ANNUAL REPORT AND
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PANTHER METALS | ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
1
CONTENTS
STRATEGY AND PERFORMANCE
2
Chairman’s Statement
4
Strategic Report
GOVERNANCE
37
Corporate Governance Statement
42
Compliance with the QCA Code of Practice
44
Directors’ Report
46
Statement of Directors’ Responsibilities
48
Directors’ Remuneration Report
INDEPENDENT AUDITOR’S REPORT
56
Independent Auditor’s Report
FINANCIAL STATEMENTS
64
Consolidated Statement of Comprehensive Income
65
Consolidated and Company Statement of Financial Position
66
Consolidated and Company Statement of Cash Flows
67
Consolidated Statement of Changes in Equity
68
Company Statement of Changes in Equity
69
Notes to the Financial Statements
2
PANTHER METALS | ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
The 2024 reporting year saw significant
developments at the Dotted Lake Project
following the award of the Exploration
Permit in July, and as Panther focussed
on the critical mineral potential offered
by the ultramafic intrusive system on
the northern limb of the Schreiber-
Helmo Greenstone Belt. An additional
soil sampling programme supported by
the Ontario Junior Exploration Program
(“OJEP”), extended high-resolution soil
survey coverage to 5.5km strike length
over high priority targets and delineating
highly anomalous, regionally significant,
nickel and cobalt anomalies coincident
with ultramafic intrusive targets along
the eastern north shore of Dotted Lake.
The five hole (1,558m), Phase 1 Diamond
Drilling Programme undertaken during October/
November successfully defined the extensive
ultramafic body, modelled from Panther’s
airborne geophysics data, as a mineralised
magnesium-rich serpentinite carrying the
platinum group elements, platinum (Pt) and
palladium (Pd), as well as nickel (Ni), chromium
(Cr) and silver (Ag). The drilling confirmed the
intrusive displays distinct ultramafic layering
pointing to the Dotted Lake project being part
of a Fertile Mineral System. Post period end,
Panther was delighted to note that drill hole
DL24-002, which was ended within the intrusive
body, is displaying strengthening nickel grade
layering with depth, with the bottom two layers
intersected each exceed 3% Ni equivalent
over a combined 19.5m wide interval. This
layering bodes very well for grades continuing
to increase with depth towards the base of
the intrusive. This layering is the subject of
ongoing interpretation and modelling work.
We also extended the Obonga Project purchase
agreement with Broken Rock Resources, and
additional Exploration Permit applications were
lodged and successfully awarded for further
drilling at the Wishbone volcanogenic massive
sulphide (VMS) copper-zinc target and over
the Awkward Prospect which is targeting
magmatic conduit hosted nickel sulphide as
well as graphite. ificantly to the mining and
exploration sector in both London and Canada.
CHAIRMAN’S STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
PANTHER METALS | ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
3
CHAIRMAN’S STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
Existing permits are in place for work over the VMS
targets at the Obonga Project’s Survey Lake and
Ottertooth prospects and for the Silver Rim target which
hosts exceptionally anomalous rare earth element lake
sediment assays. High resolution drone-based airborne
magnetic geophysical surveys and inversion modelling
was completed by Pioneer Exploration Consultants, over
these three prospects in advance of the permitted work.
With the graphite intersection in drill hole AW-P1-1
at the Awkward Prospect being extended to 27.2m
@ 2.25 % Total Graphitic Carbon (TGC), Bayside
Geoscience conducted geological fieldwork targeting
crystalline or ‘flake’ graphite, in advance of further
planned drone magnetitic and drone VLF geophysics
survey work at both Awkward and Wishbone.
Panther continues to nurture our important relationships
with First Nation stakeholders, local community and
governmental relations, to maintain the Company’s
standing as an active explorer dedicated to make
a positive impact for all concerned. In corporate
activities, Panther raised £375,000 in the period
through a placing and directors made additional
on-market share purchases in the Company.
We have now advanced our Dotted Lake and
Obonga projects, beyond generative exploration to
delineate multiple drill ready discovery and resource
targets that now demand our focus. It was against
this backdrop that the Company took the difficult
decision to terminate the option and sale and purchase
agreement with Shear Gold Exploration Corporation
over the Manitou Lakes Project on the Eagle - Manitou
Lakes Greenstone Belt in Ontario, Canada.
The Board and I are extremely pleased with the work
and developments during 2024, and I would like
to thank everyone involved for their hard work and
dedication. The Company’s positive trajectory is poised
to accelerate as we investigate the dual listing of the
Company in Canada to leverage the advantageous
critical minerals focussed Flow-Through tax exploration
funding scheme for both Obonga and Dotted Lake.
Nicholas O’Reilly
Non-Executive Chairman
28 April 2025
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PANTHER METALS | ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
Results
The loss at Group level for this
year after taxation was £2,212,416
(2023: profit £269,184) and at
company level £1,940,312 (2023:
profit £321,477).
Review of the Business
and Operations
Mineral Exploration in
Ontario, Canada
Key operational milestones achieved
during the year are as follows:
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
CANADA
USA
Thunder
Bay
Marathon
Hemlo
White River
Wawa
Manitouwadge
Silver Bay
Ontario
Minnesota
Keweenaw
Copper Belt
PANTHER METALS
DOTTED LAKE
PANTHER METALS
OBONGA
PANTHER METALS
MANITOU LAKES
Lake
Superior
Lake
Nipigon
Panther Metals Projects
Other Mines
KEY
PANTHER METALS | ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
5
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
Total Area
291.0 km2
Prospective for
Base Metals
Copper, Zinc, Lead, Nickel
Precious Metals
Gold, Silver and
Platinum Group Metals
Energy Minerals
Lithium and Graphite potential
Significant
Neighbours
Mattabi Mine (Glencore) and
Sturgeon Lake VMS Camp to
west, Lac des Iles Mine (Impala
Canada) to south.
Potential
Canada’s Next Mining District
The Obonga Project is Panther’s flagship
project, which has advanced from a greenfield
regional data based target area, through proof
of concept to drilling success and base metal
VMS and graphite discoveries. The project
covers 90% (291 km2) of the district scale
Obonga Greenstone Belt in northwest Ontario.
Panther has achieved significant milestones through
successful drilling campaigns at Obonga’s Wishbone
prospect, revealing a substantial Volcanogenic
Massive Sulphide system. The Wishbone discovery,
a first of its kind on the Obonga Greenstone
Belt, is characterised by impressive drill hole
intercepts, including 27.3m of massive sulphide
and 51m of sulphide-dominated mineralisation.
Further drilling in late 2022 reaffirmed the potential,
with intersections such as 3.6m @ 3.9% Zn,
including 2m @ 6.8% Zn & 4.3 g/t Ag, indicating
proximity to metal-fertile fluid flow. The discovery of
the Wishbone VMS system is pivotal, boding well
for the existence of additional VMS bodies in the
vicinity, given their tendency to occur in clusters.
The Survey and Awkward targets have also benefitted
from preliminary drilling, confirming VMS style
mineralisation at Survey with a 29m wide intercept
of cyclical semi-massive and disseminated sulphide,
with graphite discovered at Awkward. This, coupled
with the Wishbone discovery, solidifies the Obonga
Greenstone Belt’s status as a new emerging VMS Camp.
The Obonga Greenstone Belt, with its emerging
VMS Camp status, is strategically positioned close
to national railroad transport links and the industrial
port city of Thunder Bay. Moreover, it is approximately
75km east of the former Mattabi/Sturgeon Lake Mining
Camp on the Wabigoon Greenstone Belt, underlining
its advantageous geological and logistical position.
The presence of significant gold occurrences,
base metals, and promising exploration results
in the Obonga Greenstone Belt contribute to its
appeal as a potential mining district. This strategic
positioning makes it an attractive prospect for
future resource development and exploration.
Obonga Project Background
6
PANTHER METALS | ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
Obonga 2024 Developments
On 11 January 2024 the Company provided
the additional graphite assay results for drill hole
BBR22_AW-P1-1, following additional sample
submissions targeting crystalline or ‘flake’ graphite.
The additional sampling was part of a review of the
graphitic core drilled at the Awkward Prospect in the
autumn of 2022 and a comprehensive historical data
review which has extended the graphite potential.
The Awkward Prospect area is also prospective for
sulphide bearing magmatic conduits and graphite and
is located in the eastern side of the Obonga Project.
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
Highlights
Updated graphite assay results for drill hole
BBR22_AW-P1-1, following further sample
submissions. BBR22_AW-P1-1 was drilled
to test a geophysical modelled conductive
target at the western end of a 730m long
conductive lineament ‘Trend 3’.
Samples analysed by ALS Laboratories for
Total Graphitic Carbon (‘TGC’) analysis (by
method C- IR18) in order to confirm the
presence of crystalline ‘flake’ graphite.
Results extend the downhole intersection
of graphitic carbon to 27.2m @ 2.25 %
TGC between 12m to 43.3m downhole.
Key downhole Total Graphitic Carbon
(‘TGC’) intersections as follows:
27.2 m @ 2.25 % TGC from 12m
downhole, including;
o 4.0 m @ 3.64 % TGC from 14.0 m,
with 1.0 m @ 5.15 % TGC from 16.0 m ;
o 6.0 m @ 3.60 % TGC from 19.0 m,
with 1.0 m @ 5.12 % TGC from 21.0 m ; and
o 8.0 m @ 2.42 % TGC from 27.0 m,
with 2.0 m @ 4.16 % TGC from 29.0 m downhole.
Additional geophysical plate modelling
has the prospect of extending Trend
3 a further 4.1km eastwards.
Factoring the additional claim package
recently acquired by Panther, initial geological
interpretation suggests a preliminary graphite
target area in the region of 21.5 km2 across the
Awkward and Awkward East prospect areas.
Historic data review notes graphite at
surface and abundant in some units
within the wider exploration area.
PANTHER METALS | ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
7
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
On 1 February 2024 Panther announced it had
submitted an Exploration Permit application for additional
drilling following the discovery of VMS base metal
mineralisation on the Obonga Project’s Wishbone
Prospect. The Exploration Permit application was
submitted in collaboration with Broken Rock Resources
Ltd., and concerns planned work within 19 Single
Cell Mining Claims in the Kashishibog Lake Area and
Uneven Lake Area administrative regions (Figure 1).
The application covered a planned series of up to 39
diamond core drill holes and associated down-hole
geophysics surveys spread across the Wishbone
Prospect in the centre-west of the Obonga area. The
Wishbone application supplemented Exploration Permit
PR-22-000116 which covers work through to 14 July
2025 at Obonga’s Survey VMS discovery, and the
Ottertooth and Silver Rim prospect areas.
8
PANTHER METALS | ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
Figure 1: Wishbone Exploration Permit Planned Drill Pads and Access
On 5 March 2024 the Company announced an extension to the Obonga Project purchase agreement with Broken
Rock Resources Ltd. The revised agreement allows for an additional year to meet the exploration commitment
(announced 2 August 2021) over Panther’s flagship project, which has advanced from a greenfield regional data-based
target area, through proof of concept to drilling success and base metal VMS and graphite discoveries. The Panther
exploration commitment entails funding 8,000 meters of drilling on Obonga (and all associated costs including assay
results and core storage); and to make available a budget of not less than CAN$1,000,000 (which has already been
met by Panther) over an initial four year period, ending 31 July 2025, to fund all other operating costs on the area
covered by the Claims (including trail building, field work, community relations, access rights and personnel costs).
On 2 April 2024 Panther announced the submission of Exploration Permit application PR-24-000059 for additional
drilling following the intersection of significant widths of graphite mineralisation comprising 27.2m @ 2.25 % Total
Graphitic Carbon, on the eastern extension of the Awkward Prospect.
The Exploration Permit application concerned planned work within 35 Single Cell Mining Claims in the Puddy Lake
Area and Obonga Lake Area administrative regions and covered a planned series of up to 31 diamond core drill pads
and associated down-hole and surface geophysics surveys spread across the Awkward East application area on the
eastern side of the Obonga Project (Table 1). The Awkward East claims covering a total area of 7.25km2 are covered
by a Purchase Agreement announced on 29 December 2023.
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
PANTHER METALS | ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
9
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
Table 1: Awkward East Exploration Permit Application and Prospect Details
Exploration Permit
Application Number
(Administrative Area &
Claim numbers)
Prospect Name
(location)
Targeting &
Exploration Rational
Requested / Planned Activities
PR-24-000059
(Puddy Lake Area and
Obonga Lake Area
Cells:
638074, 638075,
638076, 638077,
638078, 638079,
638080, 638081,
638082, 638083,
638084, 638085,
638086, 638087,
638088, 638089,
638090, 638091,
638092, 638093,
638094, 638095,
638096, 638097,
638098, 638099,
638100, 638101,
638102, 638103,
638104, 638105,
638106, 638107,
638108)
Awkward East
(Eastern side of
Obonga Project)
Targeting graphite
mineralisation to east
of previous drilling
intersection.
Plate modelling of
airborne electromagnetic
geophysics data shows
potential targets for
graphite and/or sulphide
mineralisation.
Historical reports note
graphite at surface and
within a historical drill
hole in the area.
Mechanised Drilling (up to 31 diamond core
drill holes)
Down-hole Electromagnetic (“EM”)
Geophysics
Airborne drone magnetic high resolution
survey
Ground EM, Magnetic and Induced
Polarisation Geophysics Surveys
Exploration Camp for 15 persons
Access Trails to link with existing logging trails
from the north of the Obonga Project area.
On 22 April 2024 the Company announced a second Exploration Permit application PR-24-000076 for additional
drilling within 21 Mining Claims on the western side of the Awkward Prospect. The Awkward West application covered
a planned series of up to 31 diamond core drill pads and associated down-hole and surface geophysics surveys
(Table 2).
On 24 May 2024 the Company announced the commissioning of Pioneer Exploration Consultants Ltd. (“Pioneer”) to
conduct an estimated 430 line/km high resolution 25m line spacing airborne drone magnetic geophysical survey at
Obonga. Pioneer were initially commissioned to cover the three VMS prospect areas at Wishbone, Survey Lake and
the Ottertooth, with the Awkward and Silver Rim prospects subsequently added to the planned survey list. Pioneer
completed the surveys over the Survey, Ottertooth and Silver Rim prospects during July with the remaining surveys
rescheduled for 2025, due to availability and the autumn moose harvest season.
The high-resolution magnetic surveys provided a variety of data products, including three-dimensional (“3D”) inversion
models that will help refine planned drill hole orientations to target high grade base metal zones at depth, as well as
providing inputs for the mineral system modelling.
10
PANTHER METALS | ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
On 30 May 2024 Panther announced the appointment
of Bayside Geoscience Inc (“Bayside”), a highly
experienced independent geological consulting company,
to commence graphite focussed ground exploration work
on the Awkward and Awkward East prospect areas on
the eastern side of the Obonga Project.
The Bayside work programme followed on from a
comprehensive data review, initially targeting numerous
surface occurrences of graphite noted in historical
reports, and with the objective of mapping the strike
extensions of the wide graphite mineralisation intersected
by the Panther drill hole BBR22_AW-P1-1 which was
drilled to test a geophysical modelled conductive target
at the western end of a 730m long conductive lineament
‘Trend 3’. Ground prospecting and additional plate
modelling has the potential of extending the conductive
Trend 3 a further 4.1 km eastwards.
As reported on 1 July 2024, over the course of two
separate visits, interspersed by a week-long period of bad
weather which prevented helicopter access, the Bayside
team successfully traversed and mapped five separate
regions along strike and parallel to Panther’s graphite drill
discovery and the conductive plate modelling targets
based on the regional electromagnetic geophysical data.
They mapped out metavolcanic and metasedimentary
rock packages constrained by gabbroic intrusives that
are orientated strike parallel to the conductive plates.
Encouragingly more competent rock units at a number
of localities displayed distinct tourmaline veining, a
metamorphic hydrothermal mineral that often forms in
association with graphite and with gold.
On 19 July 2024 the Company announced the receipt
of Exploration Permit PR-24-000076 covering the
Awkward West Prospect, it is valid through to 17 July
2027 and allows for a comprehensive programme of
works over the Awkward West area which includes both
the 730m long ‘Trend 3’ graphite target and the Awkward
magmatic feeder conduit target focused on a nickel-
copper-platinum-palladium discovery.
Awarded in association with Broken Rock Resources Ltd
and Karen Siltamaki, the Permit covers a planned series
of up to 31 diamond core drill hole pads and associated
down-hole geophysics surveys, and up to 12 pits or
trenches spread across the Awkward West target area
(see Table 2 and Figure 2). The permitted work follows on
from the drilling conducted by Panther in 2022.
The Awkward West Permit supplements Exploration
Permit PR-22-000116 which covers work through to 14
July 2025 at Obonga’s Survey VMS discovery, and the
Ottertooth and Silver Rim prospect areas; and Exploration
Permit PR-24-000022 which covers the Wishbone VMS
target area through to 20 June 2027.
PANTHER METALS | ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
11
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
Table 2: Awkward West Exploration Permit and Prospect Details
Exploration Permit
Application Number
(Administrative Area &
Claim numbers)
Prospect Name
(location)
Targeting &
Exploration Rational
Requested / Planned Activities
PPR-24-000076
(Puddy Lake Area and
Obonga Lake Area
Cells:
503963, 503964, 503965,
503966, 503967, 503968,
503969, 503970, 503971,
503972, 503973, 503974,
564422, 564425, 564429,
564432, 672121, 845433,
845450, 845451, 845452)
Awkward (West)
(Eastern side of
Obonga Project)
Targeting graphite
mineralisation to north
of previous drilling
intersection.
Plate modelling
of airborne
electromagnetic
geophysics data
shows potential targets
for graphite and/or
platinum group element
sulphide mineralisation.
Mechanised Drilling (up to 31 diamond core
drill holes)
Down-hole Electromagnetic (“EM”)
Geophysics
Airborne drone magnetic high resolution
survey
Ground EM, Magnetic and Induced
Polarisation Geophysics Surveys
Pitting/Trenching at 12 locations
Exploration Camp for 15 persons
Access Trails to link with existing logging trails
from the north of the Obonga Project area.
Figure 2: Awkward West Exploration Permit PR-24-000076 Permitted, Claim Cells, Drill Pads, Camp and Access
12
PANTHER METALS | ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
Total Area
36.9 km2
Prospective for
Base Metals
Nickel, Cobalt, Copper, Zinc
Precious Metals
Gold, Silver and Platinum Group Metals
Energy Minerals
Lithium and Graphite potential
Significant
Neighbours
Barrick Gold (Hemlo Mine) to south,
GT Resources (TSXV: GT)
(Glencore 16.7% stake) to east.
The Dotted Lake Project encompasses
a substantial 36.9 km² (Figure 3) within
the North Limb of the Schreiber-Helmo
Greenstone Belt, situated 16 km north of
Barrick Gold’s Hemlo Gold Mine which
has produced over 22 Moz of gold over
30 years to date and 9 km from GT
Resources recent discovery at West
Pickle Lake on their Tyko One Belt. The
area is considered very prospective for
ultramafic intrusive related nickel and
base metal mineralisation as well as gold.
Panther acquired 100% of the Dotted Lake
Project in July 2020. An extensive soil
programme conducted in 2021 identified
numerous gold and base metal targets,
all within the same geological footprint
as Hemlo. Following the reopening of a
historical trail providing direct access to the
target location, an initial drilling programme
in the autumn of 2021 confirmed the
presence of gold mineralisation within this
system with anomalous gold continuing
along strike and present within the
surrounding area. Dotted Lake sits upon
2.7-billion-year-old, Archaean age, rocks
that form the north-eastern ‘Dotted Lake
Arm’ of the Schreiber-Hemlo Greenstone
Belt. Geology consists sequences of
foliated, fine grained, dark green, amphibole
rich metavolcanic rocks situated within an
east-northeast trending isoclinal syncline.
The metavolcanics have been intruded
by granitoid rocks of the Dotted Lake
Batholith in the southeast of the property
whilst In the northeast an ultramafic
intrusive complex flanks the two.
Panther’s airborne electromagnetic and
magnetics geophysics survey, extensive
soil sampling and diamond drilling, have laid
the groundwork for potential discoveries.
Dotted Lake Project Background:
Critical Mineral Potential
PANTHER METALS | ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
13
On 22 February 2021, Panther announced the receipt
of the processed high-resolution Airborne TDEM and
Mag geophysics survey data and associated maps
and report over the Dotted Lake Property on the north
limb of the Schreiber-Hemlo greenstone belt in Ontario,
Canada. Prospectair Geosurveys had conducted the
helicopter 818 line-km survey over a series of seven
flights between 9-11 December 2020. A total of 138
geophysical anomalies were identified by the survey,
with high priority anomalies prioritised for follow-up
ground investigation.
In June 2021, Panther contracted the experienced
Thunder Bay based Fladgate Exploration Consulting
Corporation to undertake a soil geochemistry sampling
programme over a 1.60km by 0.85km target area. The
soil geochemistry survey was designed to build out
and in-fill the westerly strike extensions of high-grade
gold mineralisation intersected by historical trenching
undertaken by a previous licence holder in 2010 (Tr-10-
4) and as confirmed during Panther’s reconnaissance
sampling (gold up to 18.9g/t Au) announced 5
November 2020. The soil survey provided important
geochemical coverage of target structures outlined by
Panther’s airborne geophysical survey (see Figures 4
& 5) and delineated a 1.3km long shear-related gold
anomaly striking westward from the site of Panther’s
Dotted Lake drill hole. A total of 18 multi-element
anomalies were also identified including areas of very
strong nickel in soil.
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
Figure 3: Location of the Dotted Lake Project, East of Thunder Bay, Ontario, Canada
14
PANTHER METALS | ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
Figure 4: Dotted Lake Geochemical Soil Sampling Anomalies
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
Nickel and Cobalt Targets
Panther also digitised historical exploration data in
conjunction with the airborne and soil survey data.
This work has defined a new area, in the northeast of
the Dotted Lake property, which is also considered
very prospective zone for nickel mineralisation and
which is underlain by an ultramafic intrusive complex.
The historical geochemical soil survey data based
on work undertaken by Clear Mines Ltd in August
1983, shows a 2.8km long linear broadly east-west
striking zone of elevated nickel in soil coinciding with a
mapped ultramafic / gabbro intrusive unit and a distinct
geophysical anomaly (Figure 5).
The Clear Mines Survey consisted of 577 soil samples
analysed for 27 elements, collected on a series of
north-south lines directly to the east of the Panther
2021 soil survey area. Nickel is elevated across the
prospect area defined by highs ranging 137 - 235 ppm
Ni and peaking at 614ppm Ni in the eastern end. Other
soil anomalies across the Ni Target include cobalt (Co)
up to 214 ppm Co and copper (Cu) up to 861 ppm Cu.
The western end of the ultramafic intrusive is shown on
government mapping to lie beneath the lake, however
the geophysics survey and the Panther soil survey data
indicates that the intrusive rocks extend further to the
west and may underlie the soil survey Anomaly A and
Anomaly C (see Figure 5 & 6).
Panther’s Ni Target is located 9km west of a new zone
of massive nickel-copper sulphide mineralisation drilled
by GT Resources (TSXV: GT) at their Tyko Project.
