Announcement • Jan 19
Panthera Resources plc Announces Positive Results from Bido Project in Burkina Faso Panthera Resources Plc announced that positive results have been returned for Reverse Circulation ("RC") drilling samples from the Bido Project in Burkina Faso. The Company has now completed the earn-in obligations at Bido in Burkina Faso and owns an 80% interest in the project. The company's experienced in-country and international geological team have completed systematic geological mapping, data compilation, geochemical and geophysical surveys and interpretation of the database to identify drill targets, some of which represent the priority targets in this round of exploration drilling. This, combined with equipment failure and constraints, led to a very delayed completion of drilling. Based on the results of the 2m samples analysis (analysed at SGS Laboratory in Ouagadougou by a Fire Assay of a 50gm aliquot) received best results of the drilling program. Based on the results of The 2m samples analysis (an analysed at SGS Laboratory in OuAGadougou by a FireAssay of a 50gm alquot) received best results of The drilling program. Based on the Results of the 2m samples analysis. Based on the results Of the 2m samples analysis, data compilation, geochemical, geochemical and geophysical survey and interpretation of the database to identified drill targets, some of which represents the priority targets in this round the round of exploration drilling. This. combined with equipment failure and constraints. This, combined with equipment success and constraints, led to a much delayed completion of drilling. Based On the results of the 2m sample analysis (an analysed at S GS Laboratory in OuagadougOU by a Fire Assay of an 50gm aliquot) receive best results of the drilling program, based on the results of the 2 m samples analysis (an analysed atSGS Laboratory in Ouagadou by a Fire Assay the 50gm aliquot) receiving best results of the drilling program and based on the results of the 2025 drilling program. Based on the data of the 2025 drilling program, HOLE 2 m best intercepts Re-assay (Fire Assay) at 1.27 g/t Au from 56 m and 56 m. KWD25-RC-001, 0.54 g/t Au from 72 m. No chips recovery between 78 m and 80 m. 0 g/t assumed for this interval here although it is in the richer part of the mineralisation. KWD25-RC -001 4 m @ 0.96 g/t from 126 m 4 m @ 0.56 g/t Au from 126 m 2 m at 0.56 g/t from 126 m 2 m @ 0.72 g/t Au from 36 m; KWD25-RC-003 24 m @ 0.61 g/t Au from 18 m incl. 12 m @ 1.2 g/t Au from 26 m; 24 m @ 0.64 g/t Au from 18m incl. 12 m @ 1". 12 m @ 1.03 g/t Au from26 m @ 0.19 g/t Au from 24 m @ 0.16 g/t Au from 24m @ 0.14 g/t Au from24 m KWD25-RC-006 6 m @ 0.13 g/t Au from 34 m 6 m @ 0.20 g/t Au from 44 m 4 m @ 0.43 g/t Au from 44m 4 m @ 0.35 g/t Au from 44M 4 m @ 0.26 g/t Au from 56m. KWD25-RC. New Risk • Dec 04
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 31% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 6.8% per year over the past 5 years. Shareholders have been substantially diluted in the past year (31% increase in shares outstanding). Revenue is less than US$1m. Minor Risks Currently unprofitable and not forecast to become profitable next year (US$1.9m net loss next year). Share price has been volatile over the past 3 months (9.8% average weekly change). Market cap is less than US$100m (UK£62.9m market cap, or US$84.0m). 
