Panther Metals (PALM) booked a loss of just over £1 million in the six months to June 2025, as it continued to work up its portfolio of Canadian exploration and development assets.
During the period, Panther raised £455,000 in the period through a placing, £80,000 in warrant conversions and, as noted above, directors subscribed for shares and made additional on-market share purchases in the company. The company capitalised its remaining debt and sold its remaining investment in Fulcrum Metals PLC, streamlining its balance sheet ready for the next stage of its corporate development.
The most significant development during the period was the signing of the option and purchase agreements for the Winston project, a high-grade, advanced stage, polymetallic zinc, copper and precious metal property in Ontario, Canada.
This project offers the potential of early cashflow from the historical mine tailings which contain significant quantities of both gold and gallium.
The company also strengthened its advisory board during the period, appointing Kerem Usenmez and Julien Bosche.
Alongside this, Panther also continued to work up the Obonga and Dotted Lake exploration projects.
The Obonga project purchase agreement with Broken Rock Resources was extended in April and the company subsequently undertook a high-resolution magnetic geophysics survey of the Wishbone prospect during May. This was followed by subsequent data processing and three-dimensional inversion modelling to inform the drill hole parameters for the planned Wishbone diamond drilling programme.
At Dotted Lake, the five hole Phase 1 diamond drilling programme successfully defined the extensive ultramafic body, modelled from Panther's airborne geophysics data, as a mineralised magnesium-rich serpentinite carrying the platinum group elements, as well as nickel, chromium and silver.
View from Vox
Not much to be read into the financial statements, as is often the case with junior miners with no revenue streams, but the progress made by Panther as regards its portfolio has been substantial this year. The Winston Lake deal was transformational, and could enhance the company’s value by several orders of magnitude. And the exploration prospects continue to entice, with upside all over the place. As the broader mining sector continues to revive, expect Panther to gain further momentum as the second half of the year continues.