RE: License?2 Nov 2021 11:05
– Valuation: We are upgrading our Panthera valuation from $40.0m to $46.5m to reflect the
increase in attributable resources on the Indian projects post the restructuring. The new
valuation, allowing for the prospective share raise, translates into 33.7p/share against
31.4p/share previously. Note, in the event of a Bhukia Prospecting Licence our risking factor
would be raised from the current 10%. This could lift the valuation to close to 100p/share.