PANTHER METALS | ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
15
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
Figure 5: Panther Soil Nickel Results and Clear Mines Survey Historical Soil Assay Results
Figure 6: Map Showing
Highly Anomalous
Soil Geochemical
Results over Airbourne
Total Magnetic
Intensity Magnetics
and Electromagnetic
Imagery
16
PANTHER METALS | ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
Dotted Lake 2024 Developments
On 10 July 2024 the Company announced the
appointment of Abitibi Geophysics Ltd. (“Abitibi”) a
well-respected Canada headquartered international
geophysical survey company, to provide geophysical
modelling services for the Dotted Lake Project.
Abitibi undertook 3D inversion modelling and advanced
processing (CET Grid Analysis) of the airborne high-
resolution magnetic and time-domain electromagnetic
(“TDEM”) geophysical data resulting from the
Prospectair Geosurvey Inc (“Prospectair”) survey flown
for Panther in 2020.
As well as the 3D magnetic susceptibility inversion
models Abitibi Deliverables included complete digital
files; colour levels maps of the magnetics data inversion
at 3 depths of the total magnetic intensity (TMI) reduced
to the pole and its derivatives (1st vertical derivative,
analytic signal, tilt; colour maps of the frequency
migration of the EM responses into early, mid, and
late times and of the energy envelope; maps of the
recommended targets, conductors, magnetic trends,
and interpreted structures; maps of the structural
analyses and predictive targeting; and ground
geophysics follow-up and drilling recommendations.
Whilst the Abitibi work included the entire Dotted Lake
Project area, the focus of the 2024 fieldwork is the
eastern side of the project and the 4.2 km long trend
of high priority soil geochemical and geophysical
anomalies in association with the Dotted Lake ultramafic
intrusion.
On 22nd July 2024 Panther announced the receipt
of Exploration Permit PR-23-000215 covering a series
of work and drilling at Dotted Lake (Table 3). The
permit is valid through to 17 July 2027 and allows for a
comprehensive programme of critical mineral discovery
focussed works on the highly prospective intrusive
linked nickel-copper-cobalt and Platinum Group Metal
targets in the north-east of the Dotted Lake project area
(Figure 6).
On 17 October 2024 the Company announced that
Platinum Diamond Drilling Inc. had been contracted to
undertake a critical mineral focussed Phase 1 diamond
drilling programme and associated access trail logistics.
The drilling programme was focussed on the discovery
of Ni, platinum group element (“PGE”), Au, Co, Cu and
bearing sulphide mineralisation associated with the
mafic-ultramafic intrusive complex in the north-east of
the Dotted Lake Project area and comprised up to six
planned holes to test an initial four target areas.
Table 3: Dotted Lake Exploration Permit and Prospect Details
Exploration Permit Application
Number (Administrative Area &
Claim numbers)
Prospect Name
(location)
Targeting &
Exploration Rational
Requested Activities
PR-23-000215
(Black River and Olga Lake areas
Cells: 541544, 541545, 541546,
541547, 541548, 541549, 541550,
541551, 548348, 548349, 548350,
548351, 548352, 548353, 548354,
548355, 548356, 548357, 548358,
548359, 548362, 548363, 548364,
548365, 548366, 550121, 550122,
550124, 550125, 550126, 550127,
550128, 550129, 550130, 600373,
600379, 600380, 600384, 600386,
600387, 600388, 600390, 600391,
600392, 600394, 600395, 600396,
600397, 600399, 600404, 600409,
600410, 600413, 600415, 600418,
600419, 600421)
Intrusive related Critical
Mineral Target
(Ni, Cu, Co, Zn & PGE)
(north and northeast of
Dotted Lake property)
Distinct 2.8km long linear trend
of soil anomalies coincident with
the geophysical signature of an
interpreted ultramafic body.
Additional coincident
electromagnetic and magnetic
target associated with Cu soil
anomalies along strike from a
known Zn occurrence.
Historical soil anomalies
peaking at 614ppm Ni ,
861 ppm Cu and 214 ppm
Co located east along strike
from multi element anomalies
identified by Panther’s soil
survey grid.
Mechanised Drilling (up
to 15 diamond core
drill holes),
Electromagnetic
(“EM”) and Induced
Polarisation (“IP”)
Geophysics with
associated line cutting
Up to 36 planned
pits / trenches
Stripping (unto 10
localities)
Exploration camps
Access trails
PANTHER METALS | ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
17
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
Figure 6: Dotted Lake Exploration Permit PR-23-000215 Permitted, Claim Cells, Drill Pads, Camp and Access
Figure 7: Dotted Lake Phase 1 Drill Target Areas
18
PANTHER METALS | ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
On 21 October 2024 the Company announced that
Bayside Geoscience had commenced a concurrent
1,044 sample geochemistry soil survey in the vicinity of
the drill targets. The survey comprised an extension and
infill sampling to Panther’s soil survey grid completed in
2021 which yielded significant Ni, Co, Cu, Au and
PGE anomalies.
The assay results of the soil survey were announced
post period end, on 13 March 2025. The soil assays
returned standout multielement critical mineral
geochemical anomalies closely linked and coincident
with geophysical anomalies.
Highly anomalous soil assays range up to 1,665 ppm
copper, 480 ppm nickel, 62 ppm cobalt, 190 ppm
zinc, 0.99 ppm silver and 377 ppb gold (Table 4). The
soil results delineated multiple new target areas around
Lampson Lake where lake sediment samples returned
highly anomalous readings of over 985 ppm Cu, 130
ppm Zn, 29 ppm Ni, 19 ppm Co and 0.28 g/t Ag.
They also show highly anomalous, regionally significant,
nickel and cobalt anomalies coincident with ultramafic
intrusive targets along the eastern north shore of Dotted
Lake ( Figure 8).
Table 4: Highest Three Soil Assay Results for Selected Elements
Selected Element
Lower Limit of Detection
1st Highest
2nd Highest
3rd Highest
Copper (Cu)
0.01 ppm
1,665 ppm
1,030 ppm
1,005 ppm
Nickel (Ni)
0.04 ppm
480 ppm
456 ppm
394 ppm
Cobalt (Co)
0.001 ppm
62 ppm
61 ppm
49 ppm
Zinc (Zn)
0.1 ppm
190 ppm
157 ppm
157 ppm
Silver (Ag)
0.001 ppm
0.99 ppm
0.56 ppm
0.50 ppm
Gold (Au)
0.2 ppb
377 ppb
42.2 ppb
30.6 ppb
Table notes: Soil assay results by ALS Laboratories analytical method ME-MS41L. Limit of detection (LOD) = lower limit of stated method. ppm =
parts per million. ppb = parts per billion. 1 ppm = 1,000 ppb. Results subject to rounding.
The Soil Survey work is supported by the Ontario Junior Exploration Program (“OJEP”), a provincial government
grant to help junior companies finance early exploration projects. OJEP covers 50% of eligible costs for approved
programmes, with the agreed contribution to Panther for this work totalling Canadian $56,930.
PANTHER METALS | ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
19
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
Figure 8: Significant Gold (top) and Nickel (bottom) Anomalies Trend Right Across the Survey Area
20
PANTHER METALS | ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
On 9 December 2024 Panther announced the
successful completion of the Phase 1 drilling
programme with a total of five diamond drill holes, for
1,558m drilled across the initial Target Areas C, D, E &
F (Figure 7). The final metreage was an increase of 30%
on the initially proposed 1,200m.
The drill core was logged, scanned, photographed
and sampled by Bayside Geoscience Inc. The drill
data which included downhole survey, magnetic
susceptibility, x-ray fluorescence, geotechnical logging,
lithological and alteration logging and wet and dry
photography was incorporated into purpose designed
MX Deposit and Imago databases.
The first batch of drill core sample assay results were
announced on 30 December 2024. The downhole
intersections from drillhole DL24-001 returned highly
anomalous gold, silver, zinc and base metal assays at
Target D on the southern shore of Lampson Lake. They
confirmed a 1.2km long open-ended gold trend and
the intersection of high-grade zinc/gold volcanogenic
massive sulphide (“VMS”) style mineralisation. Drill core
assay results are by ALS Laboratories methods ME-
MS61r (4 acid multielement package) and PGM-ICP23
(Pt, Pd and Au by fire assay and ICP-AES finish).
The subsequent three batches of drill core assay results
were received and reported post period end. The Batch
2 results, reported 17 March 2025, verified an extensive
mineralised ultramafic body and to Dotted Lake being
part of a Fertile Mineral System. The Batch 3 results,
reported 21 March 2025, gave 94m and 129m wide
intercepts of mineralised magnesium-rich serpentinite.
The final, Batch 4, drill core assays were reported
25 March 2025, the results for hole DL24-002 show a
214.7m wide open-ended zone of intrusive ultramafic
derived magnesium (Mg) rich serpentinite grading up to
21.7% Mg, which is mineralised with Pt Pd, Ni, Cr and
silver (Ag), between 113.3m downhole to end of hole
at 328m. The DL24-002 Ni and Cr assay result grade
variations show layering with three distinct higher grade
zones within the bottom 112m of the hole, with grades
ranging up to 3.05% Ni Equivalent (“NiEq”) as well as
overlimit Cr. As hole DL24-002 was ended inside the
intrusive, the prospect of strengthening grade-layering
with depth is considered strong.
Panther notes that the separation of Mg from
serpentinite has not yet applied on an industrial scale,
despite success under laboratory and small pilot
plant conditions. Given the potential value of the Mg
contained within the ultramafic system the Company
plans to conduct further research on the subject.
PANTHER METALS | ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
21
22
PANTHER METALS | ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
Total Area
123.4 km2
Prospective for
Precious Metal
Gold
Significant
Neighbours
Dryden Gold Corp
(planned Canadian listing).
The gold focussed Manitou Lakes Project is located
upon the Archean age Eagle-Manitou-Wabigoon
Greenstone Belt in northwestern Ontario.
The Manitou Lakes region boasts over 200 known gold
occurrences and more than 12 km of gold-bearing
structures with numerous historic gold producers.
Manitou 2024 Developments
On 28 June 2024 Panther announced an
update for the Manitou Lakes Project where
the inaugural diamond drilling had confirmed
gold mineralisation in four of the five holes
drilled at the Glass Reef Target (Figure 9).
The drilling followed‐up on the widespread
anomalous gold in soil and rock sampling
values in Panther’s geochemical survey over
the historical Glass Reef Mine area.
Panther’s option partner for the Manitou
Lakes Project, Shear Gold Exploration
Corporation (“Shear Gold”), authored a
technical report detailing the findings of the
inaugural drill programme which completed
December 2023. Interpretations show the
five shallow holes, totalling 495m of core
recovered, intersected metavolcanic schist
shear zones where gold is associated
with sulphides (up to 5% pyrite, pyrrhotite
± chalcopyrite) in quartz veins/veinlets.
The historical Glass Reef Mine exploited a
northeast trending shear zone, manifested
by a narrow schist zone with strong iron
carbonate alteration that is traced for several
hundred metres along the strike.
Four of the five drill holes intersected
low‐grade gold mineralisation over narrow
widths in multiple schist zones of mafic
volcanic and gabbroic protoliths. The low
grade but anomalous gold (Table 5) occurs
within strongly carbonatised (abundant
carbonate veinlets) porphyritic gabbro units,
or in highly altered and sulphide rich (pyrite,
chalcopyrite, pyrrhotite) fractures and quartz
veins in mafic volcanic rocks.
On 18 September 2024, Panther
announced the termination of the option
and sale and purchase agreement with
Shear Gold Exploration Corporation dated
7 April 2022. Manitou Lakes remains a
potentially highly prospective early-stage
gold project in a very promising location
in Ontario; the termination of the option
Agreement was reflective of developments
within Panther’s wider exploration portfolio.
Panther’s growth strategy is now focused
on the critical minerals sector, a sector
which attracts growing support at both
Canadian federal and provincial level, plus
an increasing amount of overseas strategic
funding options.
Manitou Lakes Project: Precious Metal
PANTHER METALS | ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
23
Table 5: Drill Hole Locations and Anomalous Gold Intercept Details
DDH ID
Easting
Northing
From (m)
To (m)
Core Length
(m)
Gold Assay
(PPM)
GRD23-001
507407
5456926
92.75
93.25
0.5
0.128
GRD23-002
507533
5457037
17.0
18.5
1.5
0.203
24.5
26.0
1.5
0.124
83.0
84.5
1.5
0.718
86.0
86.5
0.5
0.405
GRD23-003
507582
5457085
65.9
67.0
1.1
0.059
GRD23-004
507515
5457093
59.0
59.8
0.8
0.266
59.8
60.6
0.8
0.350
60.6
61.2
0.6
0.057
GRD23-005
507515
5457093
77.25
78.25
1.0
0.263
78.25
79.0
0.75
0.217
79.0
80.0
1.0
0.027
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
Figure 9: Location of the Glass Reef Target Drilling Programme, With Drill Hole Surface Geological Traces
24
PANTHER METALS | ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
Corporate and Financial Highlights
Corporate Matters
On 24 April 2024, the Company published the audited
results for the year ended 31 December 2023. A
copy of the 2023 Annual Report was submitted to
the National Storage Mechanism and is available to
the public for inspection at: https://www.fca.org.
uk/markets/primary-markets/regulatory-disclosures/
national-storage-mechanism
On 23 May 2024 the Company announced the
completion of a placing raising £375,000 (before
expenses) by the issue of 8,333,334 new ordinary
shares at a price of 4.5 pence. The placing price of
4.5p per placing share represented a discount of 12.6%
to the mid-market closing price of the Company’s
ordinary shares at close of business on 21 May 2024.
The placing was conducted within existing shareholder
authorities.Each placing share was issued with one
warrant attached entitling the holder to subscribe for
one new ordinary share at a price of 7.5 pence with a
life of 36 months from the date of Admission.
The Annual General Meeting (“AGM”) of the Company
was held on 13 June 2024, at which all resolutions
were duly passed. At this Annual General meeting
a resolution was passed which approved the
consolidation of 92,822,307 existing ordinary shares
(“Existing Ordinary Shares”) of no par value on a 25 into
1 basis, such that every 100 Existing Ordinary Shares
are consolidated into 4 ordinary shares. As a result of
the approval of the Share Consolidation, the Company
had 3,712,309 new Ordinary Shares in issue (“New
Ordinary Shares”). Admission in respect of such New
Ordinary Shares to the standard segment of the Official
List of the FCA and to trading on the Main Market for
listed securities of the London Stock Exchange will
become effective and dealings in those New Ordinary
Shares commenced on 14 June 2024. As a result of
the Share Consolidation, the ISIN of the New Ordinary
Shares changed from IM00BKDM2T52
to IM00BRF2WV49.
On 30 July 2024 the Company announced that it
received notification on 28 July 2024 that Darren
Hazelwood, the chief executive officer of the Company,
had exercised the conversion rights attaching to the
£56,000 of convertible loan notes held by him in
respect of principal and accrued interest of £9,520. As
a consequence, Mr Hazelwood was issued with 63,922
new ordinary shares of no par value in the capital of the
Company at a price of £1.025 per ordinary share. The
ordinary shares were admitted on 5 August 2024.
On 1 August 2024 the Company announced that it
received notification on 31 July 2024 that Nicholas
O’Reilly, the executive chairman of the Company,
had exercised the conversion rights attaching to the
£50,000 of convertible loan notes held by him in
respect of principal and accrued interest of £8,500. As
a consequence, Mr O’Reilly was issued with 57,073
new ordinary shares of no par value in the capital of the
Company at a price of £1.025 per Ordinary Share. The
ordinary shares were admitted on 8 August 2024.
On 6 November 2024 the Company announced that
it received notification that the remaining convertible
loan note holders had exercised their conversion rights
attaching to the (£60,987) of convertible loan notes
held by them in respect of principal and interest due
(which includes a 4.25% extension premium). As a
consequence, the remaining holders were issued
with 59,500 new ordinary shares of no par value in
the capital of the Company at a price of £1.025 per
Ordinary Share. The ordinary shares were admitted on
11 November 2024.
On 25 November 2024 the Company announced that
it received notification that the remaining convertible
loan note holders had exercised their conversion rights
attaching to the (£53,668) of convertible loan notes
held by them in respect of principal and interest due
(which includes a 4.25% extension premium). As a
consequence, the remaining holders were issued
with 52,360 new ordinary shares of no par value in
the capital of the Company at a price of £1.025 per
ordinary share. The ordinary shares were admitted on
28 November 2024.
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
PANTHER METALS | ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
25
March 2024- Partial Sale of Investment in
Fulcrum Metals PLC and new lock in agreement
On 12 March 2024 the Company announced it has
sold a total of 2,346,717 ordinary shares of 1 p each in
Fulcrum Metals PLC on 11 March 2024 at an average
price of 15.2 pence per Ordinary Share. Following the
sale, Panther continues to hold 7,625,122 Ordinary
Shares representing 15.26% of the Fulcrum issued
share capital. Pursuant to the sale, Panther entered into
a new lock-in agreement with Fulcrum, Allenby Capital
and Clear Capital, thereby imposing a hard lock-in
period on the Panther Shares to 15 May 2025 and
the orderly market provision on the sale of the Panther
Shares for a year thereafter through to 15 May 2026.
The provisions apply to the existing Ordinary Shares
and any Ordinary Shares allotted and issued to or
subsequently acquired by Panther during the locked-in
period described in the New Agreement. However as
noted below, with Fulcrum Metals PLC’s agreement, the
entire holding was sold on 7 April 2025
April 2024- Appointment of Strategic Advisor
On 11 April 2024 the Company announced the
appointment of Melissa Sanderson in the role of Strategic
Advisor for Government Relations, Environmental, Social
and Governance (ESG) to the Company.
Melissa ‘Mel’ Sanderson combines over three decades
of experience in geostrategic planning, Ethical
Sustainable Growth (ESG), and cultural integration.
Fluent in five languages Mel’s wide-ranging expertise
spans the mining industry, critical minerals strategy,
international diplomacy, and sustainable development.
Currently leading MECA Consulting and contributing
her knowledge as a Professor at Thunderbird School
of Global Management at Arizona State University, Mel
holds significant roles on various public market Boards,
driving ESG and decarbonisation efforts.
Entire disposal of the Investment in
Panther Metals Limited (“Panther Australia”)
On 31 May 2024, the Company announced the sale
of 1,131,446 shares in Panther Metals Ltd (ASX:PNT)
for a total aggregate amount of $55,615, approximately
£28,935 sterling.
On 1 October 2024, the Company announced the sale
of 645,249 shares in Panther Metals Ltd (ASX:PNT) for
a total aggregate amount of $19,273, approximately
£9,954 sterling.
On 11 October 2024, the Company announced the
sale of 18,223,306 shares in Panther Metals Ltd
(ASX:PNT) for a total aggregate amount of $421,328,
approximately £219,000 sterling.
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
26
PANTHER METALS | ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
PANTHER METALS | ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
27
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
Post Year End Developments
Panther Metals PLC
On 20 January 2025 the Company announced the
completion of a conditional placing, confirming it has
placed 910,000 ordinary shares of no-par value at a
price of 50 pence raising gross proceeds of £455,000.
Each share was issued with one warrant attached
entitling the holder to subscribe for one new ordinary
share at a price of 75 pence. The warrants have a life of
36 months from the date of Admission. Admission took
place on 28 February 2025.
On 12 March 2025 the Company announced it had
agreed terms to capitalise its only outstanding debt
facilities, comprising the £150,000 of unsecured
convertible loan notes announced 20 November 2023,
which carry an interest rate of 15%. The Company will
settle this liability by the issue of new ordinary shares
with warrants attached, on the same economic terms
as the most recent placing announced on 20 January
2025. Subject to shareholder approval, the Company
will proceed to allot, issue, and admit to listing, a
combined total of 362,250 shares at an issue price 50p
(the “Settlement Shares”) and deliver 362,250 warrants
with an exercise price of 75p to the former holders of
the loan notes. The warrants will have a life of 3 years
and be subject to an “accelerator” requiring the warrants
to be exercised should the Panther share price exceed
£1.50 at any time over a period of 20 trading days
following the date of the issue of the warrants.
On 2nd April 2025 the Company held a General
Meeting at which, relating to the allotment, issue, and
admission to listing of a combined total of 362,250 new
ordinary shares of no par value each (“Ordinary Shares”)
at an issue price 50p (the “Settlement Shares”) and
delivery of 362,250 warrants with an exercise price of
75p to the former holders of loan notes, authority was
provided from Shareholders for Panther Metals to issue
the Settlement Shares and the new Ordinary Shares
underlying the warrants.
On 3 April 2025 the Company announced an
Amending Agreement on the Obonga project extending
the existing agreement for a further 12 months and
meaning that the exploration commitment is now spread
over five years; whilst the original net smelter return
royalty is replaced with a gross revenue royalty equal to
1.5% of the gross value of the sale proceeds actually
received by the royalty payer from activity carried out
on the Property. In connection with the signing of
the Amending Agreement the Company allotted and
issued 42,070 new ordinary shares (the “Consideration
Shares”) with a value of Canadian $30,000 to Broken
Rock based on the mid-market closing price of
Panther’s ordinary shares on 27 March 2025 and an
exchange rate of CAD$1.85 to £1.00.
On 8 April 2025 the Company announced that it sold
a total of 7,625,122 ordinary shares of nominal value
1 pence each in the capital of Fulcrum Metals plc
(“Fulcrum”) (the “Ordinary Shares”) on 7 April 2025, at a
price of 3.5 pence per Ordinary Share, for an aggregate
amount of £266,879 (net of fees and expenses).
The Fulcrum sale constitutes a disposal of Panther’s
remaining holding in Fulcrum.
Key Performance Indicators
The key performance indicators are set out below:
31-Dec-24
31-Dec-23
Change
Net Asset value
£2,111,196
£3,556,945
(41%)
Market Capitalisation
£3.64m
£3.30m
10%
Share Price (2023 converted for consolidation)
85p
89p
(4.5%)
28
PANTHER METALS | ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
Principal Risks and Uncertainties
The principal risks and uncertainties of the Group are
outlined below.
A ’majority of the Group’s operating costs will be
incurred in Canadian dollars, whilst the Group has
raised capital in £ Sterling
The Group will incur exploration costs in Canadian
Dollars but it has raised capital in £ Sterling. Fluctuations
in exchange rates of the Canadian Dollar against £
Sterling may materially affect the Group’s translated
results of operations. In addition, given the relatively
small size of the Group, it may not be able to effectively
hedge against risks associated with currency exchange
rates at commercially realistic rates. Accordingly, any
significant adverse fluctuations in currency rates could
have a material adverse effect on the Group’s business,
financial condition and prospects to a much greater
extent than might be expected for a larger enterprise.
The Group will need additional financial resources
if it moves into commercial exploitation of any
mineral resource that it discovers
Whilst the Group has sufficient financial resources
to conduct its planned exploration activities, meet its
committed licence obligations and cover its general
operating costs and overheads for at least 12 months,
the Group will need additional financial resources if it
wishes to commercially exploit any mineral resource
discovered because of its exploration activity.
