Panthera Resources PLC 

Panthera Resources PLC (LSE: PAT) is a United Kingdom-based & FTSE AIM All Share listed gold exploration and development company with key assets in West Africa and India. The Company’s flagship property in India is in the state of Rajasthan.

Key Recommendation Rationale – Sell at GBX 23.00

• Resistance near Current levels: PAT’s stock price crossed the Resistance (R2) which was stated in the previous report on 24 July 2025 therefore, there could be a possibility that the stock might consolidate or decline from the current levels, considering overstretched valuation. Considering the market conditions and the price action, it is prudent to exit from the stock.
• Complete Dependence on Equity Dilution for Funding: Financing activities reveal a model reliant on constant equity issuance. The company raised USD 4.96 million from share issuances in FY25, which is the sole source of substantive funding, as evidenced by the 37% increase in share capital. This leads to persistent shareholder dilution.
• High-Risk, Binary Arbitration Overhang: The core "asset," the Bhukia Project, is not an operating mine but a USD 1.58 billion legal claim. The business model is now pivoted to litigation, with success contingent on a favourable international arbitration outcome—a high-risk, binary event with an uncertain timeline and no guaranteed result. 

As per the previous recommendation on PAT on July 24, 2025, a ‘Speculative Buy’ rating was given on the stock at GBX 13.59, and noted below are the details of the recommendation summary provided in the previous report:

Technical Analysis summary as on July 24, 2025

Share Price Chart  

One-Year Technical Price Chart (as of December 04, 2025). Source: REFINITIV, Analysis: Kalkine Group 

Conclusion

Panthera's business model is critically flawed, relying entirely on dilutive equity financing to fund operations. Its primary asset is a high-stakes, speculative legal claim rather than a producing mine, making the company's future contingent on an uncertain arbitration outcome with no guaranteed success.

Hence, a ‘Sell’ recommendation is given on the stock at the Current Market Price of GBX 23.00 as of 04 December 2025, 08:01 AM, GMT. 

Note 1: Past performance is not a reliable indicator of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is 04 December 2025. The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.

Note 4: Target Price refers to a price level which the stock is expected to reach as per the relative valuation method and/or technical analysis taking into consideration both short-term and long-term scenario.

Note 5: ‘Kalkine reports are prepared based on the stock prices captured either from the London Stock Exchange (LSE) and or REFINITIV. Typically, both sources (LSE and or REFINITIV) may reflect stock prices with a delay which could be a lag of 15-20 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.’