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Panther Metals’ Sener expects economic uncertainty to spur gold buying at central banks

The exploration company is "well positioned" to grow organically and strategically, according to chairman Kerim Sener

Panther Metals PLC - Panther Metals results reflect on year of significant developments

Panther Metals PLC (LON:PALM) chairman Kerim Sener reflected on a period that included several significant developments, as the company released its full year results for 2019.

The company’s most recent achievement was its move to the London Stock Exchange, from NEX (now called Aquis), which Sener says demonstrates a “growing maturity of the business”. Panther raised £823,000 alongside the transition.

READ: Panther Metals applies to begin drilling at Big Bear project

In a statement, Sener said: “Meanwhile, the economic backdrop for the company remains highly positive, with the gold price further underpinned by the financial largesse of the Federal Reserve. Unlike fiat currencies, even a reserve currency like the US Dollar, gold remains the champion hedge against economic uncertainty and inflation.  

“The current uncertainty and economic environment will further spur central bank buying, as confidence in fiat currencies and trust in the financial management of western economies become further eroded. Against this backdrop your company is positioned well to grow both organically and strategically,” he added.

Field exploration is presently disrupted by the coronavirus pandemic, due specifically to travel restrictions which prevent geology teams and service providers from accessing projects.

At the Big Bear gold project, in Canada, which hosts several significant soil gold anomalies, it plans to conduct a magnetics survey using drones, which is expected to be lower cost, and it anticipates the next phase of exploration analysis will include a detailed desk-based data review.

The company expects to improve its understanding of the mineralisation to help identify and prioritise areas for future phases of fieldwork.

Panther believes these activities will produce a sufficient number of targets and confidence to justify the outlay of diamond drilling, suitable for future resource estimation.

Noting the impacts of the coronavirus (COVID-19) pandemic, the company noted: “Due to the rapid and global spread of COVID-19, these programmes are currently pending due to the uncertainties associated with the pandemic, specifically the limitations on travel that are being experienced.

“The company has temporarily suspended all service provider contracts, where possible (given that to do otherwise might put the health of contractors and their families at risk).”

The company also hold interests in Australia, the Marrakai and Annaburroo exploration licence areas near Darwin, and, presently it is focussing on initial data based analysis.

Quick facts: Panther Metals PLC

Price: 6.65 GBX

LSE:PALM
Market: LSE
Market Cap: £3.25 m
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