Panther Metals PLC (LSE:PALM) said it made several advances in 2021 despite limitations imposed on its work programmes by the Covid-19 pandemic.
Nicholas O’Reilly, the non-executive chair, said the business has developed to a point at which the portfolio may be rapidly commercialised.
The company is advancing various strategies to add value to the portfolio, such that component parts may achieve self-sustainability while Panther retains a significant position, through joint ventures, partial divestment in subsidiaries or even project sales.
The pre-revenue company revealed in its full-year results statement for 2021 that its loss before tax narrowed to £126,269 from £668,198 in 2021, largely thanks to a £983,744 gain on the flotation of Panther Metals Limited (ASX:PNT).
Cash at the end of the year stood at £100,586 versus £241,194 at the end of 2020.
Since the end of 2021, the company has announced the discovery of a volcanogenic massive sulphide (VMS) mineral system at the Wishbone prospect at the Obonga project in Ontario, Canada.
"The discovery of a VMS system at Obonga is a remarkable achievement for the team, and given that it took just two drill holes, it shows the level of work that was put into the exploration targeting process,” said Darren Hazelwood, chief executive of Panther.
“The implications of the Wishbone VMS discovery to the wider Obonga Project area are considerable. Before this programme no other VMS was known on this belt. Obonga has now been confirmed as a favourable geological environment for the development of VMS systems and many more potential VMS targets exist on Panther's landholding.
“The very nature of this type of deposit means they tend to cluster, once you have one, the chances increase dramatically of finding others,” Hazelwood said.
“Elevated base metal content, especially within close proximity of our drilling location, adds further confidence to our future plans,” the chief executive officer concluded.