Arbitration
May 2021
Amendment to Indian mining law
August 2023
US$13.6m Funding Notice from LCM
October 2023
Dismissal by High Court of Rajasthan
December 2023
Notice of Dispute
June 2024
Notice of Arbitration
September 2024
Constitution of Tribunal
December 2024
Statement of Claim
Current
LCM Financing
US$13.6 million Non-Recourse Facility
- Primary mineralisation is near-surface with the potential to develop a large, low-cost, bulk mineable open-pit operation;
- Metallurgical test-work indicates not metallurgically refractory;
- Panthera has not had the opportunity to test the full resource potential of Bhukia;
- Two separate resource calculations already published (based on different data sets):
- 1.74Moz – internationally recognised JORC compliant resource (2007) by Golder Associates (21 drill holes);
- 7.3Moz –Geological Survey of India (155 drill holes).
- Existing Panthera JORC-compliant resources estimate of 1.74Moz covers only 10% of the project area;
- Panthera original JORC resource were completed using $500/oz gold price, vs current spot prices at ~1800/oz => material expansion of reported resource expected;
- US$13.6m arbitration financing by to LCM – arbitration claim against the Republic of India under the Australia-India Bilateral Investment Treaty of 26 February 1999 (ABIT).
Bhukia Gold Project
A global Tier 1 Undeveloped Gold Project
- Primary mineralisation is near-surface with the potential to develop a large, low-cost, bulk mineable open-pit operation;
- Metallurgical test-work indicates not metallurgically refractory;
- Panthera has not had the opportunity to test the full resource potential of Bhukia;
- Two separate resource calculations already published (based on different data sets):
- 1.74Moz – internationally recognised JORC compliant resource (2007) by Golder Associates (21 drill holes);
- 7.3Moz –Geological Survey of India (155 drill holes).
- Existing Panthera JORC-compliant resources estimate of 1.74Moz covers only 10% of the project area;
- Panthera original JORC resource were completed using $500/oz gold price, vs current spot prices at ~1800/oz => material expansion of reported resource expected;
- US$13.6m arbitration financing by to LCM – arbitration claim against the Republic of India under the Australia-India Bilateral Investment Treaty of 26 February 1999 (ABIT).
LCM
Leading Litigation Financier
- More than 25 years in the business of financing dispute resolution;
- Listed on AIM – Market capitalisation of £137 million (26 April 2024);
- Approximately A$500 million in funds under management;
- Approximately 500 financing applications per annum with ~3% approved for funding;
- Since 1998, LCM have funded 244 disputes, all but 11 have been successful;
- Highly experienced in arbitration financing including GreenX Metals and Indiana Resources.
Arbitration
An Independent Process
- More than 25 years in the business of financing dispute resolution;
- Listed on AIM – Market capitalisation of £137 million (26 April 2024);
- Approximately A$500 million in funds under management;
- Approximately 500 financing applications per annum with ~3% approved for funding;
- Since 1998, LCM have funded 244 disputes, all but 11 have been successful;
- Highly experienced in arbitration financing including GreenX Metals and Indiana Resources.
Historically Positive Outcome
Mining Dispute Landscape
Rising commodity prices, COVID-19 pandemic, and transitions in political regimes have placed the mining sector at the center of … recent wave of resources nationalism
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