07:15 Thu 17 Dec 2020
Panthera Resources - Interim Results - 30 September 2020
Panthera Resources PLC
(Panthera or the Company)
Interim Results - Six months ended
Panthera Resources PLC (AIM: PAT), the gold exploration and development company with key assets in
Highlights
· Earnings for the reporting period of
· Entered an agreement with Moydow to spinout our interests in the Labola gold project in south west
· Acquired an interest, via Moydow, in the Paimasa and Dagma projects in
· Anglo Saxony Mining Limited, in which Panthera retains a 14.2% shareholding, completed a pre-feasibility study of Tellerhäuser Polymetallic Project, in
· Entered into a new term sheet which extends the partnership with Galaxy Gold Mines Pvt Limited (Galaxy), to
· Continued to pursue the grant of the Prospecting Licence over the Bhukia project through both commercial resolution and the legal proceedings ongoing in the High Court of Rajasthan (Court).
· Arranged an equity financing with existing and new investors for
· Appointed a new Managing Director,
Events Post Balance Date
· Recommenced field programmes in
· Successfully retained Panthera's interest in the Bido PRM (formerly called Naton) with the support of the Ministry of Mines of Burkina Faso and our joint venture partner.
· Amended the term sheet which extends the partnership with Galaxy to
· Received cash proceeds of
· Received proceeds of
· The Company has received commitments for the conversion of a further 2,137,990 warrants for
"The year to date has represented a transformational phase for the Company which has culminated in a milestone transaction with Moydow to spin-out key projects and introduce new assets. Importantly, we have reignited our work programmes focused on developing the inherent value of our West African assets. The outcome of all this assiduous work has provided Panthera with a clear path for high growth and a re-energised base for shareholder and investor support, from which we can now proceed into another busy year in 2021.
Furthermore, I am delighted to advise that we will shortly start to see the results of our accelerated activity commenced across a number of projects in recent months. We have soil sampling and geophysical programmes underway at Bido and Bassala, to rank drill targets ahead of drilling programmes at each licence in H1 2021. At Paimasa, the drill rods are already turning, and we eagerly await these results in the New Year. Our most advanced project, Labola, a comprehensive data review is underway which is anticipated to underpin the reporting of a maiden mineral resource estimate in 2021.
As we reflect back on the tremendous progress made over the course of the reporting period, I would like to thank our Panthera team for all their hard work and our shareholders for their continued support. I look forward to reporting further progress in the coming year."
Project Activities
Work has recommenced in the field at several projects following an extended hiatus.
Bassala Project (
A geophysical survey comprising ground magnetics has been completed with the results expected shortly. In addition, a soil geochemical survey comprising 1,096 samples is currently underway. This survey will extend the existing sampling to the northeast, west and south.
This work is designed to firm up targets for drill testing during the first half of 2021.
Kalaka Project (
A programme of approximately 168 line kilometres of gradient array IP surveying is currently being undertaken. The programme is designed to test the southern area of the licence, where the majority of known gold anomalism occurs. The survey includes two large areas of historical artisanal mining activity that have not previously been drill tested, several gold-in-soil geochemical anomalies, gold mineralisation intersected in previous drilling, and structural targets in areas where it is interpreted that soil geochemistry is ineffective. The survey is anticipated to be completed early in the New Year.
Previous gradient array IP surveying at the large, low grade K1A target has shown a very close correlation between gold mineralisation and chargeability highs with associated low order resistivity highs. This is interpreted as being due to the sulphidic alteration (pyrite, arsenopyrite) and silicification respectively. Hence this is considered to be an excellent tool for both pure exploration in areas where soil geochemistry is ineffective as well as for ranking drill targets.
The Kalaka project is currently subject to an offer to purchase from Moydow with completion anticipated to be on or before
Bido (
The Bido project, previously referred to as the Naton Project and comprising the exact same area as the latter, was granted in
Subsequent to the grant of the Licence, a regional gold-in-soil sampling programme has commenced with the south-central area currently being sampled on 200m x 50m spacing. The results of the sampling programme are anticipated early in 2021.
