Final Results

RNS Number : 0517X

Panther Metals PLC

29 April 2021

 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY IN OR INTO AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA, THE UNITED STATES OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION.

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF REGULATION 2014/596/EU (WHICH FORMS PART OF DOMESTIC UK LAW PURSUANT TO THE EUROPEAN UNION (WITHDRAWAL) ACT 2018) ("UK MAR"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION (AS DEFINED IN UK MAR) IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

FOR IMMEDIATE RELEASE

PANTHER METALS PLC

("Panther" or the "Company")

(Incorporated in the Isle of Man with company number 009753V)

29 April 2021

Final Results

Panther Metals PLC (LSE:PALM) the company focused on mineral exploration in Canada and Australia, is pleased to release its final results for the 12 month period ended 31^st December 2020.

During the year, Panther continued to strengthen its existing portfolio of assets in Canada through the purchase of additional ground on the Big Bear Project following positive field work results in 2020. The company also added the prospective Dotted Lake property located approximately 16km north of the Barrick owned Hemlo gold mine.

In Australia, Panther successfully completed the purchase of the Merolia Project in the Eastern Goldfields of Western Australia and also undertook field visits on both its assets in the Northern Territory.

The full 2020 annual report is available at our website via the following link.

www.panthermetals.co.uk/investors/financial-reports

Information relating to the Annual General Meeting will be released shortly.

Kerim Sener, Chairman, commented:

"With the uncertainties of the past year now hopefully behind us, we have developed the business to a point at which the portfolio may be rapidly commercialised. We are advancing various strategies to add value to the portfolio, such that component parts may achieve self-sustainability and in which Panther will retain a significant position, through joint ventures, partial divestment in subsidiaries or even project sales. Your board is committed to finding ways to add maximum value within the shortest possible timeframe and accordingly is forever on the lookout for opportunities to develop and enhance the project pipeline of the company.

Importantly, the company is positioning itself strategically to focus its activities on orogenic gold systems in Archaean and Paleoproterozoic geological settings. These systems account for the majority of all gold mined globally and occur across cratons (ancient continental crust) preserved in places across the world's continents. Our efforts in both Canada and Australia, to date, have incidentally been successfully focused on such terranes already. While our remit is to explore in such low-risk jurisdictions will continue, we fully expect to build our project pipeline in other areas in which the selection criteria of low jurisdictional risk is matched by the geological perspectivity of orogenic gold systems in Archaean and Paleoproterozoic settings".

Panther Metals PLC:

Darren Hazelwood, Chief Executive Officer:   [phone]

[phone]

Mitchell Smith, Chief Operating Officer:  [phone]

Broker:

SI Capital Limited

Nick Emerson      [phone]

PANTHER METALS PLC

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2020

	Notes	Year ended 31 December 2020 £	Year ended 31 December 2019 £
Revenue		-	-
Cost of sales		-	-
Gross profit		-	-
Administrative expenses		(442,092)	(291,307)
Share-based payment charge	16	(155,747)	(153,524)
IPO costs		(80,423)	(305,134)
Settlement of financial liability through issue of shares		-	-
Operating loss		(678,262)	(749,965)
Finance and other income	7	10,064	17
Loss on discontinued operations	2	-	-
Loss before taxation		(668,198)	(749,948)
Taxation		-	-
Loss for the period		(668,198)	(749,948)
Other comprehensive income		-	-
Total comprehensive loss for the period		(668,198)	(749,948)
Loss attributable to:
Equity holders of the company:
Continuing operations		(668,198)	(749,948)
Discontinuing operations		-	-
		(668,198)	(749,948)
Basic and diluted loss per share (pence)	9	(1.32)p	(2.39)p

CONSOLIDATED AND COMPANY STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2020

		Group			Company
	Notes	As at 31 December 2020 £	As at 31 December 2019 £	As at 31 December 2020 £		As at 31 December 2019 £
Non-current assets
Goodwill	4	553,656	553,656	-		-
Exploration and evaluation assets	10	736,567	316,966	-		-
Investments	11	-	-	635,333		635,333
Total non-current assets		1,290,223	870,622	635,333		635,333
Current assets
Receivables	12	93,922	8,045	1,013,791		231,136
Cash at bank and in hand	13	241,194	6,328	-		1,582
Total current assets		335,116	14,373	1,013,791		232,718
Total assets		1,625,339	884,995	1,649,124		868,051
Current liabilities
Trade and other payables	14	(107,423)	(470,769)	(59,911)		(439,038)
Total liabilities		(107,423)	(470,769)	(59,911)		(439,038)
Net assets		1,517,916	414,226	1,589,213		429,013
Capital and reserves
Called up share capital	15	3,675,421	1,958,071	3,675,421		1,958,071
Share-based payment reserve	16	397,331	342,793	397,331		342,793
Retained losses		(2,554,836)	(1,886,638)	(2,483,539)		(1,871,851)
Total equity		1,517,916	414,226	1,589,213		429,013

The financial statements of Panther Metals PLC, registered number 009753V (Isle of Man), were approved by the board of directors and authorised for issue on 27 April 2021. They were signed on its behalf by:

D Hazelwood

Chief Executive Officer

CONSOLIDATED AND COMPANY STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2020

		Group		Company
	Notes	For the year ended 31 December 2020 £	For the year ended 31 December 2019 £	For the year ended 31 December 2020 £	For the year ended 31 December 2019 £
Cash flows from operating activities
Loss for the financial year		(668,198)	(749,948)	(611,688)	(728,161)
Adjusted for:
Interest received	7	(64)	(17)		-
Share-based payment charge	16	155,747	153,524	155,747	153,234
Settlement of financial liability through issue of shares	16		-	-	-
Grant income	7	(10,000)	-	(10,000)	-
Foreign exchange		-	(1,485)	-	-
(Increase)/decrease in receivables		(85,877)	(857)	(782,655)	41,403
Increase in cash held by related party shown as receivables		-	68,270	-	68,270
Increase/(decrease) in payables		(273,345)	345,166	(289,126)	315,589
Net cash used in operating activities		(881,737)	(185,347)	(1,537,722)	(149,665)
Investing activities
Interest received		64	17	-	-
Cash spent on exploration activities		(359,570)	(41,265)	60,031	-
Cash received on acquisition of a subsidiary		-	81,676	-	-
Net cash generated from/(used in) investing activities		(359,506)	40,428	60,031	-
Financing activities
Proceeds from issuing shares	15	1,373,000	130,000	1,373,000	130,000
Proceeds from conversion of warrants		93,109	-	93,109	-
Grant income received	7	10,000	-	10,000	-
Proceeds from directors exercising share options		-	20,000	-	20,000
Net cash generated from financing activities		1,476,109	150,000	1,476,109	150,000
Net decrease in cash and cash equivalents		234,866	5,081	(1,582)	335
Cash and cash equivalents at beginning of year		6,328	1,247	1,582	1,247
Cash and cash equivalents at end of year		241,194	6,328	-	1,582

