India retroactively changed its mining laws, effectively expropriating Panthera's 1.74 Moz Bhukia Gold Project. The same ground was then auctioned for a reported $60M upfront plus $60M in guarantees and 65% royalties.
The claim operates under bilateral investment treaty protection — binding international law enforceable through the New York Convention.
The company has four gold projects in West Africa, two of which have reported JORC resources.
Funding committed by LCM Funding SG Pty Ltd — a subsidiary of AIM-listed Litigation Capital Management, one of the world's leading institutional financiers of international arbitration.
Mineral Resource Estimate (NI 43-101) — maiden MRE announced 25 Oct 2021, amended 20 Apr 2022.
Mineral Resource Estimate (JORC 2012) — published 4 February 2025.
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No guaranteed outcome. Arbitration is uncertain by nature. The tribunal may rule in part, in full, or not in Panthera's favour. Dates beyond filings to date are indicative. Awards are enforceable internationally under the New York Convention. There is no guaranteed outcome.
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Panthera Resources PLC was incorporated in England and Wales on 8 September 2017 as the holding company for Indo Gold Pty Ltd — an Australian-registered subsidiary whose principal asset is the Bhukia Gold Project in Rajasthan, India. In May 2025 IGPL filed its Memorial seeking US$1.58 billion in damages from the Republic of India under the 1999 Australia–India Bilateral Investment Treaty. An active gold exploration portfolio across Mali and Burkina Faso runs alongside the case.
Decades of combined experience across resource exploration, project finance, and complex emerging-market legal matters.
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Panthera Resources is focused on building a portfolio of high-quality, low-cost gold assets across West Africa, led by an experienced board and management team with a proven ability to advance projects at every stage of the value chain — from exploration through to development.
Prioritise high-potential assets with low operating costs in stable operating environments.
Apply disciplined, data-led exploration to advance the Company's West African gold projects, including Bassala, Bido, Kalaka and Labola.
Draw on the depth of experience across the Board and management to create value for shareholders as projects mature.
Following the expropriation of the Bhukia Gold Project, the Company is pursuing a treaty claim against the Republic of India to recover the value of that asset. Further detail is set out in the Company's regulatory announcements.
Bhukia in India is the subject of the US$1.58B treaty claim. Bassala, Kalaka, Bido, and Cascades in West Africa are active exploration assets with maiden resources and high-grade drill intercepts.
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The Bhukia project comprises legal rights Panthera holds through its Australian subsidiary Indo Gold Pty Ltd (IGPL) in respect of an area that was the subject of a rejected Prospecting Licence Application in Rajasthan lodged by Metal Mining Pvt Ltd (MMI), a wholly owned subsidiary of IGPL.
IGPL's initial investment in Bhukia dates to circa 2004. Substantial funding and management of joint-venture exploration programmes followed. IGPL alleges that its right to be granted a Prospecting Licence — through its joint venture holding — was denied and frustrated over an extended period by the Government of Rajasthan.
In 2021, India passed the MMDR2021 Act amending the Mines and Minerals (Development and Regulation) Act of 2015. Under Clause 13 of MMDR2021, the preferential right to a Prospecting Licence and Mining Lease was revoked.
IGPL's claim is brought under the 1999 Agreement between the Government of Australia and the Government of India on the Promotion and Protection of Investments (the "Treaty"). On 19 May 2025 the Memorial was filed in accordance with the order of the arbitral panel, including a claim for damages of US$1.58 billion, net of Indian taxes.
Funding committed by LCM Funding SG Pty Ltd — a subsidiary of AIM-listed Litigation Capital Management, one of the world's leading institutional financiers of international arbitration.
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No guaranteed outcome. Arbitration is uncertain by nature. The tribunal may rule in part, in full, or not in Panthera's favour. Dates beyond filings to date are indicative. Awards are enforceable internationally under the New York Convention. There is no guaranteed outcome.
If there is an award and/or recovery, LCM Funding is entitled — in the first instance — to the amounts it has deployed from the facility, plus the greater of (i) US$1.36M (10% of the funding limit), (ii) a commission of 5–15% of the damages recovered, or (iii) a multiple of 2.0× to 4.25× the total facility — each tied to the time elapsed since the Funding Confirmation Notice.
