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).
9 annual reports read, FY2018 to FY2026
Open a year to see what its report said. Every line in it carries the page it was read from.
Sources: Companies House (9)
FY2027Next report expected 3 Oct 2027
- Open the reportJSONComing soonSixty seconds on the FY2026 report
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.
From the reportevery line sits on the page it namesWhat moved the marginheadwindNo 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 22AndtailwindExploration 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 22One-offs in the year$78k charge: Impairment of receivables (carried-interest and other receivables)
page 62What management saidThe 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 5After the year endOn 17 July 2026, the Company submitted its reply on the merits (and counter-memorial on jurisdictional issues) in the India arbitration; India's Rejoinder due 23 October 2026; Phase One hearing scheduled 14-19 December 2026 at the PCA, The Hague.
page 116The dividendNo 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 116Going concern and the auditFinancial statements prepared on a going concern basis. Auditor Gerald Edelman LLP issued an unqualified opinion. Two key audit matters identified: (1) carrying value of intangible assets (legal claims relating to Bhukia, US$1,251,456) — auditors satisfied the carrying value and disclosures are appropriate; (2) going concern (new KAM this year) — Group's ability to meet obligations depends on a successful equity raise; a placing/subscription raising gross proceeds of approximately £2.69 million (US$3.63 million) at 17.5p per share was undertaken post year-end, partially received. Directors concluded the Group and Company will have sufficient financial resources for the going concern period. Group materiality US$65,000 (1.5% of gross assets); full scope audit covered 87% of loss before tax and 93% of gross assets.
page 51The risks it names first- Exploration industry risk — mineral exploration is speculative and frequently unsuccessful; no assurance of commercial mining operations; government activity (including non-renewal of licences) could adversely affect income.p.29
- Legal risk — the arbitration against India may result in significant legal/other costs and potential reputational harm if LCM terminates the AFA or the arbitration is unsuccessful; outcome and financial impact cannot be predicted with certainty.p.29
- Political risk — all Group operations are in foreign jurisdictions and subject to political, economic and sovereignty-related uncertainties, including nationalisation, expropriation, currency restrictions, royalty/tax increases, civil strife and insurrection.p.30
- Financial and liquidity risk — availability of adequate funding, limited operating cash inflows and FX fluctuations; continued operations depend on ability to raise working capital and draw on the LCM facility.p.30
Read from C000973-AR-2026-ch.
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