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2020

Group	Notes	Share capital £	Share based payment reserve £	Retained losses £	Total £
Balance at 1 January 2019		1,184,331	246,878	(1,136,690)	294,519
Loss for the year		-	-	(749,948)	(742,948)
Total comprehensive loss for the year		-	-	(749,948)	(749,948)
Transactions with owners of the company
Shares issued	15	130,000	-	-	130,000
Shares issued to acquire exploration and evaluation assets	15	7,647	-	-	7,647
Shares issued to acquire a subsidiary	15	545,332		-	545,332
Shares issued upon directors exercising share options	15	90,761	(70,761)	-	20,000
		773,740	(70,761)	-	702,979
Other transactions
Debit relating to equity-settled share-based payments	16	-	(29,663)	-	(29,663)
Subscription warrants issued	16	-	196,339	-	196,339
Balance at 31 December 2019		1,958,071	342,793	(1,886,638)	414,226
Loss for the year		-	-	(668,198)	(668,198)
Total comprehensive loss for the year		-	-	(668,198)	(668,198)
Transactions with owners of the company
Shares issued	15	1,373,000	-	-	1,373,000
Shares issued for services provided	15	90,000	-	-	90,000
Shares issued to acquire exploration and evaluation assets	15	92,910	-	-	92,910
		1,555,910	-	-	1,555,910
Other transactions
Placing warrants issued	16	-	148,989	-	148,989
Shares issued upon exercise of warrants	16	161,440	(61,572)	-	99,868
Forfeited options	16	-	(32,879)	-	(32,879)
Balance at 31 December 2020		3,675,421	397,331	(2,554,836)	1,517,916

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2020

Company	Notes	Share capital £	Share based payment reserve £	Retained losses £	Total £
Balance at 1 January 2019		1,184,331	246,878	(1,143,690)	287,519
Loss for the year		-	-	(728,161)	(728,161)
Total comprehensive loss for the year		-	-	(728,161)	(728,161)
Transactions with owners of the company
Shares issued	15	130,000	-	-	130,000
Shares issued to acquire exploration and evaluation assets	15	7,647	-	-	7,647
Shares issued to acquire a subsidiary	15	545,332		-	545,332
Shares issued upon directors exercising share options	15	90,761	(70,761)	-	20,000
		773,740	(70,761)	-	702,979
Other transactions
Debit relating to equity-settled share-based payments	16	-	(29,663)	-	(29,663)
Subscription Warrants issued	16	-	196,339	-	196,339
Balance at 31 December 2019		1,958,071	342,793	(1,871,851)	429,013
Loss for the year		-	-	(611,688)	(611,688)
Total comprehensive loss for the year		-	-	(611,688)	(611,688)
Transactions with owners of the company
Shares issued	15	1,373,000	-	-	1,373,000
Shares issued for services provided	15	90,000	-	-	90,000
Shares issued to acquire exploration and evaluation assets	15	92,910	-	-	92,910
		1,555,910	-	-	1,555,910
Other transactions
Placing warrants issued	16	-	148,989	-	148,989
Shares issued upon exercise of warrants	16	161,440	(61,572)	-	99,868
Forfeited options	16	-	(32,879)	-	(32,879)
Balance at 31 December 2020		3,675,421	397,331	(2,483,539)	1,589,213

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

1  Accounting policies

1.1.  Basis of preparation

Panther Metals PLC is a public limited company incorporated in the Isle of Man.

The consolidated financial statements of Panther Metals PLC and its subsidiaries (together, "the Group") are presented as required by the Companies Act 1982 (Isle of Man). As permitted by that Act, the financial statements have been prepared in accordance with International Financial Reporting Standards as adopted by the European Union.

The financial statements have been prepared on the historical cost basis. The principal accounting policies that have been adopted by the Company in the preparation of these financial statements are set out below and have been consistently applied to all periods presented.

1.2.  Going concern

The Company successfully raised £1.37 million in the year ended 31 December 2020, starting with £823,000 upon the placing of the Company's share on the Main Market of the London Stock Exchange in January 2020 followed by two further rounds of fundraising of £250,000 in July 2020 and £300,000 in December 2020. As a junior exploration company, the Directors are aware that the Company must seek funds from the market in the next 12 months to meet its investment and exploration plans and to maintain its listing status.  A successful fundraising presents a material uncertainty that may cast doubt on the Group's ability to continue to operate as planned and to pay its liabilities as they fall due for a period not less than twelve months from the date of this report.

As at the year-end date the Group had total cash reserves of £241,194 (2019: £6,328). On 21st April 2021, the Company announced the completion of a private placing for a total of 1,666,666 Ordinary Shares at a price of 12p following an unsolicited approach from two high net worth investors raising a total of £200,000. The directors are aware of the reliance on fundraising within the next 12 months and the material uncertainty this presents but having reviewed the Group's working capital forecasts they believe the Group is well placed to manage its business risks successfully providing the fundraising is successful. The financial statements have been prepared on a going concern basis and do not include adjustments that would result if the Group was unable to continue in operation.

The Company has acted quickly to mitigate the short-term risk presented following the rapid spread of COVID-19 across the globe. The reduction in our cost base, combined with the restrictions on movement (directly effecting our ability to access our exploration property's) leaves the business in a strong financial position in cash terms.

The medium to long term effects of the virus are an unknown to us all but the Company will monitor developments across our portfolio and act accordingly. We note the positive impact on the gold price, and we believe we are in a strong position should future opportunities arise.