The Group has budgets for all near and short-term
activities and plans, however in the longer term the
potential for further exploration, development and
production plans and additional initiatives may arise,
which have not currently been identified, and which may
require additional financing which may not be available
to the Group when needed, on acceptable terms, or
at all. If the Group is unable to raise additional capital
when needed or on suitable terms, the Group could
be forced to delay, reduce, or eliminate its exploration,
development, and production efforts.
Even if the Group makes a commercially viable
discovery in the future there are significant risks
associated with the ability of such a discovery
generating any operational cashflows
The economics of developing mineral properties are
affected by many factors including the cost of operations,
variations of the grade of ore mined, fluctuations in
the price of the minerals being mined, fluctuations in
exchange rates, costs of development, infrastructure
and processing equipment and such other factors as
government regulations, including regulations relating to
royalties, allowable production, importing and exporting
of minerals and environmental protection. Given that the
Group is at the early exploration stage of its business
many of these factors cannot be accurately assessed,
costed, planned for or mitigated at the current time. As a
result of these uncertainties, there can be no guarantee
that mineral exploration and subsequent development
of any of the Group’s assets will result in profitable
commercial operations.
The Group is not currently generating revenue and
will not do so for in the near term
The Group is an exploration company and will remain
involved in the process of exploring and assessing
its asset base for some time. The Group is unlikely to
generate revenues until such time as it has made a
commercially viable discovery. Given the early stage of
the Group’s exploration business and even if a potentially
commercially recoverable reserve were to be discovered,
there is a risk that the grade of mineralisation ultimately
mined may differ from that indicated by drilling results and
such differences could be material. Accordingly given the
very preliminary stages of the Group’s exploration activity
it is not possible to give any assurance that the Group will
ever be capable of generating revenue at the current time.
Going Concern
As a junior exploration company, the Directors are aware
that the Company must seek funds from the market
in the next 12 months to meet its investment and
exploration plans and to maintain its listing status.
The Group’s reliance on a successful fundraising
presents a material uncertainty that may cast doubt on
the Group’s ability to continue to operate as planned
and to pay its liabilities as they fall due for a period not
less than twelve months from the date of this report.
On 23 May 2024 the Company announced the
completion of a placing raising £375,000 (before
expenses) by the issue of 8,333,334 new ordinary
shares at a price of 4.5 pence. As at the year-end date
the Group had total cash reserves of £17,536 (2023:
£66,120).
The Directors are aware of the reliance on fundraising
within the next 12 months and the material uncertainty
this presents but having reviewed the Group’s working
capital forecasts they believe the Group is well placed
to manage its business risks successfully providing the
fundraising is successful. The financial statements have
been prepared on a going concern basis and do not
include adjustments that would result if the Group were
unable to continue in operation.
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
PANTHER METALS | ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
29
Stakeholder Engagement
The Company did not have any employees during the Reporting Period and therefore this stakeholder engagement
statement does not refer to how we consider their interests. The Company will monitor the need to incorporate the
interests of employees in its decision making as the Company grows.
The table below acts as our stakeholder engagement statement by setting out the key stakeholder groups, their interests
and how Panther Metals engages with them. Given the importance of stakeholder focus, long-term strategy and
reputation to the Company, these themes are also discussed throughout this Annual Report.
Stakeholder
Their interests
How we engage
Investors
• Comprehensive review of financials
• Business sustainability
• High standard of governance
• Success of the business
• Ethical behaviour
• Awareness of long-term strategy
and direction
• Regular reports and analysis on
investors and shareholders
• Annual Report
• Company website
• Shareholder circulars
• AGM
• RNS announcements
• Press releases
Regulatory Bodies
• Compliance with regulations
• Company reputation
• Insurance
• Company website
• RNS announcements
• Annual Report
• Direct contact with regulators
• Compliance updates at Board
• Meetings
• Consistent risk review
Partners
• Business strategy
• Application of acquisition strategy
• Meetings and negotiations
• Reports and proposals
• Dialogue with third party
stakeholders where appropriate
The stakeholder engagement statement should be read in conjunction with the full Strategic Report and the
Company’s Corporate Governance Statement.
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
30
PANTHER METALS | ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
Task force on Climate-related Financial Disclosures (TCFD)
The Group is committed to conducting its business, in an efficient and responsible manner, in line with current best
practice guidelines for the mining and mineral exploration sectors and international investment. Panther will integrate
environmental, social and health and safety considerations to maintain its ‘social licence to operate’ in all its business,
planning and investment activities. The board is committed to the disclosure of climate-related financial information in line
with the four overarching pillars of the TCFD recommendations (Governance, Strategy, Risk Management, Metrics and
Targets) in line with the revised TCFD guidance published in 2021.
Pillar
Status
Governance
a) Describe the Board’s
oversight of climate-
related risks and
opportunities
The Board has ultimate responsibility for ensuring that any material climate-related
risks and issues are appropriately integrated into the Group’s business plans, risk
management and decision making.
On 9 December 2022, the Board established a Responsibility Committee to
oversee this area.
b) Describe
management’s role
in assessing and
managing climate-
related risks and
opportunities.
The Responsibility Committee makes decisions and takes action to include climate
risks and opportunities in our risk assessment/risk register as reported to them by
management and then chooses an appropriate response to the risk or opportunity,
together with the potential financial impact of that response.
Exploration project management, which includes certain board members, currently
assesses, and manages climate related risks and opportunities as part of the
planning and execution of exploration activities.
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
PANTHER METALS | ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
31
Pillar
Status
Strategy
a) Describe the climate-
related risks and
opportunities the
organisation has
identified over the
short, medium and
long term (“s/t”, “m/t”
and “l/t”).
The risk register is reviewed and discussed at least annually by the Audit Committee.
In FY24 the committee concluded that these are the climate change-related risks and
opportunities which may have a financial impact on the Group:
(1) risks and opportunities related to the transition to a lower-carbon economy meaning
that exploration activity is made impossible or possible at a higher cost
a) Canadian governmental exploration policy changes (medium and long term).
b) climate change litigation (First Nations and other environmental stakeholders-
all terms)
c) reputational risk tied to community perceptions of the Group’s activities (First
Nations- all terms)
d) opportunities in relation to the emergence of new technologies where the
Group’s exploration activities and output could provide a key component e.g.
battery metals (m/t and l/t)
(2) risks related to the physical impacts of climate change meaning exploration activity
is made impossible or possible at a higher cost
a) extreme weather and higher temperatures (all terms).
b) Describe the impact
of climate-related risks
and opportunities
on the organisation’s
businesses, strategy
and financial planning.
The impact of any of the climate-related risks identified above could have a material
financial impact on the Company by virtue of governmental policy change or eroding of
our currently positive relationships with First Nations or other environmental stakeholders.
• The nearest term risk which has the most immediate financial impact is our
relationship with First Nations, as their consent is required to commence
exploration activities.
• In the medium-term governmental exploration policy changes from the prevailing
administration or the impact of environmental pressure groups) could materially
financially impact the Company although this is considered remote due to
governmental support of the Company’s exploration projects to date and the
governmental activities currently underway to support and promote exploration
related activities such as grants and other funding initiatives.
• Weather related impacts could take place within any time period and can shorten
the annual time period within which the Company can conduct its exploration
activities or in extreme cases could make the exploration activities impossible due
to feasibility or budget.
Conversely opportunities in relation to the emergence of new technologies where the
Group’s exploration activities and output could provide a key component could present
a material upside to the Company.
c) Describe the resilience
of the organisation’s
strategy, taking into
consideration different
climate-related
scenarios, including a
2°C or lower scenario.
The Responsibility Committee continues to seek the relevant data to include a
description of the resilience of the organisation’s strategy taking into consideration
different climate related scenarios, including a 2°C or lower scenario. Part of the data
gathering requires a more extensive set of data and analytics from its exploration
activities which is undertaken by third party suppliers, and which has not been
available in 2024.
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
32
PANTHER METALS | ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
Task force on Climate-related Financial Disclosures (TCFD) continued
Pillar
Status
Risk management
a) Describe the
organisation’s
processes for
identifying and
assessing climate-
related risks.
On 9 December 2022 the Board created a Responsibility Committee to ensure that
the processes for identifying, assessing, and managing climate-related risks are
integrated into the organisation’s overall risk management.
b) Describe the
organisation’s
processes for
managing climate-
related risks.
The Responsibility Committee reports any change in climate related risks or the
identification of any new climate-related risks to the Board as and when they
are highlighted by exploration project management or by the members of the
Responsibility Committee.
c) Describe how
processes for
identifying, assessing,
and managing climate-
related risks are
integrated into the
organisation’s overall
risk management.
The organisation currently assesses and manages climate related risks and
opportunities as part of the planning and execution of exploration activities. This
assessment includes undertaking the following processes:
A) Commissioning environmental impact surveys from independent third-party
consultants prior to commencement of activities, together with adopting all
appropriate recommendations.
B) Timely consultation and liaison with key environmental stakeholders such as First
Nations to explain the nature of the proposed exploration programme and seeking
permission to commence exploration activities. Regular follow ups throughout the
programme.
C) Ensuring compliance with the Prospectors & Developers Association of Canada
E3 Plus: A Framework for Responsible Exploration and the International Council on
Mining and Metals Sustainable Development Framework (the ICMM 10 Principles).
D) Consulting with and engaging local experts in the project area terrain and climate to
provide guidance on risks and opportunities around the physical impacts of climate
change eg, heavy snow, rising water levels in the project area or potential weather
conditions which may impact the exploration programme.
Management of these risks is performed by the exploration project management team
and any significant risks or risks which cannot be adequately mitigated or have any
uncertainty around mitigation are reported to the Responsibility Committee to escalate
to the Board. Each Board meeting will typically contain reference to all the above risks
and processes.
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
PANTHER METALS | ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
33
Pillar
Status
Metrics and Targets
a) Disclose the
metrics used by the
organisation to assess
climate-related risks
and opportunities in
line with its strategy
and risk management
process.
In conjunction with ensuring that the processes for identifying, assessing, and
managing climate-related risks are integrated into the organisation’s overall risk
management, the Responsibility Committee also tasks the project managers to
compile a set of metrics and targets with which to assess climate-related risks and
opportunities they have identified. These metrics and targets are listed in the table on
the next page.
b) Disclose scope
1, scope 2 and, if
appropriate, scope 3
greenhouse gas (GHG)
emissions and the
related risks.
The Company operates from serviced offices in the UK and gas and electricity is
included within the monthly service fee, as such, emissions disclosure is not possible.
In relation to Group’s warehousing facilities in Canada, the Company’s scope 1
emissions for the year are 18.5 (2023: 19.1) metric tonnes of CO2e and relate
to gas. The Company’s scope 2 emissions for the year are 3.7 (2023:4.2) metric
tonnes of CO2e and relate to electricity. The Company’s scope 3 emissions are
104.7(2023: 69.4) metric tonnes of CO2e and relate to UK and international travel and
accommodation and additional goods and services.
The Company uses third party providers to undertake its project-based activities and
emissions data is not readily available from these third parties. The Company has
therefore used exploration expenditure data from these third parties to calculate an
additional scope 3 emissions figure of 59.9 metric tonnes of CO2e.
c) Describe the
targets used by the
organisation to manage
climate-related risks
and opportunities and
performance against
targets.
The targets used by the organisation to manage climate-related risks and opportunities
and performance against targets are stated on the next page.
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
34
PANTHER METALS | ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
Type of Risk
Specific Risk
Ongoing Metric and 2024
Target
2024 Target Status and
2025 Objectives
Risks and
opportunities related
to the transition
to a lower-carbon
economy meaning
that exploration
activity is made
impossible or possible
at a higher cost.
Canadian
governmental
exploration policy
changes (medium
and long term).
Level of governmental
support of the sector
through grant funding and
no adverse changes to
current regulatory status.
Target is to apply for
governmental grant
funding in 2024.
Grant funding received
in 2025. Further grant
funding opportunities to
be sought in 2025/26.
Risks and
opportunities related
to the transition
to a lower-carbon
economy meaning
that exploration
activity is made
impossible or possible
at a higher cost.
Reputational risk
tied to community
perceptions of the
Group’s activities (First
Nations- all terms).
Lines of communication
with the First Nations in
terms of frequency and
nature of written and verbal
communication with no
adverse communication
(verbal or written).
2024 target was to
maintain positive lines
of communication with
First Nations and other
environmental stakeholders
and meet with First Nations
during 2024 to foster
relationships further.
Positive lines of
communication maintained
with First Nations and other
environmental stakeholders in
2024 with several meetings
held with First Nations during
2024 and requested permits
awarded or renewed due
to a deeper understanding
and trust between parties
being achieved.
2025 target is to maintain this.
Risks and
opportunities related
to the transition
to a lower-carbon
economy meaning
that exploration
activity is made
impossible or possible
at a higher cost.
Opportunities from
emergence of new
technologies where
Group’s exploration
activities and output
could provide a
key component
(m/t and l/t).
Opportunity to be measured
by keeping appraised of
emerging new technologies
in connection with Panther’s
exploration activities.
2024 target was to attend
update sessions on
emerging technologies
which may be relevant
to Panther’s activities.
In March 2024 Darren
Hazelwood and Nicholas
O’Reilly attended PDAC
in Toronto Canada and
attended learning sessions
to keep abreast of emerging
technologies to supplement
their day-to-day intelligence
gathering on the subject.
2025 target is to attend
update sessions on emerging
technologies which may be
relevant to Panther’s activities.
PANTHER METALS | ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
35
Type of Risk
Specific Risk
Ongoing Metric and 2024
Target
2024 Target Status and
2025 Objectives
Risks and
opportunities related
to the transition
to a lower-carbon
economy meaning
that exploration
activity is made
impossible or possible
at a higher cost
Climate change
litigation (First
Nations and other
environmental
stakeholders-
all terms).
Lines of communication
with the First Nations in
terms of frequency and
nature of written and verbal
communication with no
adverse communication
(verbal or written) plus
emissions data publication
where possible to ensure
transparency to all
environmental stakeholders.
2024 target was to
maintain positive lines
of communication with
First Nations and other
environmental stakeholders
and meet with First Nations
during 2024 to foster
relationships further.
2024 target was to obtain
emissions data from key
third party suppliers in
2024 where possible and
publish where practicable.
Positive lines of
communication maintained
with First Nations and other
environmental stakeholders in
2024 with several meetings
held with First Nations during
2024 and requested permits
awarded or renewed due
to a deeper understanding
and trust between parties
being achieved. 2025
target is to maintain this.
It has not been possible to
obtain detailed emissions
data from our third-party
suppliers as this information
is not readily available.
However, we have used
project expenditure to quantify
our scope 3 emissions and
will continue to do so whilst
this remains the case.
Risks related to the
physical impacts
of climate change
meaning exploration
activity is made
impossible or possible
at a higher cost.
Extreme weather and
higher temperatures
(all terms).
Risk to be measured by
monitoring of weather and
weather change patterns
in exploration areas.
2024 target is for no
change to be highlighted in
order or make exploration
activities predictable.
2024 work programme in
Dotted Lake was made
more challenging by warmer
than expected conditions.
However, the team completed
the work programme by
adapting their approach
and will take away learnings
for subsequent work.
2025 target is for no further
change to be highlighted in
order or make exploration
activities predictable.
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
36
PANTHER METALS | ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
PANTHER METALS | ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
37
Chairman’s Overview
The Company is not required to comply with the UK
Code of Corporate Governance (“UK Code”). However,
the Directors recognise the importance of sound
corporate governance, and the Company has adopted
the Quoted Companies Alliance Corporate Governance
Code (“QCA Code”) to the extent it considers
appropriate, considering the size, stage of development
and resources of the Group.
The Directors are responsible for overall corporate
governance, with respect to the management of the
business and its strategic direction, establishing policies
and in the evaluation of material investments of the
Group. It is the responsibility of the Directors to oversee
the financial position of the Group and to monitor its
business and affairs on behalf of the Shareholders, to
whom the Directors are accountable. The primary duty
of the Board is to always act in the best interests of the
Group.
The Directors have responsibility for the overall corporate
governance of the Group and recognise the need for the
highest standards of behaviour and accountability. The
Board has a wide range of experience directly related
to the Group and its activities and its structure ensures
that no one individual or group dominates the decision-
making process. The Board will also ensure that internal
controls and the Group’s approach to risk management
are assessed periodically.
Board of Directors
The primary duty of the Board will be to always
act in the best interests of the Company.
The Company will hold Board meetings periodically as
issues arise which require the attention of the Board and
the Board will be responsible for the following matters:
• the management of the business of the Company;
• setting the strategic direction of the Company;
• establishing the policies and strategies of
the Company;
• appraising the making of all material investments,
acquisitions and disposals;
• oversee the financial position of the Company
including approval of budgets and financial plans,
changes to the Group’s capital structure;
• approval of financial statements and significant
changes to accounting practices;
• Stock Exchange related issues including the
approval of the Company’s announcements
and communications with shareholders;
• monitor internal control: and
• manage risk assessment.
The Company has also established a remuneration
committee, an audit committee, and a nomination
committee of the Board with formally delegated duties
and responsibilities.
The Remuneration Committee comprises Tracy Hughes
as chair (previously Nicholas O’Reilly), Simon Rothschild
and Katherine O’Reilly and meets not less than twice
each year. The Remuneration Committee is responsible
for the review and recommendation of the scale and
structure of remuneration for Directors, including any
bonus arrangements or the award of share options with
due regard to the interests of the Shareholders and other
stakeholders.
The Audit Committee, which comprises Simon
Rothschild as chair and Nicholas O’Reilly meets not less
than twice a year. The Audit Committee is responsible
for making recommendations to the Board on the
appointment of auditors and the audit fee and for
ensuring that the financial performance of the Company
is properly monitored and reported. In addition, the
Audit Committee receives, and reviews reports from
management and the auditors relating to the interim
report, the Annual Report and accounts and the internal
control systems of the Company.
The Nomination Committee comprises Nicholas O’Reilly
as chair, Simon Rothschild and Katherine O’Reilly, meets
normally not less than twice each year. The Nomination
Committee is responsible for reviewing succession plans
for the Directors.
The Company has adopted and will operate a share
dealing code governing the share dealings of the
Directors of the Company and applicable employees with
a view to ensuring compliance with the Market Abuse
Regulation.
The Company has adopted, a share dealing policy
regulating trading in the Company’s shares for the
Directors and other persons discharging managerial
responsibilities (and their persons closely associated)
which contains provisions appropriate for a company
whose shares are admitted to trading on the Official List
(particularly relating to dealing during closed periods
which will be in line with the Market Abuse Regulation).
The Company will take all reasonable steps to ensure
compliance by the Directors and any relevant employees
with the terms of that share dealing policy.
CORPORATE GOVERNANCE STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
38
PANTHER METALS | ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
CORPORATE GOVERNANCE STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
Current Director Biographies
Darren Hazelwood
Chief Executive Officer
A business career built around sound financial planning,
execution, delivery and value creation. An entrepreneur
and investor who has over 15 years’ experience
managing and directing teams focused on delivering
value within organisations, always with a keen focus on
cost controls and great financial management ensuring
delivery of value.
Darren’s recognition of the value created by using and
expanding his network, combined with a strong focus
on delivery, has enabled him to deliver on an enviable
track record of business growth. Darren became Chief
Executive Officer of Panther Metals in January 2019
and the business has since completed acquisitions
in Australia and Canada as it builds its position in the
exploration sector. During the period, the business
reported a considerable reduction in its reported losses
while trebling its asset base.
His pathway to success has been gained using astute
controls and due diligence while managing fast growth
and success. A keen focus on deal delivery and network
identification laying the foundations for growth.
Nicholas O’Reilly
Executive Chairman
Nicholas is an experienced exploration geologist and
consultant having worked for over 18 years on mining
and exploration projects in Africa, North and South
America, the Russian Federation, Asia and Australia.
He specialises in the design and implementation of
exploration and resource projects from grassroots to
pre-feasibility in all terrains and environments, mobilising
multidisciplinary field teams and managing major
programmes. Nicholas became the Company’s Non-
Executive Chairman on 10 December 2021.
Nicholas holds a master’s degree in Mineral Project
Appraisal from the Royal School of Mines, Imperial
College and a bachelor’s degree in applied Geology from
the University of Leicester.
Nicholas has previous experience as a non-executive
on the board of an AIM listed mining sector investment
vehicle and is currently a director of several private
companies including Mining Analyst Consulting Ltd and
Treasure Island Resources Ltd.
He is currently the Co-Chairman & Treasurer of the
London Mining Club (formerly the Association of Mining
Analysts), a non-profit London City based organisation
representing the broad mining investment community.
Nicholas is also a Member of The Australasian Institute
of Mining and Metallurgy, Member of The Institute of
Materials, Minerals and Mining, a member of the Society
of Economic Geologists and a Fellow of The Geological
Society of London.
PANTHER METALS | ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
39
CORPORATE GOVERNANCE STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
Tracy Hughes
Non-Executive Director
Tracy Hughes is the Founder (2001), CEO, and Director
of InvestorNews Inc., the publisher of InvestorNews.com,
which is an independent source of market news that
receives over 120 million hits annually. Further to its role
as an online Publisher, InvestorNews has been providing
digital media services in the capital markets since 2001.
Well known since 2010 for hosting some of the largest
critical mineral events in the world, Tracy is the Co-
Founder and Executive Director for the recently formed
(2021) Critical Minerals Institute (CMI), which is focused
on critical minerals for a decarbonized economy.
Tracy’s past business experience includes being the
co-founder of a FTSE recognised rare earths indices
company REE Stocks PLC (2011-2014), and a principal
partner in a boutique investment banking firm Hughes &
Cowans Ltd. that held an Exempt Market Dealers license
for 8 years (2007-2013). This same firm was the catalyst
for the business television series DealFlow, which was
broadcast in 294 million households worldwide (2008-
2010). Featured on CNBC for 1-year, Tracy was the
Host, Executive Producer, and the President for DealFlow
World Inc.
In the early nineties, Tracy started in PR for television and
then quickly evolved into radio where Billboard Magazine
cited her as one of the top 3 Radio Trackers in North
America. Working for recording artists with many of the
top record labels at the time, her last role in the music
industry was as the VP of Marketing, Canada, for Red
Ant Entertainment, a NYSE listed company at the time,
which Tracy credits this as her first real introduction to the
public markets.
Tracy received her BA in Political Science from the
University of Tennessee in 1988 and is a well-known
speaker, investment market interview host and columnist.
Simon Rothschild
Non-Executive Director
Simon studied at the University of St Andrews. He has
been internationally active for over thirty years in financial
public relations and financial investor relations. He
started his career in the City of London’s financial sector
in 1982 at Dewe Rogerson Ltd and more recently was a
Principal of Bankside Consultants, where he specialised
in supporting natural resources companies. In 2014 he
set up Capital Market Consultants Limited, a financial
public relations consultancy. In addition to being a
Non-Executive Director of Panther Metals, he served as
NED of Rothschild Diamonds Limited, a private diamond
broking company. He has previously served on the
boards of Stonedragon Limited, a company set up to
establish a digital distribution network in West Africa and
Five Star diamonds, a TSX-V listed mining company
with assets in Brazil.
