Strategic Placing
Summary by AI BETAClose X
THIS ANNOUNCEMENT ("ANNOUNCEMENT") AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, SINGAPORE, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH SUCH PUBLICATION, RELEASE OR DISTRIBUTION WOULD BE PROHIBITED BY ANY APPLICABLE LAW.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF REGULATION 2014/596/EU, WHICH IS PART OF THE DOMESTIC LAW OF THE UNITED KINGDOM OF GREAT BRITAIN AND NORTHERN IRELAND ("UK") PURSUANT TO THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS (SI 2019/310) ("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. MARKET SOUNDINGS WERE TAKEN FROM CERTAIN PERSONS IN RELATION TO THE PLACING. THIS INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN AND SUCH PERSONS SHALL THEREFORE CEASE TO BE IN POSSESSION OF INSIDE INFORMATION.
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FOR IMMEDIATE RELEASE |
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PANTHER METALS PLC
("Panther Metals" or the "Company")
(Incorporated and registered in the Isle of Man with company number 009753V)
18 June 2026
Financing to Accelerate Obonga Drilling
Panther Metals (LSE: PALM), the exploration company focused on mineral projects in Canada, is pleased to announce that it has raised gross proceeds of £2,500,000 through a placing of 1,851,852 ordinary shares of no par value ("Ordinary Shares"; the "Placing Shares") at a price of 135 pence per Placing Share (the "Placing Price"; the "Placing").
The Placing, which received substantial backing from new and existing institutional investors and existing shareholders of the Company, was significantly oversubscribed and subject to scale back.
Darren Hazelwood, Chief Executive Officer, commented:
"The sulphide mineralisation observed in the first diamond drill hole of the current Wishbone drilling programme is particularly encouraging when viewed alongside the results from previous drilling at Wishbone, where we intersected 3.6 metres grading 3.9% zinc, including 2.0 metres at 6.8% zinc and 4.3 g/t silver, with individual assays returning up to 11.65% zinc.
Importantly, the first drill hole (BR26-WB-P1-1) has intersected significant intervals of visually identified massive sulphide and semi-massive mineralisation, bearing all the signs of a fertile volcanogenic massive sulphide (VMS) system, providing further support for our geological model and reinforcing the prospectivity of the Wishbone target area.
Whilst visual observations are not a substitute for laboratory assays, the quantity and apparent thickness of massive sulphide encountered is highly encouraging and compares favourably with mineralisation associated with previous high-grade zinc intersections. The £2.5 million fundraising will enable the Company to undertake a comprehensive drilling campaign aimed at defining the scale and continuity of the mineralised system."
Placing Details
The Placing Shares represent approximately 21% of the Company's existing issued Ordinary Share. The Placing Price represents a 3.5% discount to the mid-market closing price of the Company's shares on 17 June 2026, being the latest practicable date prior to the publication of this Announcement.
Optiva Securities Ltd is acting as placing agent in connection with the Placing.
Use of proceeds
The ned proceeds of the Placing will primarily support the expansion of the ongoing Phase 1 diamond drilling programme at the Wishbone VMS Prospect on the Obonga Project, northwest Ontario, Canada. Additional capital allocation will allow the mobilisation of a second diamond core drilling rig to accelerate and extend past the initial 2,000 metre drilling budget.
The first diamond core drill hole (BR26-WB-P1-1) at Wishbone, which attained a downhole depth of approximately 185m at end of day shift 17 June 2026 local time, had intersected six distinct zones of massive, semi-massive and iron-silicate dominated sulphide mineralisation commencing at a downhole depth of 77.75m to the current logged downhole depth of 167m.
These include 3.45m of pyrrhotite dominated massive sulphide and 9.9m of semi-massive sulphide from 77.75m downhole depth. Between 98m to 105m downhole depth, visual core logging has identified sulphide rich metasediments interpreted as greenalite exhalite rocks which may have formed when iron and silica rich hydrothermal fluids mixed with seawater in proximity to the ancient seafloor hydrothermal vents associated with volcanogenic massive sulphide base and precious metal mineralisation. These greenalites continue alternating in sulphide tenor from 112.5m to 119m with further pyrrhotite massive sulphide (137m to 139m) and semi-massive sulphide to current logged depth of 167m.
An allocation from the additional funds secured will also allow the Company to advance the Winston Tailings Project through the Recovery of Minerals permitting process by supporting additional phases of Extrakt metallurgical testwork and recovery plant design and plans.
