther have advanced the Company's entire asset portfolio,
whilst maintaining tight capital controls in a challenging market,
in order to minimise dilution and provide significant upside for
shareholders.
-- Diversified Strategy
Panther has executed a multi-asset, diversified strategy,
positioning the Company to capitalise on a spectrum of minerals
within the esteemed Tier One mining jurisdiction of Ontario. This
strategy enhances resilience and maximises exposure to diverse
market opportunities.
-- Monetisation of Non-Core Assets
Panther is actively pursuing the monetisation of non-core
assets, generating cash flow to support key projects within the
portfolio. This disciplined financial approach ensures sustained
project development without overreliance on external funding.
-- Strategic Investments and Partnerships
The Company has successfully forged strategic investments and
partnerships, instilling confidence in Panther's exploration model.
With indicative finance options available from multiple sources,
Panther is well-positioned for continued growth.
-- Strong Support from Stakeholders
Panther enjoys strong support from government entities, local
communities, and the industry. This collaborative approach provides
a solid foundation for the Company's operations, fostering a
positive environment for sustainable growth.
Panther's High-Potential Exploration Project Portfolio
Obonga Project: Potential for Canada's Next Mining District
-- Total Area : 291.0 km(2)
-- Prospective for : Base Metals (Copper, Zinc, Lead, Nickel)
and Precious Metals (Gold, Silver and Platinum Group Metals) with
Energy Mineral (Lithium, Graphite) potential.
-- Significant Neighbours : Mattabi Mine (Glencore) and Sturgeon
Lake VMS Camp to west, Lac des Iles Mine (Impala Canada) to
south.
The Obonga Project ("Obonga") is Panther's flagship project, a
district scale opportunity that already has potential partners
watching our progress, has advanced from a greenfield regional data
based target area, through proof of concept to drilling success and
mineral discoveries.
Successful Drilling Campaigns:
Notably, Panther has achieved significant milestones through
successful drilling campaigns at Obonga's Wishbone prospect,
revealing a substantial Volcanogenic Massive Sulphide ("VMS")
system. The Wishbone discovery, a first of its kind on the Obonga
Greenstone Belt, is characterised by impressive drill hole
intercepts, including 27.3m of massive sulphide and 51m of
sulphide-dominated mineralisation.
Further drilling in late 2022 reaffirmed the potential, with
intersections such as 3.6m @ 3.9% Zn, including 2m @ 6.8% Zn &
4.3 g/t Ag, indicating proximity to metal-fertile fluid flow. The
discovery of the Wishbone VMS system is pivotal, boding well for
the existence of additional VMS bodies in the vicinity, given their
tendency to occur in clusters.
The Survey and Awkward targets also witnessed preliminary
drilling, confirming VMS style mineralisation at Survey with a 29m
wide intercept of cyclical semi-massive and disseminated sulphide.
This, coupled with the Wishbone discovery, solidifies the Obonga
Greenstone Belt's status as a new emerging VMS Camp.
Emerging VMS Camp
The Obonga Greenstone Belt, with its emerging VMS Camp status,
is strategically positioned close to national railroad transport
links and the industrial port city of Thunder Bay. Moreover, it is
approximately 75km east of the former Mattabi/Sturgeon Lake Mining
Camp on the Wabigoon Greenstone Belt, underlining its advantageous
geological and logistical position.
The presence of significant gold occurrences, base metals, and
promising exploration results in the Obonga Greenstone Belt
contribute to its appeal as a potential mining district. This
strategic positioning makes it an attractive prospect for future
resource development and exploration.
Scalp Lake Area Potential
Based on regional structural studies and government geochemical
datasets, Panther has identified the Scalp Lake area adjoining the
north-eastern end of the Obonga Project as highly prospective. This
area shows potential for various metals, including lithium,
rare-earths, uranium, copper, and gold.
The southeast trend of elevated element anomalies from the Scalp
Lake area into the central portion of the Awkward intrusive
batholith suggests the presence of a pegmatitic rock and/or
structure. This presents a promising opportunity for lithium and
rare-earth pegmatite exploration, aligning with the global demand
for critical minerals.