Katherine O’Reilly
Non-Executive Director
Katherine O’Reilly is a Fellow of the Institute of Chartered
Accountants in England and Wales. Katherine began her
career as an auditor before transitioning into Corporate
Finance, spending 11 years working in Capital Markets
and Transaction Services. Since 2017 she has been
providing Finance and Operations consultancy to a
variety of companies across a number of different
sectors, including natural resources.
40
PANTHER METALS | ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
Gender and Ethnic Diversity at Board Level
In accordance with the requirements of DTR7, the Board is required to provide a statement as to whether it has met
certain targets related to gender and ethnic diversity at Board level.
The Board confirm that as of 31 December 2024 1 out of 3 diversity targets were met: 40% of the Board were women.
None of the senior board positions was held by a woman. None of the Board members were from an ethnic minority
background. The Board will look for opportunities to adhere to all three targets during 2025.
Gender and ethnicity data for the Board is collected on an annual basis through a standardised process managed via
the completion of a confidential and voluntary form, through which the individual can self-report on their ethnicity and
gender identity. Alternatively, they can specify that they do not wish to provide such data. The criteria of the questionnaire
are aligned to the definitions specified in the UK Listing Rules.
Number
of Board
Percentage
of the Board
Number
of Senior
Positions on
the Board
Number in
Executive
Management
Percentage
in Executive
Management
Men
3
60%
2
1
100%
Women
2
40%
-
-
-
Not specified/prefer not to say
-
-
-
-
-
White British or other White
(including minority-white
groups)
5
100%
2
1
100%
Mixed/Multiple Ethnic Groups
-
-
-
-
-
Asian/Asian British
-
-
-
-
-
Black/African/Caribbean/
Black British
-
-
-
-
-
Other ethnic group,
including Arab
Not specified/ prefer not to say
-
-
-
-
-
The Board are committed to equality, diversity and inclusion. The Company actively promotes equality, diversity and
inclusion, and proactively removes and address any activities or behaviours that may jeopardise this commitment. The
Company aims to create an environment where all stakeholders can work harmoniously, feel valued, appreciated and
included, irrespective of race, ethnicity, culture, gender, skin colour, sexual orientation, marital status, religion, disability,
ability, education background, family background, political background, health or representative of any community.
CORPORATE GOVERNANCE STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
PANTHER METALS | ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
41
Environmental, Social and
Governance Commitments
Panther Metals PLC is committed to conducting its
business, in an efficient and responsible manner, in
line with current best practice guidelines for the mining
and mineral exploration sectors and international
investment. We will integrate environmental,
social and health and safety considerations to
maintain our ‘social licence to operate’ in all our
business, planning and investment activities.
• We take seriously our environmental responsibilities,
keeping sustainability at the forefront of our objectives.
Panther has adopted and seeks alignment with the
best practices and principals of e3 Plus: A Framework
for Responsible Exploration as set out by the
Prospectors and Developers Association of Canada
and the International Council on Mining and Metals
Sustainable Development Framework (the ICMM 10
Principles).
• We recognise the importance of broad engagement,
respecting and communicating at every level with
interested and affected parties, in particular First
Nations and other environmental stakeholders.
• We work to highest standards and maintain full
transparency. We demand our network and suppliers
follow our own objectives. The Panther employs a
stringent selection and risk assessment process
whereby suppliers are only appointed who fully
comply with our corporate and ethical standards
(including modern slavery and human trafficking).
• The Company aims to ensure that the Company and
its employees, agents, and business partners comply
with all relevant anti-bribery laws and regulations and
prohibits any form of bribery, including giving, offering,
promising, or receiving bribes.
By order of the Board
Darren Hazelwood
Chief Executive Office
28 April 2025
CORPORATE GOVERNANCE STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
42
PANTHER METALS | ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
COMPLIANCE WITH THE QCA CODE OF PRACTICE
FOR THE YEAR ENDED 31 DECEMBER 2024
The QCA Code, which the Company has adopted,
contains 10 Principles which are set out below
together with an explanation of how the Company
complies with them.
Principle One: Establish a strategy and
business model which promote long-term
value for shareholders.
The Company has a clearly defined strategy and
business model which has been adopted and
implemented by the Board and which it believes will
achieve long term value for the shareholders. The details
of the Company’s strategy and the key challenges are set
out in the Strategic Report.
Principle Two: Seek to understand and meet
shareholder needs and expectations.
The Board is committed to maintaining good
communications with its shareholders and with investors
with a view to understanding their needs and expectations.
The Board, and particularly the Chief Executive Officer,
maintain close contact with many of the shareholders.
All shareholders are encouraged to attend the Company’s
Annual General Meetings where they can meet and
directly communicate with the Board. Shareholders and
investors are also able to meet with members of the Board
at investor presentations where up to date corporate
presentations may be made after which members of the
Board are available to answer questions from shareholders
and investors.
The Company publishes an Annual Report and Financial
Statements and an Interim Results Announcement both
of which are posted to the Company’s website. Annual
Report and Financial Statements provides shareholders
and investors with details of the Company’s Financial
Statements for the financial year or period under review
together with the Strategic and Directors’ Reports and
other reports.
The Company also provides regular regulatory
announcements and business updates through the
Regulatory News Service (RNS) and copies of such
announcements are posted to the Company’s website.
Shareholders and investors also have access to
information on the Group through the Company’s website,
www.panthermetals.co.uk which is updated on a regular
basis, and which also includes the latest corporate
presentation on the Group.
Principle Three: Take into account wider
stakeholder and social responsibilities and
their implications for long-term success.
The Board is very aware of the significance of social,
environmental and ethical matters affecting the business
of the Group.
The Company will engage positively and seek to
develop close relationships with local communities,
regulatory authorities and stakeholders which are near
or connected with its overseas operations and where
appropriate the Board will take steps to safeguard the
interests of such stakeholders.
The Board plans, in due course, to adopt appropriate
environmental and corporate responsibility policies
to ensure that the Group’s activities have minimal
environmental impact on the local environment and
communities in which the Group intends to operate in.
Principle Four: Embed effective risk
management, considering both opportunities
and threats, throughout the organisation.
The Board regularly reviews its business strategy and
identifies and evaluates the risks and uncertainties which
the Group is or may be exposed to. As a result of such
reviews, the Board will take steps to manage risks or
seek to remove or reduce the Group’s exposure to them
as much as possible.
The risks and uncertainties to which the Group is
exposed at present and in the foreseeable future are
detailed in Principle Risks and Uncertainties in the
Strategic Report.
The Company has a system of financial controls and
reporting procedures in place which are considered to be
appropriate given the size and structure of the Group.
Principle Five: Maintain the Board as a well-
functioning, balanced team led by the Chairman.
Nicholas O’Reilly, the Executive Chairman, leads the
Board and is responsible for the effective performance of
the Board through control of the Board’s agendas and the
running of its meetings. Nicholas O’Reilly, in his capacity
as Executive Chairman, also has overall responsibility
for the corporate governance of the Company. The
day to day running of the Group is delegated to Darren
Hazelwood, the Chief Executive Officer.
PANTHER METALS | ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
43
The Board holds Board meetings periodically, and at
least four times a year, as issues arise which require
the attention of the Board. Prior to such meetings, the
Board’s members receive an appropriate agenda and
relevant information and reports for consideration on all
significant strategic, operational and financial matters and
other business and investment matters which may be
discussed and considered.
The Board is supported by the Remuneration, Audit and
Nominee Committees, details of which are set out on
page 37.
Principle Six: Ensure that between them
the directors have the necessary up to date
experience, skills and capabilities.
The Directors’ biographies are set out on pages 38
to 39. The Board believes that the current balance
of sector, technical, financial, operational and public
markets skills and experience which its members
have is appropriate for the current size and stage of
development of the Company.
The Board regularly reviews its structure and whether it
has the right mix of relevant skills and experience for the
effective management of the Group’s business. Where
appropriate the Board appoints advisors to assist it in
carrying out its strategy including geologists, mining
experts, corporate brokers, accountants and lawyers.
The Company Secretary provides advice and guidance,
as required, to the Board on regulatory matters,
assisted by the Company’s lawyers.
Principle Seven: Evaluate board performance
based on clear and relevant objectives, seeking
continuous improvement.
The Board’s performance is reviewed and considered in
the light of the progress and achievements against the
Group’s long-term strategy and its strategic objectives.
However, given the size and nature of the Group, the
Board does not consider it appropriate to have a formal
performance evaluation procedure in place. The Board
will closely monitor the situation as required.
Principle Eight: Promote a corporate culture that
is based on ethical values and behaviours.
The Company has established corporate governance
arrangements which the Board believes are
appropriate for the current size and stage of
development of the Company.
The Company has adopted several policies applicable to
directors, officers and employees and, in some cases,
to suppliers and contractors as well, which, in addition
to the Company’s corporate governance arrangements
set out above, are designed to provide the Company
with a positive corporate culture. The Company’s policies
include a Share Dealing Policy; an Insider Dealing and
Market Abuse Policy, an Anti-Bribery and Corruption Policy,
a Whistleblowing Policy, a Social Media Policy and the
Company’s Code of Conduct;
The Board recognises that its future exploration and
development activities could impact the local environment
and communities near its licence areas. The Company
seeks to engage positively and to develop close
relationships with local communities, regulatory authorities
and stakeholders.
Principle Nine: Maintain governance structures
and processes that are fit for purpose and support
good decision-making by the Board.
Whilst the Board has overall responsibility for all aspects
of the business, Nicholas O’Reilly, the Executive
Chairman, is responsible for overseeing the running
of the Board and ensuring that Board focuses on
and agrees the Group’s long-term direction and its
business strategy and reviews and monitors the general
performance of the Group in implementing its strategic
objectives and its achievements.
Darren Hazelwood, the Chief Executive Officer, has
responsibility for implementing the strategy of the Board
and managing the business activities of the Group on a
day-to-day basis.
The Board has established Remuneration, Audit and
Nominee Committees with formally delegated duties
and responsibilities.
This Corporate Governance Statement will be reviewed
at least annually to ensure that the Company’s
corporate governance framework evolves in line with the
Company’s strategy and business plan.
Principle Ten: Communicate how the Company
is governed and is performing by maintaining a
dialogue with shareholders and other relevant
stakeholders.
The Company’s approach to communication with
shareholders and others is set out under Principles 2
and 3 above.
COMPLIANCE WITH THE QCA CODE OF PRACTICE
FOR THE YEAR ENDED 31 DECEMBER 2024
44
PANTHER METALS | ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
DIRECTOR’S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The Directors present their report together with the
audited financial statements for the year ended
31 December 2024.
A review of the business and principal risks and
uncertainties has been included in the Strategic Report.
Dividends
The Directors do not recommend a dividend.
Directors
The directors with their respective dates of service in the
period and after the year end are as follows:
Simon Rothschild
Darren Hazelwood
Nicholas O’Reilly
Tracy Hughes
Katherine O’Reilly
Future Developments
The future developments of the business are set
out in the Strategic Report under “Post Year End
Developments” and are incorporated into this
report by reference.
Financial Instruments
Details of the Group’s financial instruments are given
in note 18.
Substantial Shareholders
The Directors are aware of the following
shareholdings of 3% or more of the issued share
capital of the Company as at 31 March 2025:
Number of
Ordinary
Shares
% of
Share
Capital
Richard and
Charlotte Edwards
628,409
11.2%
Adrian Crucefix
620,750
11.1%
Ian Russell Bagnall
342,364
6.1%
Darren Hazelwood
255,389
4.6%
Directors’ remuneration
The remuneration of the Directors has been fixed by
the Board as a whole. The Board seeks to provide
appropriate reward for the skill and time commitment
required to retain the right calibre of Director without
paying more than is necessary.
Details of Directors’ fees and of payments made
for professional services rendered are set out in the
Directors’ Remuneration Report.
Political and Charitable Donations
The Company made no political and charitable donations
(2023: £nil) during the reporting period.
PANTHER METALS | ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
45
DIRECTOR’S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
Financial Risk Management
Objectives and Policies
Details of the Group’s financial risk management
objectives and policies are set out in note 18 to these
financial statements.
Going Concern
As a junior exploration company, the Directors are
aware that the Company must seek funds from the
market in the next 12 months to meet its investment and
exploration plans and to maintain its listing status.
The Group’s reliance on a successful fundraising
presents a material uncertainty that may cast doubt on
the Group’s ability to continue to operate as planned and
to pay its liabilities as they fall due for a period not less
than twelve months from the date of this report.
The Company successfully raised £375,000 in the
year ended 31 December 2024 through the issue of
equity. As at the year-end date the Group had total cash
reserves of £17,536 (2023: £66,120).
The Directors are aware of the reliance on fundraising
within the next 12 months and the material uncertainty
this presents but having reviewed the Group’s working
capital forecasts they believe the Group is well placed
to manage its business risks successfully providing the
fundraising is successful. The financial statements have
been prepared on a going concern basis and do not
include adjustments that would result if the Group were
unable to continue in operation.
Internal Control
The Directors acknowledge they are responsible for the
Group’s system of internal control and for reviewing the
effectiveness of these systems. The risk management
process and systems of internal control are designed
to manage rather than eliminate the risk of the Group
failing to achieve its strategic objectives. It should
be recognised that such systems can only provide
reasonable and not absolute assurance against material
misstatement or loss.
The Company and its subsidiaries have well established
procedures which are considered adequate given the
size of the individual businesses.
Disclosure of Information to the Auditor
Each of the persons who is a director at the date of
approval of this Annual Report confirms that:
• so far as the director is aware, there is no relevant
audit information of which the Company’s auditors
are unaware; and
• the director has taken all the steps that he ought to
have taken as a director in order to make himself
aware of any relevant audit information and to
establish that the Company’s auditors are aware of
that information.
Auditors
Keelings Ltd has expressed their willingness to
continue in office. A resolution to reappoint them will be
proposed at the forthcoming Annual General Meeting.
By order of the Board
D Hazelwood
Chief Executive Officer
28 April 2025
46
PANTHER METALS | ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
STATEMENT OF DIRECTOR’S RESPONSIBILITIES
FOR THE YEAR ENDED 31 DECEMBER 2024
Statement of Directors’ Responsibilities
The Directors are responsible for preparing the Report
and the financial statements in accordance with
applicable law and regulations.
Company law requires the Directors to prepare financial
statements for each financial period. Under that law the
directors have elected to prepare the financial statements
in accordance with UK adopted International Accounting
Standards. Under company law the directors must not
approve the financial statements unless they are satisfied
that they give a true and fair view of the state of affairs of
the Company and of the profit or loss of the Company for
that period. In preparing these financial statements, the
directors are required to:
• properly select and apply accounting policies;
• present information, including accounting policies,
in a manner that provides relevant, reliable,
comparable and understandable information;
• provide additional disclosures when compliance
with the specific requirements in IFRSs are
insufficient to enable users to understand the
impact of particular transactions, other events and
conditions on the entity’s financial position and
financial performance; and
• make an assessment of the Group’s ability to
continue as a going concern.
The Directors are responsible for keeping adequate
accounting records that are sufficient to show and
explain the Group’s transactions and disclose with
reasonable accuracy at any time the financial position of
the Group.
They are also responsible for safeguarding the assets of
the Group and hence for taking reasonable steps for the
prevention and detection of fraud and other irregularities.
The Directors are responsible for the maintenance
and integrity of the corporate and financial information
included on the Company’s website. Legislation in the
Isle of Man governing the preparation and dissemination
of financial statements may differ from legislation in
other jurisdictions. The maintenance and integrity of the
Company’s website is the responsibility of the Directors.
The Directors’ responsibility also extends to the ongoing
integrity of the financial statements contained therein.
They are further responsible for ensuring that the
Strategic Report and the Director’s Report and other
information included in the Annual Report and Financial
Statements is prepared in accordance with
applicable law in the Isle of Man and certain applicable
provisions of the Listing Rules of the UK Financial
Conduct Authority and the Disclosure Guidance and
Transparency Rules.
The Directors, after making enquiries, have a reasonable
expectation that the Company has adequate
resources to continue in operational existence for the
foreseeable future. They therefore continue to adopt
the going concern basis in preparing the accounts.
Website Publication
The maintenance and integrity of the Panther Metals
PLC website is the responsibility of the Directors. The
work carried out by the independent auditors does not
involve the consideration of these matters and,
accordingly, the independent auditors accept no
responsibility for any changes that may have occurred in
the accounts since they were initially presented on the
Panther Metals PLC website. Legislation in the United
Kingdom governing the preparation and dissemination
of the accounts and other information included in annual
reports may differ from legislation in other jurisdictions.
PANTHER METALS | ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
47
48
PANTHER METALS | ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
DIRECTOR’S REMUNERATION REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The Directors’ Remuneration Report comprises
three sections:
1) The Annual Statement from the Chair of the
Remuneration Committee;
2) Remuneration Policy; and
3) The Annual Report on Remuneration.
The items included in the Directors’ Remuneration
Report are audited unless otherwise stated.
Annual Statement from the Chair of the
Remuneration Committee
The Company has established a Remuneration Committee
which is responsible for reviewing, determining, and
recommending to the Board the future policy for the
remuneration of the directors, the scale and structure of the
directors’ fees, considering the interests of shareholders
and the performance of the Company and directors.
The Remuneration Committee which comprises Tracy
Hughes as Chairman (previously Nicholas O’Reilly),
Katherine O’Reilly and Simon Rothschild, will meet at least
once a year.
Major Decisions on Directors’ Remuneration
during the Financial Year -y/e 31 December 2024
On 23 February 2024 the Remuneration Committee met
to discuss a proposal in relation to the incentivisation of
Darren Hazelwood and Nicholas O’Reilly. As a result of
this meeting the Remuneration Committee determined
that the remuneration of Darren Hazelwood would be
increased from £75,000 to £110,000 with effect from 1st
March 2024 and the remuneration of Nicholas O’Reilly
from £20,000 to £40,000 with effect from the same date.
Cognisant of the ambitious plans for the Company
in 2024 and beyond, the Committee explored and
implemented additional incentivisation structures for
Darren Hazelwood and Nicholas O’Reilly, taking legal
and taxation advice to ensure any future structure to be
put in place would be consistent with market practice
alongside providing the appropriate level of incentivisation
for the directors. With effect from 1 November 2024 the
Company implemented a Growth Reward Scheme on
behalf of Darren Hazelwood and Nicholas O’Reilly as
follows
• The Growth Reward Scheme is a mix of share
option awards at an exercise price of £1.375 per
Ordinary Share and cash bonuses; no awards
have vested under the Growth Reward Scheme to
date.
• Any share options that are due under the Growth
Reward Scheme are issued under the Share
Option Plan (details summarised below).
• The following awards have been made under
the Growth Reward Scheme to each of Darren
Hazelwood and Nicholas O’Reilly:
Company market
capitalisation (million)
Number of
£1.375
Options
(million)
Cash
Bonus
(£m)
30
2
-
50
2
-
100
4
1
150
2
-
250
4
2
400
2
-
500
4
10
650
2
-
800
2
-
1000
4
25
PANTHER METALS | ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
49
DIRECTOR’S REMUNERATION REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
Share Option Plan
The main features of the Share Option Plan are
summarised below.
Eligibility
All executive Directors and employees of the Company
and any of its subsidiaries are eligible to participate
in the Share Option Plan. A non-employee sub-plan
under the Share Option Plan permits option grants to
individuals who provide advisory or consultancy services
to the Company and to Non-Executive Directors. The
Remuneration Committee selects the individuals to whom
options are to be granted from time to time.
Grant of options
Options may be granted during any period of 42 days
immediately following a closed period or during any
other period in which the Remuneration Committee
has decided to grant options due to exceptional
circumstances which justify such a decision.
Exercise price and adjustments to options
The exercise price per Ordinary Share will be the amount
specified by the Remuneration Committee. If the Ordinary
Shares are newly issued the exercise price may not be
less than the nominal value of an Ordinary Share.
In the event of any variation in the share capital of the
Company the exercise price and/or the number of
Ordinary Shares comprised in each option may be
adjusted as the Remuneration Committee determines.
No adjustment may be made which will reduce the
exercise price below the nominal value of an
Ordinary Share.
Rights and restrictions
An option granted under the Share Option Plan is not
transferable. The option certificate will specify when the
option will lapse and such date may not be later than the
tenth anniversary of its date of grant.
Save as otherwise set out in the option certificate, if the
participant ceases to be employed by the Company,
his option may be exercised within 12 months after
such cessation or transfer. In the event of the death of a
participant, the personal representatives of a participant
may exercise his option within 12 months after the date
of death. The extent to which an option may be exercised
in these circumstances will be determined by reference
to any exercise conditions and time vesting provisions
set out in the option certificate unless the Remuneration
Committee decides otherwise and is satisfied that any
waiver of such provisions does not constitute a reward
for failure.
Major Decisions on Directors’ Remuneration after
the Financial Year- y/e 31 December 2025
There were no major decisions on Directors’
Remuneration taken during the year ended
31 December 2025.
50
PANTHER METALS | ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
DIRECTOR’S REMUNERATION REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
Remuneration Policy
The Directors’ Remuneration Policy, which is set out
on pages 48 to 49 of this report, was submitted to
shareholders for approval at the 2024 AGM and such
approval was obtained.
A key objective of the Directors’ Remuneration Policy
is to align the interests of the Directors to the long-term
interests of the shareholders, and it aims to support a
high-performance culture with appropriate reward for
superior performance, without creating incentives that
will encourage excessive risk taking or unsustainable
company performance. This will be underpinned through
the implementation and operation of incentive plans.
Remuneration Components
The Company remunerates Directors in line with best
market practice in the industry in which it operates. The
components of Director remuneration that are considered
by the Board for the remuneration of directors in future
years are likely to consist of:
• Base salaries;
• Pension and other benefits;
• Annual bonus; and
• Share Incentive arrangements
Darren Hazelwood, Chief Executive Officer has entered
into a service agreement with the Company, which was
renewed in January 2020 following the Placing of the
Company’s shares to trading on the Main Market of the
London Stock Exchange. Non-executive directors are
appointed by letters of appointment, these were also
renewed in January 2020.
All such contracts impose certain restrictions as regards
the use of confidential information and intellectual
property and the executive Director’s service contract
imposes restrictive covenants which apply following the
termination of the agreements.
The Company has established a workplace pension
scheme, but it does not presently have any employees
qualifying under the auto-enrolment pension rules
who have not opted out of the scheme. It does not
currently pay pension amounts in relation to Directors’
Remuneration. The Company has not paid out any
excess retirement benefits to any Directors or past
Directors.
The Company does not currently have bonus schemes
in place for any of the Directors.
The Company does not currently have any annual or
long-term incentive schemes or any other scheme
interests in place for any of the Directors, other than the
Company Share Option Plan. As noted in the Annual
Statement for Directors Remuneration, the Remuneration
Committee is in the process of considering incentivisation
structures for the next phase of the Company’s
development.
Recruitment Policy
Base salary levels consider market data for the
relevant role, internal relativities, their individual
experience and their current base salary. Where an
individual is recruited at below market norms, they
may be re-aligned over time, subject to performance
in the role. Benefits will generally be in accordance
with the approved policy. For external and internal
appointments, the Board may agree that the Company
will meet certain relocation and/or incidental expenses
as appropriate.
Payment for loss of Office
If a service contract is to be terminated, the Company
will determine such mitigation as it considers fair and
reasonable in each case.
