Panther Metals (PALM ) has raised £1.19 million through a placing of shares at 70p each.
The money raised will be used to drill the Obonga and Wishbone projects in Canada, to undertake magnesium recovery metallurgical testwork at the Dotted Lake project, to advance work on the polymetallic Winston project, and to help work towards a dual listing in North America.
In June 2024, Panther secured a key exploration permit for the Wishbone prospect, valid through 2027, authorizing extensive drilling and geophysical surveys. Previous campaigns confirmed compelling volcanogenic massive sulphide-style mineralisation, highlighted by intercepts such as 27.3 metres of massive sulphide and 51 metres of sulphide-dominated mineralisation with multiple mineralised lenses. High-grade copper anomalies in lake sediment further enhance the prospectivity of this landmark target.
In addition, in July 2024 Panther was awarded an exploration permit for Awkward West, supporting an aggressive exploration program including up to 31 drill holes. Historic drilling here revealed notable graphite mineralisation, including 27.2 metres at 2.25% Total Graphitic Carbon with zones exceeding 5% TGC, alongside promising signs of nickel, copper, and platinum group elements, aligning with Panther's strategic focus on critical minerals.
"The financing announced today, enables Panther Metals to accelerate its activities across the entire project portfolio which is timed well as the Company looks to a North American exchange dual list,” said Darren Hazelwood, chief executive of Panther.
“These activities include a diamond drilling campaign focussed on building out the Wishbone VMS discovery at Obonga, advancing the Wishbone tailings project workstreams towards a feasibility study and metallurgical studies on the Dotted Lake drill core as a potential source of high-value magnesium. Accelerating these work streams meets our corporate objectives to grow the value of the business for the benefit of all shareholders."
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The Placing price represents a 6.67% discount to the mid-market closing price of Panther’s shares on 5 February 2026. The shares have performed well since December of the year, though, having almost doubled in the space of around the last seven weeks. This share price strength comes against a backdrop of renewed confidence in commodities markets, but also against a recognition that Panther has made persistent progress in Canada, and has hung in there even when times weren’t so good. The company is now cued up for the next stage of its development with drilling and a dual listing planned, both developments which could prove transformative.