// shared.jsx — Real Panthera content provided by the company (May 2025 data). // Sourced from: Board of Directors, Senior Management, AIM Rule 26, Treaty Claim, // Arbitration FAQ, LCM Funding Agreement, Stock Information, Bhukia Highlights, // Bassala/Kalaka/Bido Project docs, Shareholder Services, and CEO branding note. const PANTHERA_DATA = { company: { name: "Panthera Resources", legalName: "Panthera Resources PLC", incorporated: "8 September 2017, England and Wales", ticker: { lse: "PAT", otc: "PATRF" }, // CEO-approved framing: "$1B+ Claim vs ~$53M Market Cap — Largest Gold Claim in India" tagline: "The largest gold claim in India is trading for the price of a small West African explorer.", description: "Panthera Resources is a UK-listed gold company pursuing a US$1.58 billion treaty claim against the Republic of India over the expropriation of its Bhukia Gold Project — alongside an active gold exploration portfolio in Mali and Burkina Faso.", offices: [ { city: "London", country: "United Kingdom", lines: [ "6th Floor", "99 Gresham Street", "London EC2V 7NG", "United Kingdom", ], role: "Registered office", }, ], }, // ── ARBITRATION ───────────────────────────────────────────── arbitration: { claim: "US$1.58B", claimNote: "net of Indian taxes", marketCap: "~$75M USD", marketCapGBP: "~£59M", ratio: "~5%", asset: "Bhukia Gold Project — 1.74 Moz JORC (Panthera) · 113.5 Mt @ 1.96 g/t (subsequent GSI drilling)", treaty: "1999 Australia–India Bilateral Investment Treaty", seat: "England & Wales (UNCITRAL rules)", funder: "LCM Funding SG Pty Ltd", funderParent: "Litigation Capital Management Ltd (AIM)", funderCommitment: "US$13.6M non-recourse", funderTerms: "2.0× → 4.25× multiple of facility, depending on years to award", breaches: [ "Article 3 — Promotion and Protection of Investments", "Article 7 — Expropriation and Nationalisation", "Failure to accord fair and equitable treatment", ], // Real filing dates from AIM Rule 26 and Treaty Claim documents milestones: [ { date: "circa 2004", label: "Initial investment in Bhukia", detail: "IGPL begins JV exploration with Metal Mining Pvt Ltd (MMI) in Rajasthan.", status: "complete", }, { date: "2021", label: "MMDR 2021 enacted", detail: "India amends the Mines & Minerals Act. Clause 13 revokes the preferential right to a Prospecting Licence and Mining Lease.", status: "complete", }, { date: "2023", label: "Arbitration funding secured", detail: "LCM Funding commits US$13.6M non-recourse to fund the case.", status: "complete", }, { date: "2 Jan 2024", label: "Notice of Dispute filed", detail: "IGPL formally submits Notice of Dispute to the Government of India.", status: "complete", }, { date: "26 Jul 2024", label: "Notice of Arbitration filed", detail: "Treaty arbitration formally commenced under UNCITRAL rules.", status: "complete", }, { date: "19 May 2025", label: "Memorial filed — US$1.58B claim", detail: "IGPL files its Memorial including Statement of Claim. Damages: US$1.58 billion, net of Indian taxes.", status: "complete", highlight: true, }, { date: "27 February 2026", label: "India's Counter-Memorial", detail: "India to file its formal defense to the Memorial.", status: "upcoming", }, { date: "17 July 2026", label: "Claimant Reply and Counter-Memorial", detail: "Panthera's Reply on the Merits and Counter-Memorial on Jurisdiction.", status: "upcoming", }, { date: "23 October 2026", label: "India Rejoinder", detail: "India's final written submission before the oral hearings.", status: "upcoming", }, { date: "14–19 December 2026", label: "Hearings", detail: "Oral hearings before the arbitral tribunal under UNCITRAL rules.", status: "hearing", }, { date: "11 January 2027", label: "Closing Submissions", detail: "Post-hearing written submissions from both parties.", status: "upcoming", }, { date: "TBD", label: "Decision", detail: "The tribunal issues a binding decision on Jurisdiction, Admissibility, Merits and Principles of Compensation.", status: "upcoming", conditional: true, }, ], // FAQ from Arbitration FAQ document faq: [ { q: "What is the claim about?", a: "Panthera Resources, through its Australian subsidiary Indo Gold Pty Ltd, is claiming US$1.58 billion in damages against India over the Bhukia gold project in Rajasthan. Panthera says its investment in Bhukia was expropriated and that India failed to provide fair and equitable treatment. Panthera has escalated the matter to international arbitration under the 1999 Australia–India bilateral investment treaty, with the case now seated in London and hearings scheduled for December 2026.", }, { q: "Why is the claim valued at US$1.58 billion?", a: "Panthera is claiming the total loss of its investment in the Bhukia gold project as a result of multiple breaches of the 1999 Australia–India bilateral investment treaty by India. The company is entitled to damages for losses suffered as a consequence of those breaches, with an independent expert currently estimating those damages at US$1.58 billion.", }, { q: "What is a Bilateral Investment Treaty (BIT)?", a: "An international agreement between two countries setting the terms for investment by nationals and companies of one into the other. Panthera's case sits under the 1999 Australia–India BIT.", }, { q: "What is UNCITRAL arbitration?", a: "UNCITRAL stands for the United Nations Commission on International Trade Law — a UN body that develops and maintains the legal framework parties agree to follow when resolving cross-border investment disputes. It governs how arbitrators are appointed, how hearings