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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Panthera Resources Plc | LSE:PAT | London | Ordinary Share | GB00BD2B4L05 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 6.50 | 6.00 | 7.00 | 6.50 | 6.50 | 6.50 | 1,460 | 08:00:21 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Gold Ores | 0 | -3.14M | -0.0184 | -3.53 | 11.11M |
From Apr 2019 to Apr 2024
TIDMPAT
RNS Number : 9212Z
Panthera Resources PLC
06 September 2018
6 September 2018
Panthera Resources Plc
("Panthera" or "the Company")
Audited Financial Results and Management Update for the 12 Months Ended 31 March 2018
Panthera Resources PLC (AIM: PAT), the gold exploration and development company with assets in India and West Africa, is pleased to provide a summary of the Company's audited financial results for the year ended 31 March 2018.
Highlights of the Year Ending 31 March 2018
Financial Performance
-- The consolidated loss of the Company for the financial period after providing for income tax and eliminating non-controlling interests amounted to $2,479,305 (2017: $293,666).
-- The Company is not yet a minerals producer, hence derives no ongoing income from production. Thus, the reported loss was due primarily to expenditure on exploration activities and expenses related to the Company's restructuring and AIM market listing.
Formation of Panthera
-- Panthera was formed in September 2017 to be the holding company of the group.
-- It then completed the acquisition of 100% of Indo Gold Limited via a one for one share offer.
-- On 21 December 2017, Panthera listed on the AIM market of the London Stock Exchange.
Board reorganisation, and appointment of Managing Director
-- Following the successful acquisition of Indo Gold, the Board was reconstituted to include the Indo Gold Directors.
-- Geoff Stanley was appointed Managing Director of the Company.
-- After the year-end, Ms Catherine Apthorpe was appointed to the Board, bringing important independence, knowledge and skills relevant to the Company's activities.
The Bhukia Joint Venture ("JV") project in Rajasthan, India
-- Targeted for a +6.0Moz resource drill-out
-- Primary mineralisation occurs from near-surface, with potential to develop a large, bulk mineable open-pit gold-copper mining operation.
-- A JORC-compliant resource of 1.74Moz exists, with a planned exploration programme that targets an increase to over 6.0Moz.
-- The JV's prospecting licence application reached key milestones during the year with various approval bodies.
-- In August 2018 the Government of Rajasthan ("GoR") rejected the prospecting licence application on what the Board considers to be spurious grounds. Therefore, the JV is moving to secure Stay Order protection from the High Court of Rajasthan, of its former reconnaissance permit areas.
-- Following the rejected prospecting licence application, the Company's JV partner, Metal Mining India Pvt. Ltd. (MMI) has filed an extensive Writ Petition with the High Court of Rajasthan, detailing the previous resolution of all the issues brought by the GoR, positive confirmation of MMI's rights approved by a Joint Committee consisting of representatives of the Geological Survey of India ("GSI"), Indian Bureau of Mines and the GoR's own representatives from the Department of Mines and Geology and the subsequent disregard for Indian Corporate law adopted by the GoR. The Board is confident that MMI will prevail in court and protect its shareholder's interests.
-- Whilst the Company and MMI will attempt to expedite the legal process and direct dialogue with the Government of India, the 2019 elections will extend timing for granting the prospecting licence, which may now extend into Q4 2019
High potential West Africa gold exploration portfolio with drill-ready targets
-- The Naton JV project in southern Burkina Faso, West Africa, was acquired and significantly advanced towards first drill testing.
-- Drilling at Naton after the period-end saw ore grade gold mineralisation encountered on four out of five structures tested.
-- The Kalaka JV project in southern Mali, West Africa was acquired and significant gold in soil anomalies were identified.
-- The Bassala JV was negotiated, the project area acquired, and exploration commenced. This has subsequently yielded an excellent, extensive and highly encouraging gold in soil anomaly that is clearly worth drill testing.
Funding
-- Republic Investment Management ("Republic") of Singapore agreed to provide a $5.0m funding package in three tranches:
o Tranche one of $1.5 million was drawn down in June 2017
o Tranche two of $1.5 million was drawn down following the successful December 2017 listing of the Company on the AIM market.
o Tranche three of $2.0 million is to be drawn down upon the grant of a prospecting license for the Bhukia project and receipt of the necessary approvals to recommence exploration drilling.
