Aim-listed Panthera Resources has entered into definitive agreements with DFR Gold and Maniger to restructure Panthera’s ownership interests in the Kalaka gold project, in Mali, and the Paimasa, Dagma and Dext gold projects, in Nigeria.
Following completion of the restructuring, Panthera will own 100% of Maniger and, consequently, increase its relevant interest in the Kalaka project from 40% to 80%.
The remaining 20% interest in the Kalaka project will continue to be owned by local partner, Golden Spear Mali.
Moreover, Panthera will no longer hold any interests in the Nigerian projects.
As part of the restructuring, Panthera will pay DFR about $67 931.36 to settle intercompany loans.
Related to this, DFR will acquire the Nigerian projects from Maniger for a nominal cash consideration.
“Following a recent re-evaluation of the historical database at Kalaka and improved gold prices, the company has elected to expand its focus at Kalaka. The change in ownership interest in Kalaka better aligns with its planned activities.
“We believe Kalaka is a significant mineralised gold system with the potential for a multimillion-ounce gold resource. The company believes the strong gold price will underpin a lower grade, bulk tonnage development strategy,” Panthera MD Mark Bolton says.