While conducting a preliminary site visit to plan for the soil sampling programme, it was noted that a "gold-rush" had commenced in the centre of the area proposed for sampling, with several hundred artisanal miners concentrating on an area of about 170m x 170m (Tiekouyou Rush). The miners are currently obtaining gold from eluvium, quartz veins and altered host rock consisting of dolerite, diorite and metavolcanics.
In addition, during this recent site visit, an area of quartz veining was identified in the northeast of the planned survey area (Beredo Target). The zone appears to extend in a north-northeast direction trending from the area of proposed soil sampling. In light of this, a re-evaluation of the Beredo area, immediately to the north of the proposed sampling area, was undertaken. It is apparent that numerous rock chip samples have returned significant gold mineralisation, with twenty-eight of sixty samples assaying over 0.5g/t Au (average 4.7g/t Au) with some very high grades returned including 17.3g/t, 11.1g/t, 8.91g/t, 8.38g/t and 8.21g/t Au. These are generally from quartz veins with evidence of boxworks after sulphides and tourmaline alteration. Significantly, several of these have not been targeted by artisanal miners to date.
As part of a general re-evaluation of the entire area, the previous drilling undertaken at the Kwademen prospect has also been re-examined. It is apparent that the previous drilling was very broadly spaced (~200m to 300m line spacing) and perhaps inaccurately located, nevertheless still returned significant gold mineralisation including:
· 16m @ 1.07g/t Au from 69m
· 10.4m @ 2.14g/t Au from 191m
· 23m @ 1.53g/t Au from 143m
· 2.25m @ 7.74g/t Au from 155.8m
· 1.45m @ 16.0g/t Au from 52m
· 1m @ 40.0g/t Au from 90m
It is apparent that this was targeting an area to the west of the main soil anomaly defined by Panthera's previous soil sampling. This anomaly is also the focus of intense artisanal workings and is thus considered to be an excellent, poorly tested drill target.
The ongoing work programmes aim to define and rank drill targets for a drilling campaign that is expected to commence in the first half of 2021. This is in addition to other potential drill targets which have already been identified at the Bido Project including Somika Hill and Kwademen South.
Labola (
During the 2020 calendar year, activities have focused on obtaining and evaluating the extensive historical exploration records. In this regard, a large database has recently been acquired from Nordgold by Moydow that compliments the previously held data.
This is being combined into a single validated Access database that will comprise over 65,000m drilling plus a large database of soil and rock chips samples. In addition, excellent regolith mapping, magnetics, EM, IP, Lidar, orthophoto and satellite data has been obtained.
The objective is to complete a gap analysis of the required activities to be undertaken prior to the estimation of a mineral resource to international standards. Some confirmatory drilling may likely be required during 2021 to fulfil QaQc requirements.
This project has recently been acquired by an associated company, Moydow.
Paimasa (
The Paimasa Project is one of two projects being explored by Panthera's associated company, Moydow. Paimasa is located within schist belts of interpreted Pan African age within the Archaean/Proterozoic basement of central
Moydow is currently on site at Paimasa with both a diamond (DD) and a reverse circulation (RC) drill rig and has just started a programme of 300m DD and 1250m RC drilling in 17 drill-holes. First results are expected early 2021.
Bhukia Project (
In collaboration with its strategic partner in
In the interim, the Company continues to preserve its interests through the interim stay order in our favour by the Hon'ble High Court of Rajasthan (
Anglo Saxony Mining Limited
Anglo Saxony Mining Limited (ASM) owns the Tellerhäuser Polymetallic Project (Tellerhäuser) in
ASM completed a financing for a total
The German corporate advisor, Deutsche Gesellschaft für Wertpapieranalyse GmbH (DGWA) has been appointed by ASM to act as their lead financial advisor in
Moydow Transaction
In July, Panthera announce the planned spin-out of its interests in the Labola and Kalaka gold projects to Moydow with Panthera retaining a substantial interest in Moydow. The disposal of Labola was completed in August however the divestment of the Kalaka gold project to Moydow has been delayed and is now anticipated to be completed later in December.