The Company reserves the right to make additional
payments where such payments are made in good
faith in discharge of an existing legal obligation (or by
way of damages for breach of such an obligation);
or by way of settlement or compromise of any claim
arising in connection with the termination of an
executive director’s office or employment.
PANTHER METALS | ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
51
DIRECTOR’S REMUNERATION REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
Service Agreements and Letters of Appointment
The terms of all the directors’ appointments are subject to their re-election by the Company’s shareholders at AGM at
which certain of the directors will retire on a rotational basis and offer themselves for re-election.
The Executive Director’s service agreement is set out in the table below. The agreements are not for a fixed term and
may be terminated by either the Company or the executive director on giving appropriate notice. On 1 November 2024
Darren Hazelwood and Nicholas O’Reilly entered into new services agreements. Nicholas O’Reilly became Executive
Chairman from this date.
Details of the terms of the agreement for each executive director are set out below:
Name
Date of current
service agreement
Length of
Service from
Notice period by
Company (months)
Notice period by
director (months)
D Hazelwood
1 November 2024
6 January 2020
6 months
6 months
N O’Reilly
1 November 2024
6 January 2020
6 months
6 months
The Non-Executive Directors of the Company have been appointed by letters of appointment. Each Non-Executive
Director’s term of office is expected to run for two three-year periods and thereafter, with the approval of the Board, will
continue subject to periodic retirement and re-election or termination or retirement in accordance with the terms of the
letters of appointment.
The details of each non-executive director’s current terms are set out below:
Name
Date of letter of
appointment
Current term
(years)
Notice period by
Company (months)
Notice period by
director (months)
S Rothschild
6 January 2020
6
3 months
3 months
T Hughes
1 November 2023
6
3 months
3 months
K O’Reilly
1 November 2023
6
3 months
3 months
Consideration of Shareholder Views
The Board considers shareholder feedback received and guidance from shareholder bodies. This feedback, plus any
additional feedback received from time to time, is considered as part of the Company’s annual policy on remuneration.
52
PANTHER METALS | ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
DIRECTOR’S REMUNERATION REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The Annual Report on Remuneration
Single figure of remuneration for Directors (audited) 2024
The table below sets out a single figure for the total remuneration received for the last two financial years by each
Executive and Non-Executive Director who served in the year ended 31 December 2024:
2024 £
Salaries and short-term benefits
Long Term
Incentive
Awards
Post-
Employment
Benefits
Total
Fixed
Total
Variable
Total
Single
Figure
Salary
/Fee
Taxable
Benefits
Bonus
Share Based
Payment1
Pension
Total
Executive
Directors
D Hazelwood
104,167
-
-
11,938
-
104,167
11,938
116,105
N O’Reilly
36,667
-
-
11,938
-
36,667
11,938
48,605
M Smith
-
-
-
2,388
-
-
2,388
2,388
Total Executive
140,834
-
-
26,264
-
140,834
26,264
167,098
Non-Executive
Directors
A K Sener
-
-
-
11,938
-
-
11,938
11,938
S Rothschild
12,000
-
-
2,388
-
12,000
2,388
14,388
K Asling
-
-
-
2,388
-
-
2,388
2,388
T Hughes
12,000
-
-
1,650
-
12,000
1,650
13,650
K O’Reilly
12,000
-
-
4,037
-
12,000
4,037
16,037
Total Non-
Executive
36,000
-
-
22,401
-
36,000
22,401
58,401
Total Directors
176,834
-
-
48,665
-
176,834
48,665
225,499
PANTHER METALS | ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
53
DIRECTOR’S REMUNERATION REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
2023 £
Salaries and short-term benefits
Long Term
Incentive
Awards
Post-
Employment
Benefits
Total
Fixed
Total
Variable
Total
Single
Figure
Salary
/Fee
Taxable
Benefits
Bonus
Share Based
Payment1
Pension
Total
Executive
Directors
D Hazelwood
75,000
-
-
11,938
-
75,000
11,938
86,938
M Smith
20,833
-
-
2,388
-
20,833
2,388
23,221
Total Executive
95,833
-
-
14,326
-
95,833
14,326
110,159
Non-Executive
Directors
A K Sener
-
-
-
11,938
-
-
11,938
11,938
S Rothschild
12,000
-
-
2,388
-
12,000
2,388
14,388
S Rothschild
20,000
-
-
11,938
-
20,000
11,938
31,938
S Rothschild
10,000
-
-
2,388
-
10,000
2,388
12,388
N O’Reilly
2,000
-
-
275
-
2,000
275
2,275
K Asling
2,000
-
-
1, 230
-
2,000
1,230
3,230
Total Non-
Executive
46,000
-
-
30,157
-
46,000
30,157
76,157
Total Directors
141,833
-
-
44,483
-
141,833
44,483
186,316
Directors Beneficial Share Interests – audited
The beneficial interests in the Company’s shares of the Directors and their families were as follows:
Held at 31 December 2024
Held at 31 December 2023
Ordinary Shares
No
Ordinary Shares
Post-Consolidation Equivalent
No
Ordinary Shares
Pre Consolidation
No
D Hazelwood
255,389
185,467
4,636,666
S Rothschild
24,000
13,333
333,333
N O’Reilly
83,737
13,333
333,333
On 10 May 2024, D Hazelwood purchased 150,000 Ordinary Shares (6,000 post consolidation equivalent). On 13 May
2024, N O’Reilly purchased 179,529 Ordinary Shares pence each (7,181 post consolidation equivalent). On 30 July
2024, D Hazelwood exercised conversion rights attaching to £56,000 of convertible loan notes and was issued 63,922
Ordinary Shares. On 1 August 2024, N O’Reilly exercised conversion rights attaching to £50,000 of convertible loan
notes and was issued 57,073 Ordinary Shares.
The Annual Report on Remuneration (continued)
Single figure of remuneration for Directors (audited) 2023
54
PANTHER METALS | ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
DIRECTOR’S REMUNERATION REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The following share options and warrants were issued to directors to subscribe for Ordinary Shares. The number of
share options and warrants are shown after the Share Consolidation.
Held at
31 December 2024
Post Consolidation
Held at
31 December 2024
Pre Consolidation
Held at
31 December 2023
Management Options (August 2021)
D Hazelwood
50,000
1,250,000
1,250,000
N O’Reilly
50,000
1,250,000
1,250,000
S Rothschild
10,000
250,000
250,000
K O’Reilly
4,000
100,000
100,000
Options held by former directors
70,000
1,750,000
1,750,000
184,000
4,600,000
4,600,000
Management Options (November 2023)
K O’Reilly
24,000
600,000
600,000
T Hughes
24,000
600,000
600,000
48,000
1,200,000
1,200,000
On 20 August 2021, the Company announced the grant of 4,600,000 options to the Panther management team
consisting of directors and staff members. All the options have a 5-year term from the date of grant and an exercise
price of 15p per share. The options all are subject to the vesting condition of the price of the Company’s ordinary shares
at a volume weighted average price of 30p per share over any period of 120 trading days during the life of the options.
On 1 November 2023, the Company announced the grant of 1,200,000 options to new directors T Hughes and K
O’Reilly. All the options have a 5-year term from the date of grant and an exercise price of 6p per share. K O’Reilly is also
in receipt of 100,000 options relating to the August 2021 grant.
Review of past performance - Alignment of reward and Total Shareholder Return:
This graph shows a comparison the Company’s total shareholder return (share price growth plus dividends- converted
so like for like post consolidation) with that of the FTSE 350 Mining Index. The FTSE 350 Mining Index was selected as it
provides a comparison of the Company’s performance relative to the other companies in its sector.
14,000
12,000
10,000
8,000
6,000
4,000
2,000
0
02/01/24
02/02/24
02/03/24
02/04/24
02/05/24
02/06/24
02/07/24
02/08/24
02/09/24
02/10/24
02/11/24
02/12/24
Panther Share Price Trend vs FTSE 350 Mining Index
PALM Price
FTSE 350 Mining
150.00
140.00
130.00
120.00
110.00
100.00
90.00
80.00
70.00
60.00
50.00
PANTHER METALS | ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
55
DIRECTOR’S REMUNERATION REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
Chief Executive’s single figure of remuneration and variable pay outcomes
The table below shows the Chief Executive’s single figure of remuneration and variable pay outcomes over the same
period as the graph above
2020
2021
2022
2023
2024
D Hazelwood
£
£
£
£
£
CEO Single Figure of Remuneration1
79,998
77,585
86,938
86,938
116,105
Annual Bonus
nil
nil
nil
nil
nil
Share Based payments vesting
(% of maximum)
100%
100%
100%
100%
100%
1 Awards within the CEO Single Figure of Remuneration are captured in the year that performance periods have ended, i.e., when they vest. 2020
figure: relates to 100% of the warrants granted on 9 January 2020 which vested on the same date. 2019 figure: relates to 100% of the warrants
granted on 22 July 2019 which vested on the same date. 2018 figure: relates to 100% of the warrants granted on 22 July 2019 which vested on the
same date. The value of all these awards has been calculated using the share price at date of introduction to the Main Market as NEX prices are not
an appropriate reflection of value.
CEO Pay Ratio
UK reporting regulations require companies with 250 employees or more to publish information on the pay ratio of the
Group CEO to UK employees. The Company does not have any employees and therefore is not required to publish
this information.
Relative Importance of Spend on Pay
The table below illustrates a comparison between directors’ total remuneration to distributions
to shareholders and loss before tax for the financial period ended 31 December 2024:
Distributions to
shareholders
£
Total
director pay
£
Operational
cash outflow
£
Year ended 31 December 2024
nil
225,499
291,541
Total director remuneration includes fees for directors in continuing operations.
Operational cash outflow has been shown in the table above as cash flow monitoring and forecasting in an important
consideration for the Board when determining cash-based remuneration for directors and employees.
Approved on behalf of the Board of Directors.
Tracy Hughes
Chair of the Remuneration Committee
28 April 2025
56
PANTHER METALS | ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
Opinion
We have audited the financial statements of Panther
Metals PLC (the “Parent Company”) and its subsidiaries
(the “Group”) for the year ended 31 December 2024
which comprise the Consolidated Statement of
Comprehensive Income, the Consolidated and Company
Statement of Financial Position, the Consolidated
and Company Statements of Changes in Equity, the
Consolidated and Company Statements of Cash flows,
the notes to the financial statements, which include a
summary of significant accounting policies and other
explanatory information. The financial reporting framework
that has been applied in in the preparation of the Group
and Parent Company financial statements is applicable
law and UK adopted international accounting standards.
In our opinion, the Consolidated and Parent Company
financial statements:
- give a true and fair view of the state of the Group’s
and of the Parent Company’s affairs as at 31
December 2024 and of the Group’s loss for the year
then ended;
- have been properly prepared in accordance with UK
adopted international accounting standards; and
- have been prepared in accordance with the
requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International
Standards on Auditing (UK) (ISAs (UK)) and applicable
law. Our responsibilities under those standards are
further described in the Auditors’ responsibilities for the
audit of the financial statements section of our report.
We remain independent of the Group and the Parent
Company in accordance with the ethical requirements
that are relevant to our audit of the financial statements
in the UK, including the FRC’s Ethical Standard as
applied to listed public interest entities, and we have
fulfilled our other ethical responsibilities in accordance
with these requirements. The non-audit services
prohibited by that standard were not provided to the
Group or the Parent Company.
We were first appointed as auditor by the audit
committee on 20 March 2020 to audit the financial
statements for the year ending 31 December 2019 and
subsequent financial periods. The Group engagement
partner is required to rotate every 5 years and therefore
Domenico Maurello has taken over as the engagement
partner for the year ended 31 December 2024.
We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our opinion.
INDEPENDENT AUDITOR’S REPORT
TO THE MEMBERS OF PANTHER METALS PLC
FOR THE YEAR ENDED 31 DECEMBER 2024
PANTHER METALS | ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
57
INDEPENDENT AUDITOR’S REPORT
TO THE MEMBERS OF PANTHER METALS PLC
FOR THE YEAR ENDED 31 DECEMBER 2024
Material uncertainty related
to going concern
We draw attention to note 1.2 in the financial statements
which indicates that the Group will need to raise further
funds in order to meet its budgeted overhead costs and
planned project expenditure and to enable the Group
and Parent Company to continue as going concerns.
Although the Parent Company has successfully raised
finance until this point, this does not provide assurance
that they will be able to continue to do so in the future
As discussed in note 1.2, these conditions, along with
the other matters discussed in that note, indicate the
existence of a material uncertainty which may cast
significant doubt about the Group’s and the Parent
Company’s ability to continue as a going concern and
that they may not be able to realise their assets and
discharge their liabilities in the normal course of business.
Our opinion is not modified in respect of this matter.
We have concluded that the Directors’ use of the going
concern basis of accounting in the preparation of the
financial statements is appropriate based on our audit
work which included:
- Review and analysis of the Group’s cash flow
forecast, considering historical experience of the
accuracy of management’s forecasts;
- Review and assessment of the validity of income
and costs included within the cash flow forecast,
agreeing these to other evidence obtained during
the course of our audit;
- Obtaining details of post year end fundraising,
loan notes conversion, agreed to supporting
documentation including bank statements;
- Discussions with the Directors concerning their
strategy to ensure the availability of funding to the
Group to meet its future requirements; and
- Reviewing and considering the adequacy of the
disclosure within the financial statements relating
to the Directors’ assessment of the suitability of the
going concern basis of preparation.
Both our responsibilities and the responsibilities of the
Directors with respect to going concern are described in
the relevant sections of this report.
Our approach to the audit
Our assessment of audit risk, our evaluation of materiality
and our allocation of performance materiality determine
our audit scope for the Group and the Parent Company.
This enabled us to form an opinion on the consolidated
financial statements.
As part of the design of our audit, we determined
materiality and assessed the risks of material
misstatement in the financial statements. In particular,
we looked at areas where the directors made
subjective judgements, for example in respect of
significant accounting estimates that involved making
assumptions and considering future events that are
inherently uncertain.
We tailored the scope of our audit to ensure that we
performed sufficient work to be able to give an opinion
on the financial statements as a whole, taking into
account an understanding of the structure of the Parent
Company, its activities, the accounting processes and
controls, and the industry in which they operate. Our
planned audit testing was directed accordingly and was
focused on areas where we assessed there to be the
highest risk of material misstatement. During the audit
we reassessed and re-evaluated audit risks and tailored
our approach accordingly. The audit testing included
substantive testing on significant transactions, balances
and disclosures, the extent of which was based on
various factors such as overall assessment of the control
environment, the effectiveness of controls and the
management of specific risk.
We communicated with those charged with governance
regarding, among other matters, the planned scope and
timing of the audit and significant findings, including any
significant deficiencies in internal control that we identified
during the audit.
58
PANTHER METALS | ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
INDEPENDENT AUDITOR’S REPORT
TO THE MEMBERS OF PANTHER METALS PLC
FOR THE YEAR ENDED 31 DECEMBER 2024
Key audit matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our
audit of the financial statements of the current period and include the most significant assessed risks
of material misstatement (whether or not due to fraud) that we identified. These matters included those
which had the greatest effect on: the overall audit strategy, the allocation of resources in the audit; and
directing the efforts of the engagement team. These matters were addressed in the context of our audit
of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a
separate opinion on these matters. This is not a complete list of all risks identified by our audit.
Key audit matter
How our scope addressed this matter
Valuation and impairment of exploration
and evaluation assets
Exploration and evaluation assets (E&E) shall
be assessed for impairment when facts and
circumstances suggest that the carrying amount of
an exploration and evaluation assets may exceed its
recoverable amount per IFRS 6. Determining whether
impairment indicators exist involves significant
judgement by management, including considering
specific impairment indicators prescribed in IFRS 6.
Management have assessed the exploration
and evaluation assets for impairment under
IFRS 6 and concluded that no such indicators
existed at the balance sheet date.
There is a risk that unidentified impairment
indicators may exist, and that the carrying value
of the E&E assets may not be fully recoverable.
The Group’s accounting policy is set out under
“impairment of exploration and evaluation assets”
in note 1.7 to the financial statements.
In accordance with IFRS 6 we reviewed the exploration
and evaluation (E&E) assets for indication of impairment.
Our audit procedures included, but were not limited to:
We reviewed and challenged the directors’ assessment
that there were no indicators of impairment present.
We obtained evidence that claims and licences
remain valid and are in good standing.
We confirmed that there is an ongoing
plan to develop assets.
Based on our review, no indicators of impairment
were identified and, therefore, the facts and
circumstances do not suggest that the carrying
value amount of the E&E assets exceeds
the recoverable amount. Therefore, we are
satisfied that no impairment is required.
PANTHER METALS | ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
59
INDEPENDENT AUDITOR’S REPORT
TO THE MEMBERS OF PANTHER METALS PLC
FOR THE YEAR ENDED 31 DECEMBER 2024
Key audit matter
How our scope addressed this matter
Valuation and impairment of intercompany balances
The company has a highly material intercompany
debtor balance with its subsidiary, Panther
Metals (Canada) Ltd (“Panther Canada”).
There is a risk that, if the exploration and
evaluation assets require impairment, then
the recoverable amount of the intercompany
balance may be below its carrying value.
Our audit procedures included but
were not limited to the following:
We reviewed the directors’ assessment that there
were no indicators of impairment present and
critically challenged any assumptions used.
Through our audit work on the exploration and
evaluation assets, we did not identify any inappropriate
capitalisation or potential indicators of impairment.
We reviewed the financial information for Panther
Canada and noted that it was in a net liability position
as at 31 December 2024. This indicated that they
would not be in a position to repay the intercompany
balance. Therefore, we raised an audit adjustment
to provide £230,008 against this intercompany debt
in the Parent’s standalone financial statements.
The directors agreed with this assessment and
subsequently agreed to adjust the financial
statements to ensure that the carrying amount of
the debtor did not exceed its recoverable amount.
There were no further indicators of impairment to
suggest that the remaining intercompany debtor
balance of £2,013,399 would not be recoverable..
All key matters above have been discussed with the Audit Committee.
60
PANTHER METALS | ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
INDEPENDENT AUDITOR’S REPORT
TO THE MEMBERS OF PANTHER METALS PLC
FOR THE YEAR ENDED 31 DECEMBER 2024
Our application of materiality
We apply the concept of materiality in planning and
performing the audit, in evaluating the effect of
identified misstatements on the audit and in forming
our audit opinion.
Materiality
The magnitude of an omission or misstatement that,
individually or in the aggregate, could reasonably be
expected to influence the economic decisions of the
users of the financial statements. Materiality provides
a basis for determining the nature and extent of our
audit procedures.
We determined the materiality for the Group to be
£42,000 which is based on the key indicator, being net
assets, and therefore our materiality has been based on
net assets. This is a change from the benchmark used
previously as this is determined to be more consistent
with the benchmark useful to the users of the financial
statements. We have set a mid range benchmark of
2%. Parent Company materiality was calculated on the
same basis and set to £49,000, capped at £21,000 for
group reporting.
Performance materiality
Our procedures on account balances and disclosures
were performed to a lower threshold, performance
materiality, to reduce the aggregation risk of individually
immaterial misstatements On the basis of our risk
assessment, together with our assessment of the
company’s control environment, our judgement is that
performance materiality for the Group financial statements
should be 70% of materiality, amounting to £29,000.
The performance materiality set for each component is
based on the relative scale and risk of the component
to the Group as a whole and our assessment of the risk
of misstatement at that component. In the current year
performance materiality allocated to components was
£26,000 for Panther Metals (Canada) Ltd and £14,000
for Panther Metals PLC.
We reported to the Audit Committee any identified
misstatements exceeding £2,100 for the Group and
£2,450 for the Company, in addition to other identified
misstatements that required disclosure based on
qualitative grounds.
Other information
The directors are responsible for the other information.
The other information comprises the information included
in the annual report other than the Consolidated and
Parent Company financial statements and auditor’s report
thereon. Our opinion on the Consolidated and Parent
Company financial statements does not cover the other
information and, except to the extent otherwise explicitly
stated in our report, we do not express any form of
assurance conclusion thereon. Our responsibility is to
read the other information and, in doing so, consider
whether the other information is materially inconsistent
with the Consolidated and Parent Company financial
statements, or our knowledge obtained in the course of
the audit or otherwise appears to be materially misstated.
If we identify such material inconsistencies or apparent
material misstatements, we are required to determine
whether this gives rise to a material misstatement in the
financial statements themselves. If, based on the work
we have performed, we conclude that there is a material
misstatement of this other information, we are required to
report that fact. We have nothing to report in this regard.
PANTHER METALS | ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
61
INDEPENDENT AUDITOR’S REPORT
TO THE MEMBERS OF PANTHER METALS PLC
FOR THE YEAR ENDED 31 DECEMBER 2024
Corporate governance statement
The Listing Rules require us to review the directors’
statement in relation to going concern, longer-term
viability and that part of the Corporate Governance
Statement relating to the Group’s compliance with the
provisions of the UK Corporate Governance Statement
specified for our review.
Based on the work undertaken as part of our audit,
we have concluded that each of the following element
of the Corporate Governance Statement is materially
consistent with the financial statements, or our
knowledge obtained during the audit:
• Directors’ statement with regards the
appropriateness of adopting the going concern
basis of accounting and any material uncertainties
identified as set out on page 28 and 45;
• Directors’ explanation as to its assessment of the
entity’s prospects, the period this assessment
covers and why the period is appropriate as set out
on pages 4 to 36;
• Directors’ statement on fair, balanced and
understandable as set out on page 46;
• Board’s confirmation that it has carried out a robust
assessment of the emerging and principal risks as
set out on pages 28 to 29;
• The section of the annual report that describes the
review of effectiveness of risk management and
internal control systems as set out on page 45;
and;
• The section describing the work of the audit
committee as set out on page 37.;
Responsibilities of directors
As explained more fully in the Statement of Directors’
Responsibilities set out on page 42, the directors are
responsible for the preparation of the financial statements
and for being satisfied that they give a true and fair view,
and for such internal control as the directors determine
necessary to enable the preparation of financial
statements that are free from material misstatement,
whether due to fraud or error.
In preparing the financial statements, the directors
are responsible for assessing the Group and Parent
Company’s ability to continue as a going concern,
disclosing, as applicable, matters related to going
concern and using the going concern basis of
accounting unless the directors either intend to liquidate
the Group or Parent company or to cease operations, or
have no realistic alternative but to do so.
62
PANTHER METALS | ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
INDEPENDENT AUDITOR’S REPORT
TO THE MEMBERS OF PANTHER METALS PLC
FOR THE YEAR ENDED 31 DECEMBER 2024
Auditors’ responsibilities for the audit of
the financial statements
Our objectives are to obtain reasonable assurance
about whether the financial statements as a whole are
free from material misstatement, whether due to fraud or
error, and to issue a Report of the Auditors that includes
our opinion. Reasonable assurance is a high level of
assurance but is not a guarantee that an audit conducted
in accordance with ISAs (UK) will always detect a
material misstatement when it exists. Misstatements can
arise from fraud or error and are considered material if,
individually or in the aggregate, they could reasonably be
expected to influence the economic decisions of users
taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-
compliance with laws and regulations. We design
procedures in line with our responsibilities, outlined
above, to detect material misstatements in respect
of irregularities, including fraud. The extent to which
our procedures are capable of detecting irregularities,
including fraud is detailed below:
We obtained an understanding of the Group and parent
company and the sector in which they operate to identify
laws and regulations that could reasonably be expected
to have a direct effect on the financial statements. We
obtained our understanding in this regard through
discussions with management and application of our
cumulative audit knowledge and experience of the
industry.
