Panthera Resources Plc (AIM: PAT), a gold exploration and development company with assets in West Africa and India, has announced the issue of 142,066 new ordinary shares of 1 pence each at an average issue price of 18.92 pence per share to settle accrued fees owed to its non-executive directors. The shares cover the period from 1 April 2026 to 30 September 2026 and were priced using the 30-day volume-weighted average price in the month preceding each respective fee period. Admission to AIM is expected on or around 13 November 2026, following which the company's total issued share capital will comprise 276,226,020 ordinary shares. The company also confirmed the issue of 150,000 unlisted broker options connected to its equity financing announced on 9 September 2026.

Key Points

  • Panthera Resources Plc (AIM: PAT) is a gold exploration and development company operating in West Africa and India
  • 142,066 new ordinary shares issued at an average of 18.92 pence per share to settle non-executive director fees for April–September 2026
  • Following admission, total issued share capital will be 276,226,020 ordinary shares; AIM admission expected on or around 13 November 2026
  • Investors should watch for further operational updates and any developments at the company's West African and Indian gold assets

Fee Shares Issued to Four Non-Executive Directors at VWAP-Based Prices

The announcement states that four non-executive directors received shares in lieu of cash fees, with each individual receiving two tranches covering the April–June and July–September 2026 quarters. Chairman Michael Higgins received a total of 46,254 shares, bringing his beneficial holding to 7,342,079 shares, representing 2.66% of the enlarged capital. Timothy Hargreaves received 42,950 shares, lifting his holding to 3,048,270 shares or 1.10%. David Stein and Catherine Apthorpe each received 26,431 shares, holding 0.33% and 0.31% respectively following admission. Each tranche was priced at the 30-day volume-weighted average price preceding the relevant fee period.

Panthera's Cash Conservation Strategy Through Equity Settlement

The announcement states that issuing shares to satisfy director fees is a practice Panthera has followed in previous years, and that it serves to reduce the company's cash expenditures while aligning the board's interests with those of shareholders. For a gold exploration company at Panthera's stage — actively developing assets in West Africa and India without yet generating mining revenues — preserving cash is a material operational consideration. Settling director remuneration through equity rather than cash is a disclosed mechanism the board has used to manage its cost base, as confirmed in the announcement.

150,000 Broker Options Granted Under September 2026 Equity Financing

Alongside the fee shares, Panthera has agreed to issue 150,000 unlisted certificated options to its broker under the terms of the equity financing announced on 9 September 2026. Each option entitles the holder to subscribe for one new ordinary share at an exercise price of 17.5 pence, exercisable at any time up to and including 9 September 2028. The company confirmed that no further broker options are due in connection with the September 2026 equity financing, drawing a clear boundary around the total broker fee commitment arising from that transaction.

Enlarged Share Capital and AIM Admission Expected 13 November 2026

Following admission of the 142,066 fee shares to trading on AIM, Panthera's total issued share capital will stand at 276,226,020 ordinary shares of 1 pence each. The company confirmed it holds no shares in treasury. This figure serves as the denominator shareholders should use when calculating whether they are required to disclose interests or changes in interests under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules. Investors with positions near relevant notification thresholds may need to review their holdings against this updated capital figure once admission completes on or around 13 November 2026.