Mowdow has subsequently completed an equity financing of
Panthera holds a significant ownership interest of 41.7% in Moydow which increases to 46.2% later in December upon completion of the Kalaka divestment. This also provides Panthera with ongoing participation in any success from the projects held by Moydow in
Funding
Based on current expenditure levels and taking into account the committed funding from Moydow and the warrant exercise due shortly, all funds will be used within the next 6 months. The group's ability to continue as a going concern is dependent upon raising additional capital.
Panthera Resources PLC
Unaudited Interim Financial Information for the period ended
Set out below are the unaudited result of the group for the six months to
Group Statement of comprehensive income |
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For the six months ended |
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|
|
|
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Six months to |
Six months to |
||
|
|
|
Unaudited $USD |
Unaudited $USD |
||
Continuing operations |
|
|
|
|
||
Revenue |
|
|
- |
- |
||
Gross profit |
|
|
- |
- |
||
Other Income |
|
|
13,476 |
28,697 |
||
Exploration costs expensed |
|
|
(225,415) |
(289,934) |
||
Administrative expenses |
|
|
(348,392) |
(397,724) |
||
Loss from operations |
|
|
(560,331) |
(658,961) |
||
Investment revenues |
|
|
10 |
607 |
||
Loss on sale of assets |
|
|
(1,072) |
|
||
Loss before taxation |
|
|
(561,393) |
(658,354) |
||
Taxation |
|
|
- |
- |
||
Other comprehensive income |
|
|
|
|
||
Items that may be reclassified to profit or loss: |
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|
|
|
||
Changes in the fair value of financial assets measured at FVOCI |
|
- |
1,316 |
|||
Gain on sale to non-controlling interest |
|
|
2,790,000 |
- |
||
Exchange differences |
|
|
(4,170) |
(2,310) |
||
Loss and total comprehensive income for the period |
|
2,224,437 |
(659,348) |
|||
Total loss for the period attributable to: |
|
|
|
|
||
- Owners of the Parent Company |
|
|
(539,832) |
(637,744) |
||
- Non-controlling interest |
|
|
(21,561) |
(20,610) |
||
|
|
|
(561,393) |
(658,354) |
||
Total comprehensive income for the period attributable to: |
|
|
|
|||
- Owners of the Parent Company |
|
|
2,245,998 |
(638,738) |
||
- Non controlling interest |
|
|
(21,561) |
(20,610) |
||
|
|
|
2,224,437 |
(659,348) |
||
Earnings per share attributable to the owners of the parent |
|
|
|
|||
Comprehensive income (undiluted/diluted) |
|
|
0.03 |
(0.01) |
Group Statement of financial position |
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As at |
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30 September 2020 |
30 September 2019 |
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|
Unaudited $USD |
Unaudited $USD |
||
Non-current assets |
|
|
|
|
||
Property, plant and equipment |
|
|
1,642 |
4,275 |
||
Investments |
|
|
7,170 |
6,747 |
||
Financial assets at fair value through other comprehensive income |
|
3,408,418 |
1,760,635 |
|||
|
|
|
|
|
3,417,230 |
1,771,657 |
Current assets |
|
|
|
|
||
Trade and other receivables |
|
|
274,450 |
171,454 |
||
Cash and cash equivalents |
|
|
115,978 |
381,847 |
||
|
|
|
390,428 |
553,301 |
||
Total assets |
|
|
3,807,658 |
2,324,958 |
||
Non-current liabilities |
|
|
|
|
||
Provisions |
|
|
35,323 |
42,923 |
||
Deferred tax liabilities |
|
|
- |
- |
||
|
|
|
35,323 |
42,923 |
||
Current liabilities |
|
|
|
|
||
Provisions |
|
|
8,704 |
6,019 |
||
Trade and other payables |
|
|
358,231 |
185,883 |
||
Total liabilities |
|
|
402,258 |
234,825 |
||
Net assets |
|
|
3,405,400 |
2,090,133 |
||
Equity |
|
|
|
|
||
Share capital |
|
|
1,131,033 |
1,007,056 |
||
Share premium |
|
|