We determined the principal laws and regulations
relevant to the Group and parent company in this regard
to be, but were not limited to, those arising from local
licensing laws, Isle of Man Companies Act, Listing
Rules, employment law, health and safety legislation. We
focused on laws and regulations that could give rise to a
material misstatement in the financial statements.
We designed our audit procedures to ensure the audit
team considered whether there were any indications of
non-compliance by the Group and parent company with
those laws and regulations. Our tests included, but were
not limited to:
• enquiries of Board of Management regarding
known or suspected instances of non-compliance
with laws and regulations;
• enquiries with external legal counsel;
• review of financial statement disclosures;
• review of legal expenditure accounts to understand
the nature of the expenditure;
• a review of minutes of Board of Management
meetings throughout the year;
• obtaining an understanding of the control environment
in place to prevent and detect irregularities; and
• a review of regulated news service announcements.
As in all of our audits, we addressed the risk of fraud
arising from management override of controls by
performing audit procedures which included but were not
limited to: the testing of journals, reviewing accounting
estimates for evidence of bias: and evaluating the
business rationale of any significant transactions that are
unusual or outside the normal course of business.
Our audit procedures were designed to respond to risks
of material misstatement in the financial statements,
recognising that the risk of not detecting a material
misstatement due to fraud is higher than the risk of
not detecting one resulting from error. Because of the
inherent limitations of an audit, there is a risk that we
will not detect all irregularities, including those leading
to a material misstatement in the financial statements or
non-compliance with regulation. This risk increases the
more that compliance with a law or regulation is removed
from the events and transactions reflected in the financial
statements, as we will be less likely to become aware
of instances of non-compliance. The risk is also greater
regarding irregularities occurring due to fraud rather than
error, as fraud involves intentional concealment, forgery,
collusion, omission or misrepresentation.
A further description of our responsibilities for the audit
If the financial statements is located on the Financial
Reporting Council’s website at www.frc.org.uk/
auditorsresponsibilities. This description forms part of our
Report of the Auditors.
PANTHER METALS | ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
63
Use of our report
This report is made solely to the Company’s members,
as a body, in accordance with section 80C of the
Companies Act 2006. Our audit work has been
undertaken so that we might state to the company’s
members those matters we are required to state to them
in a Report of the Auditors and for no other purpose. To
the fullest extent permitted by law, we do not accept or
assume responsibility to anyone other than the Company
and the Company’s members as a body, for our audit
work, for this report, or for the opinions we have formed.
Domenico Maurello (Senior Statutory Auditor)
for and on behalf of Keelings Limited, Statutory Auditor
Chartered Tax Advisers and
Chartered Certified Accountants
Broad House
1 The Broadway
Old Hatfield
Herts
AL9 5BG
28 April 2025
INDEPENDENT AUDITOR’S REPORT
TO THE MEMBERS OF PANTHER METALS PLC
FOR THE YEAR ENDED 31 DECEMBER 2024
64
PANTHER METALS | ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
Notes
Year ended
31 December
2024
£
Year ended
31 December
2023
£
Revenue
-
-
Cost of sales
-
-
Gross profit
-
-
Administrative expenses
(821,926)
(454,330)
Share-based payment (charge)/ credit
17
(152,991)
(76,856)
Loss on termination of exploration projects
8
(180,462)
-
Realised and unrealised gains/losses on investments
9
-
(171,393)
Realised and unrealised gains/losses on investments held for sale
10
(1,051,189)
1,029,694
Operating loss
(2,206,568)
327,115
Finance costs
14
(5,848)
(57,931)
Profit/(Loss) before taxation
(2,212,416)
269,184
Taxation
6
-
-
Profit/(Loss) for the period
(2,212,416)
269,184
Other comprehensive income
-
-
Total comprehensive profit/(loss) for the period
(2,212,416)
269,184
Profit/ (Loss) attributable to:
Equity holders of the company:
Continuing operations
(2,212,416)
269,184
Discontinuing operations
-
-
(2,212,416)
269,184
Basic profit/ (loss) per share (pence)
7
(56.50)p
0.290p
Diluted profit/ ( loss) per share (pence)
7
(56.50)p
0.199p
The notes on pages 69 to 89 form an integral part of these financial statements.
CONSOLIDATED STATEMENT
OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
PANTHER METALS | ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
65
Group
Company
Notes
As at
31 December
2024
£
As at
31 December
2023
£
As at
31 December
2024
£
As at
31 December
2023
£
Non-current assets
Exploration and evaluation assets
8
2,281,726
1,883,466
19,440
19,440
Investments
9
-
-
1
1
Total non-current assets
2,281,726
1,883,466
19,441
19,441
Current assets
Held for Sale Investments
10
631,270
2,253,008
631,270
2,253,008
Receivables
11
104,795
58,829
2,689,572
1,955,478
Cash at bank and in hand
12
17,536
66,120
16,197
59,254
Total current assets
753,601
2,377,957
2,689,572
4,267,740
Total assets
3,035,327
4,261,423
2,709,013
4,287,181
Current liabilities
Trade and other payables
13
(613,916)
(134,358)
(157,685)
(125,955)
Loan Notes
14
(172,500)
(406,500)
(172,500)
(406,500)
Total Current Liabilities
(786,416)
(540,858)
(330,185)
(532,455)
Net current assets/(liabilities)
(32,815)
1,837,098
2,359,387
3,735,285
Non-current liabilities
Provision for deferred consideration
15
(137,715)
(163,620)
(137,715)
(163,620)
Total liabilities
(924,131)
(704,478)
(467,900)
(696,075)
Net assets
2,111,196
3,556,945
2,241,113
3,591,106
Capital and reserves
Called up share capital
16
6,944,341
6,330,665
6,944,341
6,330,665
Share-based payment reserve
17
567,740
591,097
567,740
591,097
Retained losses
(5,400,885)
(3,364,817)
(5,270,968)
(3,330,656)
Total equity
2,111,196
3,556,945
2,241,113
3,591,106
The financial statements of Panther Metals PLC, registered number 009753V (Isle of Man), were approved by the board of directors and
authorised for issue on 28 April 2025. They were signed on its behalf by:
D Hazelwood
Chief Executive Officer
The notes on pages 69 to 89 form an integral part of these financial statements.
CONSOLIDATED AND COMPANY STATEMENT
OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
66
PANTHER METALS | ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
Group
Company
Notes
As at
31 December
2024
£
As at
31 December
2023
£
As at
31 December
2024
£
As at
31 December
2023
£
Cash flows from operating activities
Operating Loss
(2,206,568)
327,115
(1,880,806)
379,408
Adjusted for:
Share-based payment charge
17
152,991
76,856
152,991
76,856
Loss on termination of exploration projects
8
180,462
-
-
-
Realised and unrealised gains/losses on investments
9
-
171,393
-
171,393
Realised and unrealised gains/losses on investments held for sale
10
1,051,189
(1,029,694)
1,051,189
(1,029,694)
Foreign exchange
111,818
29,577
(11,692)
(7,861)
(Increase)/decrease in receivables
(46,516)
92,040
(316,635)
(149,961)
Increase/(decrease) in payables
465,083
(35,375)
16,348
(4,937)
Net cash used in operating activities
(291,541)
(368,088)
(988,605)
(564,796)
Investing activities
Cash proceeds from sale of Big Bear to Fulcrum Metals PLC
-
200,000
-
200,000
Proceeds from the sale of held for sale investments
10
570,548
29,269
570,548
29,269
Cash spent on exploration activities
(702,591)
(193,920)
-
-
Net cash generated from/(used in) investing activities
(132,043)
35,349
570,548
229,269
Financing activities
Proceeds from issuing shares
16
375,000
-
375,000
-
Proceeds from issuing debt
14
-
350,000
-
350,000
Net cash generated from financing activities
375,000
350,000
375,000
350,000
Net increase/(decrease) in cash and cash equivalents
(48,584)
17,261
(43,057)
14,473
Cash and cash equivalents at beginning of year
66,120
48,859
59,254
44,781
Cash and cash equivalents at end of year
17,536
66,120
16,197
59,254
The notes on pages 69 to 89 form an integral part of these financial statements.
CONSOLIDATED AND COMPANY
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
PANTHER METALS | ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
67
Group
Notes
Share
capital
£
Share
based payment
reserve
£
Retained
losses
£
Total
£
Balance at 1 January 2023
6,330,665
514,241
(3,634,001)
3,210,905
Profit for the year
-
-
269,184
269,184
Total comprehensive profit for the year
-
-
269,184
269,184
Other transactions
Options Issued
17
-
44,486
-
44,486
Warrants issued
17
-
32,370
-
32,370
Balance at 31 December 2023
6,330,665
591,097
(3,364,817)
3,556,945
Loss for the year
-
-
(2,212,416)
(2,212,416)
Total comprehensive loss for the year
-
-
(2,212,416)
(2,212,416)
Equity Transactions
Issue of equity via placing
16
375,000
-
-
375,000
Conversion of convertible loan notes
16
238,676
-
-
238,676
Other transactions
Options issued
17
-
47,232
-
47,232
Warrants issued
17
-
105,759
-
105,759
Warrants forfeited
17
-
(176,348)
176,348
(176,348)
Balance at 31 December 2024
6,944,341
567,740
(5,400,885)
2,111,196
The notes on pages 69 to 89 form an integral part of these financial statements.
CONSOLIDATED STATEMENT
OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
68
PANTHER METALS | ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
Company
Notes
Share
capital
£
Share
based payment
reserve
£
Retained
losses
£
Total
£
Balance at 1 January 2023
6,330,665
514,241
(3,652,133)
3,192,773
Profit for the year
-
-
321,477
321,477
Total comprehensive profit for the year
-
-
321,477
321,477
Other transactions
Options issued
17
-
44,486
-
44,486
Warrants issued
17
-
32,370
-
32,370
Balance at 31 December 2024
6,330,665
591,097
(3,330,656)
3,591,106
Loss for the year
-
-
(2,116,660)
(2,116,660)
Total comprehensive loss for the year
-
-
(2,116,660)
(2,116,660)
Equity Transactions
Issue of equity via placing
16
375,000
-
-
375,000
Conversion of convertible loan notes
16
238,676
-
-
238,676
Other transactions
Options issued
17
-
47,232
-
47,232
Warrants issued
17
-
105,759
-
105,759
Warrants forfeited
17
-
(176,348)
176,348
(176,348)
Balance at 31 December 2024
6,944,341
567,740
(5,270,968)
2,241,113
The notes on pages 69 to 89 form an integral part of these financial statements.
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
PANTHER METALS | ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
69
1. Accounting policies
1.1 Basis of preparation
Panther Metals PLC is a public limited company incorporated in the Isle of Man.
The consolidated financial statements of Panther Metals PLC and its subsidiaries (together, “the Group”) are presented as required by the
Companies Act 2006 (Isle of Man). As permitted by that Act, the financial statements have been prepared in accordance with UK adopted
International Accounting Standards.
The financial statements have been prepared on the historical cost basis. The principal accounting policies that have been adopted by the
Company in the preparation of these financial statements are set out below and have been consistently applied to all periods presented.
1.2 Going concern
The Company successfully issued equity of £375,000 in the year ended 31 December 2024. As a junior exploration company, the Directors are
aware that the Company must seek funds from the market in the next 12 months to meet its investment and exploration plans and to maintain its
listing status. A successful fundraising presents a material uncertainty that may cast doubt on the Group’s ability to continue to operate as planned
and to pay its liabilities as they fall due for a period not less than twelve months from the date of this report.
As at the year-end date the Group had total cash reserves of £17,536 (2023: £66,120). The directors are aware of the reliance on fundraising within
the next 12 months and the material uncertainty this presents but having reviewed the Group’s working capital forecasts they believe the Group
is well placed to manage its business risks successfully providing the fundraising is successful. The financial statements have been prepared on a
going concern basis and do not include adjustments that would result if the Group was unable to continue in operation.
1.3 Basis of consolidation
The consolidated financial statements incorporate the financial statements of the Company and its subsidiary undertaking. The results of subsidiaries
acquired or disposed of during the year are included in the consolidated income statement from the effective date of acquisition or up to the
effective date of disposal, as appropriate.
All business combinations are accounted for using the acquisition method of accounting.
Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by
other members of the Group. All intra-group transactions, balances, income and expenses are eliminated in full on consolidation.
1.4 Foreign currencies
Functional and presentation currency
The consolidated financial statements are presented in Pounds Sterling, which is the Group’s presentation currency and the functional currency of
the holding company Panther Metals PLC.
Items included in the financial statements of the subsidiaries are measured using the currency of the primary economic environment in which the
entity operates (the ‘functional currency’).
The functional currency of Panther Canada is the Canadian Dollar (CAD) which is the currency of the environment in which the subsidiary operates.
Transactions and balances
The assets and liabilities of the Company’s foreign operations are translated at exchange rates prevailing on the date of the accounts. Income and
expense items are translated at exchange rates ruling at the date of the transactions. Exchange differences arising, if any, are classified as income
or as expenses in the period in which they arise.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
70
PANTHER METALS | ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
1.5 Tax
Income tax expense represents the sum of the tax currently payable and deferred tax. The tax currently payable is based on taxable profit for
the year. Taxable profit differs from profit as reported comprehensive income statement because it excludes items of income or expense that
are taxable or deductible in other years and it further excludes items that are not taxable or tax deductible. The Group’s liability for current tax
is calculated using tax rates (and tax laws) that have been enacted or substantively enacted in countries where the Group and its subsidiaries
operate by the end of the financial period.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where
transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax, with
the following exceptions:
Deferred tax assets are recognised only to the extent that the Directors consider that it is more likely than not that there will be suitable taxable
profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax is measured on an undiscounted basis at
the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively
enacted at the balance sheet date.
1.6 Exploration and evaluation assets
Exploration and evaluation assets represent the cost of acquisitions by the Group of rights and licences. All costs associated with the exploration
and investment are capitalised on a project-by-project basis, pending determination of the feasibility of the project. Costs incurred include
appropriate technical and administrative expenses, but not general overheads and these assets are not amortised until technical feasibility and
commercial viability is established.
Any deferred contingent consideration payable in relation to acquisitions of licences or options under the exploration projects is recognised at fair
value at the acquisition date. Subsequent changes to the fair value of the contingent consideration, which is deemed to be an asset or liability, are
recognised either in the profit and loss account or in other comprehensive income, in accordance with IAS 39.
Deferred and contingent consideration amounts payable in the next or subsequent financial years are discounted to present value with year-
on-year changes reflected in the profit and loss account. Amounts payable based on the ultimate success of an exploration project are only
recognised when there is a legal obligation in relation to the acquisition agreement, the amount can be reliably estimated and there is a strong
likelihood of the amount being payable.
If an exploration project is successful, the related expenditures will be transferred to mining assets and amortised over the estimated life of
the reserve. Where a licence is relinquished or a project abandoned, the related costs are written off. The recoverability of all exploration and
development costs is dependent upon the discovery of economically recoverable reserves, the ability of the Group to obtain necessary financing
to complete the development of reserves and future profitable production or proceeds from the disposition thereof.
1.7 Impairment of exploration and evaluation assets
The carrying values of capitalised exploration and evaluation assets are assessed for impairment if fact and circumstances indicate that the carrying
amount exceeds the recoverable amount and sufficient data exists to evaluate technical feasibility and commercial viability. If any indication of
impairment exists, an estimate of the asset’s recoverable amount is calculated. The recoverable amount is determined as the higher of the fair
value less costs of disposal and the asset’s value in use. If the carrying amount of the asset exceeds its estimated recoverable amount, the
asset is impaired, and an impairment loss is charged to the Statement of comprehensive income to reduce the carrying amount to its estimated
recoverable amount.
If individual claims/ cells are abandoned for one reason or another, then the property as a whole will be considered for impairment. An impairment
presumption also exists if no work has been done on a claim/ cell in three years. Cash resources are taken into consideration to justify claim
preservation/renewal in the forthcoming twelve months.
1.8 Investments
Investments in subsidiaries are held at cost less provision for impairment. Initial recognition of investments is at the fair value of the assets given,
equity instruments issued, and liabilities incurred or assumed.
Investments in associates
An associate is an entity over which the Group is able to exercise significant influence but not control, generally accompanying a shareholding
of between 20% and 50% of the voting rights. The Group’s investments in associates are recognised using the equity method of accounting.
The consolidated profit and loss statement reflects the Group’s share of an associate’s loss after tax. Where the Group’s share of losses in an
associate exceeds its investment, the Group ceases to recognise further losses unless an obligation exists for the Group to fund the losses.
Where a change in net assets has been recognised directly in the associate’s equity, the Group recognises its share of those changes in the
statement of changes in equity when applicable. Adjustments are made to align the accounting policies of the associate with the Group’s and
to eliminate the Group’s share of unrealised gains and losses on transactions between the Group and its associates.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PANTHER METALS | ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
71
1.9 Held for Sale Investments
Investment assets intended for disposal are reclassified as ‘held for sale’ once all of the following criteria are met:
• the asset is available for immediate sale in its present condition subject only to terms which are usual and customary for such sales
• the sale must be highly probable ie:
- management are committed to a plan to sell the asset
- an active programme has begun to find a buyer and complete the sale
- the asset is being actively marketed at a reasonable price
- the sale is expected to be completed within 12 months of the date of classification as ‘held for sale’ and
- the actions needed to complete the plan indicate it is unlikely that the plan will be dropped or significant changes made to it.
Following reclassification, the assets are measured at the lower of their existing carrying amount and their ‘fair value less costs to sell’. Any
depreciation ceases to be charged. Assets are de-recognised when all material sale contract conditions have been met.
1.10 Trade and other receivables
Trade and other receivables are carried at original invoice amount less provision made for impairment of these receivables. A provision for
impairment of trade and other receivables is established when there is objective evidence that the Company will not be able to collect all
amounts due according to the original terms of the receivables. The amount of the provision is the difference between the assets’ carrying
amount and the recoverable amount. Provisions for impairment of receivables are included in the income statement.
1.11 Trade and other payables
Trade and other payables represent liabilities for goods and services provided to the Company prior to the financial year, which are unpaid.
Current liabilities represent those amounts falling due within one year.
1.12 Financial Liabilities
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings, payables, or
as derivatives designated as hedging instruments in an effective hedge, as appropriate. All financial liabilities are recognised initially at fair value
and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. A financial liability is derecognised when
the associated obligation is discharged or cancelled or expires.
1.13 Equity instrument
An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all its liabilities. Equity
instruments issued by the Group are recognised as the proceeds received, net of direct issue costs. The costs of an equity transaction are
accounted for as a deduction from equity to the extent they are incremental costs directly attributable to the equity transaction that would
otherwise have been avoided. The Company’s Ordinary Shares are classified as equity instruments and are shown within the share capital
and the share premium reserves.
1.14 Share based payments and Warrants
The Group operates equity-settled, share-based schemes, under which the Group receives services from employees or third-party suppliers
as consideration for equity instruments (options and warrants) of the Group.
The fair value of the third-party suppliers’ services received in exchange for the grant of the options is recognised as an expense in the Income
Statement or charged to equity depending on the nature of the service provided.
The value of the employee services received is expensed in the Income Statement and its value is determined by reference to the fair value
of the options granted: - including any market performance conditions; - excluding the impact of any service and non-market performance
vesting conditions (for example, profitability or sales growth targets, or remaining an employee of the entity over a specified time period);
and - including the impact of any non-vesting conditions (for example, the requirement for employees to save).
The Group classifies instruments issued as financial liabilities or equity instruments in accordance with the substance of the contractual terms
of the instruments. The warrants issued (as outlined in note 17) are classified as equity instruments. The fair value of the share options and
warrants are determined using the Black Scholes valuation model, considering the terms and conditions upon which the options or warrants
were granted. The amount recognised as an expense is adjusted to reflect the actual number of share options that are likely to vest. The
share-based payments reserve is used to recognise the value of equity-settled share-based payments, see to note 17 for further details.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
72
PANTHER METALS | ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
1.15 New IFRS standards and interpretations
The Group has adopted the following new IFRS standards for the year beginning on 1 January 2024
• IAS 1 Amendments regarding the classification of liabilities, Amendments regarding the disclosure of accounting policies, and Amendments
regarding the classification of debt with covenants;
• IAS 7 and IFRS 7 Amendments regarding supplier financial arrangements;
• IFRS 16 Amendments to clarify how a seller-lessee subsequently measures sale and leaseback transactions;
There has been no material impact from the adoption of new standards, amendments to standards or interpretations which are relevant to the Group.
1.16 New accounting standards, amendments and interpretations that are issued but not yet applied by the Group
Certain new standards, amendments and interpretations to existing standards have been published that are mandatory for the following
accounting periods and which the Group has chosen not to adopt early.
The following amendments are effective for the annual reporting period beginning 1 January 2025:
• Lack of Exchangeability (Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates)
The following amendments are effective for the annual reporting period beginning 1 January 2026:
• Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 Financial Instruments and IFRS 7)
• Contracts Referencing Nature-dependent Electricity (Amendments to IFRS 9 and IFRS 7)
The following amendments are effective for the annual reporting period beginning 1 January 2027:
• IFRS 18 Presentation and Disclosure in Financial Statements
• IFRS 19 Subsidiaries without Public Accountability: Disclosures
The Group is currently assessing the impact of these new accounting standards and amendments. Apart from IFRS 18 the Group does not
expect any other standards issued by the IASB, but are yet to be effective, to have a material impact on the Group.
IFRS 18 will replace IAS 1 Presentation of financial statements, introducing new requirements that will help to achieve comparability of the
financial performance of similar entities and provide more relevant information and transparency to users. Management is currently assessing the
detailed implications of applying the new standard on the Group’s consolidated financial statements.
2. Critical accounting estimates and judgements
The preparation of financial statements in conformity with UK adopted International Accounting Standards, requires the use of accounting
estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported
amounts of income and expenses during the reporting period. Although these estimates are based on management’s best knowledge of current
events and actions, actual results ultimately may differ from those estimates.
Share-based payments
The Company issued share options to certain Directors and to professional advisers. The Black-Scholes model is used to calculate the
appropriate cost for these options. The use of this model to calculate a cost involves using several estimates and judgements to establish the
appropriate inputs to be entered into the model, covering areas such as the use of an appropriate interest rate and dividend rate, exercise
restrictions and behavioural considerations. A significant element of judgement is therefore involved in the calculation of the cost. The Directors
Remuneration report refers to the Growth Reward Scheme put in place on 1 November 2024 for Darren Hazelwood and Nicholas O’Reilly. This
has not been accounted for in the financial statements for the year ended 31 December 2024 due to the proximity of the implementation of the
scheme to the year end.