Continued Expansion
Recognising the exciting potential, Panther expanded the Obonga
Project footprint by acquiring an additional 171 mining claims
covering 34.2 km(2) contiguous with the existing Obonga land
package. This expansion reflects Panther's confidence in the
prospectivity of the region and its commitment to thorough
exploration.
Industry Interest and Support
The Canadian resource sector has shown growing interest in the
Obonga Project, with major companies expressing a desire to stay
informed on drilling results.
The financial sector has also provided offers of support,
further validating the project's attractiveness within the larger
mining and exploration landscape.
In summary, the Obonga Project stands as a beacon of potential
within the Panther Metals portfolio. As Panther continues to delve
into this promising region, the Company remains poised to
contribute significantly to the development of the next mining
district in Canada, showcasing its commitment to responsible
resource development and exploration in a globally significant
mining jurisdiction.
Dotted Lake Project: A Strategic Frontier
-- Total Area : 36.9 km(2)
-- Prospective for : Base Metals (Nickel, Cobalt, Copper, Zinc)
and Precious Metals (Gold, Silver and Platinum Group Metals)
-- Significant Neighbours : Barrick Gold (Hemlo Mine) to south,
Palladium One Mining Inc (Glencore 10% stake) to east.
Panther's strategic exploration extends ambitiously to the
Dotted Lake Project, encompassing a substantial 36.9 km(2) within
the North Limb of the Schreiber-Helmo Greenstone Belt. This project
has become a pivotal focus for Panther as it continues to bolster
its presence in this mineral-rich region.
Situated just 16 km north of Barrick Gold's Hemlo Gold Mine, the
Dotted Lake Project strategically capitalises on its proximity to a
renowned mining operation. The area has undergone Panther's
airborne electromagnetic and magnetics geophysics survey, extensive
soil sampling and stratigraphic drilling, laying the groundwork for
potential discoveries. Panther's meticulous exploration approach is
unfolding amidst promising prospects, leveraging the geological
advantages of this prime location.
The Dotted Lake Project has not only garnered attention but has
also delivered compelling results. In September 2022 the results of
Panther's comprehensive compilation study revealed a 2.8 km strike
length of elevated copper, nickel and cobalt mineralisation. This
zone is strategically positioned, situated 9 km west of a recent
zone of massive nickel-copper sulphide mineralisation drilled by
Palladium One Mining Inc. These findings underscore the project's
significant potential and Panther's commitment to uncovering
valuable mineral resources.
Soil assay results from Dotted Lake have been nothing short of
extraordinary, unveiling exceptionally high-grade nickel, copper,
and cobalt. These critical minerals hold immense importance in the
burgeoning Electric Vehicle and Energy Storage industry. Panther's
success in identifying high-grade targets reinforces its role as a
key player in supplying essential resources for industries driving
future technological advancements.
Manitou Lakes: Precious Metal Potential
-- Total Area : 123.4 km(2)
-- Prospective for : Precious Metal (Gold)
-- Significant Neighbours : Dryden Gold Corp (planned Canadian listing)
Spanning an impressive 123.4 km(2) within the
Eagle-Manitou-Wabigoon Greenstone Belt, the Manitou Lakes Project
takes centre stage in Panther's exploration endeavours towards the
end of 2023, with a specific focus on precious metal exploration,
particularly gold. Recent accomplishments at Manitou Lakes have
been marked by successful soil programmes containing elevated
gold.
A non-dilutive fundraising initiative, yielding GBP150,000,
exemplifies Panther's strategic financial management. The infusion
of capital facilitated an extensive 503m of diamond drilling at
Manitou Lakes, unveiling a previously undrilled shear zone
containing mineralisation.
As a testament to Panther's commitment to exploration and
growth, additional land has been strategically staked during 2023.
This move grants Panther options over more prospective exploration
claims until August 2025, further solidifying the Company's
footprint in this promising region.
The Manitou Lakes region stands out as a gold-rich haven,
boasting over 200 known gold occurrences and more than 12 km of
gold-bearing structures. This region has positioned itself as one
of the most exciting greenstone belt areas in Canada, providing
Panther with ample opportunities for significant gold
discoveries.
