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Panthera Resources Plc (GB:PAT)
LSE:PAT
UK Market

Panthera Resources Plc (PAT) AI Stock Analysis

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GB:PAT

Panthera Resources Plc

(LSE:PAT)

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Neutral 51 (OpenAI - 5.2)
Rating:51Neutral
Price Target:
19.50p
▼(-15.22% Downside)
The score is held down primarily by weak financial performance (no revenue, ongoing losses, and cash burn despite a low-debt balance sheet). Technicals provide moderate support with price above key longer-term moving averages and neutral momentum. Valuation is less supportive due to a negative P/E and no dividend yield, while corporate events add modest upside from project progress and liquidity improvements but remain tempered by arbitration risk.
Positive Factors
Low leverage / no debt
A zero-debt capital structure materially reduces solvency and refinancing risk for an early-stage miner. This durable strength improves flexibility to time equity raises or partnerships, lowering bankruptcy risk and supporting continued exploration over months to years.
Stronger equity base in 2025
A meaningful equity uplift bolsters the balance sheet and extends operational runway without immediate debt. That structural improvement reduces near-term solvency pressure, enhances credibility with potential JV partners, and makes funding further resource work less urgent.
Project de-risking and market access
Technical de-risking via positive metallurgical results improves project economics and partner interest long term. Broader market access through OTCQB cross-listing expands investor reach and liquidity, structurally easing future capital raises or asset monetisation options.
Negative Factors
No operating revenue
As an explorer with no revenue, the company cannot self-fund development. Persistent losses mean reliance on external capital or asset sales, exposing operations to capital-market cycles and dilution risk, a structural constraint on sustainable growth over 2–6 months or longer.
Sustained cash burn
Consistent negative operating and free cash flow shows losses translate into real cash outflows, eroding reserves and forcing periodic fundraising. This persistent cash burn constrains the pace of exploration and increases dilution or partnership dependence over the medium term.
Arbitration and geopolitical uncertainty
Active arbitration introduces material legal and timing risk that can delay project monetisation, deter partners, and incur legal costs. The long, uncertain timeline is a structural overhang that complicates planning, financing and asset valuation over an extended horizon.

Panthera Resources Plc (PAT) vs. iShares MSCI United Kingdom ETF (EWC)

Panthera Resources Plc Business Overview & Revenue Model

Company DescriptionPanthera Resources PLC primarily engages in the exploration and development of gold projects in India and West Africa. Its flagship project is the Bhukia Project, a gold deposit located in the state of Rajasthan, India. The company was formerly known as IGL Resources PLC. Panthera Resources PLC was incorporated in 2017 and is based in London, the United Kingdom.
How the Company Makes MoneyPanthera Resources Plc generates revenue primarily through the exploration and development of gold mining projects. The company seeks to locate valuable mineral deposits, advance these projects through exploration and feasibility stages, and ultimately either develop the mines for production or sell the assets to larger mining companies. Revenue streams include potential future gold sales from any operational mines and income from partnerships or joint ventures with other mining companies. Additionally, Panthera may engage in strategic alliances or licensing agreements that contribute to its earnings. Currently, the company's revenue model is largely dependent on external financing to support its exploration activities, as it is not yet in a production phase.

