Anglo Saxony Mining Update

RNS Number : 2280Y

Panthera Resources PLC

08 September 2020

 

8 September 2020

Panthera Resources Plc

(Panthera or the Company)

Anglo Saxony Mining Update

Panthera Resources plc (AIM: PAT), the gold exploration and development company with assets in India and West Africa, is pleased to announce an update on its 14.2% interest held in Anglo Saxony Mining Limited (ASM):

· Completion of pre-feasibility study of Tellerhäuser Polymetallic Project

· Granting of Tellerhauser Mining Licence for 50 years

· Successful capital raising led by Baker Steel Resources Trust

· Appointment of DGWA as lead financial advisor in Germany

Background

ASM owns the Tellerhäuser Polymetallic Project (Tellerhäuser) in Germany and has recently completed a pre-feasibility study to produce tin and associated metals including zinc, indium, and magnetite.  The project, which now has a granted mining license, is approximately 230 km SSW of Berlin and 115 km NW of Prague.  ASM has the overarching strategy of becoming a significant European focussed tin and associated metals mining company.  There is currently an absence of any significant tin production in Europe with tin considered to be Critical Raw Material (CRM) in Germany.

Further information on ASM can be obtained at saxorebergbau.com

Granting of Mining Licence

After some delay, the Upper Saxony Mining Authority has now granted a 50-year mining licence to ASM for the Rittersgrün field.  The mining license extends over a total of 41,496,900m² and covers the Hämmerlein, Tellerhäuser and Breitenbrunn deposits. Under the terms of the license, Saxore Bergbau GmbH, a subsidiary of ASM, has been granted a mining license to explore and exploit the mineral resources for tin, zinc, indium, iron, arsenic, antimony, beryllium, lead, boron, caesium, cadmium, fluorite, gallium, germanium, gold, cobalt, copper, lithium, manganese, molybdenum, nickel, niobium, silver, barite, tantalum, bismuth and tungsten.

Recent Fund Raising Activity

ASM has advised that is has closed the first tranche of a recent financing for a total £281,000 at 8p per share supported by ASM's shareholders including the Baker Steel Resources Trust.  Panthera holds 9,778,413 million shares in ASM comprising 14.2% of the issued capital in ASM.

Appointment of DGWA as German Financial Advisors

The German corporate advisor, Deutsche Gesellschaft für Wertpapieranalyse GmbH (DGWA) has been appointed by ASM to act as their lead financial advisor in Germany.  DGWA has extensive experience in the mining sector, having advised on IPO's on the Frankfurt Stock Exchange and raised funds for numerous mining ventures (predominately in Europe) including European Metals Cinovec Lithium/Tin project nearby in the neighbouring Czech Republic.

Rebound in Tin Prices to above pre-COVID

Following a Covid-19 led weakening in tin prices, the tin market has strengthened with prices rebounding to above pre-COVID levels at U$17,020/t, having been as low as U$13,375/t in Q1 2020.  Both tin mines and smelters began cutbacks in production in Q1 2020 in response to the lower prices, with most of these operations back online by the end of Q2 2020.  Roskill, a leading industry forecaster, projects that tin supply to move further into deficit unless there is new production coming online.

Enquiries

Panthera Resources PLC

Mark Bolton (Managing Director)

[phone]

Nominated Advisor and Broker

RFC Ambrian

[phone]

Rob Adamson

Bhavesh Patel

Charlie Cryer

Qualified Person

The technical information contained in this disclosure has been read and approved by Antony Truelove (BSc (Hon), MAusIMM, MAIG), who is a qualified geologist and acts as the Competent Person under the AIM Rules - Note for Mining and Oil & Gas Companies.  Antony Truelove is the COO of Panthera Resources PLC.

For more information visit  www.pantheraresources.com

Market Abuse Regulation (MAR) Disclosure

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

Forward-looking Statements

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

**ENDS**

 

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