Business
Obonga: Extension and Amendment of Purchase Terms
Obonga: Extension and Amendment of Purchase Terms.
About this update from Panther Metals Plc
[{"type":"text","content":"\n\nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY IN OR INTO AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA, THE UNITED STATES OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION\n\n\n\n\nFOR IMMEDIATE RELEASE\n\n\n\n\n\n\n\nPANTHER METALS PLC\n(\"Panther\" or the \"Company\")\n(Incorporated in the Isle of Man with company number 009753V)\n3 April 2025\nObonga: Extension and Amendment of Purchase Agreement\nPanther Metals PLC (LSE:PALM) the company focused on mineral exploration in Canada, is pleased to announce the amendment and extension to the purchase agreement (the \"Amending Agreement\") with Broken Rock Resources Ltd (\"Broken Rock\") over the Obonga Project (\"Obonga\" or the \"Property\"), which covers over 90% of the Obonga Greenstone Belt, in Ontario, Canada.\n \nThe Amending Agreement to the 2021 purchase agreement (announced 2 August 2021)1,2 allows for an additional year to meet the exploration commitment at Obonga which has advanced from a greenfield regional data based target area, through proof of concept to drilling success with two base metal volcanogenic massive sulphide (\"VMS\") discoveries, at Wishbone and Survey Lake targets and a graphite discovery in the Awkward area.3,4,5\n \nThe Awkward magmatic feeder conduit target at Obonga is focused on a nickel-copper-platinum-palladium discovery, the significant pathfinders in the Awkward area continue to gain traction within the industry.\n \nUnder the Amending Agreement 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 payor from activity carried out on the Property. In connection with the signing of the Amending Agreement Panther will allot and issue 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.\n \nWith Panther's Wishbone and Survey Lake discoveries the Obonga Greenstone Belt has become an emerging base metal VMS Camp. Located approximately a 2.5 h...