Acknowledgment from the industry further validates the
importance of the Manitou Lakes Project within Panther's portfolio.
The adjacent drilling successes achieved by Dynasty Gold and the
claim consolidations by Dryden Gold, underscore the value
attributed to this project, affirming Panther's strategic vision
and the project's potential for long-term success.
In closing, the Dotted Lake and Manitou Lakes projects represent
strategic pillars in Panther's diverse exploration portfolio. Each
project contributes unique prospects and substantial potential to
the company's overarching vision of responsible resource
development and exploration in key mining jurisdictions. The
promising results and industry recognition underscore Panther's
commitment to excellence and the significant role it can play in
shaping the future of mineral exploration and development.
Corporate Developments
Recent changes to Panther's Board, including the appointment of
Non-Executive Directors Katherine O'Reilly and Tracy Weslosky, aim
to strengthen Panther's leadership. These appointments bring
diverse expertise in corporate finance, business strategy, capital
markets, and investor relations.
Financial Initiatives
Panther's proactive approach to financial management is evident
through recent initiatives:
Convertible Loan Note ("CLN")
In August 2023, Panther announced a GBP200,000 unsecured
convertible loan note with a 12-month maturity, accompanied by a
one-for-one warrant. This strategic move aims to avoid dilution for
shareholders and reflects the Board's belief in the business's
undervaluation.
Drawdown Facility with existing shareholders
Panther secured an unsecured drawdown facility with existing
shareholders for GBP150,000 to facilitate drilling of the Glass
Reef target at Manitou Lakes in late 2023. This alternative to
equity financing, accompanied by attached warrants at a premium,
showcases Panther's proactive financial management.
Investments
Panther has strategically positioned itself for success in the
mining sector through significant investments in two key
enterprises: Fulcrum Metals PLC ("Fulcrum Metals") and Panther
Metals Ltd ("Panther Australia"). These investments not only
underscore Panther's commitment to a diversified portfolio but also
demonstrate a shrewd strategic approach that enhances the overall
strength and resilience of its business model.
Fulcrum Metals PLC (AIM:FMET): Panther's 20% stake in Fulcrum
Metals represents a substantial interest in a company that aligns
with Panther's vision for excellence in the exploration industry.
Fulcrum Metals, with its unique strengths and capabilities, brings
a valuable dimension to Panther's portfolio. The partnership is a
testament to Panther's discerning investment choices, emphasising
collaborative growth and mutual success.
Panther Metals Ltd (ASX: PNT): Panther's 23.5% ownership stake
in Australian Securities Exchange listed Panther Australia
exemplifies a strategic expansion into key mining territories. This
significant position in the Company's former Australian branch not
only showcases Panther's global reach but also positions the
Company to capitalise on the vast mineral resources in the region.
The investment in Panther Australia is a testament to Panther's
confidence in the potential for growth and success in the
Australian mining landscape.
These strategic investments in both Fulcrum Metals and Panther
Australia contribute synergistically to Panther's overall business
model. The diversified portfolio ensures resilience against market
fluctuations, while the strategic positioning in different
geographical locations maximises exposure to valuable mining
markets. Panther's vision, coupled with these astute investments,
positions the Company as a formidable force in the mining
exploration sector, poised for sustained growth and success.
In Conclusion
Panther remains committed to its vision of a commercial
discovery while maintaining a dynamic and flexible approach. The
Company is backed by a robust network of financial and industry
partners worldwide.
As Panther continues to explore and develop its projects, the
Company's positive trajectory is poised to accelerate as we look to
contribute significantly to the mining and exploration sector in
both London and Canada.
For further information please contact:
Panther Metals PLC:
Darren Hazelwood, Chief Executive Officer: +44 (0)1462 429
743
+44 (0)7971 957 685
Joint Brokers:
Axis Capital Markets Limited +44 (0)20 3026 0449
Ben Tadd
Lewis Jones
Tavira Financial Limited +44 (0)20 3833 3743
Christopher James Kipling
SI Capital Limited +44 (0)1438 416 500
Nick Emerson
Notes to Editors
Panther 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.
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