Panthera Resources Plc Financial Statement Overview

Summary
Financials reflect an early-stage explorer: no revenue, recurring operating losses, and sustained negative operating/free cash flow. Offsetting this, the balance sheet has low leverage (no debt) and equity improved in 2025, reducing near-term solvency risk but leaving the business dependent on external funding.
Income Statement
12
Very Negative
The company continues to generate no revenue, so profitability is driven entirely by operating spend rather than business scaling. Losses remain persistent (net loss of ~£2.4m in 2025 vs ~£2.1m in 2024), with EBIT also negative across all periods. A modest positive is that losses improved versus 2023 (~£3.1m net loss), but the overall trajectory still reflects an early-stage/mineral exploration profile with ongoing cash burn and no demonstrated operating leverage.
Balance Sheet
46
Neutral
Leverage is low (2025 total debt is £0), which reduces financial risk versus highly levered peers. Equity increased meaningfully in 2025 (to ~£4.7m from ~£1.9m in 2024), supporting the balance sheet. The key weakness is ongoing value erosion from losses, reflected in negative returns on equity (about -50% in 2025), implying continued reliance on funding rather than internally generated profits.
Cash Flow
18
Very Negative
Cash generation is weak: operating cash flow and free cash flow are materially negative in both 2025 (~-£2.1m) and 2024 (~-£1.9m), indicating sustained cash burn. Free cash flow tracks closely with net loss (roughly one-to-one), suggesting the losses are translating into real cash outflows rather than being largely non-cash. A stated rebound in free-cash-flow growth in 2025 is not enough to offset the underlying issue that the business is still funding operations externally.
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-1.00M-2.27M-1.66M-2.26M-2.44M-1.44M
Net Income-1.00M-2.38M-2.12M-3.14M-3.08M-2.19M
Balance Sheet
Total Assets6.26M6.79M2.52M2.10K3.16M3.96K
Cash, Cash Equivalents and Short-Term Investments1.92M3.14M281.50K126.00175.93K1.59K
Total Debt0.000.0067.93K0.000.000.00
Total Liabilities3.06M2.47M1.06M869.00735.25K261.00
Stockholders Equity3.61M4.72M1.85M1.61M2.78M4.02M
Cash Flow
Free Cash Flow-1.00M-2.10M-1.91M-2.26K-2.13K-1.40K
Operating Cash Flow-1.00M-2.10M-1.91M-1.85K-2.13K-1.40K
Investing Cash Flow0.00-2.44K-156.74K-23.00-688.001.83K
Financing Cash Flow177.15K4.96M2.22M1.82K1.40K1.06K

Panthera Resources Plc Technical Analysis

Technical Analysis Sentiment
Positive
Last Price23.00
Price Trends
50DMA
22.17
Negative
100DMA
19.99
Positive
200DMA
16.81
Positive
Market Momentum
MACD
-0.12
Negative
RSI
55.82
Neutral
STOCH
75.00
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:PAT, the sentiment is Positive. The current price of 23 is above the 20-day moving average (MA) of 20.99, above the 50-day MA of 22.17, and above the 200-day MA of 16.81, indicating a neutral trend. The MACD of -0.12 indicates Negative momentum. The RSI at 55.82 is Neutral, neither overbought nor oversold. The STOCH value of 75.00 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GB:PAT.

Panthera Resources 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%
54
Neutral
£46.43M14.795.54%
54
Neutral
£17.30M-7.10-16.46%
51
Neutral
£56.79M-24.18-72.77%7.69%
51
Neutral
£11.93M-15.50-2.46%
48
Neutral
£23.73M-5.90-14.14%
* Basic Materials Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
GB:PAT
Panthera Resources Plc
22.00
13.50
158.82%
GB:AAU
Ariana Resources
1.78
-0.10
-5.33%
GB:ORR
Oriole Resources PLC
0.36
0.11
47.92%
GB:WSBN
Wishbone Gold
78.50
60.35
332.51%
GB:CGNR
Conroy Gold and Natural Resources
15.50
13.25
588.89%
GB:CORA
Cora Gold
10.00
7.35
277.36%

Panthera Resources Plc Corporate Events

Business Operations and Strategy
Panthera Resources Confirms High-Grade Gold at Burkina Faso’s Bido Project
Positive
Jan 19, 2026

Panthera Resources has reported positive maiden reverse circulation drilling results from the Kwademen prospect within its Bido Project in Burkina Faso, confirming historical zones of gold mineralisation and returning several high-grade intercepts within broader mineralised zones that remain open in multiple directions. Having now completed its earn-in to secure an 80% interest in Bido, with an option to move to full ownership through additional exploration spending, Panthera’s successful programme—despite weather-related delays and technical challenges—supports the project’s potential in a proven gold belt and strengthens the company’s strategic position amid a favourable gold price environment and capped royalty obligations to the vendor.