1.3.  Basis of consolidation

The consolidated financial statements incorporate the financial statements of the Company and its subsidiary undertaking. The results of subsidiaries acquired or disposed of during the year are included in the consolidated income statement from the effective date of acquisition or up to the effective date of disposal, as appropriate.

All business combinations are accounted for using the acquisition method of accounting.

Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by other members of the Group. All intra-group transactions, balances, income and expenses are eliminated in full on consolidation.

1.4.  Foreign currencies

Functional and presentation currency

The consolidated financial statements are presented in Pounds Sterling, which is the Group's presentation currency and the functional currency of the holding company Panther Metals PLC.

Items included in the financial statements of the subsidiaries are measured using the currency of the primary economic environment in which the entity operates (the 'functional currency').

In the year ended 31 December 2018 the functional currency of the Company's subsidiary, Lonnus was the Malaysian Ringgit (RM) which was the currency of the environment in which the Company principally operated in during this time. The subsidiary is now dormant.

The functional currency of Panther Canada is the Canadian Dollar (CAD) which is the currency of the environment in which the subsidiary operates.

The functional currency of Panther Australia and its wholly owned non trading subsidiary Parthian Resources (HK) Limited is the Australian Dollar (AUD) which is the currency of the environment in which the trading subsidiary operates.

Transactions and balances

The assets and liabilities of the Company's foreign operations are translated at exchange rates prevailing on the date of the accounts. Income and expense items are translated at exchange rates ruling at the date of the transactions. Exchange differences arising, if any, are classified as income or as expenses in the period in which they arise.

1.5.  Exploration and evaluation assets

Exploration and evaluation assets represent the cost of acquisitions by the Group of rights and licences. All costs associated with the exploration and investment are capitalised on a project-by-project basis, pending determination of the feasibility of the project. Costs incurred include appropriate technical and administrative expenses, but not general overheads and these assets are not amortised until technical feasibility and commercial viability is established.

If an exploration project is successful, the related expenditures will be transferred to mining assets and amortised over the estimated life of the reserve. Where a licence is relinquished or a project abandoned, the related costs are written off. The recoverability of all exploration and development costs is dependent upon the discovery of economically recoverable reserves, the ability of the Group to obtain necessary financing to complete the development of reserves and future profitable production or proceeds from the disposition thereof.

1.6.  Investments

Investments are stated at cost less any provision for impairment.

1.7.  Trade and other receivables

Trade and other receivables are carried at original invoice amount less provision made for impairment of these receivables. A provision for impairment of trade and other receivables is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables. The amount of the provision is the difference between the assets' carrying amount and the recoverable amount. Provisions for impairment of receivables are included in the income statement.

1.8.  Trade and other payables

Trade and other payables represent liabilities for goods and services provided to the Company prior to the financial year, which are unpaid. Current liabilities represent those amounts falling due within one year. 

1.9.  Equity instrument

An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all its liabilities. Equity instruments issued by the Group are recognised as the proceeds received, net of direct issue costs.

The costs of an equity transaction are accounted for as a deduction from equity to the extent they are incremental costs directly attributable to the equity transaction that would otherwise have been avoided.

The Company's Ordinary Shares are classified as equity instruments and are shown within the share capital and the share premium reserves.

1.10.  Share based payments

For such grants of share options, the fair value as at the date of grant is calculated using the Black-Scholes option pricing model, considering the terms and conditions upon which the options were granted. The amount recognised as an expense is adjusted to reflect the actual number of share options that are likely to vest.

For cash liabilities settled by issuing shares the fair value as at the date of issue is deemed to be the market value of the shares issued.

The share-based payments reserve is used to recognise the value of equity-settled share-based payments, see to note 16 for further details.

1.11.  Other income- Grant income

Income from Government grants, whether capital or revenue grants, is recognised when the Company has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received, and the amount can be measured reliably.

1.12.  New IFRS standards and interpretations not applied

The following standards and amendments became effective in the year:

· IFRS 16 Leases;

· IFRIC 23 Uncertainty over income tax treatments;

· amendment to IFRS 9 Prepayment features with negative compensation and modifications of financial liabilities; and

· amendments as a result of Annual Improvements 2015-2017 Cycle.

There were no IFRS standards or IFRIC interpretations adopted for the first time in these financial statements that had a material impact on the Group/Company's financial statements.

At the date of approval of these financial statements, the following Standards and Interpretations which may be applicable to the Group, but have not been applied in these financial statements, were in issue but not yet effective:

· amendment to IFRS 3 Clarifying the definition of a business;

· amendment to IAS 1 Definition of Material and Classification of liabilities;

· IAS 8 Definition of Material;

· IAS 37 Costs to include when assessing whether a contract is material;

· amendment to IFRS 7, IFRS 9 and IFRS 16 Amendments regarding pre-replacement issues in the context of the IBOR reform; and 

· Annual Improvements to IFRS Standards 2018-2020 Cycle.

  The Group does not expect that the standards and amendments issued but not yet effective will have a material impact on results or net assets.

2  Critical accounting estimates and judgements

The preparation of financial statements in conformity with International Financial Reporting Standards, as adopted by the EU, requires the use of accounting estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Although these estimates are based on management's best knowledge of current events and actions, actual results ultimately may differ from those estimates.

Share-based payments

The Company issued share options to certain Directors and to professional advisers. The Black-Scholes model is used to calculate the appropriate cost for these options. The use of this model to calculate a cost involves using several estimates and judgements to establish the appropriate inputs to be entered into the model, covering areas such as the use of an appropriate interest rate and dividend rate, exercise restrictions and behavioural considerations. A significant element of judgement is therefore involved in the calculation of the cost.

Exploration and evaluation assets

The fair value of the Big Bear Gold Project licences, the Dotted Lake Project licences cannot be reliably estimated. The licence areas are at the very early stages of exploration and whilst historical data, geophysics, exploration of the surrounding area and other mining operations along the greenstone belt exist, until any mineral deposits are fully understood the directors cannot determine its fair value reliably. The directors have therefore chosen to value the licences by reference to the equity instruments granted and measured at the date of acquisition.