-- The Company had a cash balance of $1,571,578 at the year end. Base on current expenditure levels and expected activity over the next 12 months, the Company will require further funding. The Company has a supportive shareholder base, but will also aim to expand its investor base in the capital markets both in London and Australia.
The Annual Report and Accounts for the year ended 31 December 2017, along with an explanatory note for shareholders, will be available shortly to view and download from Panthera's website (www.pantheraresources.com) in accordance with rule 26 of the AIM Rules for Companies along with a notice of Annual General Meeting and form of Proxy. The AGM is scheduled to take place at 2PM on 28 September 2018 at 2 Duke Street, Manchester Square London W1U 3EH.
Geoff Stanley, CEO Commented:
"I am delighted to be able to report our first full year of results, following the formation of Panthera in September 2017 and the subsequent listing on the AIM market in December.
"With our Management's considerable experience, network of connections and technical capabilities we were able to acquire and significantly advance three properties in West Africa during the period under review.
"Our joint ventures were further strengthened post the reporting period, when drilling at the Naton JV saw ore grade gold mineralisation encountered on four out of five structures tested. Meanwhile, exploration at the Bassala JV has yielded an excellent, extensive and highly encouraging gold in soil anomaly that is clearly worth drill testing.
"Meanwhile we continue to work to secure the mineral rights to the key properties we are legally entitled to in India. We are especially pleased that the US$5 million equity investment from Republic Investment Management of Singapore will provide initial funding for the Bhukia project drill-out once a PL has been granted. We look forward to updating the market of our progress and are hopeful that the next 12 months will be a transformational one for the company."
Chairman's Statement
The Group had a very active and successful year from both an operational and corporate perspective.
Throughout the year in question, steady progress was made towards obtaining a Prospecting Licence ("PL") for the Bhukia joint venture project in India and a successful three tranche financing was negotiated with Republic Investment Management ("Republic") of Singapore. Additionally, a corporate restructuring was undertaken, which culminated in the listing of the Company's shares on the AIM market in London. This involved the creation of Panthera Resources PLC as the parent Company to the Indo Gold Group ("Indo Gold") through a one for one share exchange with shareholders of Indo Gold Limited. In this transaction, Panthera acquired 100% of the shares of Indo Gold. Accordingly, the financial information for the current year and comparatives have been presented as if Indo Gold Limited has been owned by Panthera Resources PLC throughout the current and prior years. Panthera listed on the AIM market in London on 21 December 2017 and the Group's Management and Board processes are being progressively transitioned to the UK. Any information on the Parent Company is from its incorporation on 8 September 2017.
Strategic Vision
Panthera's vision is to utilise management's proven ability to identify and develop projects at all stages of the value chain to create a successful exploration and development Group. The leadership aims to create a mid-tier mining Company by building a portfolio of high quality, low cost gold assets in India and West Africa.
The Company's strategic business objectives are to regain mineral rights for the JV, then explore and develop the highly prospective Bhukia Gold Project in India. Furthermore, it aims to explore and grow the value of its West African prospective gold portfolio. In its wider property portfolio it will nurture and eventually harvest other non-core exploration and development assets.
Throughout the course of the year, Panthera has worked tirelessly to execute this strategic vision.
The Company met with considerable success in West Africa. Three joint ventures were successfully negotiated. These were the Naton project in southern Burkina Faso and the Kalaka and Bassala projects in southern Mali. Work was commenced on all three of these projects, with all of them advancing successfully towards preparedness for drill testing.
In India the grant of our agreed PL was pursued through a series of discussions and meetings with government officials in Rajasthan, mainly the Principal Secretary of Mines, who repeatedly agreed to advise forwarding the PL application to the Government of India ("GoI") with a positive recommendation for grant. In January 2018, the Company was the beneficiary of a Court Order ("Order") from the Hon. High Court of Rajasthan ("Court") in its favour. Unfortunately, in an event after the year-end, the Government of Rajasthan seemingly reversed its expressed position and formally rejected the Bhukia PL application on what are considered spurious grounds. At the time of writing, the Company has filed Writ Petitions with the Court and is considering its other legal options. Panthera is confident it will receive Stay Orders protecting its rights over the reconnaissance permit areas previously held by the JV.
