Panthera Res. Regulatory News (PAT)

14 December 2020

Panthera Resources plc

(Panthera or the Company)

Warrant Conversions Commitments and Correction of Shares Admitted to AIM

Panthera Resources Plc (AIM: PAT), the diversified gold exploration and development company with assets in West Africa and India, is pleased to announce that it has secured commitments of a further £118,766 for the early exercise of unlisted warrants in exchange for ordinary shares in the capital of the Company.

Highlights

· An additional 1,777,935 warrants to be exercised early for proceeds of £118,766 at an exercise price of 6.68 pence per warrant on or before 15 January 2021

· 1,438,289 shares issued to date pursuant to warrant conversions, with a further 360,055 warrants to be exercised shortly

· Total early warrant conversion commitments now comprise 3,576,279 warrants for £238,895

· Proceeds will accelerate our planned work programmes in West Africa

The Company announced on 9 November 2020, that 1,798,344 warrants were to be exercised on or before 27 November 2020 and that 1,798,344 new Ordinary Shares were to be admitted to trading on the AIM Market of the London Stock Exchange (AIM) on or before 3 December 2020. Of these warrants 1,438,289 have been exercised to date and due to the delayed receipt of the proceeds, the Company did not complete an application for any of these shares to be admitted to trading on AIM or update the total voting rights announcement. The Company will now apply for these 1,438,289 new Ordinary Shares to be admitted to trading on AIM as detailed below. The Company anticipates receiving the proceeds for the conversion of the remaining 366,055 warrants shortly and will apply for their admission upon receipt of the applicable proceeds.

Summary of Warrant Conversion Commitments

Warrant Conversions

The Company originally issued 4,747,149 warrants exercisable at 6.68 pence each on or before 20 December 2021 as part of the equity capital raising as announced on 15 May 2020. Following the conversion of 1,438,289 warrants announced today, the Company has 3,308,860 warrants on issue.

The Company announces that it has issued 1,438,289 new Ordinary Shares upon the conversion 1,438,289 warrants at 6.68 pence each for gross proceeds of £96,078.

Application will be made to the London Stock Exchange for 1,438,289 new Ordinary Shares to be admitted to trading on the AIM market with admission expected to occur on or around 17 December 2020 ("Admission"). The issued new Ordinary Shares will rank pari passu in all respects with the existing Ordinary Shares.

Following Admission of the new Ordinary Shares, the issued ordinary share capital of Panthera will consist of 86,422,699 Ordinary Shares which is a correction to the Company's total voting rights announcement which was made on 9 November 2020.

For the purposes of the Financial Conduct Authority's Disclosure and Transparency Rules ("DTRs"), the issued Ordinary Share capital of Panthera following this allotment consists of 86,422,699 Ordinary Shares with voting rights attached (one vote per share). There are no shares held in treasury. This total voting rights figure may be used by shareholders as the denominator for the calculation by which they will determine whether they are required to notify their interest in, or a change to their interest in, Panthera under the DTRs.

There are no transaction and advisory fees payable for the early conversion of the warrants.

Mark Bolton, Managing Director of Panthera, commented:

"The Company expresses its thanks our shareholders once again for their ongoing support. These warrant holders have, at the Company's invitation, undertaken to exercise their warrants early. The exercise proceeds will assist the Company to accelerate its work programmes in West Africa."

Contacts

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Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

Forward-looking Statements

This news release contains forward-looking statements that are based on the Company's current expectations and estimates. Forward-looking statements are frequently characterised by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "suggest", "indicate" and other similar words or statements that certain events or conditions "may" or "will" occur. Such forward-looking statements involve known and unknown risks, uncertainties, and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements. Such factors include, among others: the actual results of current exploration activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; possible variations in ore grade or recovery rates; accidents, labour disputes, and other risks of the mining industry; delays in obtaining governmental approvals or financing; and fluctuations in metal prices. There may be other factors that cause actions, events, or results not to be as anticipated, estimated, or intended. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events, or results or otherwise. Forward-looking statements are not guarantees of future performance and accordingly, undue reliance should not be put on such statements due to the inherent uncertainty therein.

**ENDS**