Panthera Resources : Annual Report and Accounts 2021

PANTHERA RESOURCES PLC

ANNUAL REPORT

31 MARCH 2021

Company Registration No. 10953697 (United Kingdom)

Who We Are

"Panthera is a gold exploration and development group focused on West Africa and India and the optimisation of other mineral properties.

The Company was incorporated in the United Kingdom in 2017 and its shares are listed on the AIM market of the London Stock Exchange."

Vision

"To build a portfolio of high-quality,low-cost gold assets in India and West Africa"

Our Strategy

"Panthera intends to utilise the proven ability of its Board and management team to develop projects at all stages of the value chain to create a significant gold exploration and development group. We plan to deliver through exploring and developing our current and future gold resource projects."

ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2021

ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2021

Highlights of 2020-21 Financial Year

Panthera Resources PLC ("Panthera", "PAT" or the "Company") has navigated its third full year as an AIM-listed exploration and mining company. During this period, we have refocused the Company towards its gold projects in West Africa while continuing our efforts to unlock the significant potential value of the Bhukia Project (Bhukia) in Rajasthan, India.

Growing High Potential West Africa Gold Portfolio

• The Bassala Project has been the key focus of Panthera's work in West Africa during and after the financial year. The Bassala gold project is located within a very well gold endowed Birimian greenstone belt in southwest Mali, within 7km of the 3.7Moz Kalana gold mine (Endeavour Resources) and 5km of the 2.4Moz Kodieran gold mine (Wassoul'or). During the year, the Company completed an extensive gold in soil and ground magnetic survey followed by an IP survey in May 2021. This work has resulted in the identification of 22 high priority exploration targets, 13 of which were drilled after the end of the financial year. The Company completed an air-core (AC) drilling programme of 9,997 metres for 164 drill holes and a reverse circulation (RC) drilling programme of 392m for 4 drill holes. Partials assays results (~38% of the drilled metres) received to date have been very encouraging with the remaining assays expected shortly. The AC drilling programme is proposed to continue after the wet season in the fourth quarter of this calendar year. In addition, several direct targets for deeper drilling have already been identified and a larger RC rig or a diamond drill rig will also be secured for drilling these targets following the completion of shallower AC drilling.
• The Bido gold project (formerly known as Naton) is located within a well gold endowed Birimian greenstone belt in southern Burkina Faso. During the year, the Company successfully secured the reissue of the licence following administrative challenges with the Malian government. Following the grant of this licence during the year, the remaining areas considered suitable for gold in soil sampling in the south-central part of the licence were surveyed. Several high gold in soil sample assays were returned including 26.5g/t Au, 16.7g/t Au. A new zone of extensive artisanal working activity targeting in situ mineralisation was identified during the survey. In addition, numerous outcropping quartz veins were also identified and a programme of mapping and rock chip sampling was undertaken. As there are many discrete targets within the licence area, further activities will be required to prioritise the targets for follow-up drilling. In this regard, it is proposed that the principal areas of interest are surveyed with IP during the 2021-22 financial year followed by drilling.
• During the year, the Company spun out its Labola (Burkina Faso) and Kalaka (Mali) Projects into Moydow Holdings Limited (Moydow), a private exploration vehicle. The transaction provided finance to kick start exploration on the Labola and Kalaka Projects while maintaining for the Company a significant ongoing shareholding in Moydow. Moydow has moved quickly to progress the Labola and Kalaka projects:
• • During the year, Moydow has successfully secured all of the historical exploration data over the licence from the previous explorers. A total of 65,556m drilling in 541 holes (mainly diamond and reverse circulation) has been undertaken by previous explorers. Broad, moderate grade mineralisation such as 59m @ 1.83g/t Au from 41m, as well as narrow, very high-grade mineralisation such as 1m @ 258.7g/t Au from 66m have been returned. Work is currently focused on confirming the previous data, in particular, by twin drilling a selection of previous explorers' drill holes to confirm that the location of mineralisation zones and gold grades within these mineralisation zones are repeatable. This programme should enable the estimation of a resource compliant with NI43-101 guidelines in the fourth quarter of this calendar year.
  • The Kalaka gold project in southern Mali, West Africa, is located 55km south of the 7Moz Morila gold mine (Barrick/Anglogold) and 85km northwest of the 6Moz Syama gold mine (Resolute). The Kalaka project has confirmed the

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ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2021

potential for large tonnages (several hundred million tonnes) of low-grade gold mineralisation. Potential for higher-grade zones within the large low-grade system has been identified associated with IP anomalies and artisanal workings in areas of interpreted structural complexity. Work during and after the end of the financial year comprised two ground IP surveys that resulted in the identification of more than 20 drill targets. A maiden drill programme is planned for the fourth quarter of this calendar year.

Bhukia Project (Rajasthan, India)

• A JORC-Inferred Mineral Resource Estimate of 1.74Moz was reported by the Company from its early exploration over granted tenure during the period 2005-08; whilst it has defined a planned exploration programme that targets increasing this to over 6.0Moz upon grant of the PL.
• Since 2008, the Company has actively sought the approval of the Prospecting Licence over Bhukia (PL). The PL Application (PLA) was again rejected by the Government of Rajasthan (GoR) in August 2018 on various spurious grounds. The Company subsequently obtained an interim Stay Order from the Rajasthan High Court which continues to remain in place restraining the GoR from granting third party rights within the entire area of the PLA.
• In March 2021, the Government of India (GoI) amended the Mines and Minerals (Development and Regulation) Act (MMDR2021) which resulted in the immediate lapse of all prospecting licence applications. Under the MMDR2021, provision is made to reimburse any expenses incurred towards reconnaissance or prospecting operations in such manner as may be prescribed by the GoI. The Company continues to seek the reinstatement of its PLA through the Rajasthan High Court in order that it is eligible for any applicable reimbursement.
• In February 2021, the Company announced that it had appointed Fasken to advise the Company on a potential dispute with the GoI concerning Bhukia. More specifically, Fasken is advising the Company on its potential dispute under the Australia India Bilateral Investment Treaty (ABIT) in relation to Bhukia.

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ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2021