Panthera Res. Regulatory News (PAT)

21 December 2017

Panthera Resources Plc

("Panthera" or "the Company")

Admission to AIM and First Day of Dealings

Panthera Resources plc (AIM: PAT), the gold exploration and development company with key assets in India and West Africa, is pleased to announce that its Ordinary Shares will commence trading at 8.00 am today on the AIM market of the London Stock Exchange. On Admission, the Company will have 61,891,270 Ordinary Shares at a listing price of 20 pence per shares, giving Panthera an estimated market capitalisation of £12.4 million on Admission.

A copy of the Company's Admission Document is available on the Panthera Resources website: http://www.pantheraresources.com. RFC Ambrian is acting as the Company's Nominated Advisor and sole Broker.

Highlights

Bhukia Project (70%), India

· Targeting 6.0Moz+ Au resource

o Current JORC inferred resource of 1.74Moz on a 100% basis (1.22Moz on a 70% attributable basis), defined over approximately 10% of an extensive gold in soil geochemical anomaly.

o In 2014, the Geological Society of India published an unclassified non-JORC resource of 106Mt @2.0g/t Au, 0.15 per cent Cu (6.7Moz Au, 160,000t Cu).

o In total 370 drill holes have been sunk into this project since 1990

· Major gold-copper mineralised system

o Extensive, continuous mineralisation outcropping at surface suggesting potential for large scale, open pit development.

o Upon Prospecting Licence grant an extensive resource drill-out is planned followed by economic evaluation.

o Project area ideally located away from significant habitation yet within easy access to power, roads and transport and other infrastructure.

Western Africa

· Combination of high value gold exploration assets in both Burkina Faso and Mali

o A large portfolio of cohesive and untested soil anomalies with significant eluvial and alluvial artisanal workings, located on areas of prospective geology with conducive structural settings.

· Panthera has the advantage of its team's extensive, proven experience in these areas.

Support of National Governments

· The Government of India is supportive of the mining industry.

· Prospecting licence application reached key milestones over the last 12 months, with the Government of Rajasthan and other approval bodies.

· Bhukia Project would bring significant employment and other social opportunities for the local community and multiple other Indian stakeholders.

· Exploration success and project development in Burkina Faso and Mali, where governments continue to support mining development, would bring similar benefits locally and regionally.

Management

· Established, discovery-driven team with a history of delivering results

o Depth of experience and success across exploration, discovery, evaluation and development.

o A notable track record having discovered projects with a combined inventory exceeding 30Moz Au.

Strategy

· Recommence exploration work at Bhukia following a grant of Prospecting Licence to increase JORC resource to 6.0Moz+

o 50,000 metres of confirmatory and extensional drilling over a 18-24-month period.

o Test remaining anomalies.

o Ground magnetics and IP/EM with a view to defining structure and to assist drilling.

o Conduct environmental baseline study and economic study including preliminary feasibility study and definitive feasibility study.

· Aggressively define and drill test existing anomalies, while continuously and incrementally improving the quality of the Company's West African portfolio

o Take advantage of the team's extensive network and experience in the region.

o Focus on early production potential - high IRR and low capex options.

Funding

· Private placement concluded in June 2017 of A$2.0 million, with two further tranches of A$2.0 million and A$2.7 million to be drawn down on listing and permitting in India at A$0.35 and A$0.65 respectively.

Geoff Stanley, Chief Executive Officer of Panthera Resources, commented:

"Today marks an important milestone for the Company as we announce our admission to the AIM market of the London Stock Exchange. Our listing provides the London market with a very exciting investment opportunity, particularly within our flagship Bhukia project, where we expect to define a world class, open pittable, gold-copper deposit.

"Progress on the granting of the Prospecting Licence has gathered positive momentum at both the Government of India and the Government of Rajasthan levels. The Board is optimistic that final approvals can be obtained in the next 6-18 months.

