TIDMPAT
RNS Number : 8252N
Panthera Resources PLC
27 September 2023
27 September 2023
Panthera Resources Plc
("Panthera" or the "Company")
Bhukia Project
Rajasthan High Court Decision
Gold exploration and development company Panthera Resources Plc
(AIM: PAT), with assets in West Africa and India, announces that
the High Court of Rajasthan ("HCR") has today dismissed Metal
Mining India Pte Ltd's (MMI) writ petition based on the recent
Mines and Minerals (Development and Regulation) Amendment Act
(2021) ("MMDR2021"). Therefore, and taking into account the recent
successful arbitration Funding Confirmation Notice announced on 25
August 2023, the Company's subsidiary, Indo Gold Pty Ltd ("IGPL")
intends to focus on pursuing its claim against the Republic of
India for breaches of its obligations under the Australia-India
Bilateral Investment Treaty (the "BIT" or the "Treaty").
Commenting on the announcement, Mark Bolton, Managing Director
of Panthera said:
" The HCR relied upon the 2021 mining legislative amendments
enacted by the Government of India to dismiss the writ
petition.
Today's decision by the HCR adds to the act of expropriation,
and India has again breached its obligations to provide investment
protections to IGPL and its investment under the - Treaty.
Under the Treaty, compensation for expropriation is required to
be calculated on the basis of the market value of the investment
immediately before the expropriation. The Company believes that the
market value of Bhukia is substantial with the project ranking
among the top undeveloped gold projects in the world. "
IGPL's Treaty Claims
The Bhukia Project comprises legal rights that the Company holds
via its Australian subsidiary, IGPL, in respect of an area that was
the subject of a rejected Prospecting Licence Application in
Rajasthan by MMI. MMI is a wholly owned subsidiary of IGPL.
The Company made its initial investment in Bhukia (through IGPL)
in January 2005. IGPL provided all of the funding and managed the
joint venture exploration programmes. The work programmes were
carried out in accordance with government rules and regulations and
reported on time and in a professional manner.
IGPL's right to be granted a Prospecting Licence over Bhukia,
through its joint venture holding, has been consistently frustrated
over an extended period by the Government of Rajasthan
("Rajasthan"). The Prospecting Licence Application over Bhukia was
rejected by Rajasthan again in August 2018 on various spurious and
legally untenable grounds.
In 2021, India passed a new act ("MMDR2021") to amend the Mines
and Minerals (Development and Regulation) Act of 2015 ("MMDR2015").
Under Clause 13 of the MMDR2021, the preferential right to a
prospecting licence and subsequently, a mining lease, lapsed and
provisions were included in the Act to reimburse parties for
expenditures incurred. Under the Treaty, IGPL is entitled to fair
and equitable compensation, not merely reimbursement of
expenditures.
IGPL's investment in Bhukia was expropriated by the actions of
Rajasthan and India through multiple acts culminating in the
enactment of MMDR2021 and the recent dismissal of MMI's writ
petition, contrary to Article 7(1) of Treaty. India has also
breached the obligation to accord fair and equitable treatment to
IGPL and its investment under Article 3 of the Treaty. IGPL will be
seeking damages from India.
Notwithstanding the positive progress with LCM to date, there
can be no certainty as to the outcome of IGPL's Treaty claims.
Bhukia Background
The Company completed a total of 21 holes drilled by IGPL and
reported a JORC compliant mineral resource estimate of 38.5 Mt @
1.4 g/t Au for some 1.74 Moz gold using a cutoff of 0.5 g/t Au
(2008). The resource was updated in 2017 to comply with JORC 2012.
The Geological Survey of India, an agency of the GoI, published a
report in 2014 after the completion of over 150 drill holes
(Bulletin Series A (April 2014)), wherein it reported
reserve/resource estimates that far exceed the prior figure
published by the Company. The report demonstrated the project's
merit as supporting a large, low-cost gold mining operation with
low stripping ratios and copper and cobalt bi-product credits.
LCM Litigation Financing
On 25 August 2023, the Company announced that IGPL had secured
up to US$13.6 million in litigation financing ("Facility") with LCM
Funding SG Pty Ltd ("LCM Funding" or the "Funder"). LCM Funding is
a subsidiary of Litigation Capital Management Limited ("LCM"), a
firm quoted on the AIM Market of the London Stock Exchange. LCM is
a leading global disputes funder with significant expertise in
international arbitration and cross-border disputes, including
bilateral investment treaty claims over mineral resource
assets.
The non--recourse Facility is to be used by IGPL in prosecuting
its Treaty claims against India. If no award and/or recovery are
achieved, then LCM Funding is not entitled to any repayment of the
Facility.
Contacts
Panthera Resources PLC
Mark Bolton (Managing Director) +61 411 220 942
contact@pantheraresources.com
Allenby Capital Limited (Nominated Adviser & Joint Broker) +44 (0) 20 3328 5656
John Depasquale / Vivek Bhardwaj (Corporate Finance)
Guy McDougall / Kelly Gardiner (Sales & Corporate
Broking)
Novum Securities Limited (Joint Broker) +44 (0) 20 7399 9400
Colin Rowbury
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Follow the Company on Twitter at @PantheraPLC
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pantheraresources.com
Qualified Person
The technical information contained in this disclosure has been
read and approved by Ian S Cooper (BSc, ARSM, Fausi MM, FGS), who
is a qualified geologist and acts as the Qualified Person under the
AIM Rules - Note for Mining and Oil & Gas Companies. Mr Cooper
is a geological consultant to Panthera Resources PLC.
UK Market Abuse Regulation (UK MAR) Disclosure
The information contained within this announcement is deemed by
the Company to constitute inside information for the purposes of
Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations
2019/310. Upon the publication of this announcement via a
Regulatory Information Service ("RIS"), this inside information is
now considered to be in the public domain.
Forward-looking Statements
This news release contains forward-looking statements that are
based on the Company's current expectations and estimates.
Forward-looking statements are frequently characterised by words
such as "plan", "expect", "project", "intend", "believe",
"anticipate", "estimate", "suggest", "indicate" and other similar
words or statements that certain events or conditions "may" or
"will" occur. Such forward-looking statements involve known and
unknown risks, uncertainties and other factors that could cause
actual events or results to differ materially from estimated or
anticipated events or results implied or expressed in such
forward-looking statements. Such factors include, among others: the
actual results of current exploration activities; conclusions of
economic evaluations; changes in project parameters as plans
continue to be refined; possible variations in ore grade or
recovery rates; accidents, labour disputes and other risks of the
mining industry; delays in obtaining governmental approvals or
financing; and fluctuations in metal prices. There may be other
factors that cause actions, events or results not to be as
anticipated, estimated or intended. Any forward-looking statement
speaks only as of the date on which it is made and, except as may
be required by applicable securities laws, the Company disclaims
any intent or obligation to update any forward-looking statement,
whether as a result of new information, future events or results or
otherwise. Forward-looking statements are not guarantees of future
performance and accordingly, undue reliance should not be put on
such statements due to the inherent uncertainty therein.
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September 27, 2023 03:34 ET (07:34 GMT)
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