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I'll be interested to see what the restructuring of the West Africa assets looks like come the end of January too.

Bottom line - Panthera is currently trading below its fair market value, and fair market value is likely to significantly increase when news of SOC and arbitration timeline land.

For what it's worth, very, very rough calcs on an assumed $1.5bn claim and 200m shares. If the market prices the chance of success at 5% that's roughly 29.5p/share. 10% is 59p.

Whether or not Panthera's share price fully catches up with its value I think will depend on the PR campaign after both of these milestones, but there is definitely growing interest in the company given the uplift in recent trading and new faces on this board.

I remain really impressed with Mark - it was a disciplined, factual interview delivered in a polite, neutral manner. He didn't bite when probed on issue of SOC nor the overall timeline for the case and was cordial but not overly effusive about VSA.

My main two takeaways

- wait for the official record of the initial arbitration meeting to be published, which will include a load of stuff that Mark may then be able to comment on.

- Panthera is trading significantly below its fair market value at the moment, let alone for what we expect in Q1 next year.

Thanks

VSA video, Proactive or other please deck?

I'm glad the process has kicked off and look forward to the forthcoming updates. The next quarter is going to be busy with news, and it cannot be anything other than factual (i.e. it can't be rampy) as that would undermine the case.

We always knew that this had the potential to fly with a bit of volume - relatively few shares, many in sticky hands. Hopefully the long-awaited re-rate is coming.

Https://www.vsacapital.com/vsa-capital-research-portal

Click on Companies, and Panthera is in the 'Other' category.

You'll have to create an account to view.

11 recent trades of 700 shares each. Let's go!

@alanos, there are typos and there are typos... that is the latter!

Always happy to help with liquidity here - they can take all my shares at 99p/share today...

Given the current price of gold and forward projections, bulk low grade gold in low CAPEX countries could prove attractive for lower tier mining operations.

However, like most people I think the next fortnight or so for Bhukia will be more transformative for the company than these drill results.

Nice find deck.

Looks like there's a mining investor meeting this Friday (8th) out there.

Pretty difficult to drum up investment in a sector when you're facing international arbitration in said sector...

The last couple of VSA Capital interviews with Mark Bolton of Panthera on YouTube should give you a good overview.

However, the imminent 3 are:

- Appointment of arbitration chair

- Announcement of claim quantum

- Drill results from African prospects

Mark is very keen to avoid dilution, and Panthera is fully funded until mid 2025 at present.

African prospects will end up being spun out.

The videos offer more depth on the above.

It's a critical time for Kefi and shareholders are jittery. That's clear from reading the board.

You'd like to think that the political and economic benefits from Kefi progressing in Ethiopia would make any licence revocation unlikely. However, all governments are capable of own goals and Kefi hasn't met previous timescales.

I don't know of any specific reasons as to why this licence would be revoked, and defer to those closer to the detail. Any decision to do so would have to be both justified and legal to be legitimate without challenge.

Are you referring to me?

It depends on the reason for licence revocation, and any follow-up action that Kefi can/would follow. Ultimately, nobody really benefits from revocation, so the best thing would be for Harry to pull his socks up and get the second bank across the line.

To use a current gold mining company as an example of licence revocation leading to litigation, Panthera Resources (Australian) are, after years of trying to resolve their licence rights dispute through the Indian court system, just starting international arbitration against the Government of India for revoking licencing rights to the Bhukia prospect as they believe it infringes a bilateral investment treaty (i.e. international law) between India and Australia.

Can't be long until the next update - Friday marks 3 months since the issue of the Notice of Arbitration, so hopefully the Chair will be in place shortly and, with Mark in town in early November, the big news regarding the size of claim can't be far behind. Updates on West Africa are now due too.

Hi Rider,

From memory, the catalyst for the 30p+ share price spike was the announcement and subsequent run up to the first Bhukia High Court case hearing in Rajasthan.

I think Bido is a red herring regarding the spike.

Thanks Prof, and apologies - I missed your prior post (it's a long thread!)

"The first week he is going to be extremely busy."

Please can you elaborate Prof?