The fair value of the Annaburroo Gold Project, Marrakai Gold Project, Laverton Project, and Denny's Gully Project licences cannot be reliably estimated. The licence areas are at the very early stages of exploration and whilst historical data, geophysics, exploration of the surrounding area and other mining operations along the greenstone belt exist, until any mineral deposits are fully understood the directors cannot determine its fair value reliably. The directors have therefore chosen to value the licences by reference to the equity instruments granted and measured at the date of acquisition.

The Group determines that exploration costs are capitalised at the point the Group has a valid exploration licence. The future recoverability of capitalised exploration and evaluation expenditure is dependent on several factors, including the level of potential resources and whether the Group's licences remain in good standing.

The directors have considered indicators of impairment as set out in IFRS 6 and do not believe any such conditions exist and therefore they have not carried out an impairment review.

Where the directors identify indicators of impairment IFRS 6 requires an impairment test to be carried out in accordance with IAS 36. To the extent that it is determined in the future that this capitalised expenditure should be impaired, this will reduce profits and net assets in the period in which this determination is made.

The directors believe that there are no other areas that involve a high degree of judgement or complexity, or areas where assumptions and estimates are significant to these financial statements. 

Goodwill on acquisition

The directors have assessed the fair value of the assets and liabilities of Panther Australia at the date of acquisition. In their assessment the directors have carried out a review of the subsidiaries exploration costs incurred prior to acquisition, that have been expensed to the income statement, and considered whether those costs should be capitalised in line with the Group's exploration and evaluation asset accounting policy.

The directors do not consider the exploration work carried out by Panther Australia, prior to acquisition, to be part of the Group's current exploration strategy and do not believe these projects to be commercially viable or feasible. Exploration costs expensed to date have not been capitalised as assets upon acquisition and are therefore not included in the calculation of goodwill arising on acquisition as set out in note 4.

The directors have made a further assessment of the fair value of the goodwill as at 31 December 2020 in order to identify any indicators of impairment. The assessment referred to recent market transactional data on sites near the Panther Australia assets and with the same geological features. The directors have satisfied themselves that based on that evaluation and considering the exploration assets currently in development in Panther Australia, no indications of impairment exist.

3  Segmental information

  Continuing activities- Panther Canada

On 10 September 2018 Panther Canada completed its first acquisition of a prospective gold and metals project, known as the Big Bear Gold Project, located in north-western Ontario, Canada. Throughout the years ended 31 December 2020 and 2019 the Group has acquired additional land extending the coverage of the Big Bear Gold Project from 69 individual claim units to 171 individual mining claims including the following;

· On 22 May 2019 it acquired additional ground known as Little Bear North immediately to the north of the Big Bear Gold Project

· On 28 May 2019 announced the acquisition of Big Duck Creek

· On 5 June 2019 the Little Bear Mine area, previously a patented claim wholly enclosed by the acquisition made on 22 May 2019, was transferred into the Company

· On 23 September 2019 acquired four packages of mining claims, the Worthington Property; the Cook Lake Group: the Worthington Extension Group; and Hays Lake Group.

· On 18 February 2020 Panther Metals (Canada) Limited ("Panther Canada") lodged exploration permit applications with the Ministry of Energy, Northern Development and Mines ("ENDM"), to cover the parts of the Big Bear Gold Project areas which were not covered by the pre-existing permit.

· In June 2020, a helicopter survey (airborne electromagnetic and magnetic geophysics) was undertaken on the project.

· After this, in July 2020,19 additional mining claims were acquired, enlarging the Big Bear Project.

· In September 2020, 28 mining claims were staked on areas bordering and supplementing the Big Bear Project.

· Further geological survey work was undertaken in the year ended 31 December 2020, with a field exploration programme in May 2020, line cutting in July 2020 and rock sampling between July and 22^nd October 2020 (when the first of the winter snow falls signified the start of winter).

On 13^th July 2020 Panther Canada acquired licences in the Dotted Lake area, comprising 39 cells located 20km from a successful gold mine.  From this platform:

· On 27 July 2020, 135 mining claims cells were acquired significantly increasing the project area

· Geological survey work was undertaken in September 2020 with a helicopter survey in October 2020 and rock sampling in November 2020, such work sufficient for Panther Canada to be preparing to facilitate diamond drill testing of high property targets on the property in 2021.

As at 31 December 2020 the exploration and evaluation asset totalled £521,862 (2019: £315,293) relating to project expenditure.

In the financial years to 31 December 2020 and 2019 Panther Canada did not record any turnover and recorded a loss of £576 (2019: £2,453) attributable to administrative costs. All other expenses were capitalised and held as evaluation and exploration assets in accordance with the Group's accounting policy.

  Continuing activities- Panther Australia

On 15 March 2019, the Company acquired Panther Australia, a business seeking mining and natural resource opportunities in Australia. Further details of the acquisition are provided in note 4.  Panther Australia has a wholly owned non trading subsidiary, Parthian Resources (HK) Limited registered and domiciled in Hong Kong. Parthian Resources (HK) Limited did not record any turnover and recorded a loss of £4,308 (2019: £2,770) due to administrative costs.

On 22 October 2019 Panther Australia was granted its first exploration licence named the Marrakai Project and on 10 February 2020 it was awarded its second licence, named the Annaburroo Gold Project, both located in the Northern Territory, Australia. Throughout the year ended 31 December 2020, further investment was made in relation to the Annaburroo and Marrakai projects by the Group with geological services being provided on the project, including desktop reviews, airborne surveys, geomagnetic surveys, mapping, and geophysics services.

In November 2020, Panther Australia acquired five licences in relation to the Laverton Project, in the immediate vicinity of the Merolia Gold Project. Panther Australia paid an option fee in relation to Bluebrook Bonanza to acquire these tenements. The option agreement expires on 31^st July 2021 but can be extended with written agreement from both parties.

In December 2020, Panther Australia completed the acquisition of the exclusive rights to take 2 licences through to a JORC resource in relation to the Denny's Gully Project (Queensland).

In December 2020, Panther Australia acquired 100% of the Merolia Gold Project from White Cliffs Limited, with a payment in cash and the issue of 734,470 shares in Panther Metals PLC. An additional payment of AUD$1.25 per ounce of gold is to be made to White Cliffs Limited if a JORC resource is defined (not currently provided for due to the inherent uncertainties in defining a JORC resource).

