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Panther Metals Plc (GB:PALM)
LSE:PALM
UK Market

Panther Metals Plc (PALM) AI Stock Analysis

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GB:PALM

Panther Metals Plc

(LSE:PALM)

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Neutral 48 (OpenAI - 5.2)
Rating:48Neutral
Price Target:
80.00p
▲(23.08% Upside)
Overall score is held down primarily by weak financial performance (pre-revenue, losses, and ongoing cash burn) and a loss-driven valuation profile (negative P/E, no dividend data). Technicals are a partial offset due to strong trend vs moving averages, but overbought RSI tempers the technical score.
Positive Factors
Low Leverage / Balance Sheet Flexibility
Sustained low debt ratios give the company durable financial flexibility for an exploration outfit. Lower leverage reduces interest burden and preserves capacity to raise project financing or equity on less onerous terms, supporting ongoing exploration spending over months.
Reduced Cash Burn vs Earlier Years
A downward trend in cash burn versus prior years indicates improved cash management or scaled activity, extending operational runway. Over a 2–6 month horizon this reduces immediate financing pressure and provides time to advance projects or secure funding under less distressed conditions.
Occasional Profitability / Cost Control
Recording a profit in 2023 amid a pre-revenue profile suggests episodic gains or disciplined expense control that can be replicated. For an exploration firm, the ability to limit losses or post occasional profits enhances survivability and supports gradual asset development plans.
Negative Factors
Pre-revenue Profile and Recurring Losses
Being pre-revenue with persistent losses materially weakens earnings visibility and makes long-term viability contingent on successful resource discovery or external funding. This structural reliance on future outcomes elevates financing and execution risk over the medium term.
Consistent Negative Operating and Free Cash Flow
Multi-year negative operating and free cash flow signal the business cannot self-fund exploration and development. That forces recurrent capital raises, risks shareholder dilution, and constrains long-term project timelines and strategic optionality absent new revenue sources.
Material Equity Erosion
A sharp decline in shareholder equity reduces the solvency buffer and limits borrowing capacity for a capital-intensive explorer. Over several months this increases the company's vulnerability to funding stress, potentially forcing dilutive financing or project slowdowns.

Panther Metals Plc (PALM) vs. iShares MSCI United Kingdom ETF (EWC)

Panther Metals Plc Business Overview & Revenue Model

Company DescriptionPanther Metals PLC operates as a mineral exploration company in Canada and Australia. The company holds 100% interest in Obonga Greenstone Belt project; Dotted Lake project; Big Bear Gold project, and Manitou Lakes project located in Ontario, Canada. It also holds interests in Annaburroo and Marrakai gold project areas located in the Northern Territory, Australia. Panther Metals PLC was formerly known as London Nusantara Plantations Plc and changed its name to Panther Metals PLC in April 2018. The company was incorporated in 2013 and is based in London, the United Kingdom.
How the Company Makes Money

Panther Metals Plc Financial Statement Overview

Summary
Financial profile is weak: no revenue across 2020–2024, recurring losses, and consistently negative operating/free cash flow. The balance sheet is a relative positive with low leverage, but 2024’s loss materially reduced equity, increasing funding/dilution risk.
Income Statement
18
Very Negative
Across 2020–2024, the company reports no revenue, consistent with an early-stage/mineral exploration profile, but it also shows persistent operating losses. Profitability deteriorated in 2024 with net loss of ~£2.21m versus a profit in 2023 (~£0.27m), and operating results remain deeply negative (2024 EBIT ~-£0.86m; EBITDA ~-£2.21m). The main strength is that losses have not been steadily worsening every year (2023 was profitable), but overall earnings quality and visibility are weak due to the lack of revenue and volatile bottom-line performance.
Balance Sheet
56
Neutral
Leverage is modest, with debt-to-equity staying low (2024 ~0.08; 2023 ~0.11), which supports financial flexibility. However, equity declined meaningfully in 2024 (to ~£2.11m from ~£3.56m in 2023) alongside the large loss, and returns to shareholders swung sharply negative in 2024 (return on equity ~-1.05). Overall, the balance sheet is relatively lightly levered, but capital erosion and earnings volatility are key risks.
Cash Flow
22
Negative
Cash generation is weak: operating cash flow is negative every year shown (2020–2024), and free cash flow is also consistently negative, indicating ongoing cash burn to fund operations. Free cash flow worsened in 2024 (about -£0.29m vs -£0.56m in 2023, but still negative), and the reported free-cash-flow growth in 2024 is sharply negative, highlighting volatility. A modest positive is that cash burn has been lower than earlier years (e.g., 2022 free cash flow about -£1.58m), but the business still depends on external funding until it can generate revenue.
BreakdownTTMDec 2024Dec 2023Dec 2022Dec 2021Dec 2020
Income Statement
Total Revenue0.000.000.000.000.000.00
Gross Profit0.000.000.000.000.000.00
EBITDA-1.24M-2.21M498.51K-736.47K-126.27K-668.20K
Net Income-2.31M-2.21M269.18K-953.00K-126.00K-668.00K
Balance Sheet
Total Assets2.59M3.04M4.26M3.55M2.67M1.63M
Cash, Cash Equivalents and Short-Term Investments27.29K17.54K66.12K48.86K100.59K241.19K
Total Debt0.00172.50K406.50K0.000.000.00
Total Liabilities515.12K924.13K704.48K336.44K262.61K107.42K
Stockholders Equity2.07M2.11M3.56M3.21M2.41M1.52M
Cash Flow
Free Cash Flow-552.02K-291.54K-562.01K-1.58M-1.08M-1.24M
Operating Cash Flow-552.02K-291.54K-368.09K-625.98K-556.75K-881.74K
Investing Cash Flow-415.80K-132.04K35.35K-949.66K-523.86K-359.51K
Financing Cash Flow758.16K375.00K350.00K1.52M940.00K1.48M

