Panther Metals (Panther Metals PLC (LSE:PALM) shares rose after the company reported magnesium recoveries of about 38% from initial testing at its Dotted Lake project in Ontario.
Shares opened at 135p on Monday, up 3.8% from Friday’s 130p close, before rising as high as 148p during early trading.
The UK-listed mineral exploration company focused on Canada specific projects reported a magnesium recovery rate of about 38% during the first phase of testing at Dotted Lake in Ontario, Canada.
The result exceeded industry expectations, highlighting potential for improved extraction from magnesium-bearing material at the project.
Panther is testing technology developed by Extrakt as it assesses whether magnesium can be recovered more efficiently from the serpentinite mineralisation identified through drilling at Dotted Lake.
The project contains magnesium-rich serpentinite alongside nickel, chromium and platinum group elements, with previous drilling identifying a 214.7-metre zone grading up to 21.7% magnesium.
The latest work remains at an early stage, with further testing required to assess reproducibility, optimise processing conditions and establish whether the recovery method could be commercially viable.
Panther’s shares have traded between 41p and 178p over the past year, leaving the stock below its 52-week high despite the latest advance.
The results give investors a new processing milestone for Dotted Lake as Panther continues exploration and development work across its Canadian mineral projects.