18,355,853 |
18,010,161 |
||
Capital reorganisation reserve |
|
|
537,757 |
537,757 |
||
Other reserves |
|
|
(1,134,888) |
(227,875) |
||
Retained earnings |
|
|
(15,194,579) |
(16,991,030) |
||
Total equity attributable to owners of the parent |
|
|
3,695,176 |
2,336,069 |
||
Non-controlling interest |
|
|
(289,776) |
(245,936) |
||
Total equity |
|
|
3,405,400 |
2,090,133 |
Group Statement of changes of equity |
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For the six months ended |
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Share Capital |
Share premium account |
Capital re-organisation reserve |
Other reserves |
Retained earnings |
Total equity |
Non-controlling interest |
Total |
|
Unaudited $USD |
Unaudited $USD |
Unaudited $USD |
Unaudited $USD |
Unaudited $USD |
Unaudited $USD |
Unaudited $USD |
Unaudited $USD |
Balance at |
913,588 |
17,373,601 |
537,757 |
(115,997) |
(16,352,292) |
2,356,657 |
(225,326) |
2,131,331 |
Loss for the period |
|
|
|
|
(637,744) |
(637,744) |
(20,610) |
(658,354) |
Changes in the fair value of available-for-sale financial assets |
|
|
|
|
1,316 |
1,316 |
|
1,316 |
Foreign exchange differences realised during the period |
|
|
|
|
(2,310) |
(2,310) |
|
(2,310) |
Total comprehensive income for the period |
- |
- |
- |
- |
(638,738) |
(638,738) |
(20,610) |
(659,348) |
Share application moneys received |
61,450 |
553,050 |
|
- |
|
614,500 |
|
614,500 |
Shares issued in lieu of fees |
32,018 |
83,510 |
|
|
|
115,528 |
|
115,528 |
Gain on fair value of investment assets |
|
|
|
(81,943) |
|
(81,943) |
|
(81,943) |
Foreign exchange differences on translation of currency |
|
|
|
(29,935) |
|
(29,935) |
|
(29,935) |
Total transactions in the period recognised directly in equity |
93,468 |
636,560 |
- |
(111,878) |
- |
618,150 |
- |
618,150 |
Balance at |
1,007,056 |
18,010,161 |
537,757 |
(227,875) |
(16,991,030) |
2,336,069 |
(245,936) |
2,090,133 |
|
|
|
|
|
|
|
|
|
Balance at |
1,010,308 |
18,032,309 |
537,757 |
(1,111,153) |
(17,440,577) |
1,028,644 |
(268,215) |
760,429 |
Loss for the period |
|
|
|
|
(539,832) |
(539,832) |
(21,561) |
(561,393) |
Gain on sale to non-controlling interest |
|
|
|
|
2,790,000 |
2,790,000 |
|
2,790,000 |
Foreign exchange differences realised during the period |
|
|
|
|
(4,170) |
(4,170) |
|
(4,170) |
Total comprehensive income for the period |
- |
- |
- |
- |
2,245,998 |
2,245,998 |
(21,561) |
2,224,437 |
Issue of shares during period |
120,725 |
323,544 |
|
|
|
|
|
|
Issue of warrants during period |
|
|
|
5,744 |
|
|
|
|
Foreign exchange differences on translation of currency |
|
|
|
(29,479) |
- |
(29,479) |
- |
(29,479) |
Total transactions in the period recognised directly in equity |
120,725 |
323,544 |
- |
(23,735) |
- |
420,534 |
- |
420,534 |
Balance at |
1,131,033 |
18,355,853 |
537,757 |
(1,134,888) |
(15,194,579) |
3,695,176 |
(289,776) |
3,405,400 |
Group Statement of cash flows |
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For the six months ended |
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|
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Six months to |
Six months to |
|
|
|
|
|
Unaudited $USD |
Unaudited $USD |
Cash flows from operating activities |
|
|
|
|
||
Cash used in operations |
|
|
(480,176) |
(606,593) |
||
Income taxes paid |
|
|
- |
- |
||
Net cash outflow from operating activities |
|
|
(480,176) |
(606,593) |
||
Investing activities |
|
|
|
|
||
Sale/(purchase) of property, plant and equipment |
|
- |
(1,308) |
|||
Sale/(Purchases) of financial assets at FVOCI |
|
|
50,000 |
- |
||
Sale/(Purchase) of Investments |
|
|
- |
- |
||
Net cash generated/(used) in investing activities |
|
50,000 |
(1,308) |
|||
Financing activities |
|
|
|
|
||