In addition to extending the Wishbone drilling programme and Winston Tailings testwork the net proceeds will provide working capital to strengthen the business balance sheet as it enters the Canadian market via a dual listing on the Canadian Stock Exchange. It will also provide flexibility should positive results be generated from the current drilling programme or from the Dotted Lake magnesium extraction testwork which is currently ongoing.
Admission and Total Voting Rights
Application will be made for the Placing Shares to be admitted to trading on the main market for listed securities of London Stock Exchange plc ("Admission"). It is anticipated that Admission will become effective, and that dealings in the Placing Shares will commence, at 8.00 a.m. (London time) on 24 June 2026.
The Placing Shares will, when issued rank pari passu in all respects with the existing issued Ordinary Shares of the Company.
Immediately following Admission, and in accordance with the FCA's Disclosure Guidance and Transparency Rule 5.6.1, the Company's total issued share capital will comprise 10,631,838 Ordinary Shares, each with one vote. This figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.
The person responsible for releasing this announcement pursuant to UK MAR is Darren Hazelwood, Chief Executive Officer of the Company.
For further information, please contact:
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Panther Metals PLC: Darren Hazelwood, Chief Executive Officer: |
+44 (0)1462 429 743 +44 (0)7971 957 685 |
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Brokers: |
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Optiva Securities Limited Mick McNamara |
+44 (0)20 3137 1902 |
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Hybridan LLP Claire Louise Noyce |
+44 (0)20 3764 2341 |
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SI Capital Limited Nick Emerson |
+44 (0)1438 416 500 |
Important Legal Information
The contents of this Announcement have been prepared by, and are the sole responsibility of, the Company. This Announcement does not constitute, contain or form part of an offer of transferable securities to the public.
The Placing Shares have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act") or under the applicable state securities laws of the United States of America, its possessions or territories, any state of the United States of America and the District of Columbia or any area subject to its jurisdiction or any political subdivision thereof ("United States" or "U.S.") and may not be offered or sold directly or indirectly in or into the United States absent registration or an applicable exemption from registration. No public offering of the Placing Shares is being made in the United States. The Placing Shares are being offered and sold outside the United States in "offshore transactions", as defined in, and in compliance with, Regulation S under the U.S. Securities Act to persons who are not "U.S. persons" (within the meaning of Regulation S under the U.S. Securities Act). In addition, the Company has not been, and will not be, registered under the U.S. Investment Company Act of 1940, as amended (the "U.S. Investment Company Act"), and investors will not be entitled to the benefits of the U.S. Investment Company Act. The Placing Shares have not been and will not be registered in Australia, Canada, Japan, Singapore, the Republic of South Africa or in any other jurisdiction where to do so may contravene local securities laws or regulations.
This Announcement may contain forward-looking statements. The forward-looking statements include, but are not limited to, statements regarding the Company's or the Directors' expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statement that refers to projections, forecasts or other characterisations of future events or circumstances, including any underlying assumptions, is a forward-looking statement. The words "anticipate", "believe", "continue", "could", "estimate", "expect", "intend", "may", "might", "plan", "possible", "potential", "predict", "project", "seek", "should", "would" and similar expressions, or in each case their negatives, may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.
Forward-looking statements include all matters that are not historical facts. Forward-looking statements are based on the current expectations and assumptions regarding the Company, the business, the economy and other future conditions. Because forward-looking statements relate to the future, by their nature, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Forward-looking statements are not guarantees of future performance and the Company's actual financial condition, actual results of operations and financial performance, and the development of the industries in which it operates or will operate, may differ materially from those made in or suggested by the forward-looking statements contained in this announcement. In addition, even if the Company's financial condition, results of operations and the development of the industries in which it operates or will operate, are consistent with the forward-looking statements contained in this announcement, those results or developments may not be indicative of financial condition, results of operations or developments in subsequent periods. Important factors that could cause actual results to differ materially from those in the forward-looking statements include regional, national or global, political, economic, social, business, technological, competitive, market and regulatory conditions.
Any forward-looking statement contained in this Announcement applies only as of the date of this Announcement and is expressly qualified in its entirety by these cautionary statements. Factors or events that could cause the Company's actual plans or results to differ may emerge from time to time, and it is not possible for the Company to predict all of them. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained in this Announcement to reflect any change in its expectations or any change in events, conditions or circumstances on which any forward-looking statement contained in this Announcement is based, unless required to do so by applicable law, the FCA's Prospectus Rules: Admission to Trading on a Regulated Market sourcebook, the UK Listing Rules, the Disclosure Guidance and Transparency Rules of the FCA or the UK MAR.
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