Year End Review

RNS Number : 2665K

Panther Metals PLC

31 December 2020

 

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31st December 2020

PANTHER METALS PLC

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

  Strategic Review of 2020 and Broker Change

Panther Metals PLC (LSE:PALM) the company focused on mineral exploration in Canada and Australia, is pleased to provide a review of its activities conducted in 2020 and the potential impact as the business moves into 2021. The company also confirms the end of its Corporate relationship with Peterhouse Capital.

Darren Hazelwood, Chief Executive Officer, commented:

"2020 has created challenges no one could have imagined, especially for those doing business in the global marketplace, and it's been a pleasure witnessing just how strong our board has been in the face of these circumstances. Our networks have proven resilient allowing us to exceed our own expectations during the calendar year leaving the business, in my opinion, in an extraordinarily strong position as we move into 2021.

Ownership of 100% of our assets ensures the business has control during the exploration and development phase of each asset, providing our shareholders with security that our experience and expertise in creating value along the curve can be reflected directly in the company.

2020 included listing the business on the London Stock Market, coping with the unknowns around Covid-19, building the trust of the investment community and putting in place the right foundations to allow us to build the business from a solid platform. We move into 2021 focused on accelerating the development of our portfolio."

Overview of 2020

The company joined the main list of the London Stock Exchange in January with a clear focus on commodity rich, stable jurisdictions. Born out of decade long bear market for investment in exploration across the globe, the board's experience, network and knowledge provided a unique opportunity in London for the sector.

Dr David Groves soon joined the board of the company's 100% owned Australian subsidiary, Panther Metals Pty Ltd, bringing his vast experience and knowledge as the ex-head of the Australian Geological Society, with career highlights including being awarded the SEG Penrose Gold Metal and SGA-Newmont Gold Medal.

As Covid-19 struck the world everyone and everything paused, the uncertainty rocking the stability known to us all and reaching into every corner of government, society and business. Panther, already set on its course, would ultimately gain traction over the coming months ahead that even the most confident in the company could not have predicted at the time.

Desk top studies of the Annaburroo and Marrakai projects in the Northern Territory of Australia revealed far greater opportunities than expected, the company followed this work up with a reconnaissance site visit later in the year and has confirmed a MAG survey will be flown in Q1 of 2021, allowing for the first significant field programmes on the sites later in 2021. Annaburroo has revealed four, substantial, potential exploration targets, including the Annaburroo dome, first discovered by Newmont in 1992.

In Canada, on the Big Bear project, groundwork commenced in May and continued through the summer months, supported by a helicopter MAG and EM survey flown in late June. The work has identified previously unknown gold targets that lead to the increase in our land holding as the company looked to secure and extend its boundaries around these target areas. Still not fully explored, one of the highest priority target zones thrown up via the MAG survey is still to be visited by the team. With identification of drill targets and many other areas still to explore, this gold rich, high grade, project has stimulated intense excitement internally. We await permits for drilling and look forward to getting back on the ground in 2021 as we look to piece together the puzzle that is the Big Bear project.

July witnessed the execution of a strategic move that resulted in the addition of the Dotted Lake property in the Hemlo area of Ontario and the subsequent increase in size by 346% of our landholding in the region. This has almost instantly been shown to provide evidence of the benefit the company's network brings as it looks to grow the value of the business. Following the successful mine life extension by Barrick Gold of its world famous Hemlo mine, and further success by other exploration companies, this location is currently one of the hottest areas in the world for exploration. Panther Metals confirmed historic gold grades at Dotted Lake in the Autumn and has since announced its intention to drill at the property.

In late Autumn/early Winter of 2020, we announced the purchase of the Merolia Gold project and an option was taken on surrounding land that moves the business from pure explorer to a company building a Resource. The Eastern Goldfields in Western Australia need no introduction, it is one of the most prolifically active and commercially producing gold areas in the world. With infrastructure in the area built to support exploration and mining, any extension of the known mineralisation or new discoveries on this project, in its location, will have a dramatic effect on the company. Work programmes and planning are well advanced as we expect to hit the ground running at Merolia in early 2021.

In 2020 the business laid the foundations for success across its portfolio while dealing with the challenges faced at an operational and corporate level. With so many of these challenges overcome, we move into 2021 with a clear runway never accorded to the business during its development phase. Strategies are in place, planning is well advanced, and while delighted with the progress made in 2020, the journey ahead will no doubt offer challenges, but with our team and our projects it's going to be exciting!

Peterhouse

Panther Metals Plc would like to thank Peterhouse Corporate Services for its guidance and support over the years but have decided not to renew its services in 2021. It should be noted this is purely a commercial decision as Panther Metals Plc maintains its core principle of looking to direct funds into its projects on the ground as it develops the business.

Panther Metals PLC:

Darren Hazelwood, Chief Executive Officer:   [phone]

  [phone]

Mitchell Smith, Chief Operating Officer:    [phone]

Brokers:

SI Capital Limited

Nick Emerson    [phone]

 

END

 

 

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