The Board
Following its formation in September 2017 the Company's Board consisted of Michael Higgins and Geoffrey Stanley. Upon the successful completion of the acquisition of Indo Gold, Panthera's Board was restructured to include the remaining Directors of Indo Gold. At that time the Board grew to 6 members with the addition of David Stein, Tim Hargreaves, Peter Carroll and Chris Rashleigh. The Board and Management intend to continue to grow the Board's capabilities to better reflect its UK domicile and its AIM market listing and industry best practice capabilities. To that end, Catherine Apthorpe was appointed to the Board subsequent to the end of the reporting period.
The appointment of Ms Apthorpe, who was recently selected as one of the Top 100 Global Inspirational Women in Mining, adds important capabilities, knowledge and independence to Panthera's Board of Directors.
Corporate
A successful funding agreement was negotiated with Republic, a major Singapore based funds management company. The agreement provides a total investment of $5.0m in three tranches. The initial tranche of $1.5m was received in June 2017, and the second tranche of $1.5m in early January 2018. The final tranche will be received upon the successful grant of the Bhukia JV PL and receipt of the necessary permits to begin drilling. As a direct result of the plan to list on AIM, there was a significant acceleration of activity during the reporting period.
Operations
India
During the period the Group continued its efforts to secure the mineral rights to the key properties it is legally entitled to in India. While the bureaucratic process in India continues to improve at the GoI level, progress at the state level was much slower than hoped. The strong legal endorsement of our rights via an Order from the Court issued on January 22, 2018 required the GoR to make a final recommendation regarding the grant of the Bhukia PL application in line with a Letter of Intent negotiated between the JV and the Government in 2015. This decision regarding grant of the PL was required by the Court, preferably within three months, by April 23, 2018. Despite the Company's consistent efforts to achieve a positive result, it was not forthcoming, and the subsequent PL rejection means that exploration efforts remain on hold until the necessary licence and permits are secured.
West Africa
During the reporting period the Group significantly advanced its portfolio of gold exploration properties in West Africa. Efforts leveraging Management's considerable experience, network of connections and technical capabilities resulted in the successful acquisition of three properties. One property is located in Burkina Faso (Naton) and two in Mali (Kalaka and Bassala). Exploration efforts began in earnest and have met with considerable success. This is discussed in more detail in the Operational Review section of this report.
Outlook
The Company's strategic approach of maintaining a vigorous exploration effort to leverage its exploration expertise is paying dividends, as our staged, systematic work has upgraded all three properties in West Africa. Conversely the permitting process in India has suffered a temporary setback which, combined with muted capital market conditions for mineral exploration companies necessitates a more prudent follow-up of the exciting drill targets defined in West Africa than we might otherwise like. Nevertheless, with increasingly attractive exploration targets and ore grade intersections to follow up, the Board is confident that 2019 provides an opportunity for great success.
While the Indian permitting odyssey has entered a new phase, the Board has reiterated a commitment to succeed in overcoming the hurdles that appear to frustrate the Company at each turn. The recent PL rejection offers a very good opportunity to leverage the courts of India, which have always provided the JV with successful outcomes because of its rightful and legally sound claims. The Board believes that obtaining successful property protection through Stay Orders will allow a positive permitting result to be achieved in the medium term, which we anticipate will be a catalyst for substantial value recognition in the capital markets.
On behalf of Panthera's Executive and Management team, I would like to express our appreciation and thanks to all of our employees for their efforts and hard work during the past year.
On behalf of the Board I would also like to extend our immense gratitude to Chris Rashleigh and Peter Carroll, two Directors who will not be standing for re-election. Chris is a co-founder of the Group and Peter joined in 2005. They have served the Group tirelessly since its inception and their professionalism and wise counsel will be missed.
