Expropriation of one of the largest undeveloped gold projects in the world — trading at less than 5% of the arbitration claim.
Panthera Resources is pursuing a US$1.58 billion treaty
claim against India over the expropriation of the Bhukia Gold Project —
funded non-recourse by LCM, the AIM-listed institutional litigation financier.
An active gold exploration portfolio across Mali and Burkina Faso runs alongside.
{[
["1.58", "B", "Claim value (USD)"],
["75", "M", "Market cap (USD)"],
["1.74", "Moz", "Bhukia JORC resource"],
["13.6", "M", "LCM funding (non-recourse)"],
].map(([n, u, l], i) => (
A position in international law
{" "}as much as a mining story.
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.
Funded by LCM
{D.arbitration.funderCommitment}
Funding committed by {D.arbitration.funder} — a
subsidiary of AIM-listed Litigation Capital Management, one of the
world's leading institutional financiers of international arbitration.
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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function CTA({ setPage }) {
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Stay informed
Follow the Journey!
Receive updates on key milestones, hearing dates, and legal developments
as this case progresses toward its December 2026 hearing.
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function AboutPage({ setPage }) {
return (
About
A gold explorer with an asymmetric legal position.
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.
Leadership
Board of Directors.
Decades of combined experience across resource exploration, project finance,
and complex emerging-market legal matters.
{D.board.map((p, i) => (
))}
Senior management
The people running the company day-to-day.
{D.management.map((p) => (
))}
);
}
function ProjectsPage({ setPage }) {
return (
Portfolio
One flagship claim. Four exploration projects.
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.
Announcements sourced from the London Stock Exchange's Regulatory News Service (RNS),
via Investegate. The Company's RNS feed is the authoritative public record.
Information provided in accordance with AIM Rule 26, last updated{" "}
{a.updated}.
Panthera was incorporated in England and Wales on{" "}
8 September 2017.
The group operates principally in India (Rajasthan), with active exploration
assets in Burkina Faso and Mali.
{/* About the company */}
About the Company
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.
{[
["Trading symbol", a.tradingSymbol],
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{k}
{v}
))}
For the latest AIM securities in issue and the percentage of AIM
securities not held in public hands, see the{" "}
.
{/* Corporate governance */}
Chairman's Statement
Corporate Governance
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{" "}
{a.governanceCode}{" "}
(the "QCA Code"). 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-listed 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.
Michael Higgins
Non-Executive Chairman
Updated {a.governanceUpdated}
The Company's full Corporate Governance Statement is contained in the
latest Annual Report. {a.takeoverCode}
{/* Advisers */}
Advisers
{D.advisers.map((adv, i) => (
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{adv.name}
{adv.lines.map((l, j) =>
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)}
))}
{/* Registered offices */}
Registered Offices
United Kingdom
Salisbury House
London Wall
London EC2M 5PS
United Kingdom
India
Tej Kunj
Ambavgarh
Udaipur – 313001
Rajasthan, India
{/* Stock information */}
Stock information
Share capital & instruments
Information regarding the Company's shares in issue, outstanding options
and warrants, and significant shareholders — required disclosures under
AIM Rule 26.
{/* Shares in issue headline */}
Shares in issue
{D.shareCapital.sharesInIssue}
fully paid ordinary shares of {D.shareCapital.parValue} each
Par value
{D.shareCapital.parValue}
Not in public hands
{D.shareCapital.notInPublicHands}
{/* Options table */}
Unlisted options
Number
Strike
Expiry
Status
{D.shareCapital.options.map((o, i) => (
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{o.strike}
{o.expiry}
{o.note && (
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*
Executive incentive options subject to vesting conditions{" "}
(RNS on 29 July 2024).
In May 2025, IGPL filed its statement of claim seeking{" "}
US$1.58 billion, net of Indian taxes,
from the Republic of India over the expropriation of the Bhukia Gold Project.
The case is fully funded by Litigation Capital Management (AIM) on a non-recourse basis.
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.
{/* Alleged breaches */}
Alleged breaches
What we say India breached.
{a.breaches.map((b, i) => (
0{i + 1}
{b}
))}
{/* Timeline + LCM */}
Procedural timeline
From discovery to decision.
Funded by LCM
{a.funderCommitment}
Funding committed by {a.funder} —
a subsidiary of AIM-listed Litigation Capital Management, one of
the world's leading institutional financiers of international
arbitration.
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.
{/* LCM Funding terms */}
Funding economics
What LCM is entitled to on a successful 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.