Allenby Capital: Panthera Resources - Update

Panthera Resources plc (PAT.L) has announced a sizeable maiden inferred resource estimate for the Kalaka K1A prospect in Mali. The estimate of 803,000 oz Au gross follows a drilling programme undertaken in the third quarter of 2024 and preliminary metallurgical testing. The latter has proven that Kalaka ore is amenable to conventional cyanide processing. The resource estimate supports Panthera’s earlier view, that Kalaka offered bulk mining potential based on low-grade ore at relatively shallow depths. Significantly, Panthera has suggested that the northern undrilled extension of K1A could boost resources to 3-5 oz Au, which implies critical mass for a large-scale commercial mine. We believe that Panthera may now advance to a pre-feasibi...