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(Sharecast News) - Panthera Resources reported a wider interim loss for the six months ended 30 September on Monday, as it continued to advance arbitration proceedings linked to its Bhukia Gold Project while investing in exploration activity across its West African portfolio.
The AIM-traded gold explorer and developer posted a net loss of $1.36m, or one cent per share, compared with a loss of $1.13m, or one cent per share, in the prior reporting period.
It said the result reflected ongoing arbitration-related activity alongside continued expenditure on exploration.
During the half-year, Panthera progressed its arbitration case with the filing of the Claimants' Memorial on 19 May, which included a damages claim of $1.58bn, net of Indian taxes.
The company said its $13.6m arbitration funding facility remained available, with 63% drawn at the report date, including committed and accrued amounts.
Exploration activity during the period included the start of a 1,740-metre reverse circulation drilling programme at the Bido Project and the initiation of a feasibility study at the Cascades Project in Burkina Faso.
Panthera said it issued 2,020,494 shares through warrant and option exercises, raising around $0.17m, and issued a further 381,748 shares in lieu of directors' fees.
Cash at 30 September stood at $1.92m, down from $3.14m on 31 March.
After the period ended, the company issued 13,571,419 shares through warrant exercises, raising $1.2m, and issued 225,192 shares in lieu of directors' fees, while 125,000 warrants lapsed.
Total issued share capital now stood at 258,139,751 shares.
Panthera also said the arbitral tribunal had issued an order setting out the procedural calendar for the first phase of the arbitration, including a phase one hearing scheduled for December next year.
In addition, the company received approval for trading on the OTCQB Venture Market in the US under the ticker 'PATRF' and reported metallurgical results at Kalaka confirming the ore is suitable for carbon-in-leach and/or heap leaching.
"During the half-year, significant progress was made in the arbitration process for the Bhukia Gold Project," said managing director and chief executive Mark Bolton.
"In May, the Claimants' Memorial was filed including the damages claim for $1.58bn, net of Indian taxes.
Importantly, in October the arbitral tribunal issued an order containing the procedural calendar that set the phase one hearing date for December 2026."
He added that the company also continued to progress its gold assets in West Africa, with a 1,740-metre reverse circulation drilling programme at Bido and initiating a feasibility study at Cascades.
"At 30 September, the group held a cash balance of approximately $1.93m and retained access to the $13.6m arbitration funding facility.
"Subsequent to the end of the half-year reporting period, the company received approximately $1.2m from the conversion of warrants."
Bolton said Panthera had also reached "an important milestone with the commencement of cross-trading on the OTCQB Venture Market in the US."
At 1100 GMT, shares in Panthera Resources were flat at 23p.
Reporting by Josh White for Sharecast.com.