Panther Metals Plc Peers Comparison

Overall Rating
UnderperformOutperform
Sector (61)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
61
Neutral
$10.43B7.12-0.05%2.87%2.86%-36.73%
52
Neutral
£10.92M-2.30-47.73%93.10%-150.00%
51
Neutral
£11.93M-15.50-2.46%
48
Neutral
£5.94M-1.70-91.05%
46
Neutral
£5.20M-1.07-86.67%
41
Neutral
£1.13M-0.80-491.71%
* Basic Materials Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
GB:PALM
Panther Metals Plc
85.00
32.50
61.90%
GB:IGLD
Caracal Gold PLC
0.28
0.00
0.00%
GB:CGNR
Conroy Gold and Natural Resources
15.50
13.25
588.89%
GB:GRL
Goldstone Resources
1.15
-0.03
-2.54%
GB:FOX
Katoro Gold PLC
0.03
-0.02
-38.46%
GB:HAMA
Hamak Gold Limited
1.15
0.53
85.48%

Panther Metals Plc Corporate Events

Business Operations and Strategy
Panther Metals Secures New Option Over Key Obonga Gold and Base Metal Claims
Positive
Jan 15, 2026

Panther Metals has secured a new three-year purchase option over three multicell mining claims—Otter Gold, Z2 Gold and Wig—within its Obonga Project in Ontario, extending its rights over these gold and base metal prospects through to January 2029. The option, agreed with claim holder Karen Siltamaki as a partial replacement of a previous arrangement, covers properties adjacent to Panther’s existing Wishbone and Awkward prospects and targets gold, palladium, platinum, nickel, copper, cobalt and zinc, supported by historic drilling that has already intersected mineralisation. Under the deal, Panther will pay staged option fees and may acquire the claims for C$200,000 plus a 1.5% net smelter return royalty, contingent on drilling at least 1,800 metres including a hole on each claim, thereby committing the company to meaningful exploration. The move strengthens Panther’s district-scale position at Obonga, complements its expanding work programs backed by recently granted exploration permits at Wishbone and Awkward, and reinforces a portfolio strategy that also includes advancing the Hemlo-adjacent Dotted Lake gold project and the Winston tailings reprocessing opportunity, all designed to drive discovery-led growth and enhance long-term shareholder value.

The most recent analyst rating on (GB:PALM) stock is a Hold with a £70.00 price target. To see the full list of analyst forecasts on Panther Metals Plc stock, see the GB:PALM Stock Forecast page.

Business Operations and Strategy
Panther Metals Advances Winston Tailings Project with Extrakt Metallurgical Deal
Positive
Jan 7, 2026

Panther Metals has appointed US-based Extrakt Process Solutions to carry out phased metallurgical testwork at its Winston Tailings Project in Ontario, a key step toward securing a Recovery of Minerals Permit and progressing the project to a potential cashflow-generating operation. The Phase 1 programme will characterise tailings from the historic Winston Lake Mine and generate baseline extraction data for gold, gallium, indium, silver, zinc, copper and cobalt, underpinning a forthcoming mineral resource estimate by SRK and supporting the case for economically viable reprocessing of tailings, which could unlock residual metal value and contribute to site rehabilitation. The move aligns Panther’s broader Canadian strategy, which also includes advancing its Obonga VMS and critical minerals district and its Hemlo-adjacent Dotted Lake gold project, both of which have seen recent permitting and drilling progress that enhance the company’s exploration pipeline and long-term growth prospects.

