RNS18 Sep 2025 07:08
Gold exploration and development company Panthera Resources Plc (AIM: PAT), with assets in West Africa and India, provides the following update in relation to the Company's Australian subsidiary, Indo Gold Pty Ltd's ("IGPL's" or the "Claimant") claim against the Republic of India ("India") over the latter's breach of the 1999 Agreement between the Government of Australia and the Government of India on the Promotion and Protection of Investments (the "Treaty").
On 19 May 2025, the Company announced that the Claimant has filed its Memorial in accordance with the order of the arbitral panel including a claim for damages amounting to US$1.58 billion, net of Indian taxes.
The Company announces that the arbitral panel has now issued an order to initially consider the issues of jurisdiction together with the merits and the general principles of compensation ("Phase 1") with the precise quantum calculations reserved for a second phase of the proceedings ("Phase 2"). The order follows an application from India to the panel for it to initially limit their response to matters of jurisdiction.
The Company believes that the order is efficient by permitting a speedy resolution of the jurisdictional objections, merits and general principles of compensation, without incurring the costs and complexities of calculating the compensation until after the general principles of compensation have been determined.
The next phase of the arbitrationrequires India to respond to the Memorial regarding the scope detailed in Phase 1. The Company will provide an update on the procedural calendar as soon as available.
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