are conducted, and how awards are made.", }, { q: "Who is Litigation Capital Management (LCM)?", a: "LCM is an AIM-listed litigation finance company that provides capital to fund legal disputes in exchange for a share of any successful outcome. LCM reviewed over 3,000 pieces of evidence before offering US$13.6 million to Panthera's case on a non-recourse basis, meaning they only get paid if Panthera wins. Their willingness to deploy that capital after extensive due diligence is a signal of confidence in the merits of the claim.", }, { q: "Who is funding the case?", a: "LCM Funding SG Pty Ltd — a subsidiary of AIM-listed Litigation Capital Management. US$13.6 million, non-recourse to Panthera.", }, { q: "How is Panthera funded while the case is ongoing?", a: "Panthera uses its own working capital to fund corporate overheads and its West African gold exploration portfolio. The arbitration claim against India is funded separately by the US$13.6 million non-recourse facility from LCM.", }, { q: "What does Panthera do beyond the arbitration?", a: "It is Panthera's intention to distribute the overwhelming majority of any award the Company receives to its shareholders.", }, { q: "What are the key dates and milestones?", a: "The arbitral panel has issued an order containing the procedural calendar up to the Phase 1 hearing. The Phase 1 hearing is scheduled for December 2026. Further information on the procedural calendar is available via the Permanent Court of Arbitration (see above).", }, { q: "How long does international arbitration take?", a: "Typically at least three years from Notice of Arbitration to award, unless the parties settle earlier. Panthera filed its NoA in July 2024.", }, { q: "How large is the Bhukia gold deposit?", a: "A total of 21 holes were drilled, ultimately limited by the conditions of its Reconnaissance Permit. Based on that limited drilling, the Company reported a JORC-compliant mineral resource estimate (October 2006) of 38.5 Mt at 1.4 g/t gold for a total of 1.74 Moz Au, at a 0.5 g/t cut-off. Based on significant subsequent drilling, the Geological Survey of India (GSI) reported 113.52 Mt at 1.96 g/t gold and 0.14% copper — amounting to 7.2 Moz Au plus copper credits.", }, { q: "Where is the arbitral seat?", a: "The parties have agreed the seat is England & Wales. Any annulment application would go to English courts.", }, { q: "Who is on the arbitration panel?", a: ( <> The panel comprises three arbitrators: Prof. Juan Fernández-Armesto (Presiding Arbitrator), Prof. Stanimir A. Alexandrov, and Justice L. Nageswara Rao. Further information on the participants is available at the{" "} Permanent Court of Arbitration (PCA) site . ), }, { q: "Can the award be appealed?", a: "No. There is no right of appeal under UNCITRAL. A losing party may apply for annulment on narrow procedural grounds only — not a review of the merits.", }, { q: "What happens if Panthera wins — how does India pay?", a: "A successful award should be enforceable under the New York Convention, to which most major economies are signatories. In theory, Panthera could seek recognition and enforcement in any signatory country where India holds assets — government-owned property, bank accounts, aircraft, ships, and so on.", }, { q: "What if Panthera loses?", a: "LCM bears the cost. The funding is non-recourse — meaning if there is no award, Panthera has no obligation to repay LCM.", }, ], }, // ── PROJECTS ──────────────────────────────────────────────── projects: [ { id: "bhukia", name: "Bhukia", country: "India", region: "Rajasthan", lat: 32, lon: 78, status: "Arbitration", resource: "1.74 Moz JORC inferred", resourceDetail: "38.5 Mt @ 1.4 g/t Au (Panthera, JORC). Subsequent GSI drilling: 113.5 Mt @ 1.96 g/t Au.", type: "Gold", note: "The Bhukia Gold Project is a significant undeveloped gold deposit in Rajasthan, India. Panthera, via its Australian subsidiary IGPL, identified a JORC-compliant resource of 1.74 Moz — a fraction of the larger potential indicated by subsequent Geological Survey of India drilling. Project development is halted by the regulatory expropriation that gave rise to the US$1.58B treaty claim.", highlights: [ "Panthera JORC: 38.5 Mt @ 1.4 g/t Au = 1.74 Moz inferred", "GSI drilling: 113.5 Mt @ 1.96 g/t Au — substantially larger", "Subject of US$1.58B treaty arbitration against India", "Held via IGPL (Australian subsidiary) under the Australia–India BIT", ], }, { id: "bassala", name: "Bassala", country: "Mali", region: "Birimian belt, SW Mali", images: ["assets/projects/bassala-rock-web.jpg", "assets/projects/bassala-chips-web.jpg"], lat: 46, lon: 18, status: "Drilling complete · interpretation", resource: "5 prospects defined", type: "Gold", note: "Located in the highly gold-endowed Birimian volcano-sedimentary belt of SW Mali, ~200 km south of Bamako. The same belt hosts the Kalana (Endeavour Mining, 4 Moz) and Kodieran (Wassoul'Or, 2 Moz) gold mines — both within a few kilometres of Bassala.", highlights: [ "~200 km south of Bamako", "~10,000 m AC + RC drilling complete (2021)", "Additional 8,546 m completed in 2022", "5 prospects defined: Tabakorole, Tabakorole East, Djelikourou N, Djelikourou S, Tagoua", ], detail: { tagline: "Multi-prospect gold exploration project in the Birimian belt of south-western Mali.", snapshot: "Bassala is a gold exploration project in south-western Mali, located in a highly endowed Birimian gold belt approximately 200 km south of Bamako. The project sits close to known multi-million-ounce gold systems and has