Panthera Resources PLC Completion of Kalaka Sale (5074N)

TIDMPAT

RNS Number : 5074N

Panthera Resources PLC

01 February 2021

1 February 2021

Panthera Resources Plc

(Panthera or the Company)

Completion of Kalaka Sale

Panthera Resources Plc (AIM: PAT), the diversified gold exploration and development company with assets in West Africa and India, is pleased to announce that the sale of the Kalaka Project (Kalaka) to Moydow Holdings Ltd (Moydow) has now been completed.

Background

On 22 July 2020, Panthera announced that it has entered into a conditional sale and purchase agreement (Agreement) to divest its interests in the Labola gold project in southwest Burkina Faso and the Kalaka gold project in southwest Mali to Moydow.

With the transfer of Kalaka now completed, Panthera is entitled to receive the remainder of the deferred consideration (US$60,000) and refund to Panthera the 2H 2020 historical costs on Kalaka forecast at US$115,000. Furthermore, Panthera is entitled to receive 0.5 million shares in Moydow increasing its ownership interest in Moydow to 46.2%. The consideration is anticipated to be received shortly.

Contacts

Panthera Resources PLC

Mark Bolton (Managing Director) [phone]

[e-mail]

   Allenby Capital Limited (Nominated Adviser & Broker)                        [phone] 

John Depasquale / Asha Chotai (Corporate Finance)

Guy McDougall (Equity Sales)

Financial Public Relations

Vigo Communications Ltd [phone]

Simon Woods / Chris McMahon

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UK Market Abuse Regulation ( UK MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of UK MAR until the release of this announcement.

Forward-looking Statements

This news release contains forward-looking statements that are based on the Company's current expectations and estimates. Forward-looking statements are frequently characterised by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "suggest", "indicate" and other similar words or statements that certain events or conditions "may" or "will" occur. Such forward-looking statements involve known and unknown risks, uncertainties, and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements. Such factors include, among others: the actual results of current exploration activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; possible variations in ore grade or recovery rates; accidents, labour disputes, and other risks of the mining industry; delays in obtaining governmental approvals or financing; and fluctuations in metal prices. There may be other factors that cause actions, events, or results not to be as anticipated, estimated, or intended. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events, or results or otherwise. Forward-looking statements are not guarantees of future performance and accordingly, undue reliance should not be put on such statements due to the inherent uncertainty therein.

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February 01, 2021 02:00 ET (07:00 GMT)