The most recent analyst rating on (GB:PAT) stock is a Hold with a £20.50 price target. To see the full list of analyst forecasts on Panthera Resources Plc stock, see the GB:PAT Stock Forecast page.

Regulatory Filings and Compliance
Panthera Resources Confirms Total Voting Rights at 258.1 Million Shares
Neutral
Dec 31, 2025

Panthera Resources Plc has confirmed that its issued share capital currently comprises 258,139,751 ordinary shares of 1 pence each, with one voting right per share and no shares held in treasury, making the total number of voting rights also 258,139,751. This updated capital and voting rights figure provides the reference point shareholders must use when assessing whether they are required to disclose new or changed holdings under the UK Financial Conduct Authority’s Disclosure Guidance and Transparency Rules.

The most recent analyst rating on (GB:PAT) stock is a Hold with a £23.00 price target. To see the full list of analyst forecasts on Panthera Resources Plc stock, see the GB:PAT Stock Forecast page.

Business Operations and StrategyDelistings and Listing ChangesFinancial DisclosuresLegal ProceedingsPrivate Placements and Financing
Panthera Resources Narrows Funding Focus as Bhukia Arbitration and West African Gold Projects Advance
Positive
Dec 29, 2025

Panthera Resources posted an unaudited net loss of $1.36 million for the six months to 30 September 2025, slightly higher than the prior period as it continued to fund arbitration over the Bhukia project in India and invest in exploration across its West African assets. The company progressed its US$1.58 billion damages claim against the Republic of India, supported by a US$13.6 million non-recourse arbitration funding facility that remains partly undrawn, while an arbitral tribunal has now set a procedural timetable leading to a Phase One hearing in December 2026. Operationally, Panthera advanced a 1,740-metre RC drilling programme at its Bido project and a feasibility study at Cascades in Burkina Faso, and reported metallurgical results at Kalaka in Mali confirming ore suitability for CIL and/or heap leach processing, underpinning the economic potential of its West African portfolio. The group ended the period with $1.92 million in cash, subsequently raised about US$1.2 million through warrant exercises and expanded its shareholder access via commencement of trading on the US OTCQB market, moves that collectively strengthen liquidity and broaden its investor base while it pursues both arbitration upside and project development.

Delistings and Listing ChangesPrivate Placements and Financing
Panthera Resources Plc Issues New Shares Following Warrant Conversion
Neutral
Dec 11, 2025

Panthera Resources Plc has announced the issuance of 2,398,330 new ordinary shares following the conversion of warrants, raising gross proceeds of £160,208.44. The new shares are expected to be admitted to trading on AIM, increasing the company’s issued share capital to 258,139,751 ordinary shares, which may affect shareholder calculations under the Financial Conduct Authority’s rules.

Private Placements and Financing
Panthera Resources Raises £275,058 Through Warrant Conversion
Neutral
Dec 3, 2025

Panthera Resources Plc has announced the issuance of 4,117,647 new ordinary shares following the conversion of warrants, raising gross proceeds of £275,058.82. The new shares are set to be admitted to trading on AIM, increasing the company’s issued share capital to 255,741,421 ordinary shares, which may impact shareholder calculations under regulatory rules.

Regulatory Filings and Compliance
Panthera Resources Announces Total Voting Rights Update
Neutral
Dec 1, 2025

Panthera Resources Plc has announced its total issued share capital as of December 1, 2025, which consists of 251,623,774 ordinary shares, each with one voting right. This information is crucial for shareholders to determine their notification requirements under the UK’s Disclosure Guidance and Transparency Rules, impacting their interest in the company’s share capital.