advanced from soil geochemistry and geophysics to drilling and the definition of five prospects.", snapshotBullets: [ "Proven gold belt: Bassala lies near the Kalana (~4 Moz Au) and Kodieran (~2 Moz Au) gold mines.", "Multiple prospects: reinterpretation of drilling, geophysics, geochemistry and field work has defined five prospects.", "Exploration leverage: artisanal workings, soil anomalies, chargeability anomalies and drilling results provide several follow-up targets.", ], currentStatus: "Exploration-stage gold project with completed soil, magnetic and IP surveys, plus air-core and reverse-circulation drilling. Five prospects have been prioritised for further work.", keyFacts: [ ["Location", "South-western Mali, ~200 km south of Bamako"], ["Ownership", "Panthera 85% · Golden Spear Mali SARL 15%"], ["Project stage", "Exploration project with multiple defined prospects"], ["Main prospects", "Tabakorole, Tabakorole East, Djelikourou N, Djelikourou S, Tagoua"], ["Work completed", "Soil + magnetic + IP gradient array surveys, AC + RC drilling"], ["Investment angle", "Multi-prospect gold exploration in a proven West African gold belt"], ], catalysts: [ "Follow-up drilling across the five defined prospects", "Refinement of targets using integrated geochemistry, geophysics, artisanal activity and drilling data", "Potential discovery of coherent mineralised zones suitable for resource-definition drilling", ], sections: [ { heading: "Location and geological setting", body: "The Bassala project is located within the highly gold-endowed Birimian volcano-sedimentary belt in south-western Mali, approximately 200 km south of Bamako. The belt hosts the Kalana gold mine, operated by Endeavour Mining and reported at approximately 4 Moz, and the Kodieran gold mine, operated by Wassoul'Or and reported at approximately 2 Moz, both within a few kilometres of Bassala.", }, { heading: "Geophysics and geochemistry", body: "Following gold-in-soil and ground magnetic surveys, Panthera initiated an IP gradient array survey, with results announced on 10 June 2021. The IP survey confirmed previous interpretations and identified several high-order chargeability anomalies, resistivity trends associated with artisanal gold diggings, and multiple chargeability highs associated with geochemical anomalies and artisanal mining activity.", }, { heading: "Drilling completed", body: "Panthera initiated its maiden drilling programme at Bassala with 9,997 m of air-core drilling in 164 holes and 392 m of reverse-circulation drilling in 4 holes. The company subsequently continued drilling after the wet season, completing a further 8,546 m of drilling in 152 air-core holes.", }, { heading: "Prospect generation", body: "In June 2022, Panthera prioritised three sectors for follow-up drilling: Bassala North, Bassala Central and Bassala South. Following the June 2022 drilling campaign, the technical team completed a comprehensive assessment of all drilling to date. This review recognised at least five prospects: Tabakorole, Tabakorole East, Djelikourou North, Djelikourou South and Tagoua. These were identified through reinterpretation of drill-hole assays, reinterpretation of geological logging, field walking and integration of geophysical and soil-geochemical data.", }, { heading: "Ownership and joint venture", body: "Panthera's interest in Bassala is 85%. The remaining 15% is held by Golden Spear Mali SARL. GSM is entitled to a carry of costs by Panthera until commencement of construction for commercial mining operations. Any outstanding carry is to be repaid from future mining profits. GSM is required to contribute its share of development costs or dilute its joint-venture interest.", }, ], qualifiedPerson: "Technical information has been read and approved by Ian S Cooper (BSc, ARSM, FAusIMM, FGS), a qualified geologist and Qualified Person under the AIM Rules for Mining and Oil & Gas Companies. Mr Cooper is a geological consultant to Panthera Resources PLC.", }, }, { id: "kalaka", name: "Kalaka", country: "Mali", region: "SE Mali", images: ["assets/projects/kalaka-core-web.jpg", "assets/projects/kalaka-site-web.jpg"], lat: 49, lon: 19, status: "Maiden MRE (Feb 2025)", resource: "803 koz JORC inferred", resourceDetail: "49.9 Mt @ 0.50 g/t Au at 0.3 g/t cut-off", type: "Gold", note: "Between the Morila (8 Moz) and Syama (6 Moz) gold mines in southeast Mali, ~260 km southeast of Bamako. Adjacent to the regional Banifin Shear Zone. Primary mineralisation at the K1A deposit is associated with a tonalite / micro-granodiorite intrusive in contact with altered metasediments.", highlights: [ "Maiden JORC MRE reported Feb 2025: 803 koz", "Oxide and transitional: 6.8 Mt @ 0.50 g/t = 109 koz", "Sulphide: 43.1 Mt @ 0.50 g/t = 693 koz", "Adjacent to Morila (8 Moz) and Syama (6 Moz) producing mines", ], detail: { tagline: "Panthera's most advanced African gold project — 803 koz JORC Inferred at K1A, between Morila and Syama.", snapshot: "Kalaka is Panthera's most advanced African gold project. Located in south-east Mali between the Morila and Syama gold mines, the project hosts the K1A deposit, where Panthera has reported a maiden JORC 2012 Inferred Mineral Resource of 803,000 ounces of gold. The project combines an existing resource base with meaningful exploration potential along strike and across several regional targets.", snapshotBullets: [ "Defined gold resource: 49.9 Mt at 0.50 g/t Au for 803 koz Au Inferred at K1A, at a 0.3 g/t cut-off.", "Strategic location: ~80 km south of Morila and ~85 km