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- Binding agreement to sell Panther’s Mikado gold project tenements to Brightstar Resources
- Mikado strategically located adjacent to Brightstar’s Beta operations
- Sale provides Panther with additional non-dilutive funding
- Panther and Brightstar entered into HOA to investigate a potential mining and processing pathway
Panther Metals (ASX: PNT) has entered into a binding sale agreement with Brightstar Resources (ASX: BTR) for the sale of five exploration licences comprising the Mikado gold project.
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The Mikado tenure is strategically located adjacent to Brightstar’s Beta operations and developing Laverton infrastructure. Brightstar has recently completed a $193 million equity raising to support development of its Goldfields project, with construction of its new 1.5 million tonnes per annum (Mtpa) Laverton processing plant underway and first gold targeted for the June quarter 2027.
The acquisition for $350,000 cash provides Brightstar with additional tenure around its developing operating footprint, with the potential to provide efficiencies across future access, haulage and infrastructure.
In conjunction with the sale, Panther and Brightstar have entered into a non-binding HOA to investigate a potential mining and processing arrangement for Panther’s Burtville East gold project and to establish a framework for potential future cooperation across the broader Laverton gold projects.
“The Mikado sale delivers Panther $350,000 in non-dilutive funding from tenure that has greater strategic value to Brightstar given its location around their developing Laverton operations,” Daniel Tuffin, Panther MD and CEO said.
“With Brightstar’s new processing plant now under construction, the HOA also provides further optionality for Burtville East and our broader Laverton gold projects, as we continue exploration and consider the best pathways to realise value from our gold assets.”
Alex Rovira, MD of Brightstar, said the Mikado tenure is strategically located and consolidation of the tenure provides Brightstar with greater flexibility around future access and haulage routes, with the potential to reduce haulage distances and associated operating costs as its Goldfields operations develop.
“The Mikado tenure is strategically located within Brightstar’s developing Laverton operating footprint and provides potential efficiencies across future access, haulage and infrastructure,” Mr Rovira said.
“The HOA with Panther also provides longer-term optionality for additional proximal gold feed as we look to extend mine life and maximise the value of our new Laverton processing infrastructure.”
PNT was up 40.0% to 0.7¢. Mkt cap $2.041M.
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