Panther Metals (PALM ) has negotiated an extension amendment to the 2021 sale and purchase agreement with Broken Rock Resources over the Obonga project, which covers over 90% of the Obonga greenstone belt, in Ontario.
The amendment agreement extends the terms of the original 2021 purchase agreement from the previous expiry date of 31 August 2026, when a payment of C$250,000 was due, through to 30 April 2027.
In consideration for the extension provided by the amended agreement, Panther will issue 30,000 shares to Broken Rock.
This new arrangement provides Panther with additional operational flexibility to advance and extend the currently ongoing diamond drilling.
Separately, following requests from two long-standing service providers, the company has agreed to settle outstanding invoices through the issuance of shares.
These arrangements were agreed prior to the company's 18 June 2026 fundraising, at a time when preserving cash ahead of securing funding for the Obonga drilling programme was considered prudent.
Following the successful financing, Panther offered to settle these invoices in cash. However, both service providers elected to proceed with the original share settlement agreements, reflecting their continued confidence in the company's future.
The new shares will be issued at the 18 June 2026 placing price of 135 pence per share.
"The extension of our Obonga agreement to 30 April 2027 is an outstanding outcome for the company and our shareholders,” said Darren Hazelwood, chief executive of Panther.
“I sincerely thank Broken Rock Resources for their support and flexibility in providing the additional time. This extension gives us the ability to continue the focused, disciplined ongoing diamond drilling campaign at Obonga, whilst allowing us additional time to prioritise quality work and strategic decision-making rather than simply chasing drilling metres against a compressed timeline. Just as importantly, we can now fund Obonga appropriately, creating a true win-win for all stakeholders. With the time and funding in place, we can maximise the value of every exploration dollar invested.”
View from Vox
Panther is consolidating a position of some strength, and enters the next phase of exploration with the runway, funding, and strategic flexibility that will allow it to unlock the full potential of Obonga. Meanwhile, anticipation about the Obonga drill results builds.