"Pending the approval of the Bhukia Prospecting Licence, the Company's operating focus will be geared towards our portfolio of assets in Burkina Faso and Mali. These project areas are situated within prospective Birimian greenstone terrains with structural settings typical of where gold deposits are found. Furthermore, the Company, with its regional connections and capabilities, is in a strong position to capitalise on other prospect opportunities in Burkina Faso, Mali and Ghana.

"Given the highly-experience management team and board, the secure balance sheet, as well as the great range of assets, we are confident that Panthera Resources will deliver excellent results for its shareholders and we look forward to providing the market with updates as work progresses."

Enquiries

Panthera Resources PLC

Geoff Stanley (CEO) +1 (917) 941 7704

Nominated Advisor and Broker

RFC Ambrian +44 (0) 20 3440 6800

Rob Adamson

Bhavesh Patel

Charlie Cryer

Jonathan Williams

Financial Public Relations

Blytheweigh +44 (0) 20 138 3204

Camilla Horsfall

Nick Elwes

Group History and Structure

Panthera Resources' wholly-owned subsidiary, Indo Gold Limited ("IGL"), is a private company that was incorporated in 2004 for the purpose of undertaking certain mineral exploration activities, with an initial focus on India and then subsequently West Africa.

IGL's main operating subsidiary in India is Indo Gold Mines Pvt Ltd ("IGMPL"). IGMPL was formed in India in 2005 as a joint venture company between IGL (which holds 70 per cent) and Metal Mining India ("MMI") (which holds 30 per cent). It has the right to explore and develop mining projects on mineral properties currently held in the name of MMI. This includes the Bhukia Project in the State of Rajasthan and the Taregaon Project in the State of Madhya Pradesh.

IGL also has three joint venture arrangements providing rights to earn into gold projects in West Africa (Burkina Faso and Mali) through completion of defined exploration programmes.

Group Assets

The Group's assets are as follows:

Bhukia Project, India

The Bhukia Project sits within an area, located 150 kilometres south-east of the city of Udaipur in Southern Rajasthan, that has clear evidence of ancient diggings and panning. During the 1970s and 1980s, the Geological Society of India ("GSI") and the Department of Mines & Geology of Rajasthan State drill tested the ancient workings in a regional copper exploration programme. No gold analyses were undertaken during this work.

The GSI noted visible signs of gold during field assessments in the early 1990s. Further testing confirmed significant gold mineralisation at Bhukia as well as surrounding locations.

In 1993, Hindustan Zinc Limited ("HZL") applied for, and was granted, a Prospecting Licence ("PL"), completing over 4,000m of shallow diamond drilling which resulted in an unclassified resource of 8.7Mt at 2.0g/t Au. Initially, the focus of HZL was to determine if there was the potential for mining the oxidised mineralisation processing via heap leach. The trial was not successful and the findings by HZL led them to allow the licence to lapse in 2001.

Following incorporation of the Indian JV Company in 2005, IGMPL carried out reconnaissance over the 207km2 Jagpura area, following which a series of PL applications were submitted culminating in the current PL application over an area of 21.07km2. The area is referred to as the Bhukia Project. IGMPL drilled 21 holes during the term of the Reconnaissance Permit ("RP") and defined a JORC-compliant resource of 1.74Moz Au in two zones.

The GSI had been exploring the area intermittently since 1992, in part under a departmental reservation for the purpose and, furthermore, with continued exploration subsequent to IGMPL's reconnaissance work and PL application. The GSI completed a total of 42,942m drilling via 155 drill holes up until the cessation of its activities in the area at the end of 2014. 

The GSI reported non-JORC compliant resources for multiple blocks (zones) within the Bhukia PL application area of 106Mt @2.0g/t Au, 0.15% Cu (6.7Moz Au, 160,000 t Cu). The drilling has shown gold mineralisation cross-cuts all lithologies and most alteration packages and the locations of the ore zones within the delineated deposit.

Taregaon Project, India

The Malanjkhand North RP was granted to MMI in June 2010. The aim of this joint venture was to explore for copper, gold, base metals and associated minerals on the property.

