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Agreed. We're 3 weeks beyond the initial 2-month panel appointment timescale, and hopefully the appointment of the Chair isn't be too far away (unless any further delay is deliberate to negotiate a settlement).

Mark has been consistent in saying the statement of claim will be published by year end, and December is only 6 weeks away now. I can only assume that any delay to publishing beyond year end would be down to arbitration timings or because settlement negotiations are ongoing.

Pk, the only 4s we'll see again are those with an extra digit (or two) at the end of them.

My main take aways from this article is that the consequences of auctioning the asset that were foreseen by Panthera and ignored by GoR are coming to fruition, and that it will be politically difficult to dig in for a few years until it can be unlocked.

Unsure what any RNS would state beyond "We note that the Times of India has published an article about the suspension of activities at Bhukia as a result of our arbitration. Panthera is currently awaiting the appointment of the arbitration panel Chair, and is seeking to issue our statement of claim by year end."

There's nothing new to add, really.

It's now in the newspapers, it's holding up development, jobs, revenue into the government, etc. so there will be political pressure to unlock Bhukia in the shortest time possible.

I note that, unlike previous interviews, in yesterday's VSA interview Mark didn't state anything along the lines of "we would prefer to amicably resolve without arbitration". He was very factual and just laid out the timeline for next steps for the case. We're focussing on arbitration, we want our day in court and we're willing to wait the many years it may take to resolve. I don't think the government will want to wait years to unlock the thousands of jobs, etc.

My gut feeling is that Mark knows he has them by the short and curlies. He has actually done the GoR a favour by not publishing the size of claim thus far, and maybe that's because he saw this coming.

Game on.

Thanks, will listen after work. Good to see that Mark is being a bit more visible on the external marketing front though.

I re-read the Allenby note. It refers to Panthera as Panther, and I don't know where the 6MOz comes from - the GSI report from 2014 refers to 6.7MOz inferred, and prior to the auction the GoR published 7.2MOz of gold plus copper, nickel, etc.

I can understand a typo in Panthera's name (although it makes it look like no-one has proof read it prior to publication), but the size of Bhukia is a howler, especially as the number ranges are presented with reference sources in the last PAT RNS.

One thing I did take from the note though was that GreenX were awarded around 1/3 of the size of their original claim, which is worth factoring when the size of Panthera's claim is published, or if any (unlikely) settlement is reached outside the arbitration proceedings.

We can't be far away from hearing that the arbitration Chair has been appointed, and the location of the hearing. December is only 8 weeks away, too...

New research note from Allenby Capital based on the GreenX award:

https://www.allenbycapital.com/client/panthera-resources-plc/

A sea of blue and the number of share trades exceeds the number of chat posts. A good day.

These are exciting times for Panthera shareholders, old and new.

Hi Gall,

Re: your 3 milestones, are they:

- West Africa spin out

- Size of claim published

- Arbitration panel convening for the first time and setting out the timeline for the case

?

@Gall, it's a good question, and I don't know the answer.

We knew the Notice of Arbitration was available to Mark well in advance of its issue, so I wouldn't be surprised if the claim size is also known, the documentation has been produced and has been (or is in the process of being) rubber stamped by the lawyers.

Ultimately it will be released when LCM deem it'll have the greatest potential benefit to the case and who knows, maybe that'll be sooner rather than later.

The NoA RNS was issued exactly 2 months ago, so fair play today's RNS updating on panel appointees was bang on schedule. It's a shame we have no Chair yet, but hopefully that'll be resolved shortly.

For what it's worth I don't think that we will end up settling early, but there is a short window where the size of the claim isn't known and the arbitration panel has yet to convene where that could be a politically palatable option for GoI, especially as it's abundantly clear Panthera isn't going away any time soon.

Anyway, I can't wait to see the size of the prize we're chasing!

Let's get the Chair appointed quickly, then there can be no more dragging of heels on the other side, as they will be bound by the requirements of the tribunal.

If they would like to settle for a tidy sum before the process starts, however, there is a very short opportunity to do so.

Game on indeed.

In the VSA interview Mark said that the panel should convene in late September, but he also noted that it might end up being early October.

Mark has committed to the size of claim being published by year end.

We know that drilling in Bido is complete and results are scheduled to follow in October, based on the last RNS.

We are expecting drill results from Kalaka any time from now, based on the August RNS.

All have the potential to create shareholder value in the near term.

My main frustration with Panthera has been that dates have been consistently missed, but on the flip side they have ultimately delivered what they said they would do. In good faith, and assuming that the timescales above are met, the upcoming quarter is going to be the most news-rich I've yet experienced here in my 4 years invested in Panthera, and they are exciting times for the company.

Do you know why he's in London please?

The VSA interview talked about drilling results for Bido coming out (any time now), and nothing beyond that in terms of spin out dates - just a clear steer that Mark wants them off the books.

I went back to the Notice of Arbitration RNS, which states "We also note that the GSI has reported a mineral resource of 7.2 Moz of gold with a calculated inground value of US$16.7 billion based on the closing gold price of US$2,329/ounce on 24 June 2024." At today's gold price, that's now over $18bn.

I think any out-of-court conversations are going to be along the lines of "Look, you've got a published $16.7bn of gold in the ground there, which we both know is pessimistic. Why don't we all avoid the hassle, political and business reputational damage, time, etc. and you give us $500M now to go away. That's only 3% of the in ground value - you keep your political and business reputation, the mine progresses and we go on our merry way offering our best wishes to you. However, we're equally happy to see you in court and wait for the $billion(s) if needs be - you choose."

After costs etc. to LCM and our Indian partner that works out at about £300M to Panthera, aligning to the VSA comment.

I re-watched the VSA interview this lunch time.

- Output from Bido drilling, assuming it was completed (we didn't get the expected RNS on that), will be end-Sept to early October.

- Mark says to expect an announcement on the formation of the arbitration panel on Bhukia end-Sept to early October. The panel will hold it's first hearing, which will then set out the timetable for the case. I'm assuming this is the point where things get very real for GoI as they will be in an international arbitration case with obligations and timings outside of their control.

- Re: the "take 25x of the bulk of your money off the table and be v happy" comment by the interviewer, this was off the back of the conversation about trying to resolve Bhukia out of court. Mark was very coy about ongoing conversations with India, but I'm interpreting that comment as (and it's an opinion only) VSA would be happy with a £300M settlement (25*6p*200M shares in circulation).

Maybe that last point is the reason why the size of the claim value hasn't been published yet, if it's an effective negotiating tool to keep the value private for now. However, if this is the case, Mark has made it clear that GoI basically has until the end of the year before it is made public.

Q4 is going to be v interesting for Panthera!

You're selling a house, and know completion is on Friday.

Do you call the solicitors at 10am the Monday before the completion date and ask if the money has arrived? If so, what answer do you expect to receive?

No chance this will land or won't land?

Suspect you mean the latter...

Those who are in are already in, those waiting on the sidelines continuing to do so until financing news.