Panthera Resources PLC (AIM:PAT), the gold exploration and development company with key assets in West Africa and India, sounded an upbeat note on its outlook for 2022, after it substantially expanded its exploration activities in the half-year ended 30 September 2021.
The company posted a loss of US$1.9mln, or 2 cents per share, for the first half, compared with a profit of US$2.2mln, or 3 cents per share in the same period last year, reflecting the high level of exploration actvitiy.
During the period, Panthera entered into an agreement with Diamond Fields Resources to restructure its ownership interests in its associate company Moydow and provide up to US$18mln in funding for the Labola project in Burkina Faso.
The restructuring will see the Kalaka project in Mali and the Nigeria projects spun out from Moydow into a new entity, Maniger.
Panthera will hold a 50% interest and operatorship of Maniger.
Among the highlights of the first half was a reverse circulation (RC) drilling campaign at Labola, which culminated in the release of a maiden mineral resource estimate (MRE) of 635,000 gold ounces.
In Mali, initial drilling was completed at the Kalaka project, while drilling is underway at Bassala.
READ: Panthera Resources says drilling started at Bassala project after rig finished work at Kalaka
Panthera said it continues to pursue a prospecting licence over the Bhukia project in India through both commercial resolution and the legal proceedings ongoing in the High Court of Rajasthan.
Since the half-year end, the company has acquired its Bhukia joint venture partner Metal Mining India (MMI).
Last month, Panthera completed an equity capital raising of £1mln at 10 pence each.
"The year to date has been one marked by a considerable increase in field activity where the company has focussed on delivering on its promises, particularly on our extensive West African assets,” commented Panthera managing director Mark Bolton.
“Our initial investment at the Bassala and Kalaka projects have delivered exceptional drill targets which we have now proceeded to drill with very encouraging results reported to date.
“In 2022 and upon the completion of the Moydow restructure, we look forward to a significant drilling programme at Labola and material expansion in the mineral resource estimate."
Panthera shares rose 2.7% to 13.35p in late morning trade.