Between 2010 and 2013 IGMPL completed an exploration programme which consisted of the compilation and assessment of generated exploration data completed by government sponsored surveys, regional stream sediment sampling, geological mapping and prospecting. The outcome of which led to MMI apply for a PL (on behalf of the JV) in 2013 when the RP expired.

Naton Project, Burkina Faso

The Naton project is located 125 kilometres west-southwest of the capital Ouagadougou. The tenement lies within the Boromo greenstone belt which is principally composed of Paleoproterozoic Birimian terrain within the West African Man Craton. This belt also hosts the Poura gold deposit (1 to 2 Moz), situated approximately 50 kilometres to the south-southwest of the area, as well as numerous gold occurrences. The Perkoa Volcanogenic Massive Sulphide deposit is located about 35 kilometres to the north of the area.

IGL targeted this area based on extensive artisanal gold workings and previous exploration that had identified multiple hard rock gold targets, that had not been sufficiently tested.

Kalaka Project, Mali

Panthera holds an interest in the Kalaka Project in Mali though a JV established between IGL and Golden Spear Mali SARL (GSM). The Kalaka Permit consists of a 62.5km² exploration tenement located about 260 kilometres southeast of the capital, Bamako.

Both Kalaka and Bassala are located on the highly prospective Baoulé-Mossi Domain of the Man-Leo shield in the West African Craton. The craton is one of the world's great gold provinces and the largest Paleoproterozoic gold-producing region. At both project locations, gold mineralisation is strongly associated with shearing and alteration. Both projects can be considered early stage exploration projects, although Kalaka is further advanced than Bassala.

Bassala Project, Mali

Panthera currently holds a Heads of Agreement with GSM for the Bassala project. GSM have applied for a reconnaissance permit covering an area of 27.4km². The Bassala project is located approximately 200 kilometres south of Bamako.

Geological mapping was initially conducted by Russian geologists who interpreted the regional structure as a north-south trending synform comprised of a sedimentary sequence of greywackes and shales, constrained to the west and east by two large, granitic intrusions. The Bassala application area covers a part of the western edge of this synform.

Modern exploration (known to Panthera) has taken place on the prospect by GSM from 2004 to 2007. Work has included soil sampling, limited trenching, geological mapping, and limited RAB drilling subject to government restrictions.

Directors and Managers

Directors

Michael Lindsay Higgins (aged 67) - Non-Executive Chairman

Mr Higgins graduated in 1972 from the University of New South Wales (Sydney campus), majoring in geology. His international experience in the mineral resources sector has included 20 years with Shell/Billiton Group companies at senior executive levels. This included work in all facets of base and precious metals exploration and business development worldwide, and involvement in two major, multi-million-ounce gold discoveries from grassroots stage. Mr Higgins went on to set up several junior exploration and development companies, two of which listed via RTO on the ASX and TSX-V. He is a founding director of IGL.

Geoffrey Douglas Stanley (aged 60) - Managing Director

Mr Stanley graduated with honours from the University of Tasmania in 1982 with triple major in geology, geophysics and physical geography. He spent 6 years as an exploration geologist with Billiton in Australia before commencing a long and successful career in the capital markets which included 20 years as a mining analyst, ultimately earning recognition (Wall Street Journal) as the number one ranked metals and mining analyst in North America. During that time, he worked with the Warburg Group, J.B.Were (now Goldman Sachs Australia) and the Bank of Montreal. In 2007 Mr Stanley established Riverfield Capital - a mining, investment and capital markets advisory business based in New York.

Christopher Rashleigh (aged 70) - Non-Executive Director

Mr Rashleigh graduated from Leeds University in 1970, majoring in mining engineering. He has had a wide and varied career in the resources industry, both in Australia and worldwide. He has held senior operational and management positions with Mount Isa Mines and British Steel Corporation Overseas Services, and has an excellent knowledge of both open pit and underground mining. Mr Rashleigh has worked within corporate with North Queensland Resources, Billiton Australia, Acacia Resources Limited and AngloGold Australasia Limited, which has allowed him to work on substantial acquisition, divestment and property valuation assignments. He is a founding director of IGL.

