Member Info for JP2000

With hindsight, 2020-2022 was a bubble so if you bought at top of the market then you're going to be pessimistic.

Panther has transformed over the last year so watch this space.

Need a few changes from Ryan or this is going nowhere fast:

More frequent communication with shareholders.

A clear plan on a page with milestone dates.

Clarity when the MRE is going to be delivered.

More information on pilot plant.

Needs to be on the front foot rather than horizontal.

Frankly a new suit wouldn't go amiss.

Back in Jan/Feb co let it be known MRE was imminent. We've had some BS its dependant on pilot plant (which FMET doesn't even own) & yet MRE was possible earlier in the year.

Board needs to resign if they think proposal is acceptable.

David, I'd like 30-60 min in depth interview particularly focussed on Obonga with geophys visuals, target info & a detailed drill plan

DH has not disclosed anything relating to the CSE, so it is reasonable to speculate that concerns may have centred on the company’s cash position, particularly given a typical expectation of circa 18 months’ funding (noting that the precise definition of this can vary).

It is likely that the CSE assessed the balance sheet as at the prior year-end and concluded that, six months on, a significant portion of that cash would already have been deployed.

The Obonga option requires approximately 8,000m of drilling. 2000 was drilled in prior years & under the original plan (Plan A), the current 2,000m was to be funded from existing cash, with flow-through financing intended to support a further 4,000m. However, given delays from the CSE and a drilling window of roughly two months, the opportunity to align both CSE approval and flow-through funding became extremely constrained.

In this context, Plan B, a London-based raise is not the preferred route, but it is a pragmatic solution that enables the Obonga drilling programme to proceed. ( I have no inside knowledge & this is speculation)

I suspect they want to get the listing & flow through away before releasing other news, BTW you omitted MRE also due in June.

Announced yesterday

https://news.ontario.ca/en/release/1007603/ontario-secures-critical-mineral-agreement-with-united-kingdom-to-strengthen-allied-supply-chains

A previous RNS earlier this year mentioned a 2000m phase 1 campaign for Obonga of which 401m was drilled at Awkward leaving 1599m at Wishbone i.e. 4-5 drills. Not stated but the objectives of this drill are to vector in on Copper targets & delineate the main structure. DH once gave a video with an upturned traffic cone to represent & essentially its saying that metals precipitate/collate at temperature differences away from the main conduit producing zones of silver/zinc/lead/copper. The inferred date of the VMS is 2.7bn years so the metals will have shifted & likely remelted so its not clear case where you find copper hence vectoring by drilling and looking for pathfinders. The soil sample contain high grade Copper over a wide area & previous drilling found low grades.

Flow though funding will be needed for phase 2 drilling (minimum 4000m) taking 4-8 weeks to meet the requirements for the Obonga option.

He's not an insider, he just takes a long term view & if you owned 5-10% of any company the CEO probably has your number programmed into their contacts.

The only thing I'm interested in are value inflection points for next 6 months & if I'm brutally honest not seeing what those are.

Quite disappointed with RNS on multiple levels really not saying much about anything. Wishbone is a drill campaign but saying nothing that wasn't already in public domain. The Awkward element said less than the previos announcement! Have not seen anything new on Sedar since 15th May.

Underwhelming, the outputs c5grams per day will be barely detectable, essentially a tea spoon.

Meanwhile no mention of MRE due Jan/Feb 26. At least outline next steps.

Have to say I'm losing patience with the management team.

DH does say a number of key deliverables are dependent on third parties which is true as just about everything is contracted out.

Take your pick:

Existing equity seller. 60% are illiquid & unlikely to be sold until higher levels.

A warrant holder forward selling existing holding to finance conversion when accelerator clause invoked.

Short market makers.

Pre equity raise smashing SP. Something will be required if flow through is delayed & FT can only be used for drilling activities.

Good interview if you're new to Panther

MCAP of AF is €3bn, EZJ £3.5bn but can't see EZJ wanting to take over AF (basically a pension fund with aircraft)

He's quite rampy but spot on information pipeline news flow.

MMs seem to be struggling with stock today....my heart bleeds

Cebo, yes it buys another drill or some down hole EM. Gut feel is any drilling news will be a week away. Darren in Quebec 2-4 June.

Soil samples for Wishbone contain high grade copper & Cu is 5x more valuable than zinc so one the key objectives is fi di g the source(s). Its a big area so hopefully Panther's experts can narrow down the search area. Will also be interesting to see if there's any gallium or germanium as both associated with zinc vms

DH has not said anything much about metallurgical work or recovery rates & this is absolutely key for the MRE. It doesn't have to completely optimised but close enough not to be misleading. I don't know how long this takes but leta assume its not instant.

My guess in order is:

CSE

Winston assays

Wishbone drilling

Mg (if good)

MRE

Awkward drilling

Flow through

Wishbone/Awkward assays

Wishbone drilling

Obonga option decision

Awkward JV/sale