As at 31 December 2020, the exploration and evaluation asset totalled £214,705 (2019: £1,673) relating to project expenditure. Panther Australia has not recorded any turnover in the period from acquisition to 31 December 2020 and has recorded a loss of £27,035 (2019: £3,465) attributable to administrative costs.

Geographical segments

The Group's assets and liabilities are split by geographic location in the table below.

	As at 31 December 2020
				Canada	Australia	Hong Kong	Isle of Man	Group
				£	£	£	£	£
	Total assets			541,865	789,819	-	1,649,124	1,625,339
	Total liabilities			(543,741)	(739,451)	(6,130)	(59,911)	(107,423)
	Net assets			(1,876)	50,368	(6,130)	1,589,213	1,517,916

	As at 31 December 2019
				Canada	Australia	Hong Kong	Isle of Man	Group
				£	£	£	£	£
	Total assets			315,293	81,903	1,358	868,051	884,995
	Total liabilities			(317,745)	(4,500)	(3,180)	(439,038)	(470,769)
	Net assets			(2,452)	77,403	(1,822)	429,013	414,226

4  Acquisition of Panther Australia

The fair value of the assets acquired, and liabilities assumed were as follows:

			£
	Goodwill on acquisition		553,656
	Cash and cash equivalents		81,676
			635,332
,	Fair value of issue and in-specie distribution		545,332
	Deferred consideration		90,000
			635,332

Panther Australia was acquired by the Company through the issue and in specie distribution of 99,151,520 Old Ordinary Shares fully paid and deferred consideration in the form of 1,500,000 Ordinary Shares fully paid and issued on 9 January 2020 as part of the Placing and Admission of the Company's shares to trading on the Main Market of the London Stock Exchange. Panther Australia is a 100% wholly owned subsidiary of the Company.

On 15 March 2019, the Old Ordinary Shares issued had a market value of £0.005 per share giving rise to consideration of £545,332. The shares issued as part of the Placing had a value of £0.06 per share giving rise to deferred consideration of £90,000. The fair value of the consideration totals £635,332 and the net assets of Panther Australia totalled £81,676 resulting in goodwill on acquisition of £553,656.

Goodwill arising on acquisition represents the excess of the cost of the acquisition over the fair value of the subsidiary's identifiable assets and liabilities acquired. Further details of the Directors' assessment of the fair value of the subsidiary's assets and liabilities are included in note 2.

5  Operating loss

		Year ended  31 December 2020 £	Year ended  31 December 2019 £
	Operating loss has been arrived at after charging:
	Loss on foreign exchange	3,003	1,485
	Auditors remuneration - audit fees	18,000	18,000

6  Employees

There were no employees of the Group during the year. Director's remuneration is separately disclosed in the Director's Remuneration Report on page 22 to 29.

7  Finance and other income

		Year ended  31 December 2020 £	Year ended  31 December 2019 £
	Bank interest received	64	17
	Grants received	10,000	-
		10,064	17

The Government put together a package of temporary measures to support businesses through this period of disruption caused by the Coronavirus pandemic. The Company was eligible for a one-off grant of £10,000.

8  Taxation

		Year ended  31 December 2020 £	Year ended  31 December 2019 £
	Current tax	-	-
	Deferred tax	-	-

  No reconciliation of the factors affecting the tax charge has been presented as the Company is incorporated in the Isle of Man which has a corporation tax rate of 0%.

9  Loss per share

The basic loss per share for the period of -1.32p (2019: - 2.39p) is calculated by dividing the loss for the period by the weighted average number of Ordinary Shares in issue of 50,789,407 (2019:  31,091,275 Ordinary Shares).

Note 15 provides details of the share issues during the year ended 31 December 2020.

There are 16,815,000 potentially issuable shares all of which relate to share options issued to Directors and professional advisers under option (see note 16), the weighted average number of potential Ordinary Shares in issue is 67,604,407 (2019: 32,341,275 Ordinary Shares). Due to the losses for the period the diluted loss per share is anti-dilutive and therefore has been kept the same as the basic loss per share of -1.32p per share.

The basic and diluted loss per share for discontinuing operations for the year is nil (2018: 0.14p rebased following the Share Consolidation).

10  Exploration and evaluation assets

	Group	Canada	Australia	Total
		£	£	£
	Net book value
	At 1 January 2020	315,293	1,673	316,966
	Additions	206,569	213,032	419,601
	At 31 December 2020	521,862	214,705	736,567

Canada Exploration and Evaluation Assets

On 10 September 2018, the Group completed the acquisition of a prospective gold and base-metals project, known as the Big Bear Gold Project, located in north-western Ontario, Canada. The total consideration for the acquisition comprised of cash payments totalling CAD$ 33,000 and the issuance of 19,146,664 Old Ordinary Shares.

On 22 May 2019, Panther Canada acquired additional mining claims covering ground immediately to the north of the Company's Big Bear asset in Ontario, Canada. Part of the consideration for these mining claims was $10,000 of Company shares at the market price prevailing at that time. 1,176,470 Old Ordinary Shares were issued totalling £7,647.

In mid-2020,12 additional mining claims were acquired on the Big Bear Project.  Further geological survey work was undertaken with a helicopter survey in June 2020, line cutting in July 2020 and rock sampling between July and November 2020. Project work amounted to £152,463.

On 13th July 2020 Panther Canada acquired licences in the Dotted Lake area for £15,628. Geological survey work was undertaken in September 2020 with a helicopter survey in October 2020 and rock sampling in November 2020, amounting to £53,106.

Australia Exploration and Evaluation Assets

On 22 October 2019 Panther Australia was granted its first exploration licence named the Marrakai Project and on 10 February 2020 it was awarded its second licence, named the Annaburroo Gold Project both located in the Northern Territory, Australia. Throughout the year ended 31 December 2020, further investment was made in relation to the Annaburroo and Marrakai projects by the Group with geological services to the value of £11,851 being provided on the project, including airborne surveys, geomagnetic surveys, mapping, and geophysics services.

