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Updated court order - delayed by 4 weeks due to COVID

I echo roger's comments, in that PAT has a hugely exciting 6 months ahead (as well as beyond) without Bhukia. There's no getting away from the fact that Bhukia would be a very nice cherry on top of the cake though.

As I write, it's past 6pm (local time) in India and there's been no update to the Rajasthan High Court website regarding the case. Hopefully it will be updated tomorrow.

I think that most people on here are expecting a further delay regarding Bhukia. I think the Fasken appointment is going to cut down on future procrastination by the other party.

Thank you.

For what its worth, I agree that we are unlikely to see anything this Thursday beyond another extension. However, I'm heartened by Fasken's appointment and can see us pressing for resolution more firmly now.

Thanks ITTD. Any idea regarding the timing please?

I suspect it'll result in another delay, but you never know - maybe the Fasken appointment has sharpened a few minds...

Panthera Resources PLC's (LON:PAT) Mark Bolton speaks to Proactive's Andrew Scott soon after announcing they've engaged law firm Fasken to advise them on a potential dispute with the Republic of India.

Interview published today.

For info:

https://www.proactiveinvestors.co.uk/companies/news/942146/panthera-resources-details-dispute-with-republic-of-india-as-it-engages-law-firm-fasken-942146.html

Whilst Bhukia may not be priced into the current SP, it is clearly informing investor sentiment - much in the same way that Greatland Gold's Scallywag results have contributed to their SP decline over the past month, even though it wasn't priced into their last broker's note (33p target sp over there).

Whilst I remain sitting on my hands and am unconcerned at this stage, some positive, tangible results are needed to shore up wider investor sentiment.

As impatient as I am for some SP movement, I think the incoming news flow will speak for itself and no ramping will be needed. Labola assays could land at any time, and the next Bhukia hearing date is 3 weeks today.

In the meantime, I'm just sitting on my (increasingly numb) hands, waiting, waiting, waiting...

Best to not say anything at this stage IMHO, in case it either jeopardises any ongoing settlement discussions or we risk being held in contempt of court (Indian equivalent).

Thanks Professor; much obliged.

Whilst a timeframe on resolution would be useful from an investor's perspective, at least it's good to know that progress is being made behind the scenes to ensure this will be the cherry on top of a successful cake. In the meantime, I look forward to the updates on our other projects landing soon.

Have a good weekend all.

I'm interested to know if anyone is familiar with the court terminology/processes used in Rajasthan please.

The 8th December hearing was delayed until the new year, as "both parties prayed for time". Notwithstanding the COVID delays in January, today's hearing resulted in the next hearing being scheduled for 4th March "as prayed".

I initially wondered if the requested delays could be for both parties to prepare their cases ahead of a hearing, but presume that as the case has been ongoing since 2018, the PAT side would be prepared by now, and that any requests for additional time would be by the other party only, rather than jointly. To my mind, it seems reasonable to infer from the above that both sides are in negotiation at present.

Either way, in my opinion the radio silence on Bhukia from PAT's perspective appears entirely appropriate, due to (potential) ongoing commercial negotiations, and also to ensure that the court process is not undermined.

Does anyone have any greater insight/knowledge into this which may confirm or correct my understanding please?

Thanks.

Yep - Risk Rule said that those with deposits of 5+MOz will end up going "for eye-popping multiples"

In fairness, when Paddy says he's out, there will be a stampede following him!

Thanks Prof.

With 3x trading days (including today) prior to the deadline on Kalaka-Moydow, it'll be interesting to see what happens to the SP, as there's clearly lots of potential there.

Moving back to Bhukia for a minute, come the 5th Feb it'll be nigh on 2 months since both sides "prayed for time". If it's delayed again, it would be good for MB to provide an update behind the reasoning for it, if he can. It would be good to formally understand if an out of court settlement is being negotiated, or if the can is just being kicked down the road again.

Thanks Womo. The only other thing I'd add to the list is the transfer of Kalaka to Moydow, which is due any time between now and 31/1. We should get an RNS on Monday at the latest regarding this, but I don't know what impact it is likely to have on the SP.

imac, is the 5th Feb definitely the final hearing? Thanks

The (well documented) deadlines for news which should hopefully positively impact the share price keep slipping, which is pretty frustrating all round. However, the whole "keep the faith" / constant regurgitation of well known and documented info does smack a bit of George Smiley (Tinker, Tailor, Soldier, Spy):

[on Karla] "He's a fanatic. And the fanatic is always concealing a secret doubt."

I guess we'll know something within the hour (or so) either way...

Morning,

The case is indeed listed for today, and as it's the afternoon out in India as I type, hopefully we should have an update at some point either later this morning or early in the afternoon.

Cheers
Ed

My take is that, if the share price drops suddenly and people have got relatively high-set stop losses in place, their shares will be automatically sold... and there appears to be plenty of willing buyers out there. IMHO.

I frankly don't know enough about how large institutions / MMs work the market, so I'm not going to speculate on the cause of the drop, but as I plan to hold these shares for the medium / long term (which obvs may be revised depending on news) I've not set stop losses to mitigate the risk of losing them on a spurious dip.