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(Alliance News) - Panther Metals PLC on Monday said it swung to a profit in its latest half year and made strong progress on its exploration projects, although it remains reliant on future fundraising.
The Canada-focused mineral exploration company swung to a GBP792,012 pretax profit for the first half of 2023, from a GBP65,793 loss the year before. Basic and diluted earnings per share increased to 0.85 pence and 0.64p respectively, both from a 0.09p loss.
Panther reported no revenue for either period. However it made a GBP1.5 million profit from its sale of Big Bear Exploration Ltd to Fulcrum Metals PLC, in which Panther holds a 20% interest, in February.
Cash and equivalents at June 30 totalled GBP24,458, down from GBP71,517 at the same time one year prior and from GBP48,859 at December 31.
Panther noted that at the start of 2023, it cleared a "significant milestone" with drill core assay results confirming a new volcanogenic massive sulphide mineral system at its Obonga project in Canada, as well as a flake graphite intersection at the project's Awkward target. Testing also confirmed "significant and high-grade" zinc intersections at Wishbone and "positive results" at the Coglia project in Western Australia.
Looking ahead, Panther said it was "aware of the reliance on fundraising within the next 12 months," to fulfil its exploration and investment plans. However, it claimed to be "well placed to manage its business risks successfully providing future fundraisings are successful."
"With a significant pipeline of high-quality exploration targets, focussed on critical minerals, in a Tier 1 mining jurisdiction, as well as material holdings in two other well respected explorers...Panther will enjoy a significant rerating when the market turns to the positive," commented Non-Executive Chair Nicholas O'Reilly. "Having actively maintained our strategy to protect our capital structure to maintain shareholder value, we see the prospect of delivering significant shareholder returns and would like to thank everyone for the support."
Panther Metals shares were down 5.3% at 3.60p in London on Monday afternoon.
By Emma Curzon, Alliance News reporter
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