After the fifth year, the Funder is additionally entitled to an interest rate of 25% per annum on the drawn-down amount until receipt of damages. If no award and/or recovery results, IGPL has no obligation to repay LCM — the facility is fully non-recourse.
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Regulatory News Service announcements filed by Panthera Resources Plc (AIM: PAT). {{ feedStatusLabel }}
The corporate governance code applied by the Company, the responsibilities of the Board of Directors, and the Company's compliance reporting.
Panthera Resources plc is required to apply a recognised corporate governance code, demonstrating how the Company complies with such code and where it departs from it. The Directors have formally taken the decision to apply the QCA Corporate Governance Code (the "QCA Code"). The Company applies the 2023 edition of the QCA Code, published on 13 November 2023, which it has applied since 1 April 2024. The Company provides annual updates on its compliance in its Annual Report.
The Company is committed to industry best-practice standards of corporate governance to enhance and protect shareholder value. As an AIM-quoted company, Panthera is not required to adopt the UK Corporate Governance Code 2016, although the Company strives where possible to work towards the Code's best practice.
Good governance provides a framework that allows the right decisions to be taken by the right people at the right time. The Board meets regularly throughout the year and all necessary information is supplied to the Directors on a timely basis to enable them to discharge their duties effectively.
The Board is responsible for formulating, reviewing and approving the Company's strategy, financial activities and operating performance. Day-to-day management is devolved to the CEO and members of the management team, who are charged with consulting the Board on all significant financial and operational matters.
The Chairman has the responsibility of ensuring that the Board discharges its responsibilities.
The Company's full Corporate Governance Statement is contained in the latest Annual Report.
The Board has established three committees. The committees do not act on behalf of the Board but make recommendations to the Board on relevant matters within their respective remits.
Responsible for ensuring that the Group's financial performance is properly monitored, controlled and reported, and for overseeing the scope and effectiveness of the external audit and the Group's compliance with statutory and regulatory requirements. The Committee also oversees the arrangements that allow individuals to raise concerns confidentially.
Provides a formal and transparent review of the remuneration of the Executive and Non-Executive Directors and makes recommendations to the Board on individual remuneration packages, including performance-related bonuses and share options. No Director participates in decisions relating to their own remuneration.
Responsible for reviewing the size, structure and composition of the Board, identifying and nominating candidates to fill Board vacancies, considering succession planning, and assessing whether the Board has the skills required to manage the Group effectively. The Committee meets on an as-needed basis.
Information provided in accordance with AIM Rule 26, last updated 8 August 2026.
Panthera Resources PLC ("Panthera" or "the Company") is a UK-registered company, established to act as a holding company for Indo Gold Pty Ltd, an unlisted Australian-registered company. The Company aims to explore and develop gold assets in India and West Africa.
In India, the Company's principal focus is seeking redress over the failure of the governments of India and Rajasthan to grant a Prospecting Licence over the advanced-stage Bhukia gold exploration project, while continuing to add value to its West African gold portfolio.
The Company believes the actions taken by these governments and the High Court of Rajasthan resulted in an act of expropriation, with the Government of India breaching its obligations under the 1999 Australia–India Bilateral Investment Treaty — including a failure to accord fair and equitable treatment.
On 2 January 2024 the Company announced that IGPL had submitted a Notice of Dispute with the Government of India, followed by a Notice of Arbitration on 26 July 2024. The Memorial including Statement of Claim was filed on 19 May 2025 in the amount of US$1.58 billion, net of Indian taxes.
In West Africa, the Group holds four gold exploration projects in Mali and Burkina Faso. The Company continues to advance the potential restructuring of its interest in these West African gold assets.
Details of the corporate governance code applied by the Company, the responsibilities of the Board and its committees are set out in full on the Corporate Governance page.
Corporate Governance →The Company is subject to the provisions of the City Code on Takeovers and Mergers.
Information regarding the Company's shares in issue, outstanding options and warrants, and significant shareholders — required disclosures under AIM Rule 26.
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The Company does not hold any shares in treasury.
Updated on 8 August 2026.
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Key regulatory documents published by the Company, available to download in full.
Published in accordance with AIM Rule 26, which requires the Company's annual accounts for the last three financial years, together with any half-yearly reports published since the most recent annual accounts, to remain available here.