Panther Metals plc has terminated its Pick Lake base and precious metals purchase option with Frontier Energy Ltd after failing to raise enough funds.
DISAPPOINTING
The company had hoped to buy £4 million of Bitcoin to fund the project, which is part of the Winston Lake tailings option in Ontario, Canada.
Pick Lake contains approximately 85% of the 2.34 million tonnes of the total mineral resources on Winston.
Panther’s most recent fundraise totalled £655,569.
Chief executive officer Darren Hazelwood said: “It’s without doubt very disappointing not being able to raise such a relatively small amount of capital in London to bring the Pick Lake option under our umbrella and combine it with the Winston tailings and mine site.
“The Pick Lake deposit has an 8 ½ year mine life, NPV of $176m with an 8% discount and a life of mine EBITDA of $67m per annum on average.
“Based on internal forecasts it’s my belief the combined projects would have a 13-year mine life and deliver a significant commercial return for investors.
“The project area remains ripe for further discovery’s [sic] based on the excellent exploration data.”