In November 2020, Panther Australia acquired 5 licences for £1,445 in relation to the Laverton Project. In November 2020, Panther Australia paid an option fee of AUD $25,000 (£14,000) in relation to Bluebrook Bonanza.

In December 2020, Panther Australia completed the acquisition of the exclusive rights to take 2 licences through to a JORC resource, paying £27,745 in relation to Denny's Gully Project (Queensland).

In December 2020, Panther Australia acquired the Merolia Gold Project from White Cliffs Limited, with an AUD$112,500 payment in cash and the issue of 734,473 shares of 12.65p in Panther Metals PLC, a total value in sterling of £155,576.

The fair value of the licences cannot be reliably measured without further exploratory work carried out in the area covered by the licences. As such the fair value has been determined by reference to the market price of the shares issued at the acquisition date (see note 16). This has been included within Exploration and Evaluation assets of £736,567 (2018: £316,966) noted above.

None of the Group's exploration and evaluation assets are owned by the Company.

The technical feasibility and commercial viability of extracting a resource are not yet demonstrable in the above exploration and evaluation assets. When technical feasibility and commercial viability is established, and the criteria is met they will be transferred to Property, Plant and Equipment.

11  Fixed asset investments

  Company

Movements in fixed asset investments						Investments in subsidiaries £
	Cost
	At 1 January 2019				1
	Addition				635,332
	Impairment				-
	At 31 December 2019				635,333
	Additions				-
	At 31 December 2020				635,333
	Net book value
	At 31 December 2020				635,333
	At 31 December 2019				635,333

On 15 March 2019, the Company acquired the entire issued share capital of Panther Australia, a company domiciled in Australia and its wholly owned non-trading subsidiary Parthian Resources (HK) Limited. Panther Australia was acquired through the issue and in-specie distribution of 99,151,250 Old Ordinary Shares. The market price of the shares at that time was 0.55 pence giving rise to consideration of £545,332. Deferred consideration of £90,000 is also included in the investment total and represents 1,500,000 Ordinary Shares at 6 pence per share issued to Australian consultants as part of the Placing on 9 January 2020.

The Company's investments at the balance sheet date comprise ownership of the ordinary share capital of the following companies:

	Subsidiary	Ownership	Country of Incorporation	Nature of business
	Lonnus (M) Sdn Bhd	100%	Malaysia	Dormant
	Panther Metals (Canada) Ltd	100%	Canada	Exploration
	Panther Metals Pty Ltd	100%	Australia	Exploration
	Parthian Resources (HK) Ltd	100%	Hong Kong	Non-trading

The subsidiary companies use the Company's business address of Eastways Enterprise Centre,

7 Paynes Park, Hitchin, Hertfordshire, SG5 1EH as their registered office.

12  Receivables

		Group		Company
		As at 31 December 2020 £	As at 31 December 2019 £	As at 31 December 2020 £	As at 31 December 2019 £
	Amounts falling due within one period
	Amounts due from subsidiaries	-	-	990,279	224,449
	Prepayments	71,072	8,045	22,512	6,687
	Other receivables	22,850	-	1,000	-
	Cash held by related party	-	-	-	-
		93,922	8,045	1,013,791	231,136

13  Cash and cash equivalents

Cash and cash equivalents comprise cash held at bank.

14  Trade and other payables

		Group		Company
		As at 31 December 2020 £	As at 31 December 2019 £	As at 31 December 2020 £	As at 31 December 2019 £
	Trade payables	51,481	89,224	20,909	77,546
	Accruals	55,942	291,545	39,002	271,492
	Deferred consideration (note 4)	-	90,000	-	90,000
		107,423	470,769	59,911	439,038

15  Share capital

The table below presents the number of Old Ordinary Shares before the Share Consolidation and the new Ordinary Shares after for each equity transactions that occurred in the year ended 31 December 2020 and the comparative period to 31 December 2019.

		Number of new Ordinary shares	Share Capital
		No	£
	Allotted, issued and fully paid:
	At 1 January 2019	25,830,250	1,184,331
	Share issue on 15 March 2019	4,957,563	545,332
	Share issue on 9 May 2019	500,000	90,761
	Share issue on 22 May 2019	58,823	7,647
	Share issue on 22 July 2019	2,166,666	130,000
	As at 31 December 2019	33,513,302	1,958,071
	Share issue on 9 January 2020	13,716,666	823,000
	Share issue to Australian Consultants	1,500,000	90,000
	Share issue upon exercising Subscription warrants	166,667	11,917
	Share issue on 13 July 2020	3,846,153	250,000
	Share issue upon exercising Subscription warrants	166,666	11,833
	Share issue upon exercising Bookrunner warrants	1,218,492	137,690
	Share issue on 9 December 2020	3,000,000	300,000
	Share issue to acquire Merolia Gold Project	734,473	92,910
	As at 31 December 2020	57,862,419	3,675,421

  On 15 March 2019, the Company acquired Panther Australia through the issue and in-specie distribution of 99,151,250 Old Ordinary Shares. The market price of the shares at that time was 0.55 pence totalling £545,332.

On 9 May 2019, two Directors of the Company converted 5,000,000 0.2 pence options for a cash consideration of £20,000 under the share option scheme announced on 15 February 2018.

  On 22 May 2019, Panther Canada acquired additional mining claims covering ground immediately to the north of the company's Big Bear asset in Ontario, Canada. Part of the consideration for these mining claims was $10,000 of Company shares at the market price prevailing at that time. 1,176,470 Old Ordinary Shares were issue totalling £7,647.

On 22 July 2019, the Company issued 43,333,332 Old Ordinary Shares at a price of 0.3 pence per share in connection with a placing raising £130,000.

On 9 January 2020, the Company raised £823,000 (before expenses) following the placing of 13,716,666 Ordinary Shares at a price of 6 pence per share on the Main Market of the London Stock Exchange. A further 1,500,000 Ordinary Shares were issued to Australian consultants in connection with the acquisition of Panther Metals Pty Limited at Admission.

On 19 June 2020 the Company announced that it has received notice of exercise of 166,667 Subscription Warrants to acquire 166,667 shares of no par value at a price of 6p per share for a cash consideration of £10,000. The admission of those shares took place on 25 June 2020.