Peter Joseph Carroll BCom, LLB, FCA, FTIA (aged 69) - Non-Executive Director

Prior to gaining extensive experience in professional consulting, Mr Carroll was with the Australian Taxation Office where he spent seven years in the International Division of the Departments National Office in Canberra. He joined Deloitte in 1981, becoming a partner in the tax consulting services division in Brisbane in 1990. He advised a number of private and public companies in all aspects of revenue law. Mr Carroll was a member of the Taxation Advisory Committee of the Queensland Division of the ASCPA; the representative of ASCPA on the Office of State Revenue Liaison Committee; and a member of the Legislation Review Committee of the Institute of Chartered Accountants. He is Chairman of Cristal Australia Pty Ltd, the Australian subsidiary of The National Titanium Dioxide Co Ltd from Saudi Arabia and a Director of BeMax Resources NL. He is also a Director of a number of private companies.

David Mathew Stein (aged 41) - Non-Executive Director

Mr Stein was most recently a senior partner at Cormark Securities Inc., where he was a gold mining equities analyst, director and member of the executive committee. Mr Stein joined Cormark's predecessor Sprott Securities Inc. in 2001 and was a publishing analyst for nine years, as well as gaining experience with corporate finance and marketing. Mr Stein holds a Master of Science degree in Economic Geology and Bachelor of Applied Science in Geological Engineering from Queen's University, and is a CFA charter holder.

Timothy James Hargreaves (aged 64) - Non-Executive Director

Mr Hargreaves has over 35 years' experience in technical and managerial roles in the petroleum and minerals sectors in Asia and the Middle East for major companies including BHP, Union Texas Petroleum and Fletcher Challenge Petroleum as well as start-ups and independents. He has led successful exploration and commercialisation campaigns in Pakistan and Egypt which were dependent upon technical and commercial innovation in complex regulatory environments. Since 2009 he has been Research Director of Resources for Republic Investment Management, a Singapore based investment fund He is a former Director of Skyland Petroleum Limited and The Environmental Group Limited.

Managers

Antony James Truelove (aged 58) - Chief Operating Officer

Mr Truelove graduated from the University of Adelaide in 1981 with First Class Honours majoring in geology. He has over 30 years' experience in the mining industry, the majority within Australia but with several overseas assignments including work in Indonesia, Zimbabwe, China, India, Korea and West Africa. He has held senior positions with Shell, Billiton, Newmont, Newcrest, Delta Gold, Indo Gold and most recently floated and was Managing Director of ASX listed company Southern Cross Goldfields Ltd.

Ian Stewart Cooper (aged 63) - Consulting Geologist

Mr Cooper is a Geologist graduating from the University of London (Royal School of Mines, Imperial College) in 1977 and has enjoyed a career within the industry for +40 years. Mr Cooper has worked in senior positions for numerous companies including Aforo Resources, Equatorial Resources in Congo Brazzaville, Barrick and AngloGold Ashanti spanning West Africa (Mali, Burkina Faso, Sierra Leone, Cote de Ivoire) Congo Brazzaville, Australia, PNG and Philippines.

Mark Andrew Cranny (aged 45) - Chief Finance Officer

Mr Cranny is a Chartered Accountant with over 20 years' experience. He has been involved in CFO roles for the past 16 years in a diverse range of industries. After completing a B. Commerce majoring in Accounting, Finance and Business Law at Bond University, Mr Cranny went on to commence his Chartered Accounting career at the Brisbane offices of KPMG. Mr Cranny also worked in various project roles at NatWest and Citibank in London before returning to KPMG in the Consulting Division. Mr Cranny established Intellective in 2008 to provide virtual CFO services. He has provided virtual CFO services to over 20 businesses including Indo Gold, Aforo Resources, The Manly Hotel, Willis Insurance Brokers, Magic Millions Insurance Brokers, Yeppoon Family Practice, Tropical Pines and Capricornia Training Company.