Panthera Resources PLC (AIM:PAT) said it has granted litigation funding specialist LCM a further extension until 30 June to allow it to complete due diligence.
The miner is pursuing the Indian government for alleged breaches of its obligations under the Australia-India Bilateral Investment Treaty.
Panthera is seeking US$10.5mln in litigation financing through LCM to fund the action.
It added it does not expect a further extension of the due diligence period though reiterated there is no guarantee it will get the money.
Once due diligence completes, the parties will move to a Funding Confirmation Notice.
Panthera said it is also seeking an amicable resolution of the dispute and the grant of the Bhukia Prospecting Licence.
“In this regard, the company remains in advanced discussions with a potential joint venture partner pending the resolution of the LFA”, said the statement.