Proceeds from issue of shares |
|
|
444,269 |
741,600 |
||
Effect of exchange rate movement on cash |
|
|
4,123 |
(59,773) |
||
Net cash generated from financing activities |
|
|
448,392 |
(801,373) |
||
Net increase in cash and cash equivalents |
|
|
18,216 |
(193,472) |
||
Cash and cash equivalents at beginning of period |
|
97,762 |
188,375 |
|||
Cash and cash equivalents at end of period |
|
|
115,978 |
381,847 |
NOTES TO THE FINANCIAL STATEMENTS
1. |
Basis of preparation |
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The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) and IFRS Interpretations Committee (IFRS IC) interpretations as adopted by the European Union applicable to companies under IFRS. The Group Financial Statements have been prepared under historic cost convention.
The financial statements have been prepared on the historical cost basis, except for the valuation of investments at fair value through profit or loss. The principal accounting policies adopted are set out in the Annual Report
The functional currency of the Company is British Pounds (£). This is due to the Company being registered in the
The financial statements are prepared in
As permitted by section 408 of the Companies Act 2006, the Company has not presented its own statement of comprehensive income and related notes. The Company's total comprehensive income for the period was
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2. |
Events Subsequent to Reporting Date |
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On
On
Sale to Moydow Holdings Limited (Moydow) On 1 September, the Company announced it had completed the divestment of its interest in the Labola gold project to Moydow. At balance date the Company had received 2,500,000 new ordinary shares in Moydow and cash of
The divestment of Kalaka gold project in
Warrant Conversions ( The Company has received
In addition, the Company has received commitments for the conversion of a further 2,137,990 warrants for
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Contacts
Panthera Resources PLC
|
+61 411 220 942 |
Financial Public Relations Vigo Communications Ltd
|
+44 (0)20 7390 0230 |
Nominated Advisor and Broker RFC Ambrian |
+44 (0) 20 3440 6800 |
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Qualified Person
The technical information contained in this disclosure has been read and approved by
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
Forward-looking Statements
This news release contains forward-looking statements that are based on the Company's current expectations and estimates. Forward-looking statements are frequently characterised by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "suggest", "indicate" and other similar words or statements that certain events or conditions "may" or "will" occur. Such forward-looking statements involve known and unknown risks, uncertainties, and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements. Such factors include, among others: the actual results of current exploration activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; possible variations in ore grade or recovery rates; accidents, labour disputes, and other risks of the mining industry; delays in obtaining governmental approvals or financing; and fluctuations in metal prices. There may be other factors that cause actions, events, or results not to be as anticipated, estimated, or intended. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events, or results or otherwise. Forward-looking statements are not guarantees of future performance and accordingly, undue reliance should not be put on such statements due to the inherent uncertainty therein.
**ENDS**
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