Michael Higgins
Non-Executive Chairman
3 September 2018
Group statement of comprehensive income for the year ended 31 march 2018
Hot Features
Premium
2018 2017
Notes $ USD $ USD
Continuing operations
Revenue - -
Gross profit - -
Exploration costs expensed (608,836) (53,580)
Administrative expenses (1,094,570) (414,841)
Share option expenses (311,666) -
Impairment expense - (15,744)
AIM Listing and acquisition
related costs (513,285) -
Loss from operations (2,528,357) (484,165)
Investment revenues 4 15,264 8,362
Fair value gain on investments - 165,797
Loss before taxation (2,513,093) (310,006)
Taxation 9 - -
Other comprehensive income
Items that may be reclassified
to profit or loss:
Changes in the fair value
of available-for-sale financial
assets 146,988 (251,426)
Exchange differences 732,943 25,116
Loss and total comprehensive
income for the year (1,633,162) (536,316)
Total loss for the year attributable
to:
* Owners of the parent Company (2,479,305) (293,666)
* Non-controlling interest (33,788) (16,340)
(2,513,093) (310,006)
Total comprehensive income for the year
attributable to:
* Owners of the parent Company (1,599,374) (519,976)
* Non-controlling interest (33,788) (16,340)
(1,633,162) (536,316)
Earnings per share attributable to the
owners of the parent
Continuing operations (undiluted/diluted)
10 (0.04) (0.01)
Group statement of financial position as at 31 march 2018
2018 2017
Notes $ USD $ USD
Non-current assets
Property, plant and equipment 11 10,530 3,847
Available for sale financial
asset 12 1,357,365 1,136,527
1,367,895 1,140,374
Current assets
Trade and other receivables 13 80,332 45,438
Cash and cash equivalents 1,571,578 264,746
1,651,910 310,184
Total assets 3,019,805 1,450,558
Non-current liabilities
Provisions 14 40,528 34,882
Deferred tax liabilities - 1
40,528 34,883
Current liabilities
Trade and other payables 15 163,144 58,258
Total liabilities 203,672 93,141
Net assets 2,816,133 1,357,417
Equity
Share capital 16 913,588 16,210,761
Share premium 16 17,373,601 -
Capital reorganisation reserve 17 537,757 -
Other reserves 25 (497,524) (1,855,148)
Retained earnings (15,313,287) (12,833,982)
Total equity attributable
to owners of the parent 3,014,135 1,521,631
Non-controlling interest (198,002) (164,214)
Total equity 2,816,133 1,357,417
Group statement of changes of equity as at 31 march 2018
Share Share Capital Other Retained Total Non-controlling Total
capital premium re-organisation reserves earnings equity interest
account reserve
$ USD $ USD $ USD $ USD $ USD $ USD $ USD $ USD
Balance at 1
April 2016 15,876,988 - - (1,552,056) (12,789,494) 1,535,438 (147,874) 1,387,564
----------- -------- ---------------- ------------ ------------- ---------- ---------------- ----------
Year ended 31
March 2017:
Loss for the
year - - - - (293,666) (293,666) (16,340) (310,006)
Movements in
unrealised
gain
reserve - - - (251,426) - (251,426) - (251,426)
Foreign
exchange
differences
on
translation
of currency - - - 25,115 - 25,115 - 25,115
----------- -------- ---------------- ------------ ------------- ---------- ---------------- ----------
Total
comprehensive
income
for the year - - - (226,311) (293,666) (519,977) (16,340) (536,317)
----------- -------- ---------------- ------------ ------------- ---------- ---------------- ----------
Issue of share
capital 333,773 - - - - 333,773 - 333,773
Issue of share
options - - - 172,397 - 172,397 - 172,397
Expiry of
options in
the year - - - (249,178) 249,178 - - -
Total
transactions
with owners,
recognised
directly in
equity 333,773 - (76,781) 249,178 506,170 - 507,170
----------- -------- ---------------- ------------ ------------- ---------- ---------------- ----------
Balance at 31
March 2017 16,210,761 - - (1,855,148) (12,833,982) 1,521,631 (164,214) 1,357,417
=========== ======== ================ ============ ============= ========== ================ ==========
Group statement of changes of equity as at 31 march 2018 (continued)
Share Share Capital Other Retained Total Non-controlling Total