north-west of Syama — two major gold mines in Mali.", "Expansion potential: northern and eastern extensions at K1A and several regional targets (K1B, K1C, Southern Artisanal).", ], currentStatus: "Resource-stage gold project with a maiden JORC 2012 Inferred Mineral Resource at K1A and multiple exploration targets. Initial metallurgical results indicate non-refractory mineralisation amenable to conventional cyanide leaching.", keyFacts: [ ["Location", "South-east Mali, ~260 km SE of Bamako; between Morila & Syama"], ["Ownership", "Panthera 85% · Golden Spear Mali SARL 15%"], ["Project stage", "Maiden JORC 2012 Inferred MRE reported Feb 2025"], ["Main deposit", "K1A"], ["Current resource", "49.9 Mt @ 0.50 g/t Au for 803 koz Au Inferred (0.3 g/t cut-off)"], ["Metallurgy", "Non-refractory; cyanide-leach amenable (initial tests)"], ], catalysts: [ "Follow-up drilling of the northern and eastern extensions of K1A", "Testing of regional exploration targets including K1B, K1C and Southern Artisanal prospects", "Further metallurgical work, including larger-scale leaching and potential heap-leach assessment", "Potential future resource growth and economic studies", ], sections: [ { heading: "Location and geological setting", body: "The Kalaka project is located in south-east Mali, approximately 260 km south-east of Bamako, between the Morila and Syama gold mines. It lies approximately 80 km south of Morila and 85 km north-west of Resolute's Syama gold mine, adjacent and to the east of the regional Banifin Shear Zone. Primary mineralisation at the K1A deposit is associated with an intrusive tonalite / micro-granodiorite in contact with altered metasediments. The alteration envelope is characterised principally by silica-feldspar flooding and sulphide mineralisation.", }, { heading: "Mineral Resource Estimate", body: "A maiden Mineral Resource Estimate for the K1A deposit was reported in February 2025 in accordance with JORC 2012. The Inferred Mineral Resource, reported at a 0.3 g/t Au cut-off, comprises 49.9 Mt at 0.50 g/t Au for 803 koz Au. This includes 6.8 Mt at 0.50 g/t Au for 109 koz in oxide and transitional material and 43.1 Mt at 0.50 g/t Au for 693 koz in sulphide material. The resource has been constrained to maximum depths varying between 150 m and 290 m below surface and widths between 100 m and 180 m depending on wireframe location. The MRE has not been constrained within an economical pit shell at this stage.", }, { heading: "Resource basis and mining concept", body: "The resource has been defined using approximately 47 reverse-circulation holes and 21 diamond drill holes. The dimensions and 0.3 g/t Au cut-off grade reflect a potential bulk-mining approach and CIL plant concept. The company has also noted that a 0.10 g/t cut-off could deliver approximately 1 million ounces, which may be relevant if a heap-leach approach is considered.", }, { heading: "Metallurgy", body: "Leachwell and bottle-roll tests were completed to assess amenability to conventional cyanide processing. Leachwell results announced on 6 February 2024 reported average cyanide-extractable gold recoveries of 87% for near-surface oxide samples, 90% for transitional samples and 89% for unoxidised sulphide-bearing samples.", }, { heading: "Exploration potential", body: "At K1A, Panthera has identified northern and eastern exploration targets associated with geophysical and soil-geochemical anomalies. The northern extension is partly masked by floodplain sediments, meaning soil geochemistry may understate the anomaly. Regionally, several geophysical and geochemical programmes have defined eleven priority exploration prospects, notably K1B, K1C and Southern Artisanal prospects. At K1B, historical drilling has returned sporadic but high-grade assays, including one air-core hole ending in mineralisation with 1 m at 17.7 g/t Au. At K1C, RC and diamond drilling returned several mineralised intersections, including 11 m at 0.89 g/t Au within a broader 33 m low-grade interval.", }, { heading: "Ownership and joint venture", body: "Panthera's interest in Kalaka is 85%. The remaining 15% is held by Golden Spear Mali SARL. GSM is entitled to a carry of costs by Panthera until commencement of construction for commercial mining operations. Any outstanding carry is to be repaid from future mining profits. GSM is required to contribute its share of development costs or dilute its joint-venture interest.", }, ], qualifiedPerson: "Technical information has been read and approved by Ian S Cooper (BSc, ARSM, FAusIMM, FGS), a qualified geologist and Qualified Person under the AIM Rules. Technical information has also been read and approved by Dr Schadrac Ibrango, Member of the Ordre des Géologues du Québec and of the Professional Engineers and Geoscientists of Newfoundland and Labrador, who also acts as a Qualified Person under the AIM Rules.", }, }, { id: "bido", name: "Bido", country: "Burkina Faso", region: "Boromo greenstone belt", images: ["assets/projects/bido-drill-web.jpg", "assets/projects/bido-team-web.jpg"], lat: 54, lon: 24, status: "Active drilling", resource: "2,483 m RC drilled (2024)", type: "Gold", note: "Located 125 km WSW of Ouagadougou in the Boromo greenstone belt. The belt hosts the Poura gold deposit (1–2 Moz) about 50 km to the SSW and the Perkoa VMS deposit 35 km to the north. 