Panther Metals (PALM ) has signed a letter of interest with Traxys Europe SA, a division of Traxys Group, the global commodity trading giant.

The non-binding LOI relates to Panther's Winston tailings project in Canada and is a formal recognition of an ongoing engagement between both parties.

Panther is moving towards declaring a resource estimate at Winstone, as part of series of ongoing workstreams to quantify, evaluate and permit the contained high-grade gold, gallium, silver, zinc, copper, indium and cobalt and other recoverable minerals contained in the Winston tailings. 

Traxys is a physical commodity trader and merchant in the metals and natural resources sectors. Its sourcing, logistics, financing and marketing services are conducted by over 550 employees in over 20 offices worldwide, and its annual turnover is in excess of US$8 billion.

Traxys designs for its supplier and customer base custom-made supply chain solutions. The group is active in the non-ferrous metals, ferro-alloys, minerals, industrial raw minerals, and energy industries, as well as green transition metals.

"We are extremely pleased to be in discussions with Traxys at this important stage in the development of the Winston Lake tailings project,” said Darren Hazelwood, chief executive of Panther. 

“As a globally recognised leader in the financing and marketing of metal concentrates, Traxys brings an opportunity for a powerful combination of commercial expertise and the potential to deliver structured financial support aligned with future offtake. We believe the LOI with Traxys represents a strong third-party endorsement of the project's technical and economic potential. The involvement of Traxys with their global scale and capability, potentially offers the capacity to significantly strengthen Panther's pathway, while providing a clear signal of confidence to our shareholders and the wider market as we advance the Winston Tailings project towards production."

 

View from Vox

 

This is a big tick in the box for Panther. While not exactly proof of concept, Traxys’ signatures on an LOI does show that one of the industry’s most significant dealers in commodities takes the project seriously and regards the possibility of securing supply from Winston as realistic. After all, there’s a lot on offer at Winston. It contains a variety of commodities in a very safe mining jurisdiction. As we swing into the next mining upcycle, it’s not surprising that major players are looking to secure access to assets.