On 13 July 2020, the Company issued 3,846,153 new Ordinary Shares at a price of 6.5 pence per share in connection with a placing raising £250,000. The admission of those shares took place on 16 July 2020.

On 12 August 2020 the Company announced that it has received notice of exercise of 166,666 Subscription Warrants to acquire 166,667 shares of no par value at a price of 6p per share for a cash consideration of £10,000. The admission of those shares took place on 17 August 2020.

On 4 November 2020 the Company announced that it has received notice of exercise of 1,218,492 Bookrunner Warrants to acquire 1,218,492 shares of no par value at a price of 6p per share for a cash consideration of £64,580. The admission of those shares took place on 10 November 2020.

  On 4 December 2020, the Company issued 3,000,000 new Ordinary Shares at 10p per share in connection with a placing raising £300,000. The admission of those shares took place on 9 December 2020.

In December 2020, Panther Australia acquired the Merolia Gold Project from White Cliffs Limited, with an AUD$112,500 payment in cash and the issue of 734,473 new Ordinary Shares of 12.65p in Panther Metals PLC, a total value in sterling of £155,576, of which £92,910 was represented by new Ordinary Shares.

16  Share based payment transactions

  Equity settled share-based payments

The Share Consolidation had the effect of rebasing both the number of share options and warrants in issue at 31 December 2019 and the exercise prices as detailed below:

		Number of options	Weighted average exercise price	Rebased number of options	Rebased Weighted average exercise price
		no	(pence)	no	(pence)
	Share Options
	May 2018	10,000,000	0.2	500,000	4
	Bonus options	10,000,000	0.5	500,000	10
	September 2018	5,000,000	0.3	250,000	6
		25,000,000	0.3	1,250,000	7
	Warrants
	Subscription warrants	43,333,332	0.3	2,166,666	6

  On 9 March 2018, 20,000,000 share options were awarded to certain directors. The date of grant has been taken as 10 May 2018 being the date the options were approved at the delayed General Meeting. The options are exercisable at 0.2 pence per share and become exercisable six months after their grant. They can be exercised at any time between this date and to the day before the third anniversary of their grant.

If the option holders exercised 50% or more of their options before the first anniversary of their grant, the holders received, upon exercise of each option, one new bonus option with an exercise price of 0.5 pence each, expiring at the same date as the original options.

Following the Share Consolidation, the May 2018 options are rebased to 1,000,000 share options exercisable at 4 pence per share and the bonus options are rebased to 1,000,000 share options at 10 pence per share. 500,000 options were exercised in the period entitling the holders to 500,000 bonus options. The remaining 500,000 bonus options were forfeited.

On 17 September 2018, 5,000,000 share options were granted to professional advisers in connection with the acquisition of the Big Bear Gold Project. The options are exercisable at 0.3 pence per share, vest immediately and expire on 17 September 2020. These options were rebased to comprise 250,000 options over Ordinary Shares exercisable at a price of 6 pence per share.

On 22 July 2019, the Company issued 43,333,332 warrants ("Subscription Warrants") in connection with a fundraising to acquire Old Ordinary Shares, such warrants being exercisable at a price of 0.3 pence per Old Ordinary Shares, vest immediately and are exercisable at any time up to 22 July 2021. These warrants were rebased to 2,166,666 warrants exercisable at a price of 6 pence per share.

On 9 January 2020, following the Placing, a total of 1,483,492 warrants were issued to the Company's brokers ("Bookrunner Warrants") exercisable at a price of 6 pence per Ordinary Share and at any time from admission until the second anniversary of admission.

A total of 13,716,666 warrants ("Placing Warrants") were issued to participants in the Placing on a one for one basis. The Placing Warrants are exercisable at a price of 12 pence per Ordinary Share and at any time from admission until the second anniversary of admission.

Options and warrants issued, cancelled and outstanding at the year end

		At 1  January 2020				At 31 Dec 2020	Weighted average exercise
		No of options	Issued	Forfeited	Exercised	No of options	price (pence)
	May 2018	500,000				500,000	0.04
	Bonus options	500,000				500,000	0.10
	September 2018	250,000	-	(250,000)	-	-	-
	Subscription Warrants	2,166,666			(333,332)	1,833,334	0.06
	Bookrunner Warrants	-	1,483,492		(1,218,492)	265,000	0.06
	Placing Warrants	-	13,716,666			13,716,666	0.12
		3,416,666	15,200,158	(250,000)	(1,551,824)	16,815,000	0.38

Options and warrants outstanding and exercisable at the year end

		No of options, vested and exercisable	Exercise price	Weighted average contractual life	Expiry date
				(years)
	May 2018	500,000	4	0.36	10 May 2021
	Bonus options	500,000	10	0.36	10 May 2021
	September 2018	250,000	6	-	17 Sept 2020
	Subscription Warrants	2,166,666	6	1.56	22 July 2022
	Bookrunner Warrants	1,483,492	6	1.02	9 January 2022
	Placing Warrants	13,716,666	12	1.02	9 January 2022

A Black-Scholes model has been used to determine the fair value of the share options and warrants on the date of grant. The model assesses several factors in calculating the fair value. These include the market price on the date of grant, the exercise price of the share options, the expected share price volatility of the Company's share price, the expected life of the options, the risk-free rate of interest and the expected level of dividends in future periods.

For those options granted where IFRS 2 "Share-Based Payment" is applicable, the fair values were calculated using the Black-Scholes model. The inputs into the model were as follows:

	Date of grant	Risk free rate	Share price volatility	Expected life	Share price at grant date
	May 2018	1.30%	24.9%	3 years	0.009
	September 2018	1.24%	31.0%	2 years	0.010
	Subscription Warrants	0.53%	33.0%	2 years	0.008
	Bookrunner Warrants	0.66%	45.0%	2 years	0.080
	Placing Warrants	0.66%	45.0%	2 years	0.075

The total charge to the consolidated statement of comprehensive income for the year to 31 December 2020 was £155,747 (2019: £153,524).