2024 RC drilling intersected high-grade gold at Beredo-Kiekouyou and Somika Hill (Kaga vein system).", highlights: [ "2024: 2,483 m RC drilling complete", "Beredo-Kiekouyou: 2 m @ 4.45 g/t Au from 2 m", "Beredo-Kiekouyou: 5 m @ 1.79 g/t Au from 48 m", "Somika Hill (Kaga vein system): 14 m @ 0.91 g/t Au, incl. 10 m @ 1.15 g/t", ], detail: { tagline: "80%-owned gold exploration project on the Boromo greenstone belt with active drilling and multiple prospects.", snapshot: "Bido is an 80%-owned gold exploration project in Burkina Faso, located on the Boromo greenstone belt approximately 125 km west-south-west of Ouagadougou. Panthera has completed soil sampling, mapping, geophysical surveys and RC drilling, and has identified multiple prospects including Somika Hill, Beredo-Kiekouyou and Kwademen.", snapshotBullets: [ "Active exploration: Panthera has completed recent RC drilling and announced a further Kwademen drill programme.", "Multiple targets: several prospects supported by geochemistry, IP anomalies, artisanal workings and historical drilling.", "Ownership upside: Panthera owns 80% with a pathway to acquire the remaining 20% through further expenditure, subject to vendor rights.", ], currentStatus: "Earlier-stage exploration project with multiple drill-tested and drill-ready targets. Recent drilling has returned mineralised intersections at Somika Hill and Beredo-Kiekouyou, while Kwademen is being targeted for follow-up drilling.", keyFacts: [ ["Location", "Burkina Faso, ~125 km WSW of Ouagadougou — Boromo greenstone belt"], ["Ownership", "Panthera 80% · local JV partner 20%"], ["Project stage", "Exploration project with several prospects and recent RC drilling"], ["Main prospects", "Kwademen, Somika Hill / Kaga vein system, Beredo-Kiekouyou"], ["Recent drilling", "2,483 m RC at Beredo-Kiekouyou & Somika Hill (FY2024-25)"], ["Planned drilling", "Sixteen RC holes for ~1,740 m at Kwademen"], ], catalysts: [ "Results from the planned Kwademen RC drilling programme", "Follow-up on coincident IP, soil and artisanal-working targets", "Additional testing of historical high-grade and broader low-grade intervals", "Progress towards increased ownership if Panthera elects to pursue the remaining 20%", ], sections: [ { heading: "Location and geological setting", body: "The Bido permit is located on the Koudougou map quadrangle, approximately 125 km west-south-west of Ouagadougou. Bido lies within the Boromo greenstone belt, which is principally composed of Paleoproterozoic Birimian terrain within the West African Man Craton. The belt consists of volcano-sedimentary and plutonic domains metamorphosed during the Eburnean period, with younger intrusive bodies. The belt also hosts the Poura gold deposit, reported at approximately 1–2 Moz Au, around 50 km SSW of the permit, and the Perkoa VMS deposit around 35 km north.", }, { heading: "Work completed", body: "During the 2020-21 and 2021-22 financial years, Panthera completed extensive soil sampling, mapping and geophysical surveys. During the 2022-23 financial year, the company completed a Gradient Array IP survey over the Kwademen and Kwademen South areas. During the 2024-25 financial year, Panthera completed 2,483 m of reverse-circulation drilling at the Beredo-Kiekouyou and Somika Hill / Kaga vein system prospects.", }, { heading: "Recent drill results", body: "At Somika Hill / Kaga vein system, significant intersections included 14 m at 0.91 g/t Au from 13 m, including 10 m at 1.15 g/t Au from 17 m; 12 m at 0.56 g/t Au from 23 m; and 9 m at 0.79 g/t Au from 19 m, including 6 m at 1.0 g/t Au from 19 m. At Beredo-Kiekouyou, significant intersections included 2 m at 4.45 g/t Au from 2 m, 3 m at 1.17 g/t Au from 17 m, 5 m at 1.79 g/t Au from 48 m and 2 m at 2.16 g/t Au from 64 m.", }, { heading: "Kwademen prospect", body: "The Kwademen prospect is located in the north-western part of the Bido tenement. Panthera began work in the area with compilation work and soil sampling in 2018, using east-west sample lines spaced 200 m apart and samples repeated every 50 m. An IP survey in 2023 comprised a gradient survey exploring to a relatively constant depth of 50 m, followed by pole-dipole surveying on selected lines to help determine anomaly depth and dip. Panthera also completed systematic mapping of orpaillage shafts and eluvial workings.", }, { heading: "Planned Kwademen drilling", body: "A total of sixteen RC holes for approximately 1,740 m is planned to test five priority targets. Target 1 will test continuity around historical holes reporting intervals including 24 m at 1.38 g/t Au from 143 m, 9 m at 0.51 g/t Au and 10 m at 0.57 g/t Au. Target 2 will test combined IP and soil anomalies with coincident historical drill results such as 16 m at 1.07 g/t Au, 11 m at 0.40 g/t Au and 13 m at 0.53 g/t Au. Target 3 follows up a 2014 RAB hole reporting 13 m at 22.11 g/t Au to end of hole. Targets 4 and 5 test high-chargeability IP anomalies, gold-in-soil anomalies and recently dug orpaillage shafts.", }, { heading: "Ownership and royalty", body: "Panthera owns 80% of Bido. The remaining 20% is held by a local joint-venture partner. Panthera may acquire the remaining 20% by spending a further US$1,000,000 on exploration and development within two years, subject to the vendor's buy-back right of 1% for US$1,000,000. A 1% net smelter return royalty is payable to the vendor on minerals produced, inclusive of withholding tax if any, paid quarterly and capped at US$3 million in total.", }, ], qualifiedPerson: "Technical information has been read and approved by Ian S Cooper (BSc, ARSM, FAusIMM, FGS), a qualified geologist and Qualified Person under the AIM Rules for Mining and Oil & Gas Companies. Mr Cooper is a geological