Exploration and evaluation assets
The fair value of the Dotted Lake Project licences and the Obonga Greenstone Project licences cannot be reliably estimated. The licence areas
are at the very early stages of exploration and whilst historical data, geophysics, exploration of the surrounding area and other mining operations
along the greenstone belt exist, until any mineral deposits are fully understood the directors cannot determine its fair value reliably. The directors
have therefore chosen to value the licences by reference to the equity instruments granted and measured at the date of acquisition.
The Group determines that exploration costs are capitalised at the point the Group has a valid exploration licence. The future recoverability of
capitalised exploration and evaluation expenditure is dependent on several factors, including the level of potential resources and whether the
Group’s licences remain in good standing.
The directors have considered indicators of impairment as set out in IFRS 6 and do not believe any such conditions exist and therefore they
have not carried out an impairment review.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PANTHER METALS | ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
73
2. Critical accounting estimates and judgements (continued)
Where the directors identify indicators of impairment IFRS 6 requires an impairment test to be carried out in accordance with IAS 36. To the
extent that it is determined in the future that this capitalised expenditure should be impaired, this will reduce profits and net assets in the period
in which this determination is made.
The directors believe that there are no other areas that involve a high degree of judgement or complexity, or areas where assumptions and
estimates are significant to these financial statements.
3. Segmental information
Continuing activities- Panther Canada
Obonga Project
• Total Area: 291 km2
• Prospective for: Base Metals (Copper, Zinc, Lead, Nickel) and Precious Metals (Gold, Silver and Platinum Group Metals) with Energy Mineral
(Lithium, Graphite) potential.
Panther Metals acquired the Obonga Greenstone Belt in July 2021, identifying four prospective primary targets: Wishbone, Awkward, Survey
and Ottertooth. A successful Phase 1 drilling campaign at Wishbone in Autumn 2021 revealed the presence of significant VMS-style mineralised
systems on the property - the first such discovery across the entire greenstone belt. A Phase 2 drilling campaign took place at Wishbone in
Autumn 2022 and again revealed the presence of a second significant VMS-style mineralised system.
Awkward is a highly anomalous magnetic target, interpreted to be a layered mafic intrusion and magmatic conduit based on mapped geology
and airborne geophysics.
Two additional named targets, Survey and Ottertooth, both display further coincident magnetic and electromagnetic anomalies and are adjacent
to the contact between intrusive and extrusive mafic rocks.
A successful Phase 2 drilling campaign took place at Survey, Wishbone and Awkward in Autumn 2022 and resulted in the discovery of a second
VMS on the Obonga project. The Survey Prospect is confirmed as a new VMS. At the Wishbone VMS System drilling has given further wide
massive sulphide intersections and high-grade zinc intersections. At Awkward the latest round of diamond drilling outlined potentially significant
intersections of near-surface crystalline ‘flake’ graphite.
On 2 February 2023, the Company reported that the results from the latest round of diamond drilling confirmed the discovery of an VMS mineral
system at the Obonga Project. The Survey Prospect is confirmed as a new VMS. In addition, at the Wishbone VMS System, drilling has given
further wide massive sulphide intersections and Zn intersections of up to 11.65% Zn. The latest round of diamond drilling outlined potentially
significant intersections of near surface crystalline ‘flake’ graphite at the Obonga Project, Awkward Prospect.
On 12 May 2023, the Company announced the acquisition, through staking, of 171 additional mining claims that are directly contiguous to the
Obonga Project and which provide coverage of exploration ground considered highly prospective for critical metals on the northwest corner of
the Obonga greenstone belt.
On 1 February 2024, the Company announced it had submitted an Exploration Permit application for additional drilling following the discovery of
VMS base metal mineralisation on the Wishbone Prospect at the Company’s Obonga Project located on the Obonga Greenstone Belt in northern
Ontario. The Exploration Permit application has been submitted in collaboration with Broken Rock, and concerns planned work within 19 single
cell mining claims in the Kashishibog Lake Area and Uneven Lake Area administrative regions. The submitted application covers a planned series
of up to 39 diamond core drill holes and associated down-hole geophysics surveys spread across the Wishbone Prospect in the centre-west
of the Obonga area. The Wishbone application supplements Exploration Permit PR-22-000116 which covers work through to 14 July 2025 at
Obonga’s Survey VMS discovery, and the Ottertooth and Silver Rim prospect areas.
On 2 April 2024, the Company announced the Awkward East Exploration Permit Application, followed by the Awkward West Exploration Permit
Application on the 22 April 2024. The Awkward East application covers a planned series of up to 21 diamond core drill pads and associated
down-hole and surface geophysics surveys spread across the Awkward East application area on the eastern side of the Obonga Project. The
Awkward East application covers a total area of 7.25 km2 and the claims covered by the Purchase Agreement announced on 29 December
2023. The Awkward West Exploration Permit Application concerns 21 claims and covers ground prospective for graphite deposits as well
as intrusive hosted platinum group elements, to the west and south of the Awkward East application area. The Awkward West submitted
application covers a planned series of up to 31 diamond core drill pads and associated down-hole and surface geophysics surveys.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
74
PANTHER METALS | ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
3. Segmental information (continued)
On 24 May 2024, the Company announced the commissioning of a high-resolution drone magnetic geophysics survey over three VMS prospect
areas including the Wishbone Prospect, the Survey Prospect and the Ottertooth Prospect. On 30 May 2024 the Company announced the
appointment of a Thunder Bay based geological consultancy in relation to graphite focussed exploration work.
On 1 July 2024, the Company announced an update for both the VMS and graphite focussed work streams. Detailing that geophysical survey
contractor Pioneer Exploration Consultants Ltd. had completed the unmanned aerial vehicle high resolution airborne magnetic geophysical
surveys over the Survey, Ottertooth and Silver Rim prospect areas. Concurrent to the geophysical survey work, Bayside Geoscience Inc
conducted graphite focussed ground exploration work on the Awkward prospect areas, they successfully traversed and mapped five separate
regions along strike and parallel to Panther’s graphite drill discovery and the conductive plate modelling targets based on the regional
electromagnetic geophysical data. The Bayside work has mapped out metavolcanic and metasedimentary rock packages constrained by
gabbroic intrusives that are orientated strike parallel to the conductive plates.
On 19 July 2024 the Company announced the receipt of Exploration Permit PR-24-000076 covering the Awkward West Prospect, it is valid
through to 17 July 2027 and allows for a comprehensive programme of works over the Awkward West area which includes both the 730m long
‘Trend 3’ graphite target and the Awkward magmatic feeder conduit target focused on a nickel-copper-platinum-palladium discovery.
Dotted Lake Project Background: Critical Mineral Potential
• Total Area: 36.9 km2
• Prospective for: Base Metals (Nickel, Cobalt, Copper, Zinc) and Precious Metals (Gold, Silver, and Platinum Group Metals)
• Arrangement: Fully owned
Panther Metals acquired the Dotted Lake Project in July 2020, it is situated approximately 16km from Barrick Gold’s renowned Hemlo Gold
Mine. An extensive soil programme conducted in 2021 identified numerous gold and base metal targets, all within the same geological footprint.
Following the installation of a new trail providing direct access to the target location, an initial drilling programme in Autumn 2021 confirmed the
presence of gold mineralisation within this system with anomalous gold continuing along strike and present within the surrounding area.
In June 2021, Panther Metals contracted the experienced Thunder Bay based Fladgate Exploration Consulting Corporation to undertake a soil
geochemistry sampling programme over a 1.60km by 0.85km target area. The soil geochemistry survey was designed to build out and in-fill
the westerly strike extensions of high-grade gold mineralisation intersected by historical trenching undertaken by a previous licence holder in
2010 (Tr-10-4) and as confirmed during Panther Metals’ reconnaissance sampling (gold up to 18.9g/t Au) announced 5 November 2020. The
soil survey provided important geochemical coverage of target structures outlined by Panther’s airborne geophysical survey (see Figures 4 & 5)
and delineated a 1.3km long shear-related gold anomaly striking westward from the site of Panther’s Dotted Lake drill hole. A total of 18 multi-
element anomalies were also identified including areas of very strong nickel in soil.
On 22 February 2021, Panther Metals announced the receipt of the processed high-resolution Airborne TDEM and Mag geophysics survey data
and associated maps and report over the Dotted Lake Property on the north limb of the Schreiber-Hemlo greenstone belt in Ontario, Canada.
Prospectair Geosurveys had conducted the helicopter 818 line-km survey over a series of seven flights between 9-11 December 2020. A total
of 138 geophysical anomalies were identified by the survey, with high priority anomalies prioritised for follow-up ground investigation.
On 27 June 2023, the Company provided an exploration permitting update for the Dotted Lake property in the Province of Ontario Canada.
Panther have submitted a comprehensive exploration and drill permit application (number PR-23-000215) that covers 57 claim cells on the north
and northwest side of our 100%.
On 10 July 2024 the Company announced the appointment of Abitibi Geophysics Ltd. (“Abitibi”) a well-respected Canada headquartered
international geophysical survey company, to provide geophysical modelling services for the Dotted Lake Project.
In advance of a planned ground geophysical survey Abitibi have been undertaking three-dimensional (3D) inversion modelling and advanced
processing (CET Grid Analysis) of the airborne high-resolution magnetic and time-domain electromagnetic (“TDEM”) geophysical data resulting
from the Prospectair Geosurvey Inc (“Prospectair”) survey flown for Panther in 2020.
On 22nd July 2024 the Company announced the receipt of Exploration Permit PR-23-000215 covering a series of work and drilling at Dotted
Lake (Table 3). The permit is valid through to 17 July 2027 and allows for a comprehensive programme of critical mineral discovery focussed
works on the highly prospective intrusive linked nickel-copper-cobalt and Platinum Group Metal targets in the north-east of the Dotted Lake
project area
On 17 October the Company announced that Platinum Diamond Drilling Inc. had been contracted to undertake a critical mineral focussed Phase
1 diamond drilling programme and associated access trail logistics. The drilling programme focussed on the discovery of nickel (Ni), cobalt
(Co), copper (Cu), gold (Au) and platinum group element (“PGE”) bearing sulphide mineralisation associated with the mafic-ultramafic intrusive
complex in the north-east of the Dotted Lake Project area and comprises six planned holes for approximately 1,200m diamond core drilling and
will test an initial four target areas.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PANTHER METALS | ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
75
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
3. Segmental information (continued)
On 21 October the Company announced a concurrent 1,000 sample geochemistry soil survey had commenced at Dotted Lake, performed by
Bayside Geoscience Inc. The survey comprises an extension and infill sampling to Panther’s soil survey grid completed in 2021 which yielded
significant nickel (Ni), cobalt (Co), copper (Cu), gold (Au) and platinum group element (“PGE”) anomalies.
On 9 December 2024 the Company provided an updated on a drilling programme at its Dotted Lake Project. Notably Phase 1 of the Diamond
Drilling Programme had successfully completed the drill testing of the initial Target Areas C, D, E & F, with a total of 1,558m, an increase of 30%
on the proposed 1,200m, drilled across five holes.
On 30 December 2024 the Company announced an update on its drilling results at its Dotted Lake Project, the 100% owned exploration
property situated on the north limb of the Schreiber-Hemlo Greenstone Belt in Ontario, Canada. Notably, the first batch of assay results from the
Phase 1 Diamond Drilling Programme comprising downhole intersections from drillhole DL24-001 returned highly anomalous gold, silver, zinc
and base metal assays at Target D on the southern shore of Lampson Lake. Drill core assay results are by ALS Laboratories methods ME-MS61r
(4 acid multielement package) and PGM-ICP23 (Pt, Pd and Au by fire assay and ICP-AES finish).
Manitou Lakes Project
• Total Area: 123.4 km2 located upon the Archean age Eagle-Manitou-Wabigoon Greenstone Belt in northwestern Ontario.
• Prospective for: Precious Metal (Gold))
• Arrangement: Option and sale and purchase agreement with Shear Gold Exploration Corporation
On 3 May 2023 the Company announced the award of Exploration Permit PR-23-000024 (the “Permit”) for drilling at the Manitou Lakes Project
(“Manitou Lakes” or the “Project”) in Ontario, Canada. The Permit, which is valid through to 24 April 2026, covers the Barker Prospect on
the West Limb area of the Project and allows for ground and down-hole geophysics, bedrock stripping and up to 23 drill holes over an area
encompassing 7 mining claims.
On 27 September 2023 the Company announced the acquisition by staking of 19 additional single cell mining claims (“Claims”), covering circa
415 hectares (4.15km2). The Claims comprise two blocks of ground, the Scattergood Lake block and Beaverhead Island block, that are directly
contiguous to the Manitou Lakes Project and which provide additional coverage of exploration ground considered highly prospective for gold.
On 1 November 2023 the Company announced the commencement of the inaugural Manitou Lakes Project diamond drilling programme which
is targeting gold mineralisation at the Glass Reef Target.
The planned diamond drilling programme has been designed to test a linear gold in soil anomaly delineated in the vicinity and along strike
of the historical Glass Reef Mine which worked a quartz gold stockwork between the 1890s and 1912. The current planned programme will
encompass up to six diamond drill holes over a 300m strike length.
On 5 December 2023, the Company announced the successful conclusion of the inaugural drilling programme with 5 holes for 503 metres of
diamond core drilling successfully completed at the Glass Reef target.
On 28 June 2024 the Company announced an update for the Manitou Lakes Project where the inaugural diamond drilling has confirmed gold
mineralisation in four of the five holes drilled at the Glass Reef Target. The drilling was a follow‐up on the widespread anomalous gold in soil and
rock sampling values in Panther’s geochemical survey over the historical Glass Reef Mine area.
On 18 September 2024, the Company announced the termination of the option and sale and purchase agreement with Shear Gold Exploration
Corporation dated 7 April 2022 pursuant to which the Company had agreed with to purchase a substantial claim holding including the West
Limb and Glass Reef gold properties, on the Eagle – Manitou Lakes Greenstone Belt in Ontario, Canada.
As at 31 December 2024 the exploration and evaluation asset totalled £2,262,286 (2023: £1,883,466) relating to project expenditure. In the
financial years to 31 December 2023 and 2022 Panther Canada did not record any turnover and recorded a loss of £197,053 (2023: £10,003)
attributable to administrative costs and the write down of all project expenditure in relation to the Manitou Lakes project. All other expenses were
capitalised and held as evaluation and exploration assets in accordance with the Group’s accounting policy.
76
PANTHER METALS | ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
3. Segmental information continued
Geographical segments
The Group’s assets and liabilities are split by geographic location in the table below.
As at 31 December 2024
Canada
£
Isle of Man
£
Group
£
Total assets
2,339,713
2,709,013
3,035,327
Total liabilities
(2,305,043)
(467,900)
(924,131)
Net assets/ (liabilities)
34,670
2,241,113
2,111,196
As at 31 December 2023
Canada
£
Isle of Man
£
Group
£
Total assets
1,889,323
4,287,181
4,261,423
Total liabilities
(1,924,491)
(696,075)
(704,478)
Net assets/ (liabilities)
(35,168)
3,591,106
3,556,945
4. Operating loss
Year ended
31 December
2024
£
Year ended
31 December
2023
£
Operating loss has been arrived at after charging:
Loss/ (gain) on foreign exchange
118,818
46,878
Auditors remuneration – audit fees
28,000
24,000
5. Employees
There were no employees of the Group during the year. Director’s remuneration is separately disclosed in the Director’s Remuneration Report
on page 48 to 55.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PANTHER METALS | ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
77
6. Taxation
The Company is incorporated in the Isle of Man which has a corporation tax rate of 0%. During the year ended 31 December 2021, Company
registered for tax in the UK. The tax on profit/(loss) for the year is calculated at the standard rate of corporation tax in the UK of 25%
(2023: 25%). The tax charge for the year is £nil (2023: £nil).
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax
as follows:
Year ended
31 December
2024
£
Year ended
31 December
2023
£
Profit/(loss) before tax
(1,940,312)
321,477
Corporation tax at the standard rate
(485,078)
80,369
Effect of unrelieved tax losses carried forward
485,078
(80,369)
Total tax charge/ (credit)
-
-
There is an unrecognised deferred tax asset as at 31 December 2024 of £494,678 (2023: £162,102) which in view of the trading results, is
not considered by the directors to be recoverable in the short term. The applicable tax rate is 25% which was substantially enacted under UK
legislation and would be the rate applicated when the asset reverses.
7. Earnings/ (Loss) per share
On 13 June 2024, the Company announced that at its Annual General Meeting held on 13 June 2024, inter alia, a resolution was passed which
approved the consolidation of 92,822,307 existing ordinary shares (“Existing Ordinary Shares”) of no-par value on a 25 into 1 basis, such that
every 100 Existing Ordinary Shares are consolidated into 4 ordinary shares. As a result of the approval of the Share Consolidation, the Company
had 3,712,309 new Ordinary Shares in issue.
The basic loss per share for the period of (56.50) p (2023: 0.290p original EPS, 7.25p restated EPS) is calculated by dividing the loss for the
period by the weighted average number of Ordinary Shares in issue of 3,915,632 (2023: 92,822,307 Ordinary Shares, restated 3,712,892).
There are 1,420,242 potentially issuable shares all of which relate to share options issued to Directors and professional advisers under option,
options issued as part of acquisitions and warrants issued as part of placings and the issuance of debt (see note 14), the weighted average
number of potential Ordinary Shares in issue is 5,335,874 (2023: 134,738,465 Ordinary Shares, 5,389,539 restated). Due to the losses in the
year ended 31 December 2024, the diluted loss per share is anti-dilutive and therefore has been kept the same as the basic loss per share of
(56.50) p per share (2023: diluted earnings per share is 0.199p, 4.99p restated).
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
78
PANTHER METALS | ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
8. Exploration and evaluation assets
Group
Panther Canada
£
Panther PLC
Total
£
Net book value
At 1 January 2024
1,864,026
19,440
1,883,466
Additions
702,591
-
702,591
Termination of option at Manitou Lakes
(180,462)
-
(180,462)
Foreign exchange
(123,869)
-
(123,869)
At 31 December 2024
2,262,286
19,440
2,281,726
Canada- Dotted Lake Project
During the year ended 31 December 2023 expenditure on the project amounted to £1,961 and related to geological consultancy. During the
year ended 31 December 2024 expenditure on the project amounted to £492,372 and related to the Autumn drilling programme, rock sampling,
core processing and soil sampling costs, the purchase of geological software and geological consultancy.
Canada- Obonga Greenstone Belt Project
During the year ended 31 December 2023 expenditure on the project amounted to £57,653 and related to geological consultancy, staking, core
processing, warehousing, claims management and reporting and helicopter surveys. During the year ended 31 December 2024 expenditure on
the project amounted to £183,140 and related to helicopter surveys, drone surveys, and geological consultancy.
Canada- Manitou Lakes Project
During the year ended 31 December 2023 expenditure on the project amounted to £87,654 relating the Autumn drilling programme and
geological consultancy, claims management and reporting. In 2024 project expenditure relating to sampling and geological consultancy related
to £27,079. On 18 September 2024, the Company announced the termination of the option and sale and purchase agreement with Shear Gold
Exploration Corporation dated 7 April 2022 and all project expenditure incurred was written off to the income statement.
Panther Metals PLC
The Company directly holds a small amount of exploration and evaluation assets in projects in Queensland and Mauritania. The technical
feasibility and commercial viability of extracting a resource are not yet demonstrable in the above exploration and evaluation assets. When
technical feasibility and commercial viability is established, and the criteria is met they will be transferred to Property, Plant and Equipment.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PANTHER METALS | ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
79
9. Investments
Company
Investments
£
At 1 January 2023
1,044,644
Panther Australia loss on associate
(171,393)
Panther Australia foreign exchange gain
2,790
Panther Australia reclassification of associate as held for sale investment
(876,040)
At 31 December 2023 and 31 December 2024
1
On 11 December 2023 the Company announced its entire holding in ASX listed Panther Metals Ltd was released from escrow and became
free trading. At this point the entire holding stated in the table above was reclassified as a held for sale investment (see note 10). The Company
recognised the share of its losses in the associate and then reclassified the investment as held for sale.
The Company’s investments at the balance sheet date comprise ownership of the ordinary share capital of the following companies:
Subsidiary
Ownership
Country of Incorporation
Nature of business
Lonnus (M) Sdn Bhd
100%
Malaysia
Dormant
Panther Metals (Canada) Ltd
100%
Canada
Exploration
The subsidiary companies use the Company’s business address of Eastways Enterprise Centre, 7 Paynes Park, Hitchin, Hertfordshire, SG5 1EH
as their registered office.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
80
PANTHER METALS | ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
10. Investments Held for Sale
Investments Held for Sale
Fulcrum Metals plc
£
Panther Metals
Limited
Total
£
Net book value
At 1 January 2024
1,610,888
642,120
2,253,008
Disposals in the period
(369,608)
(642,120)
(1,011,728)
Fair value loss of investment held for sale
(610,010)
-
(610,010)
At 31 December 2024
631,270
-
631,270
Fulcrum Metals plc
On 10 February 2023, the Company noted that Fulcrum Metals plc had announced the successful pricing of an IPO and conditional placing of
17,142,857 ordinary shares in the capital of Fulcrum Metals plc to raise gross proceeds of approximately £3 million. As a result, Panther held
a total of 9,971,839 ordinary shares in Fulcrum Metals plc representing a 20% interest in the entire issued share capital of Fulcrum Metals plc,
valuing Panther’s interest at £1.745 million at the Fulcrum Placing Price. In addition, Panther held a total of 714,286 warrants exercisable at
17.5 pence with a two-year life from the date of Admission and a further 476,190 warrants exercisable at 26.25 pence with a three-year life.
On 12 March 2024 the Company announced the sale of 2,346,717 ordinary shares of 1p each on 11 March 2024 at an average price of 15.2
pence per Ordinary Share. The sale realised proceeds of £356,701 with a loss of £48,676 recognised in relation to the disposal. Following the
sale, Panther holds 7,625,122 Ordinary Shares representing 15.26% of the Fulcrum issued share capital. The position in relation to the warrants
remained unchanged.
Pursuant to the sale, on 11 March 2024 the Company entered into a new lock-in agreement with Fulcrum, Allenby Capital and Clear Capital,
thereby imposing a hard lock-in period on the Panther Shares to 15 May 2025 and the orderly market provision on the Panther Shares for a
year thereafter through to 15 May 2026. The provisions apply to the existing Ordinary Shares and any Ordinary Shares allotted and issued to or
subsequently acquired by Panther during the locked-in period described in the New Agreement.
As at 31 December 2024, the investment in Fulcrum Metals plc of the 7,625,122 shares continued to be classed as held for sale on the basis
that the ordinary shares can be sold within the next 12 months and has been valued at the market price of the ordinary shares as at that date
being 7.75 pence and the warrants on the same value as was recognised on inception. The difference between the market value of the retained
holding as at 31 December 2023 and as at 31 December 2024 of £610,010 has been recognised in the income statement in the period.
Panther Metals Limited
On 11 December 2023 the Company announced its entire holding in ASX listed Panther Metals Ltd was released from escrow and became free
trading. At this point the entire holding of 20,000,001 shares was reclassified as a held for sale investment on the basis that the ordinary shares
can be sold within the next 12 months. During the year ended 31 December 2024 the Company’s entire holding was disposed of as follows:
• On 31 May 2024, the Company announced the sale of 1,131,446 shares for a total aggregate amount of $55,615, approximately £28,935
sterling. The loss on disposal amounted to £7,391 and has been recognised in the income statement.
