Panthera Resources interim loss widens as arbitration costs rise

(Alliance News) - Panthera Resources PLC on Monday reported a wider interim loss as it continued to incur arbitration and exploration costs, while confirming progress on its USD1.58 billion legal claim against India.

The London-based gold explorer and mine developer in West Africa and India posted a net loss of USD1.4 million for the six months that ended September 30, widened from USD1.1 million a year earlier. Basic and diluted loss per share was USD0.01, unchanged from a year prior.

Panthera said the increased loss reflected the cost of arbitration activity related to its Bhukia gold project in India, alongside continued investment in exploration across its West African portfolio.

Arbitration income more than doubled to USD2.6 million for the period from USD1.2 million a year prior, but was largely offset by arbitration expenses of USD2.5 million, up from USD1.2 million.

Cash at the end of September stood at USD1.9 million, down from USD3.1 million at March 31. Since then, however, Panthera raised a further USD1.2 million through the exercise of warrants.

Panthera said the arbitral tribunal has now set a phase one hearing date for December 2026 in relation to its claim against the government of India, which seeks damages of USD1.58 billion net of Indian taxes.

The company added that its USD13.6 million arbitration funding facility remains available, with around 63% drawn to date.

On the operational front, Panthera said it commenced a 1,740-metre reverse circulation drilling programme at the Bido project and initiated a feasibility study at the Cascades project, both in Burkina Faso.

Chief Executive Officer Mark Bolton said: "During the half-year, significant progress was made in the arbitration process for the Bhukia gold project.

"More recently, the company achieved an important milestone with the commencement of cross-trading on the OTCQB Venture Market in the USA."

Shares in Panthera Resources opened 2.4% lower at 22.44 pence in London on Monday morning.

By Eva Castanedo, Alliance News reporter

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