Member Info for JP2000

Extremely positive news on Red Setter, hinges on the assays, bodes well for FDR

Should see an inflection point within the next 3 weeks as 16th Oct is the deadline on Pick Lake option. What the funding looks like is anyone's guess.

Pick Lake Option expires one month today A$2.75m

2 years ago KAV suggested they had 1m oz Hillside & up to 2.6moz Nara. The only official resource is 6koz for Nara tailings.

Difficult for market to value without JORC or solid cashflows

There was a brief call today, perhaps someone can paste a link to the recording.

The interesting points were:

Tailings are estimated at 2.4-2.5mt. Whilst 3.3mt was mined that was depleted i.e. zinc etc extracted.

The plan is to process 2kt/day for 4.6 years. Quite aggressive requiring higher CAPEX.

The facilities will be also used for Pick Lake processing which reduces the Pick Lake CAPEX

Production (if I heard right) Q3/Q4 next year. DH spoke more about Q4 which is more realistic.

Said minimum of C$700m metal in situ but the hoped to expand this.

TBH DH seemed to dodge a number of questions & the host Tracy seemed eager to wrap up the meeting

Pick Lake is the high grade mine deposit & option expires in 36 days, on 15th Oct Cost A$2.75m

Https://www.lse.co.uk/rns/FMET/teck-hughes-auger-drill-programme-update-ffvi21x1iprw26u.html

Anyone interested in Winston should keep an eye on FMET progress as large part of the development programme is identical for Panther/Winston. Assuming drilling every 25m for a resource. Winston is broadly 1200x400m. Co pilot estimates over 800 drills with low estimate £147k & high £259k for drilling/assay costs. My own estimate was 200k + another 50k post assay to establish a resource.

What is the point of a buyback when you then have to return to the market later to raise cash%.

Turning into a mining merchant bank.

WTF is going on, thought Sale was concentrating on field work. "Our portfolio" is not going to happen unless they can quickly raise cash

That BTC strategy is total BS dreamed up by a spiv in Dubai. Panther only has one asset, Dotted Lake which looks promising but does not have a resource/commercial discovery. Everything else are options i.e. not collateral.

KAVs BW portfolio have zero value. It the Zim operations/cash raised driving MCAP ( be very careful with KAV if you don’t like dilution)

Silver? Photos? Expedited assays?, could be good news but several months until anyone will know

“ reduces the potential future dilution” which begs the question how Darren is going to pay for pick lake in just over 6 weeks time?

Some volume driven by Ian Bagnall (?), has a good track record.

That’s a mighty deep drill, quite risky.

The market has a herd instinct driven by influencers meaning only a small percentage of stocks are in play (eg GMET & WSBN), where valuations look extremely extended. Panther like 80% of stocks is not in play this minute.

Try @IanBagnall1 on X as he runs it

The first step is updating the business case, unclear if Panther will flip/JV/full production.

Very quiet on LSE, most of the LTHs are on telegram group