Business Operations and StrategyPrivate Placements and Financing
Panthera Resources Plc Issues New Shares for Warrant Conversion
Neutral
Nov 25, 2025

Panthera Resources Plc announced the issuance of 250,000 new ordinary shares to settle a warrant conversion, raising £16,700. This move, involving Managing Director Mark Bolton, increases the company’s issued share capital to 251,623,774 shares and reflects strategic financial management to support its operations and growth in the gold exploration sector.

Business Operations and Strategy
Panthera Resources Reports Positive Metallurgical Results for Kalaka Gold Project
Positive
Nov 21, 2025

Panthera Resources Plc announced positive results from metallurgical tests on samples from the Kalaka deposit in Mali, indicating strong potential for gold recovery through cyanide leaching methods. These results, with CIL extractions achieving a 93.4% recovery rate and heap leaching showing a 76.3% recovery rate, bolster the company’s confidence in the Kalaka project’s viability and represent a significant milestone in its development.

Delistings and Listing ChangesPrivate Placements and Financing
Panthera Resources Plc Issues New Shares for Warrant Conversion
Neutral
Nov 20, 2025

Panthera Resources Plc has announced the issuance of 1,960,735 new ordinary shares to settle director fees and warrant conversion, raising £130,977.10. The new shares are set to be admitted to trading on AIM, increasing the company’s issued share capital to 251,373,774 ordinary shares, which may impact shareholder calculations under the Financial Conduct Authority’s rules.

Delistings and Listing Changes
Panthera Resources Expands Trading to U.S. OTCQB Market
Positive
Nov 17, 2025

Panthera Resources Plc has announced that its ordinary shares have been approved for cross-trading on the OTCQB Venture Market in the United States under the ticker symbol ‘PATRF’. This move is expected to enhance liquidity by expanding the investor base and providing easier access for U.S. investors to trade in the company’s shares. The shares will continue to be traded on AIM under the ticker ‘PAT’.

Delistings and Listing Changes
Panthera Resources to Cross-Trade on OTCQB Market
Positive
Nov 12, 2025

Panthera Resources Plc has announced its intention to apply for cross-trading its ordinary shares on the OTCQB Venture Market, aiming to facilitate easier access for North American investors. This move is expected to enhance the company’s market visibility and potentially increase its shareholder base, while the shares will continue to trade on the London Stock Exchange.

Business Operations and StrategyPrivate Placements and Financing
Panthera Resources Issues New Shares for Fees and Warrant Conversions
Neutral
Nov 3, 2025

Panthera Resources Plc has announced the issuance of 910,486 new ordinary shares to settle director fees and warrant conversions. This move is part of the company’s strategy to reduce cash expenditures and align the interests of its board with shareholders. The issuance includes 225,192 shares for non-executive directors’ fees and 685,294 shares for warrant conversions, raising £45,777.64. The new shares are expected to be admitted to trading on AIM by 6 November 2025, increasing the company’s issued share capital to 249,413,039 shares.

Regulatory Filings and Compliance
Panthera Resources Announces Total Voting Rights
Neutral
Oct 31, 2025

Panthera Resources Plc has announced its total voting rights, stating that the company’s issued share capital consists of 248,502,553 ordinary shares, each with one voting right. This information is crucial for shareholders to determine their interest in the company’s share capital under the UK Financial Conduct Authority’s Disclosure Guidance and Transparency Rules.

Business Operations and StrategyLegal Proceedings
Panthera Resources Updates on Arbitration with India Over Bhukia Project
Negative
Oct 29, 2025

Panthera Resources Plc has announced an update on its arbitration proceedings involving its Australian subsidiary, Indo Gold Pty Ltd, against the Republic of India. The arbitration concerns India’s alleged breach of a 1999 treaty regarding the Bhukia project, where Indo Gold claims a total loss of investment due to the denial of a Prospecting Licence. The arbitral panel has issued a procedural calendar for phase one, which will address jurisdiction, merits, and compensation principles, with hearings scheduled for December 2026. The outcome of this arbitration could significantly impact Panthera’s operations and its positioning in the gold mining industry.

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: Dec 30, 2025