consultant to Panthera Resources PLC.", }, }, { id: "cascades", name: "Cascades", country: "Burkina Faso", region: "Banfora belt, SW Burkina Faso", images: ["assets/projects/cascades-drill1-web.jpg", "assets/projects/cascades-drill2-web.jpg"], lat: 57, lon: 21, status: "Maiden MRE · feasibility", resource: "635 koz Au resource", resourceDetail: "264 koz Indicated @ 1.52 g/t · 371 koz Inferred @ 1.67 g/t Au (Dec 2021)", type: "Gold", note: "Cascades (formerly Labola) sits in the Banfora greenstone belt of south-west Burkina Faso, ~450 km WSW of Ouagadougou and ~100 km NE of Endeavour Mining's Wahgnion mine. Gold occurs in three zones over a 10 km strike. The project is operated by Moydow Holdings under an earn-in, with Panthera holding a 20% interest.", highlights: [ "Maiden Resource (Dec 2021): 264 koz Indicated @ 1.52 g/t + 371 koz Inferred @ 1.67 g/t Au", "Three mineralised zones over a 10 km strike length", ">65,500 m historical drilling (541 holes) by prior owners", "New TT-13 gold zone confirmed; 20+ targets being upgraded to drill-ready", ], detail: { tagline: "Advanced gold project on the Banfora belt — a 635 koz resource with multi-kilometre exploration upside, operated by Moydow.", snapshot: "Cascades is an advanced gold project in the Banfora greenstone belt of south-west Burkina Faso. A maiden resource was announced in December 2021, and the project benefits from well-defined parallel shear structures now under consolidated ownership for the first time. It is owned and managed by Moydow Holdings under an earn-in, with Panthera holding a 20% equity interest.", snapshotBullets: [ "Defined Maiden Resource (Dec 2021): 264 koz Indicated @ 1.52 g/t Au and 371 koz Inferred @ 1.67 g/t Au.", "Located in stable southern Burkina Faso, with well-defined parallel shear structures under consolidated ownership for the first time.", "Outstanding exploration upside via infill and step-out drilling plus testing of new parallel zones — including the significant new TT-13 gold zone.", ], currentStatus: "Scoping of environmental baseline studies has commenced, and a new community (CSR) programme has been launched at Cascades, including the drilling of the first community water well. Moydow continues to upgrade more than twenty new geological targets to drill-ready status.", keyFacts: [ ["Location", "SW Burkina Faso, ~450 km WSW of Ouagadougou; ~100 km NE of the Wahgnion mine"], ["Ownership", "Panthera 20% of Moydow; Moydow earning 80% and is operator"], ["Project stage", "Feasibility study; environmental baseline scoping commenced"], ["Main deposit", "Daramandougou resource"], ["Current resource", "264 koz Indicated @ 1.52 g/t + 371 koz Inferred @ 1.67 g/t Au (Dec 2021)"], ["Metallurgy", "Non-refractory; cyanide-leach amenable (initial tests)"], ], catalysts: [ "Drilling results from the Q2 2026 programme", "Further metallurgical work, including larger-scale leaching and potential heap-leach assessment", "Potential future resource growth and economic studies", ], sections: [ { heading: "Location and geological setting", body: "The Cascades gold project lies in the Banfora greenstone belt of the West African Birimian Supergroup in south-west Burkina Faso, approximately 450 km west-south-west of the capital, Ouagadougou, and 100 km north-east of the Wahgnion gold mine operated by Endeavour Mining. Gold mineralisation is related to quartz veining, areas of silica alteration and disseminated pyrite. A previous ground IP survey highlighted the coincidence between mineralised zones and high chargeability (sulphides) and resistivity (quartz veining and silicification) anomalies, outlining many additional opportunities for resource-expansion drilling.", }, { heading: "Mineral Resource Estimate", body: "A maiden Mineral Resource was announced in December 2021, comprising an Indicated Resource of 264,000 oz at 1.52 g/t Au and an Inferred Resource of 371,000 oz at 1.67 g/t Au. The resource is centred on the Daramandougou deposit, one of three mineralised zones identified over a 10 km strike length.", }, { heading: "Resource basis and exploration history", body: "More than 65,500 m of historical drilling (541 holes) has been completed across multiple campaigns by previous owners — High River Gold Mines (later acquired by Nordgold) and Taurus Gold — consisting principally of diamond and RC drilling (24,589 m and 39,339 m respectively). Mineralisation has been intercepted by historical drilling and outlined by previous artisanal mining in three main zones over a 10 km strike length. Moydow has explored the area since August 2020, compiling all previous data into a single database, generating targets, and completing a 31-hole RC programme that culminated in the 2021 maiden resource.", }, { heading: "Metallurgy", body: "Leachwell and bottle-roll tests were completed to assess amenability to conventional cyanide processing. Testing indicates the mineralisation is non-refractory and amenable to cyanide leaching (initial tests).", }, { heading: "Exploration potential", body: "The main targets lie along the major interpreted central shear system encompassing the three mineralised zones, with strong evidence of several sub-parallel structures that also host significant gold mineralisation, as shown by artisanal workings. Many targets are resource-expansion opportunities — obvious extensions to identified resources and areas with only widely spaced historical drilling — while others are untested zones with artisanal workings or new zones defined by soil geochemistry and IP