• On 1 October 2024, the Company announced the sale of 645,249 shares for a total aggregate amount of $19,273, approximately £9,954
sterling. The loss on disposal amounted to £12,520 and has been recognised in the income statement.
• On 11 October 2024, the Company announced the sale of 18,223,306 shares for a total aggregate amount of $421,328, approximately
£219,000 sterling. The loss on disposal amounted to £372,593 and has been recognised in the income statement.
The total loss on held for sale investments amounted to £392,504 for Panther Metals Limited and £658,685 for Fulcrum Metals PLC with a total
of £1,051,189 recognised in the income statement.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PANTHER METALS | ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
81
11. Receivables
Group
Company
As at
31 December
2024
£
As at
31 December
2023
£
As at
31 December
2024
£
As at
31 December
2023
£
Amounts falling due within one period
Amounts due from subsidiaries
-
-
2,013,399
1,915,081
Prepayments
13,716
30,294
13,716
30,294
Other receivables
91,079
28,535
14,990
10,103
104,795
58,829
2,042,105
1,955,478
12. Cash and cash equivalents
Cash and cash equivalents comprise cash held at bank.
13. Trade and other payables
Group
Company
As at
31 December
2024
£
As at
31 December
2023
£
As at
31 December
2024
£
As at
31 December
2023
£
Trade payables
507,187
74,331
85,627
65,928
Accruals
90,076
36,311
55,405
36,311
Deferred consideration (note 15)
16,653
23,716
16,653
23,716
613,916
134,358
157,685
125,955
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
82
PANTHER METALS | ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
14. Convertible Loan Note and Loan Notes
Group
Company
As at
31 December
2024
£
As at
31 December
2023
£
As at
31 December
2024
£
As at
31 December
2023
£
Current Liabilities payable within 1 year
Amount due to Convertible Loan
Note Holders (Aug 2023)
-
234,000
-
234,000
Amount due to Loan
Note Holders (November 2023)
172,500
172,500
172,500
172,500
172,500
406,500
172,500
406,500
On 31 August 2023, the Company announced that it has raised in aggregate £200,000 (before expenses) by the issue of 17% unsecured
convertible loan notes with a 12-month maturity and possible early conversion and warrants attached on a one-for-one basis with an exercise
price of 5.5 pence each. The features of the convertible loan notes are as follows:
• The conversion price of each Convertible Loan Note is 4.1 pence per ordinary share.
• The Convertible Loan Notes are convertible at the option of the Company into such number of ordinary shares in the capital of the Company
as is the product of dividing the amount of an individual holder’s Convertible Loan Notes and accrued interest by 4.1 pence.
• The Warrants are attached to the Convertible Loan Notes on a one-for-one basis at an exercise price of 5.5 pence each (see note 17).
On 20 November 2023, the Company announced the issue of 15% unsecured loan notes with a 12-month maturity and warrants attached on
a one-for-one basis with an exercise price of 3.3 pence. As and when the warrants are converted the value of those warrants will be subtracted
from the outstanding loan balance owed by the Company.
The Company has determined that both debt instruments are liabilities as the Company has an obligation to deliver cash or another financial
asset that it cannot avoid. The presentation of the debt as at 31 December 2023 fully accrues interest due on the debt (£34,000 for the
Convertible Loan Note and £22,500 for the loan notes respectively) as early settlement is at the determination of the Company but on a 12
month maturity basis.
The conversion of the Convertible Loan Notes is at the determination of the Company rather than the loan note holder (reverse convertible loan
notes) and is for a fixed number of shares. As at 31 December 2023 the intention was to settle in cash. The Company therefore determined that
at the balance sheet date, any equity component of the Convertible Loan Notes would have a value of £nil. However, during 2024 the Company
opted to convert the Convertible Loan Notes into equity (see note 16).
The November 2023 Loan Note Holders agreed to carry over the loan notes into 2025 (see note 21 for subsequent treatment and conversion
into equity).
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PANTHER METALS | ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
83
15. Provision for Deferred Consideration
Group
Company
As at
31 December
2024
£
As at
31 December
2023
£
As at
31 December
2024
£
As at
31 December
2023
£
Current Liabilities payable within 1 year
Amount due to Broken Rock
16,653
17,787
16,653
17,787
Amount due to Aki Siltamaki
-
5,929
-
5,929
16,653
23,716
16,653
23,716
Non-Current Liabilities
Amount due to Broken Rock
137,715
163,620
137,715
163,620
154,368
187,336
154,368
187,336
On 2 August 2021, the Company announced the acquisition of 1,128 claims, constituting an almost exclusive exploration holding over the
Obonga Greenstone Belt located approximately 80km north of the Lac Des Iles Mine and 160km north of Thunder Bay in the Province of
Ontario Canada. The acquisition of claims, consolidating Panther Canada’s new Obonga Project, results from an agreement with Broken
Rock Resources Ltd and Panther’s own claim staking strategy which provides the Company with control of an important mineral belt with
identified and permitted high prospectivity drill-ready base and precious metal targets. Consideration for the Broken Rock transaction
consisted of CAD$50,000 in cash, 228,925 Panther shares credited as fully paid, the right to receive deferred consideration comprising
four tranches of CAD$30,000 in cash each payable within 30 days of the annual anniversary of the acquisition agreement, followed by a
final payment of CAD$250,000 in cash payable within 30 days of the fifth anniversary of the date of the acquisition agreement and 1.5%
NSR royalty (which has provision for Panther to reduce the royalty to 1.0% NSR through a CAD$3,000,000 buy-back). As part of the
transaction Panther also awarded 500,000 share options with an exercise price of 13p per share and a life of five years.
In November 2021, the Company agreed a deal with Aki Siltamaki to take an option on four further properties on the Obonga greenstone
belt to supplement its landholding in the area. The headline consideration was CAD$30,000 upfront and an ongoing payment of CAD
$10,000 per year for the three consecutive years of the agreement and the final payment of CAD $200,000. The final payment is
contingent on success in the ground.
A deferred consideration liability has been recognised as there are no conditions attached to these payments. The amounts payable over
time have been discounted to present value. Each year the liability is increased by the interest rate used in the discounting calculation with
subsequent increases expensed to finance costs.
During the year ended 31 December 2024, payments of CAD$30,000 and CAD$10,000 were made to Broken Rock and Aki Siltamaki
respectively and £1,172 (2023: £1,431) was recognised in finance costs.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
84
PANTHER METALS | ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
16. Share capital
The table below presents the number of new Ordinary Shares after each equity transactions that occurred in the year ended 31 December 2024
and the comparative period to 31 December 2023.
Number of new
Ordinary Shares
No
Share
Capital
£
Allotted, issued and fully paid:
As at 1 January 2024
92,822,310
6,330,665
Placing on 23 May 2024
8,333,334
375,000
As at 12 June 2024
101,155,644
6,705,665
25 to 1 share consolidation on 13 June 2024
4,046,226
6,705,665
Conversion of Convertible Loan Notes
232,854
238,676
As at 31 December 2024
4,279,080
6,944,341
No shares were issues in the year ended 31 December 2023.
Placing
On 23 May 2024 the Company announced the completion of a placing raising £375,000 (before expenses) by the issue of 8,333,334 new
ordinary shares at a price of 4.5 pence. Each Placing Share was issued with one warrant attached entitling the holder to subscribe for one new
ordinary share at a price of 7.5 pence with a life of 36 months from the date of Admission.
Share Consolidation
On 13 June 2024, the Company announced that at its Annual General Meeting held on 13 June 2024, inter alia, a resolution was passed which
approved the consolidation of 92,822,310 existing ordinary shares (“Existing Ordinary Shares”) of no par value on a 25 into 1 basis, such that
every 100 Existing Ordinary Shares are consolidated into 4 ordinary shares. As a result of the approval of the Share Consolidation, the Company
had 3,712,892 new Ordinary Shares in issue.
The announcement on 13 June 2024 reflected the number of shares in issue prior to the May 2024 Placing as this was the figure stated in the
Company’s AGM notice. The table above shows the position reflecting the issue of the May placing shares which were then consolidated at the
time of the approval of the share consolidation at the Annual General Meeting on 13 June 2024.
Convertible Loan Note Conversions
On 30 July 2024 the Company announced that it received notification on 28 July 2024 that Darren Hazelwood, the chief executive officer of the
Company, had exercised the conversion rights attaching to the £56,000 of convertible loan notes held by him in respect of principal and accrued
interest of £9,520. As a consequence, Mr Hazelwood was issued with 63,922 new ordinary shares of no par value in the capital of the Company
at a price of £1.025 per ordinary share. The ordinary shares were admitted on 5 August 2024.
On 1 August 2024 the Company announced that it received notification on 31 July 2024 that Nicholas O’Reilly, the executive chairman of the
Company, had exercised the conversion rights attaching to the £50,000 of convertible loan notes held by him in respect of principal and accrued
interest of £8,500. As a consequence, Mr O’Reilly will be issued with 57,073 new ordinary shares of no par value in the capital of the Company
at a price of £1.025 per Ordinary Share. The ordinary shares were admitted on 8 August 2024.
On 6 November 2024 the Company announced that it received notification that the remaining convertible loan note holders had exercised their
conversion rights attaching to the (£60,987) of convertible loan notes held by them in respect of principal and interest due (which includes a
4.25% extension premium). As a consequence, the remaining holders will be issued with 59,500 new ordinary shares of no par value in the
capital of the Company at a price of £1.025 per Ordinary Share. The ordinary shares were admitted on 11 November 2024.
On 25 November 2024 the Company announced that it received notification that the remaining convertible loan note holders had exercised their
conversion rights attaching to the (£53,668) of convertible loan notes held by them in respect of principal and interest due (which includes a
4.25% extension premium). As a consequence, the remaining holders were issued with 52,360 new ordinary shares of no par value in the capital
of the Company at a price of £1.025 per ordinary share. The ordinary shares were admitted on 28 November 2024.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PANTHER METALS | ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
85
17. Share based payment transactions
Equity settled share-based payments
On 31 August 2023, the Company announced that it has raised in aggregate £200,000 (before expenses) by the issue of 17% unsecured
convertible loan notes with a 12-month maturity and possible early conversion and warrants attached on a one-for-one basis with an exercise
price of 5.5 pence each. The Warrants are attached to the Convertible Loan Notes on a one-for-one basis at an exercise price of 5.5 pence each.
On 1 November 2023, the Company announced that it has issued 1,200,000 management options to the new directors Tracy Hughes and
Katherine O’Reilly at the exercise price of 0.06p with a 5-year life.
On 20 November 2023, the Company announced the issue of 15% unsecured loan notes with a 12-month maturity and warrants attached on
a one-for-one basis with an exercise price of 3.3 pence.
On 23 May 2024 the Company announced the completion of a placing raising £375,000 (before expenses) by the issue of 8,333,334 new
ordinary shares at a price of 4.5 pence. Each Placing Share was issued with one warrant attached entitling the holder to subscribe for one new
ordinary share at a price of 7.5 pence with a life of 36 months from the date of Admission.
During the year the 2021 Placing Warrants and both sets of 2023 Loan Notes warrants expired. The warrants were therefore cancelled and the
previous charges credited to the share-based payment reserve with a transfer in equity in the Statement of Changes in Equity.
The Directors Remuneration report refers to the Growth Reward Scheme put in place on 1 November 2024 for Darren Hazelwood and Nicholas
O’Reilly. This has not been accounted for in the financial statements for the year ended 31 December 2024 due to the proximity of the
implementation of the scheme to the year end and its minimal effect on the financial statements.
Options and warrants issued, cancelled and outstanding at the year end
Pre Consolidation
(see note 16)
Post Consolidation
(see note 16)
1 Jan 2024
No of options
Issued
Cancelled
At 31 Dec
2024
No of options
Weighted
average
exercise
price (pence)
At 31 Dec
2024
No of options
Weighted
average
exercise
price (£)
Obonga options
500,000
-
-
500,000
0.13
20,000
3.25
Management options
4,600,000
-
-
4,600,000
0.15
184,000
3.75
Placing Warrants -
Sept 2021
5,250,000
-
(5,250,000)
-
-
-
-
Placing Warrants -
Aug 2022
20,872,726
-
20,872,726
0.085
834,909
2.13
Loan Note Warrants -
August 2023
4,878,048
-
(4,878,048)
-
-
-
-
Loan Note Warrants -
November 2023
4,615,385
-
(4,615,385)
-
-
-
-
Management Options -
November 2023
1,200,000
-
-
1,200,000
0.060
48,000
1.50
Placing Warrants -
May 2024
-
8,333,334
-
8,333,334
0.075
333,333
1.88
41,916,159
8,333,334
(14,743,333)
35,506,060
0.50
1,420,242
12.51
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
86
PANTHER METALS | ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
17. Share based payment transactions continued
Options and warrants outstanding and exercisable at the year end
Post consolidation of
options, vested and
exercisable
Post consolidation
exercise price (£)
Weighted average
contractual life
(years)
Expiry date
Obonga options
20,000
3.25
1.59
2 August 2026
Management options -
August 2021
184,000
3.75
1.64
22 August 2026
Placing Warrants -
August 2022
834,909
2.13
0.63
18 August 2025
Management Options -
November 2023
48,000
1.50
3.84
1 November 2028
Placing Warrants -
May 2024
333,333
1.88
2.39
23 May 2027
A Black-Scholes model has been used to determine the fair value of the share options and warrants on the date of grant. The model assesses
several factors in calculating the fair value. These include the market price on the date of grant, the exercise price of the share options, the
expected share price volatility of the Company’s share price, the expected life of the options, the risk-free rate of interest and the expected level
of dividends in future periods.
For those options granted where IFRS 2 “Share-Based Payment” is applicable, the fair values were calculated using the Black-Scholes model.
The inputs into the model were as follows:
Date of grant
Risk free rate
Share price volatility
Expected life
Share price at grant date
Obonga options -
August 2021
0.66%
55%
5 years
0.1363
Management options -
August 2021
0.77%
55%
5 years
0.1175
Placing Warrants -
August 2022
3.67%
54%
3 years
0.0535
Management Options -
November 2023
5.49%
43%
5 years
0.0340
Placing Warrants -
May 2024
4.31%
55%
3 years
0.4075
The total charge to the consolidated statement of comprehensive income for the year to 31 December 2024 was £152,991 (2023: charge
of £76,856).
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PANTHER METALS | ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
87
18. Financial instruments
The following financial instruments were held at the balance sheet date:
Group
Company
As at
31 December
2024
£
As at
31 December
2023
£
As at
31 December
2024
£
As at
31 December
2023
£
Financial assets
Held for sale investments
631,270
2,253,008
631,270
2,253,008
Amounts due from related parties
-
-
2,013,399
1,915,081
Other receivables
91,079
28,535
14,990
10,103
Cash and cash equivalents
17,536
66,120
16,197
59,254
739,885
2,347,663
2,675,856
4,237,446
Financial liabilities
Trade payables
507,187
74,331
85,627
65,929
Accruals
90,076
36,311
55,405
36,311
Deferred consideration
154,368
187,336
154,368
187,336
Loan notes
172,500
406,500
172,500
406,500
924,131
704,478
467,900
696,076
Financial risk management objectives
In the normal course of its operations the Group is exposed to a variety of risks from both its operating and investing activities. The Group’s risk
management is coordinated by the Board of Directors and focuses on actively securing the Group’s short to medium term cash flows.
The main risks the Group is exposed to through its financial instruments are capital management risk, credit risk, market risk and liquidity risk.
Capital risk management
The Group manages its capital to ensure that it will be able to continue as a going concern while maximising the return to stakeholders through
the optimisation of the equity balance. The capital structure of the Group consists of equity attributable to equity holders consisting of issued
share capital, reserves and retained losses as disclosed in the Statement of Financial Position.
Credit risk
Credit risk is the risk of financial loss to the Group if a counterparty to a financial instrument fails to meet its contractual obligations. The Company
has borrowings outstanding from its subsidiaries, the ultimate realisation of which depends on the successful exploration and realisation of the
Group’s evaluation and exploration assets.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
88
PANTHER METALS | ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
18. Financial instruments continued
Market risk
The Group will incur exploration costs in Canadian Dollars but it has raised capital in £Sterling and its banking facilities are based in the UK and
Canada. Fluctuations in exchange rates of Canadian Dollar against £ Sterling may materially affect the Group’s translated results of operations.
The Company does not enter forward exchange contracts to mitigate the exposure to foreign currency risk as amounts paid and received in
specific currencies are expected to largely offset one another and the currencies most widely traded are relatively stable.
As the Group’s activities continue to develop the Board of Directors will monitor the exposure to foreign currency risk. No sensitivity analysis has
been prepared on the basis that the effects are minimal.
Liquidity risk
Liquidity risk is the risk the Group will not be able to meet its financial obligations as they fall due. The ultimate responsibility for liquidity risk
management rests with the Board of Directors, which monitors the Company’s short-, medium- and long-term funding and liquidity management
requirements. The Company’s liquidity risk arises in supporting the exploration activities of its subsidiaries whilst also having sufficient resources
to maintain the Company’s listing status and overheads.
The Board of Directors maintains detailed working capital forecasts and exploration budgets to ensure sufficient resources exist to fund the
Group’s short-term plans. The Board will seek to raise funds from share capital to fund its medium to long term plans.
The Group’s financial liabilities, consisting of trade and other payables, were settled within four weeks of the year end.
19. Financial commitments
Dotted Lake Financial Commitments
The project licences held by Panther Canada in respect of Dotted Lake are subject to minimum spend requirements and to retain the licences
the Group is committed to spend CAD$69,600 in the next 12 months (2023: CAD$51,600).
Obonga Financial Commitments
The project licences held by Panther Canada at Obonga are subject to minimum spend requirements and to retain the licences the Group is
committed to spend CAD$486,292 in the next 12 months (2023: CAD$441,600).
Operating Lease Commitments
The Company leases its premises in Paynes Park Hitchin under a service agreement with a 3-month cancellation term giving rise to a potential
financial obligation of £1,912 should the lease be terminated.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PANTHER METALS | ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
89
20. Related party transactions
Transactions between the Company and its subsidiaries, which are related parties, have been eliminated on consolidation. The Group has
therefore elected not to disclose transactions between the Company and its subsidiaries, as permitted by IAS 24.
Mining Analyst Consulting Limited, a company owned by Nicholas O’Reilly, charged Panther Canada £30,242 (2023: £20,000) in respect of
geological consultancy services and charged the Company £27,000 (2023: £12,000) in relation to accounting and consultancy services.
Directors’ remuneration is detailed within the Directors’ Remuneration Report on pages 43 to 51. During the year ended 31 December 2024,
Directors’ remuneration has been paid to individuals as salaries (through payroll). The fees paid to Directors were paid to the following service
companies (figures include consultancy fees noted above).
Fees paid to Directors’ service companies
Company Name
Director
Year ended
31 December
2024
£
Year ended
31 December
2023
£
CoMo Investment Solutions
M Smith
-
20,833
Mining Analyst Consulting Limited
N O’Reilly / K O’Reilly
57,242
32,000
57,242
52,833
21. Subsequent events
On 20 January 2025 the Company announced the completion of a conditional placing, confirming it has placed 910,000 ordinary shares of
no-par value at a price of 50 pence raising gross proceeds of £455,000. Each share was issued with one warrant attached entitling the holder
to subscribe for one new ordinary share at a price of 75 pence. The warrants have a life of 36 months from the date of Admission. Admission
took place on 28 February 2025.
On 12 March 2025 the Company announced it had agreed terms to capitalise its only outstanding debt facilities, comprising the £150,000 of
unsecured convertible loan notes announced 20 November 2023, which carry an interest rate of 15%. The Company will settle this liability by
the issue of new ordinary shares with warrants attached, on the same economic terms as the most recent placing announced on 20 January
2025. Subject to shareholder approval, the Company will proceed to allot, issue, and admit to listing, a combined total of 362,250 shares at an
issue price 50p (the “Settlement Shares”) and deliver 362,250 warrants with an exercise price of 75p to the former holders of the loan notes.
The warrants will have a life of 3 years and be subject to an “accelerator” requiring the warrants to be exercised should the Panther share price
exceed £1.50 at any time over a period of 20 trading days following the date of the issue of the warrants.
On 2nd April 2025 the Company held a General Meeting at which, relating to the allotment, issue, and admission to listing of a combined total
of 362,250 new ordinary shares of no par value each (“Ordinary Shares”) at an issue price 50p (the “Settlement Shares”) and delivery of 362,250
warrants with an exercise price of 75p to the former holders of loan notes, authority was provided from Shareholders for Panther Metals to issue
the Settlement Shares and the new Ordinary Shares underlying the warrants.
On 3 April 2025 the Company announced an Amending Agreement on the Obonga project extending the existing agreement for a further 12
months and meaning that the exploration commitment is now spread over five years; whilst the original net smelter return royalty is replaced
with a gross revenue royalty equal to 1.5% of the gross value of the sale proceeds actually received by the royalty payer from activity carried out
on the Property. In connection with the signing of the Amending Agreement the Company allotted and issued 42,070 new ordinary shares (the
“Consideration Shares”) with a value of Canadian $30,000 to Broken Rock based on the mid-market closing price of Panther’s ordinary shares
on 27 March 2025 and an exchange rate of CAD$1.85 to £1.00.
On 8 April 2025 the Company announced that it sold a total of 7,625,122 ordinary shares of nominal value 1 pence each in the capital of
Fulcrum Metals plc (“Fulcrum”) (the “Ordinary Shares”) on 7 April 2025, at a price of 3.5 pence per Ordinary Share, for an aggregate amount of
£266,879.27 (net of fees and expenses). The Fulcrum sale constitutes a disposal of Panther’s remaining holding in Fulcrum.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
90
PANTHER METALS | ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
Directors
Darren Hazelwood (Chief Executive Officer)
Nicholas O’Reilly (Executive Chairman)
Simon Rothschild (Non-Executive Director)
Tracy Hughes (Non-Executive Director)
Katherine O’Reilly (Non-Executive Director)
Secretary
Cavendish Secretaries Limited
Company number
009753V (Isle of Man)
Registered office
19-21 Circular Road
Douglas
IM1 1AF
Isle of Man
Auditors
Keelings Limited
Broad House
The Broadway
Old Hatfield
Hertfordshire
AL9 5BG
United Kingdom
Lawyers
Orrick, Herrington & Sutcliffe (UK) LLP
107 Cheapside
London
EC2V 6DN
United Kingdom
Bankers
Bank of Montreal
595 Burrard Street
Vancouver
V7X1L7
Canada
Lloyds Bank PLC
1 Bancroft
Hitchin
SG25 1JQ
United Kingdom
Registrars
Computershare Investor Services (Jersey) Limited
Queensway House
Hilgrove Street
St. Helier
Jersey
JE1 1ES
Channel Islands
COMPANY INFORMATION
Panther Metals PLC
Eastways Enterprise Centre
7 Paynes Park, Hitchin, Hertfordshire,
SG5 1EH United Kingdom
+44 (0)1462 429743
info@panthermetals.co.uk
www.panthermetals.co.uk