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LONDON
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Released 07:00:01 28 January 2025
RNS Number : 0506V
Panthera Resources PLC
29 January 2025
29 January 2025
Panthera Resources Plc
("Panthera" or the "Company")
Arbitration Update
Gold exploration and development company Panthera Resources Plc (AIM: PAT), with assets i[illegible] provides the following update in relation to the Company's Australian subsidiary, Indo Gold [illegible] ("Claimant") claim against the Republic of India ("India") over the latter's alleged breach of the 1999 [illegible] Government of Australia and the Government of India on the Promotion and Protection of Investm[illegible]
Following the initial tribunal hearing held on 16 December 2024, the Company announces tha[illegible] further orders covering the next phase of the proceedings extending through 2025, including an o[illegible] its Memorial, including the Statement of Claim, on or before 16 May 2025.
Furthermore, the Company advises that certain basic information regarding the case is now ava[illegible] Court of Arbitration ("PCA") website:
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https://pca-cpa.org/en/cases/343/
The Company will provide further updates as available.
The Bhukia project comprises legal rights that the Company holds via its Australian subsidiary, IGPL, [illegible] was the subject of a rejected Prospecting Licence Application in Rajasthan lodged by Metal Mining [illegible] owned subsidiary of IGPL.
The Company made its initial investment in the Bhukia project (through IGPL) in or around 2004. [illegible] funding and managed the joint venture exploration programmes with MMI. IGPL alleged that [illegible] Prospecting Licence over the Bhukia project, through its joint venture holding, was denied and fru[illegible] period by the Government of Rajasthan ("GoR"). In 2021, India passed a new act ("MMDR2021") [illegible] Minerals (Development and Regulation) Act of 2015 ("MMDR2015"). Under Clause 13 of the MM[illegible] right to a Prospecting Licence and a Mining Lease was revoked.
By virtue of the measures it took resulting in the total loss of IGPL's investment, IGPL alleges that I[illegible] including but not limited to, Article 3 (Promotion and Protection of Investments), Article 4 (Treati[illegible] Article 7 (Expropriation and Nationalisation). IGPL is now seeking damages from India.
There can be no certainty as to the outcome of IGPL's Treaty claims.
IGPL completed a total of 20 holes drilled between 2005 and 2006 and in October 2006 reported [illegible] resource estimate of 38.5 Mt @ 1.4 g/t Au for some 1.74 Moz gold using a cutoff of 0.5 g/t Au (u[illegible] with JORC 2012). In 2007, the Company advised shareholders of its plan to undertake a first-p[illegible] campaign upon grant of a Prospecting Licence, on well-defined exploration targets of 6 Moz gold [illegible] was that the Bhukia project represented an exceptional gold project capable of supporting a larg[illegible] mining operation with low stripping ratios and copper and cobalt by-product credits.
The Geological Survey of India ("GSI") published a report in 2014 after the completion of over 150 [illegible] A (April 2014)), wherein it reported an indicated and inferred resource estimate of 6.7 Moz g[illegible] resources subsequently found through additional drilling by the GSI). The estimate was reportedly [illegible] UNFC code. More recently, the GoR issued a gazette notification containing an updated resource [illegible] 1.96 g/t and 0.14% Cu, which amounts to 7.2 Moz of gold plus copper credits, and also with ac[illegible] According to Indian law, the resource estimate was required to be prepared in accordance with t[illegible] Mineral Contents) Rules 2015 ("MEMCR") which are based on the United Nations Framework [illegible] Committee for Mineral Reserves International Reporting Standards (CRIRSCO), though modification [illegible] been made by India in formulating the terms of the MEMCR.
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More recently, India has auctioned part of the Bhukia project area (including the area containing [illegible] third party, Mr. Saiyyed Owais Ali. The terms of the winning bid were as follows:
The 'mineral share' to which India is entitled confers upon India fees equivalent to 65.3% of the val[illegible] ore extracted from the Bhukia project area during mining.
On 25 August 2023, the Company announced that IGPL had secured up to US$13.6 million in litig[illegible] with LCM Funding SG Pty Ltd ("LCM Funding" or the "Funder"). LCM Funding is a subsid[illegible] Management Limited ("LCM"), a firm quoted on the AIM Market of the London Stock Exchange [illegible] disputes funder with significant expertise in international arbitration and cross-border disp[illegible] investment treaty claims over mineral resource assets.
The non-recourse Facility is to be used by IGPL in prosecuting its Treaty claims against India. If no a[illegible] achieved, then LCM Funding is not entitled to any repayment of the Facility.
Panthera Resources PLC
Mark Bolton (Managing Director) +61 411 220 942
Allenby Capital Limited (Nominated Adviser & Joint Broker) +44 (0) 20 3328 5656
John Depasquale / Vivek Bhardwaj (Corporate Finance)
Guy McDougall / Kelly Gardiner
VSA Capital Limited (Joint Broker) +44 (0) 20 3005 5000
Andrew Monk / Andrew Raca
Novum Securities Limited (Joint Broker) +44 (0) 20 7399 9400
Colin Rowbury
Subscribe for Regular Updates
Follow the Company on Twitter at @PantheraPLC
For more information and to subscribe to updates visit: pantheraresources.com
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The technical information contained in this disclosure has been read and approved by Ian S Coop[illegible] FGS), who is a qualified geologist and acts as the Qualified Person under the AIM Rules - Note [illegible] Companies. Mr Cooper is a geological consultant to Panthera Resources PLC.
| JORC: | Australasian Code for Reporting of Mineral Resources and Ore Reserves' of Decemb[illegible] ("JORC Code") as prepared by the Joint Ore Reserves Committee of the Australasian Inst[illegible] Mining and Metallurgy. Terms including Measured, Indicated and Inferred Resources as [illegible] therein |
| Mt: | Million Tonnes (Metric) |
| g/t: | Grammes per Tonne (Metric) |
| Moz: | Million Ounces (Troy) |
| Au: | The chemical element for Gold |
This news release contains forward-looking statements that are based on the Company's current ex[illegible] Forward-looking statements are frequently characterised by words such as "plan", "expect", "pro[illegible] "anticipate", "estimate", "suggest", "indicate" and other similar words or statements that certain e[illegible] or "will" occur. Such forward-looking statements involve known and unknown risks, uncertainti[illegible] could cause actual events or results to differ materially from estimated or anticipated events or res[illegible] in such forward-looking statements. Such factors include, among others: the actual results of curr[illegible] conclusions of economic evaluations; changes in project parameters as plans continue to be refir[illegible] ore grade or recovery rates; accidents, labour disputes and other risks of the mining indu[illegible] governmental approvals or financing; and fluctuations in metal prices. There may be other factors [illegible] or results not to be as anticipated, estimated or intended. Any forward-looking statement speal[illegible] which it is made and, except as may be required by applicable securities laws, the Company disclain[illegible] to update any forward-looking statement, whether as a result of new information, future event[illegible] Forward-looking statements are not guarantees of future performance and accordingly, undue relia[illegible] such statements due to the inherent uncertainty therein.
**ENDS**
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