surveys. The most recent programme is the first part of a planned two-phase 10,000 m campaign, targeting resource extensions and new targets including the western Zone extension and Dara North, step-out drilling on the new TT-13 zone, and first-pass drilling at Far East, Sina Yar and TT13-West.", }, { heading: "Ownership and joint venture", body: "The Cascades project (formerly called Labola) is owned and managed by Moydow Holdings Ltd. Panthera currently holds a 20% equity interest in Moydow, with Moydow earning an 80% interest as operator. Moydow has agreed to spend up to US$18 million (Earn-In) on Cascades and increase its ownership interest up to 80%. Upon completion of the Earn-In, Panthera holds the right to increase its interest by a further 10% — for example, from 20% to 30% — for US$7.2 million.", }, ], qualifiedPerson: "Technical information has been read and approved by Ian S Cooper (BSc, ARSM, FAusIMM, FGS), a qualified geologist and Qualified Person under the AIM Rules for Mining and Oil & Gas Companies. Mr Cooper is a geological consultant to Panthera Resources PLC.", }, }, ], // ── STOCK ─────────────────────────────────────────────────── // Real values from the LSE screenshot (Jun 20, 2025 · 04:57 UTC+1) stock: { price: "20.00", currency: "GBp", change: "-0.50", changePct: "-2.44%", up: false, high: "21.00", low: "20.00", volume: "358,171", prevClose: "20.50", marketCap: "~$75M USD", marketCapGBP: "~£59M", asOf: "May 2026", sparkline: [20.5, 20.75, 20.5, 20.75, 21.0, 20.75, 20.5, 20.25, 20.0, 20.25, 21.0, 20.5, 20.25, 20.0, 20.5, 20.0], }, // ── SHARE CAPITAL ─────────────────────────────────────────── shareCapital: { sharesInIssue: "258,881,724", parValue: "GBP 0.01", notInPublicHands: "6.89%", options: [ { count: "975,378", strike: "GBP 0.055", expiry: "27 June 2026" }, { count: "1,538,427", strike: "GBP 0.07", expiry: "11 March 2027" }, { count: "500,000", strike: "GBP 0.08", expiry: "31 March 2028", note: "vested", footnote: true }, { count: "1,000,000", strike: "GBP 0.125", expiry: "31 March 2029", note: "vested", footnote: true }, { count: "1,000,000", strike: "GBP 0.15", expiry: "31 March 2029", note: "vested", footnote: true }, { count: "2,000,000", strike: "GBP 0.175–0.20", expiry: "31 March 2029", note: "unvested", footnote: true }, ], optionsRNS: "https://www.londonstockexchange.com/news-article/PAT/ceo-incentive-package/16591770", warrants: [], significantHolders: [ { name: "Michael Higgins", shares: "9,795,825", pct: "3.78%" }, ], asOf: "30 January 2026", }, // ── TRADINGVIEW + EXCHANGE LINKS ──────────────────────────── tradingview: { symbol: "LSE:PAT", chartUrl: "https://www.tradingview.com/symbols/LSE-PAT/", lseUrl: "https://www.londonstockexchange.com/stock/PAT/panthera-resources-plc/company-page", otcSymbol: "OTCMKTS:PATRF", otcChartUrl: "https://www.tradingview.com/symbols/OTC-PATRF/", }, // ── PRESENTATIONS ─────────────────────────────────────────── presentations: [ { date: "21 May 2026", title: "Corporate Presentation — May 2026", size: "1.9 MB", url: "assets/20260521-PAT-Corp-Presentation-v1.pdf", featured: true, }, ], // ── VIDEOS ────────────────────────────────────────────────── videos: [ { id: "5DApbZ0GMvw", title: "Update ahead of Counter-Memorial — MD Q&A", duration: "Feature · Feb 2026", primary: true, }, { id: "o5jyjfuiVUs", title: "Panthera Resources — Investor Update", duration: "YouTube", }, { id: "Cv-Rft53C0g", title: "Mark Bolton interview — the Bhukia arbitration", duration: "YouTube", start: 187, }, ], // ── FINANCIAL CALENDAR ────────────────────────────────────── // Note: dates beyond filings to date are "expected" calendar: [ { date: "19 May 2025", label: "Memorial filed — US$1.58B claim", type: "Legal", complete: true }, { date: "27 Feb 2026", label: "India Counter-Memorial", type: "Legal" }, { date: "17 Jul 2026", label: "Claimant Reply & Counter-Memorial", type: "Legal" }, { date: "23 Oct 2026", label: "India Rejoinder", type: "Legal" }, { date: "14–19 Dec 2026", label: "Hearings", type: "Legal" }, { date: "11 Jan 2027", label: "Closing Submissions", type: "Legal" }, { date: "TBD", label: "Decision (subject to outcome)", type: "Legal" }, ], news: [ { date: "19 May 2025", tag: "Regulatory", title: "Memorial filed in Australia–India BIT arbitration", excerpt: "IGPL files Memorial including Statement of Claim. Damages sought: US$1.58 billion, net of Indian taxes.", }, { date: "Feb 2025", tag: "Operations", title: "Maiden Mineral Resource Estimate for Kalaka K1A deposit", excerpt: "JORC inferred resource of 49.9 Mt @ 0.50 g/t Au for 803 koz, reported at a 0.3 g/t cut-off.", }, { date: "26 Jul 2024", tag: "Regulatory", title: "Notice of Arbitration filed with the Government of India", excerpt: "Treaty arbitration formally commenced under UNCITRAL rules following the Notice of Dispute.", }, { date: "17 Jul 2024", tag: "Operations", title: "Bido drilling — high-grade intersections at Beredo-Kiekouyou", excerpt: "2 m @ 4.45 g/t Au from 2 m and 5 m @ 1.79 g/t Au from 48 m at the Beredo-Kiekouyou prospect.", }, { date: "2 Jan 2024", tag: "Regulatory", title: "Notice of Dispute submitted to the Government of India", excerpt: "IGPL formally submits Notice of Dispute under the 1999 Australia–India Bilateral Investment Treaty.", }, { date: "2023", tag: "Financial", title: "LCM commits US$13.6M non-recourse arbitration funding", excerpt: "LCM Funding SG Pty Ltd — a subsidiary of AIM-listed Litigation Capital Management — funds the Bhukia treaty claim.", }, ], // ── PEOPLE ────────────────────────────────────────────────── board: [ { name: "Michael Lindsay Higgins", role: "Non-Executive Chairman", credentials: "BSc (Hons), FAusIMM", init: "MH", photo: "assets/people/michael-higgins-web.jpg", bio: "Geologist (UNSW, 1972). 