Panthera Resources PLC (AIM:PAT), in its annual results statement, noted that its focus is concentrated on seeking a resolution to the impasse over permitting of its advanced-stage Bhukia gold exploration project in Rajasthan, India.
It has, at the same time, continued to add value to its West African gold exploration projects.
In West Africa, the company during the period completed the drilling phases in Burkina Faso and Mali. Assay results from Mali included intersections of 76 metres at 0.53 g/t Au and 34 metres at 0.50 g/t Au, highlighting the potential for further resource growth.
Meanwhile, regards Bhukia it noted that it had increased arbitration funding for Bhukia to US$13.6 million after Litigation Capital Management completed due diligence. And, Panthera has initiated formal arbitration against the Indian government following failed settlement talks.
“Our company's story has been one of interrupted development, with many instances over the years that might have resulted in resolution of the Bhukia permitting impasse with GoR,” chair Michael Higgins said.
“The continuing legal struggles have depreciated our intrinsic value and led many of our early investors to depart so I thank those of our early shareholders who have stayed the course, and all new shareholders that have invested since our AIM admission in December 2017.”
He added: “I thank the entire Panthera team including especially the executives, the board of directors and our advisors for their continuing efforts to achieve what we hope and expect will be, in time, a very positive outcome for the company.
In terms of financials, Panthera reported a net loss of US$2.13 million for the year narrowed from US$3.16 million last year.