The most recent analyst rating on (GB:PALM) stock is a Hold with a £66.00 price target. To see the full list of analyst forecasts on Panther Metals Plc stock, see the GB:PALM Stock Forecast page.

Business Operations and StrategyDelistings and Listing ChangesFinancial Disclosures
Panther Metals Hails Transformational 2025 as It Primes Canadian Projects and Eyes North American Listing
Positive
Dec 24, 2025

Panther Metals PLC reported a year of substantial technical and strategic progress in 2025, highlighting material advances across its Canadian portfolio, strengthened industry and investor engagement, and an improved balance sheet following equity raises. The company refined geological models, advanced metallurgical work and de-risked key projects including the Wishbone VMS prospect at Obonga, the Winston tailings project—where multi-metal potential has been confirmed and an independent mineral resource estimate is under way—and the Dotted Lake gold project, where recent drilling and studies have expanded mineralisation and reinforced its strategic importance. Looking ahead, Panther is preparing a dual listing in North America to tap deeper capital markets, while focusing on developing a robust cash-flow model and accelerating work on its core assets, positioning 2026 as a potentially transformational year for growth, value creation and broader market recognition within the Canadian exploration sector.

Executive/Board Changes
Panther Metals Appoints New CFO to Strengthen Leadership
Positive
Nov 26, 2025

Panther Metals Plc has announced the appointment of Katherine O’Reilly as the new Chief Financial Officer, effective immediately. With extensive experience in finance, commercial, legal, and HR roles, O’Reilly is expected to bring significant expertise to support the company’s operations and growth.

Business Operations and Strategy
Panther Metals Advances Winston Tailings Project with New Drilling Program
Positive
Nov 20, 2025

Panther Metals Plc has appointed Platinum Diamond Drilling Inc. to conduct a Mineral Resource drilling program at the Winston Tailings Project in Ontario, Canada. This initiative aims to validate historical recovery data and produce a CIM-compliant Mineral Resource estimate, which is crucial for advancing the project through the recovery permitting process. The project has the potential to significantly transform Panther’s business by unlocking residual metal value from the historic Winston Lake Mine tailings, contributing to both near-term production and long-term environmental rehabilitation. The company is focused on rapidly advancing the project to a cash-generating operation, with the Mineral Resource Estimate (MRE) being a key step in this process.

Business Operations and StrategyPrivate Placements and Financing
Panther Metals Faces Setback in Pick Lake Option but Pursues Other Opportunities
Neutral
Oct 30, 2025

Panther Metals Plc announced the termination of its Option and Sale and Purchase Agreement with Frontier Energy Ltd due to its inability to raise the required capital in London. Despite this setback, the company remains focused on commercializing the tailings at the Winston mine site and continues to explore opportunities at its Obonga and Dotted Lake projects. The termination of the agreement highlights challenges in capital acquisition but does not affect Panther’s separate agreement with First Quantum Minerals Ltd. Panther’s ongoing exploration efforts, particularly in the Obonga Project, demonstrate its commitment to unlocking district-scale mineral systems with significant commercial potential.

Private Placements and Financing
Panther Metals Raises Over £655,000 in Successful Share Offering
Positive
Oct 30, 2025

Panther Metals Plc has successfully raised approximately £655,569.60 through a WRAP Retail Offer and Placing, issuing a total of 1,092,616 new ordinary shares. This capital raise supports Panther Metals’ ongoing exploration and development activities, enhancing its financial position and potentially strengthening its market presence in the mineral exploration sector.

Delistings and Listing ChangesPrivate Placements and Financing
Panther Metals Launches Retail Offer to Raise £100,000
Neutral
Oct 28, 2025

Panther Metals Plc has announced a retail offer through the Winterflood Retail Access Platform to raise up to £100,000 by issuing new ordinary shares to existing UK shareholders. This initiative follows a previous raising of £600,000 through a placement to the CEO, Darren Hazelwood, with the proceeds from both initiatives aimed at supporting the company’s operations. The WRAP Retail Offer is conditional on the completion of the Placing and the admission of new shares to the London Stock Exchange, with trading expected to commence on 31 October 2025.

Business Operations and StrategyPrivate Placements and Financing
Panther Metals Raises £600,000 to Advance Winston Project
Neutral
Oct 28, 2025

Panther Metals Plc has successfully raised £600,000 through a placement of 1,000,000 new ordinary shares at 60 pence per share, representing a discount to the previous market price. This fundraising effort aims to support the company’s focus on delivering tailings production by the end of 2026, with proceeds being used to attain a Mineral Resource Estimate at the Winston project, which is crucial for partner offtake discussions.

Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.Date of analysis: Jan 16, 2026