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Released 07:31:15 09 January 2025
RNS Number : 8960S
Panthera Resources PLC
10 January 2025
The information contained within this announcement is deemed by the Company to constitute
stipulated under the UK Market Abuse Regulation
10 January 2025
Panthera Resources Plc
("Panthera" or the "Company")
Arbitration Update
Gold exploration and development company Panthera Resources Plc (AIM: PAT), with assets i
provides the following update in relation to the Company's Australian subsidiary, Indo Gold F
"Claimant") claim against the Republic of India ("India") over the latter's breach of the 1999
Government of Australia and the Government of India on the Promotion and Protection of Investm
On 26 July 2024, the Company announced that IGPL had formally issued a Notice of Arbitration ("N
the Bhukia project (the "Arbitration"). On 16 December 2024, the Company announced that the ir
"Initial Hearing") had been held.
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Following the Initial Hearing, the Company now announces that the parties and the tribunal ha
appointment (the "ToA") to the Arbitration. Amongst other terms and conditions outlined in the
tribunal have agreed to:
The Company will provide further updates, including the timetable, as available.
The Bhukia project comprises legal rights that the Company holds via its Australian subsidiary, IGPL,
was the subject of a rejected Prospecting Licence Application in Rajasthan lodged by Metal Mining
owned subsidiary of IGPL.
The Company made its initial investment in the Bhukia project (through IGPL) in or around 2004.
funding and managed the joint venture exploration programmes with MMI. IGPL's right to be gran
over the Bhukia project, through its joint venture holding, was denied and frustrated over an
Government of Rajasthan ("GoR"). In 2021, India passed a new act ("MMDR2021") to amend
(Development and Regulation) Act of 2015 ("MMDR2015"). Under Clause 13 of the MMDR2021,
Prospecting Licence and a Mining Lease was revoked.
By virtue of the measures it took resulting in the total loss of IGPL's investment, India breached the
limited to, Article 3 (Promotion and Protection of Investments), Article 4 (Treatment of Inv
(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
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
with JORC 2012). In 2007, the Company advised shareholders of its plan to undertake a first-p
campaign upon grant of a Prospecting Licence, on well-defined exploration targets of 6 Moz gold
was that the Bhukia project represented an exceptional gold project capable of supporting a larg
mining operation with low stripping ratios and copper and cobalt by-product credits.
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The Geological Survey of India ("GSI") published a report in 2014 after the completion of over 150
A (April 2014)), wherein it reported an indicated and inferred resource estimate of 6.7 Moz &
resources subsequently found through additional drilling by the GSI). The estimate was reportedly
UNFC code. More recently, the GoR issued a gazette notification containing an updated resource
1.96 g/t and 0.14% Cu, which amounts to 7.2 Moz of gold plus copper credits, and also with acı
According to Indian law, the resource estimate was required to be prepared in accordance with
Mineral Contents) Rules 2015 ("MEMCR") which are based on the United Nations Framework
Committee for Mineral Reserves International Reporting Standards (CRIRSCO), though modification
been made by India in formulating the terms of the MEMCR.
More recently, India has auctioned part of the Bhukia project area (including the area containing
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
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
with LCM Funding SG Pty Ltd ("LCM Funding" or the "Funder"). LCM Funding is a subsid
Management Limited ("LCM"), a firm quoted on the AIM Market of the London Stock Exchange
disputes funder with significant expertise in international arbitration and cross-border disp
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
achieved, then LCM Funding is not entitled to any repayment of the Facility.
Panthera Resources PLC
Mark Bolton (Managing Director)
+61 411 220 942
[email protected]
Allenby Capital Limited (Nominated Adviser & Joint Broker)
John Depasquale / Vivek Bhardwaj (Corporate Finance)
Guy McDougall / Kelly Gardiner
+44 (0) 20 3328 5656
VSA Capital Limited (Joint Broker)
+44 (0) 20 3005 5000
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Andrew Monk / Andrew Raca
Novum Securities Limited (Joint Broker)
Colin Rowbury
+44 (0) 20 7399 9400
Follow the Company on Twitter at @PantheraPLC
For more information and to subscribe to updates visit: pantheraresources.com
The technical information contained in this disclosure has been read and approved by Ian S Coop
FGS), who is a qualified geologist and acts as the Qualified Person under the AIM Rules - Note
Companies. Mr Cooper is a geological consultant to Panthera Resources PLC.
JORC: Australasian Code for Reporting of Mineral Resources and Ore Reserves' of Decemb
("JORC Code") as prepared by the Joint Ore Reserves Committee of the Australasian Inst
Mining and Metallurgy. Terms including Measured, Indicated and Inferred Resources as
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
Forward-looking statements are frequently characterised by words such as "plan", "expect", "pro
"anticipate", "estimate", "suggest", "indicate" and other similar words or statements that certain e
or "will" occur. Such forward-looking statements involve known and unknown risks, uncertainti
could cause actual events or results to differ materially from estimated or anticipated events or res
in such forward-looking statements. Such factors include, among others: the actual results of curr
conclusions of economic evaluations; changes in project parameters as plans continue to be refir
ore grade or recovery rates; accidents, labour disputes and other risks of the mining indu
governmental approvals or financing; and fluctuations in metal prices. There may be other factors
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or results not to be as anticipated, estimated or intended. Any forward-looking statement speal
which it is made and, except as may be required by applicable securities laws, the Company disclain
to update any forward-looking statement, whether as a result of new information, future event:
Forward-looking statements are not guarantees of future performance and accordingly, undue relia
such statements due to the inherent uncertainty therein.
**ENDS**
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