17  Financial instruments

The following financial instruments were held at the balance sheet date:

		Group		Company
		As at 31 December 2020 £	As at 31 December 2019 £	As at 31 December 2020 £	As at 31 December 2019 £
	Financial assets
	Amounts due from related parties	-	-	990,279	224,449
	Other receivables	22,850	-	1,000	-
	Cash and cash equivalents	241,194	6,328	-	1,582
		264,044	6,328	991,279	226,031
	Financial liabilities
	Trade payables	51,481	89,224	20,909	77,546
	Accruals	51,442	291,545	39,002	271,492
	Deferred consideration	-	90,000	-	90,000
		102,923	470,769	59,911	439,038

Financial risk management objectives

In the normal course of its operations the Group is exposed to a variety of risks from both its operating and investing activities. The Group's risk management is coordinated by the Board of Directors and focuses on actively securing the Group's short to medium term cash flows.

The main risks the Group is exposed to through its financial instruments are capital management risk, credit risk, market risk and liquidity risk.

Capital risk management

The Group manages its capital to ensure that it will be able to continue as a going concern while maximizing the return to stakeholders through the optimisation of the equity balance. The capital structure of the Group consists of equity attributable to equity holders consisting of issued share capital, reserves and retained losses as disclosed in the Statement of Financial Position.

Credit risk

Credit risk is the risk of financial loss to the Group if a counterparty to a financial instrument fails to meet its contractual obligations. The Company has borrowings outstanding from its subsidiaries, the ultimate realisation of which depends on the successful exploration and realisation of the Group's evaluation and exploration assets.

Market risk

The Group will incur exploration costs in US, Canadian and Australian Dollars but it has raised capital in £Sterling and its banking facilities are based in Australia. Fluctuations in exchange rates of the US Dollar, Canadian Dollar, and Australian Dollar against £ Sterling may materially affect the Group's translated results of operations.

The Company does not enter forward exchange contracts to mitigate the exposure to foreign currency risk as amounts paid and received in specific currencies are expected to largely offset one another and the currencies most widely traded are relatively stable.

As the Group's activities continue to develop the Board of Directors will monitor the exposure to foreign currency risk.

No sensitivity analysis has been prepared on the basis that the effects are minimal.

Liquidity risk

Liquidity risk is the risk the Group will not be able to meet its financial obligations as they fall due.  The ultimate responsibility for liquidity risk management rests with the Board of Directors, which monitor's the Company's short-, medium- and long-term funding and liquidity management requirements.  The Company's liquidity risk arises in supporting the exploration activities of its subsidiaries whilst also having sufficient resources to maintain the Company's listing status and overheads.

The Board of Directors maintains detailed working capital forecasts and exploration budgets to ensure sufficient resources exist to fund the Group's short-term plans. The Board will seek to raise funds from share capital to fund its medium to long term plans.

The Group's financial liabilities, consisting of trade and other payables, were settled within four weeks of the year end.

18  Financial commitments

The project licences held by Panther Canada are subject to minimum spend requirements and to retain the licences the Group is committed to spend CAD$48,591 in the next 12 months.

The project licences held by Panther Australia are subject to minimum spend requirements and to retain the licences the Group is committed to the following expenditure.

		Year 1
		AUD$
	Marrakai Project	27,000
	Annaburroo Gold Project	22,500
		49,500

19  Related party transactions

Transactions between the Company and its subsidiaries, which are related parties, have been eliminated on consolidation. The Group has therefore elected not to disclose transactions between the Company and its subsidiaries, as permitted by IAS 24.

In addition to director's fees between January and March 2020 included in the table below, KPA Consulting Limited, a company owned by Kate Asling, charged the Company £12,000 (2019: 12,000) in respect of accounting and consultancy services.

In addition to the director's fees between January and March 2020 included in the table below, Mining Analyst Consulting Limited, a company owned by Nicholas O'Reilly, charged Panther Canada £13,404 (2019: £3,500) in respect of geological consultancy services.

Haywood Sener Limited, a company owned by a person connected to a director, charged the Company £3,061 (2019: £3,000) in respect of website maintenance and development services.

Directors' remuneration is detailed within the Directors' Remuneration Report on pages 22 to 29. During the year ended 31 December 2020, Directors' remuneration has been paid in fees to service companies and to individuals as salaries (through payroll). The fees paid to Directors were paid to the following service companies (figures include consultancy fees noted above):

Fees paid to Directors' service companies

Company Name	Director	Year ended 31 December 2020	Year ended 31 December 2019
		£	£
Hazelwood Glass Limited	D Hazelwood	11,667	30,000
CoMo Investment Solutions	M Smith	21,142	26,244
Matrix Exploration Pty	K Sener	11,647	17,748
Aslan Capital	K Sener	3,882	-
Assendon Associates Ltd	S Rothschild	3,000	12,000
Mining Analyst Consulting Limited	N O'Reilly	17,004	12,000
KPA Consulting Limited	K Asling	15,000	12,000
		83,342	109,992

20  Subsequent events

Panther Metals Plc

On 21st April 2021, the Company announced the completion of a private placing for a total of 1,666,666 Ordinary Shares at a price of 12p following an unsolicited approach from two high net worth investors raising a total of 200,000.

Panther Australia

In February 2021, Panther Metals Pty. Ltd appointed Mr. Ranko Matic and Mr. Daniel Tuffin to its board in Australia and converted Panther Australia to a UPC called Panther Metals Limited

On 15th April 2021, the Company confirmed its intention to make an initial public offering ("IPO") and listing of its Australian assets on the ASX Exchange. Panther Metals Limited will undertake a pre-IPO seed funding round to be initiated with immediate effect. The intention is that Panther Metals Limited is expected to raise a minimum of 5 million Australian dollars in new capital in the IPO and initial discussions have commenced with potential brokers. All costs related to the Australian business going forward will be funded directly by Panther Metals Limited utilising new capital raised at the local level.

The option agreement on the Bluebrook and Bonanza mineral exploration licences has been extended until 31st October 2021 on the same terms as announced on 16th November 2020 at no additional cost. The Bluebrook and Bonanza mineral exploration licences will be integrated into the new listed vehicle at no direct cost to Panther Metals PLC.

Panther Metals PLC will continue to hold a material position in Panther Metals Limited upon its ASX listing and will continue to consolidate Panther Metals Limited under the practical ability model in IFRS10.

END

 

END

 

 

FR UKOBRABUSURR