Highlights

  • Panthera reports net loss of USD 1.36 million for six months ended 30 September 2025.
  • Arbitration proceedings advance with Memorial filed, Phase One hearing scheduled for December 2026.
  • Exploration activities include 1,740m RC drilling at Bido and feasibility study at Cascades.

Panthera Resources PLC (LSE:PAT), the gold exploration and development company with assets in India and West Africa, announced unaudited interim results for the half-year ended 30 September 2025. The Company recorded a net loss of USD 1,359,371 (USD 0.01 loss per share), compared to a net loss of USD 1,127,096 (USD 0.01 per share) in the prior reporting period. This reflects continued arbitration activities and investment in exploration projects.

Arbitration Progress
During the period, arbitration proceedings advanced with the filing of the Claimants’ Memorial on 19 May 2025, which includes a damages claim of USD 1.58 billion, net of Indian taxes. The arbitral tribunal subsequently issued an order detailing the procedural calendar for Phase One, with the hearing scheduled for December 2026. Panthera continues to have access to an arbitration funding facility of USD 13.6 million, with 63% drawn as at the report date, including committed and accrued amounts.

Exploration Activities
Exploration in West Africa progressed with a 1,740-metre RC drilling programme at the Bido Project and a feasibility study at the Cascades Project in Burkina Faso. Metallurgical results at the Kalaka project confirmed that the ore is suitable for CIL and/or heap leaching processes.

Share Capital and Cash Position
During the reporting period, the Company issued 2,020,494 shares through warrant and option exercises, raising approximately USD 0.17 million, and 381,748 shares in lieu of directors’ fees. At 30 September 2025, Panthera held a cash balance of USD 1,917,049, down from USD 3,139,744 at 31 March 2025. Post period, 13,571,419 shares were issued through warrant exercises, raising approximately USD 1.2 million, and 225,192 shares were issued in lieu of directors’ fees. Following 125,000 warrants lapsing, the total issued share capital reached 258,139,751 shares.

Share Price Snapshot
PAT was trading at GBX 23.00 per share as of 29 December 2025