capital premium re-organisation reserves earnings equity interest
account reserve
$ USD $ USD $ USD $ USD $ USD $ USD $ USD $ USD
Balance at 1
April 2017 16,210,761 - - (1,855,148) (12,833,982) 1,521,631 (164,214) 1,357,417
------------- ----------- ---------------- ------------ ------------- ------------ ---------------- ------------
Loss for the
year - - - - (2,479,305) (2,479,305) (33,788) (2,513,093)
Movements in
unrealised gain
reserve - - - 146,988 - 146,988 - 146,988
Foreign exchange
movement
on capital
re-organisation 657,819 657,819 - 657,819
Foreign exchange
differences
on translation
of currency - - - 75,124 - 75,124 - 75,124
------------- ----------- ---------------- ------------ ------------- ------------ ---------------- ------------
Total
comprehensive
income
for the year - - - 879,931 (2,479,305) (1,599,374) (33,788) (1,633,162)
------------- ----------- ---------------- ------------ ------------- ------------ ---------------- ------------
Issue of share
capital in
Indo Gold prior
to acquisition 1,712,183 - - - - 1,712,183 - 1,712,183
Options issued
in lieu of
fees - - 142,399 - 142,399 - 142,399
Capital
re-organisation
on
reverse
acquisition (17,086,577) 15,891,001 537,757 - - (657,819) - (657,819)
Share issue
costs - (81,802) - - - (81,802) - (81,802)
Share options
cancelled and
re-issued in
Panthera - - - 318,860 - 318,860 - 318,860
Issue of share
capital in
Panthera 77,221 1,564,402 - - - 1,641,623 - 1,641,623
Options issued
to Management - - - 16,434 - 16,434 - 16,434
------------- ----------- ---------------- ------------ ------------- ------------ ---------------- ------------
Total
transactions in
the
year,
recognised
directly
in equity (15,297,173) 17,373,601 537,757 477,693 - 3,091,878 - 3,091,878
------------- ----------- ---------------- ------------ ------------- ------------ ---------------- ------------
Balance at 31
March 2018 913,588 17,373,601 537,757 (497,524) (15,313,287) 3,014,135 (198,002) 2,816,133
============= =========== ================ ============ ============= ============ ================ ============
Group statement of cash flows for the period ended 31 march 2018
2018 2017
Notes $ USD $ USD
Cash flows from operating
activities
Cash used in operations 29 (1,869,249) (363,576)
Income taxes paid - -
Net cash outflow from
operating activities (1,869,249) (363,576)
------------
Investing activities
Purchase of intangible
assets - 12,404
Sale of property, plant
and equipment (11,954) 7,984
Payments for available (77,317) -
for sale financial assets
Proceeds from other
investments and loans - 229,043
Net cash generated /(used)
in investing activities (89,271) 249,431
------------
Financing activities
Proceeds from issue of
shares 3,353,806 275,520
Share Issue costs (81,804) -
Loans repaid from other 24,636 -
companies
Loans advanced to other
companies - (23,949)
Effect of exchange rate
on cash (31,286) (22,803)
Net cash generated from
financing activities 3,265,352 228,768
Net increase in cash
and cash equivalents 1,306,832 114,623
Cash and cash equivalents
at beginning of year 264,746 150,123
Cash and cash equivalents
at end of year 1,571,578 264,746
Enquiries
Panthera Resources PLC
Geoff Stanley (CEO) +1 (917) 941 7704
Nominated Advisor and Broker
RFC Ambrian +44 (0) 20 3440 6800
Rob Adamson
Bhavesh Patel
Charlie Cryer
Financial Public Relations
Blytheweigh +44 (0) 20 7138 3204
Camilla Horsfall
Julia Tilley
James Husband
Technical Information
The technical information contained in this disclosure has been read and approved by Antony Truelove (BSc (Hon), MAusIMM, MAIG), who is a qualified geologist and acts as the Competent Person under the AIM Rules - Note for Mining and Oil & Gas Companies. Antony Truelove has visited the Naton Project site and reviewed the drilling and sampling protocols and procedures. Antony Truelove is the COO of Panthera Resources PLC.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
FR BCGDCXUGBGIU
(END) Dow Jones Newswires
September 06, 2018 02:00 ET (06:00 GMT)
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