Panthera Resources plc
Panthera Resources PLC is an AIM-quoted (ticker PAT; also OTCQB: PATRF) gold exploration and development group with a portfolio of early-stage gold projects in Mali (Bassala, Kalaka) and Burkina Faso (Bido, and a 20% stake in the Cascades project via Moydow Holdings Limited). The Group generates no revenue and its primary near-term value driver is a US$1.58 billion (net of Indian taxes) international treaty arbitration claim against the Republic of India relating to the frustrated Bhukia gold project in Rajasthan, funded by a US$13.6 million non-recourse litigation funding facility from Litigation Capital Management (LCM).
FY2026 in sixty seconds
year to 31 Mar 2026 · approved 2 Sept 2026 · 118 pages · Companies House
Panthera Resources PLC explores for gold in Mali and Burkina Faso and is pursuing a US$1.58 billion damages claim against India over a blocked gold project there. It had no revenue in the year to 31 March 2026, as before, and its loss widened to $2.7m from $2.4m.
The report puts this mainly down to higher running costs, including staff pay, a larger chief executive bonus and investor relations work. Exploration spending fell because licence renewals in Mali were delayed. Smaller charges included writing down money owed by a project partner.
Cash fell to $2.1m from $3.1m, with no borrowings. Option and warrant holders buying shares brought in $1.4m, and no dividend was paid. After the year end it raised about £2.69 million by selling new shares. Management says the year ahead will centre on the hearing in the India claim set for December 2026. The auditor gave a clean opinion but highlighted that the company's ability to pay its bills depended on raising more money from shareholders; the directors believe it will have enough.
No revenue generation; company is pre-production exploration/development stage
The Group is not yet a minerals producer and therefore does not generate revenue from operations.
page 22The Phase One hearing, scheduled for 14 to 19 December 2026, represents a key milestone, and the Company will continue to progress the proceedings efficiently while remaining open to any constructive resolution.
page 5No dividends were declared or paid during the year ended 31 March 2026 (2024-25: nil). No formal dividend policy disclosed; Company remains pre-revenue and loss-making.
page 116Exploration costs expensed decreased to US$694,578 (2024-25: US$829,608), reflecting timing/delay to licence renewals at Bassala and Kalaka
Year-on-year decrease was impacted by delays to licence renewal at Bassala and Kalaka.
page 2210 years on one page · FY2017–FY2026
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USD millions, negatives in brackets. Per-share lines in cents. Share counts in millions. Margins and returns as percentages, calculated from the filed figures. later is what a following report restated the figure to; vs is a second reading that disagrees. The figure shown is the one the original filing printed, and both readings are kept. Click any figure: opens the report page it was read from, highlighted; shows how it was calculated.
1 figure restated in a later report
Every figure is read again from the following year’s report: 247 confirmed, 11 differ, 1 restated.
| Line | Year | As first filed | In the later report |
|---|---|---|---|
| FY2024 | −$24kFY2024 report | $24kFY2025 report |