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(Sharecast News) - Gold explorer and developer Panthera Resources reported a total first-half loss of $1.01m, or one cent per share, on Friday, narrowing from the prior year's loss of $1.48m.
The AIM-traded firm said during the period, LCM Funding SG completed its due diligence and issued a funding confirmation notice (FCN) for $13.6m, providing Panthera with essential financial support.
Moydow, a subsidiary of Panthera, carried out a 5641-metre reverse circulation (RC) drilling campaign at the Cascades Project.
The primary objective was to explore extensions to existing resources and identify new targets.
At the Kalaka project, Panthera accomplished eight reverse circulation drill holes totaling 705 metres at the K1A Prospect.
The drill assay results were encouraging, with notable values including 76 metres at 0.53 grams of gold per tonne, including 10 metres at 1.16 grams per tonne; 34 metres at 0.5 grams per tonne, and 85 metres at 0.52 grams per tonne, including 12 metres at 1.62 grams per tonne at the end of the hole.
Additionally, Panthera completed an induced polarisation gradient array of 82 kilometre lines, and IP pole-dipole array lines of 6.4 kilometres at the Bido project, with a particular focus on the Kwademen Zone.
"The September 2023 decision by the High Court of Rajasthan to dismiss the writ petition adds to the act of expropriation, and India has again breached its obligations to provide investment protections to Indo Gold and its investment under the Treaty," said managing director Mark Bolton.
"Our focus has now shifted to pursuing a claim against India for breaches of its obligations under the Treaty and we have secured the $13.6m unconditional funding facility from LCM Funding in support of our claim.
"The issuance of a Notice of Dispute will be the first step in this process."
Bolton said under the Treaty, compensation for expropriation would be calculated on the basis of the market value of the investment immediately before the expropriation.
"The company believes that the market value of Bhukia is substantial with the project ranking among the top undeveloped gold projects in the world."
Reporting by Josh White for Sharecast.com.