20 years with Shell/Billiton at senior executive levels in base and precious metals worldwide; involved in two multi-million-ounce gold discoveries from grassroots stage. Founded several junior exploration companies, two of which listed on the ASX and TSX-V with significant gold discoveries in West Africa. Co-founded IGPL in 2005 and was Managing Director until PAT's AIM listing in 2017.", }, { name: "Mark Graham Bolton", role: "Managing Director & CEO", credentials: "BBus, Grad Dip Applied Finance", init: "MB", photo: "assets/people/mark-bolton-v2.jpg", bio: "Joined Panthera after an AIM-listed oil & gas role resolving complex legacy issues in India. Previously held executive roles at La Mancha Australia and First Quantum Minerals. Began at Ernst & Young, stepping down as a Director in EY's Corporate Finance business. Deep experience in project finance and development in emerging economies.", }, { name: "Timothy James Hargreaves", role: "Non-Executive Director", credentials: "BSc (Hons) Geology, Dip Petroleum/Reservoir Engineering", init: "TH", photo: "assets/people/tim-hargreaves.jpg", bio: "Over 45 years in technical and managerial roles across petroleum and mineral exploration. Senior positions across the resources sector with experience spanning multiple jurisdictions.", }, { name: "Catherine Apthorpe", role: "Non-Executive Director", credentials: "BA (Hons) Durham, PGDL & LPC, Solicitor of England & Wales", init: "CA", photo: "assets/people/catherine-apthorpe.jpg", bio: "Solicitor and Company Secretary with 20+ years' post-qualified experience and 15+ years in-house in the mining sector across multiple jurisdictions. Currently Group Corporate Counsel & Company Secretary of Capital Limited (LSE main market). Extensive experience in fundraisings, due diligence, acquisitions, strategic investments and debt financing. Named in the Top 100 Global Inspirational Women in Mining 2016; previously senior management at Amara Mining plc (2009–2016).", }, { name: "David Matthew Stein", role: "Non-Executive Director", credentials: "MSc Geology (Queen's University), CFA", init: "DS", photo: "assets/people/david-stein-web.jpg", bio: "Professional investor and executive specialising in metals and mining. Founder, President and CEO of Kuya Silver (CSE) and Portfolio Manager for Ore Acquisition Partners LP, a Panthera shareholder. Previously President and CEO of Aberdeen International and, before 2010, a partner at Cormark Securities as a gold and precious metals research analyst, Director and executive committee member.", }, ], management: [ { name: "Mark Andrew Cranny", role: "Chief Financial Officer", credentials: "BCom, Chartered Accountant", init: "MC", photo: "assets/people/mark-cranny-web.jpg", bio: "Chartered Accountant with 20+ years' experience and 16 years in CFO roles. Career began at KPMG Brisbane, followed by project roles at NatWest and Citibank (London), and KPMG Consulting. Founded Intellective in 2008 providing virtual CFO services across 20+ businesses.", }, { name: "Ian Stewart Cooper", role: "Consultant Geologist", credentials: "BSc ARSM MAIMM FGS", init: "IC", photo: "assets/people/ian-cooper-web.jpg", bio: "Geologist (University of London / Royal School of Mines, Imperial College, 1977). 40+ year career including senior positions at Aforo Resources, Equatorial Resources, Barrick and AngloGold Ashanti across West Africa (Mali, Burkina Faso, Sierra Leone, Côte d'Ivoire), Congo Brazzaville, Australia, PNG and the Philippines.", }, ], // ── AIM Rule 26 advisers (sourced from CEO-provided AIM Rule 26 doc) ─ advisers: [ { role: "Nominated Adviser & Joint Broker", name: "Allenby Capital Limited", lines: ["5th Floor", "5 St Helen's Place", "London EC3A 6AB"] }, { role: "Joint Broker", name: "Novum Securities Limited", lines: ["Lansdowne House", "57 Berkeley Square", "London W1J 6ER"] }, { role: "Joint Broker", name: "VSA Capital Limited", lines: ["Park House", "16–18 Finsbury Circus", "London EC2M 7EB"] }, { role: "Legal Advisers", name: "Druces LLP", lines: ["Salisbury House", "London Wall", "London EC2M 5PS"] }, { role: "Auditors & Reporting Accountants", name: "PKF Littlejohn", lines: ["1 Westferry Circus", "Canary Wharf", "London E14 4HD"] }, { role: "Registrars", name: "Computershare Investor Services PLC", lines: ["The Pavilions", "Bridgwater Road", "Bristol BS13 8AE"] }, ], aimRule26: { updated: "20 May 2025", admittedDate: "21 December 2017", tradingSymbol: "PAT", governanceCode: "QCA Corporate Governance Code", governanceChair: "Michael Higgins, Non-Executive Chairman", governanceUpdated: "26 July 2024", transferRestrictions: "There are no restrictions on the transfer of the Company's shares.", takeoverCode: "The Company is subject to the provisions of the City Code on Takeovers and Mergers.", }, // ── SHAREHOLDER SERVICES ──────────────────────────────────── registrar: { name: "Computershare Investor Services PLC", lines: [ "The Pavilions", "Bridgwater Road", "Bristol, UK, BS13 8AE", ], phone: "+44 (0) 370 707 1884", website: "https://www.computershare.com/uk", notes: "Computershare keeps the register of shareholders, distributes statutory documents (annual report, financials), and administers dividend payments. Use their website for change-of-detail and share-transfer forms.", }, }; window.PANTHERA_DATA = PANTHERA_DATA;