Panther Metals plc has secured an additional year to meet exploration commitments over the Obonga volcanic massive sulphides-graphite project in Ontario, Canada.
TVRs
The company holds an option to acquire 100% of the project, which covers more than 90% of the Obonga Greenstone Belt and contains four prospects of Wishbone, Awkward, Survey and Ottertooth.
The amendment to the 2021 purchase agreement with Broken Rock Resources Ltd extends the exploration period to five years.
The original net smelter return royalty is also replaced with a gross revenue royalty equal to 1.5% of the gross value of the sale proceeds.
Panther will issue 42,070 new ordinary shares valued at CA$30,000 to Broken Rock for signing the new agreement.
Following admission, the company’s total issued share capital comprises 5,231,150 ordinary shares, each with one voting right. Panther does not hold any shares in treasury.