Panther Metals completes A$2.2m capital raise to fund Laverton Gold Project drilling campaign

Panther Metals Ltd has successfully closed an A$2.22 million capital raising, paving the way for a significant drilling program at the Laverton Gold Project. The company, listed on the Australian Securities Exchange (ASX), raised A$1.96 million through a renounceable entitlement offer, with an additional A$261,000 secured from a follow-on placement to institutional and professional investors. Panther Metals is now set to begin a 7,000-metre drilling campaign across ten highly prospective gold targets at the Laverton project in Western Australia.

The entitlement offer, which was underwritten by Westar Capital Limited, saw strong participation from shareholders. Lead manager Cumulus Wealth Pty Ltd also facilitated a shortfall placement to cover excess demand, further underscoring the high level of interest in Panther Metals’ operations. The funds will support the company’s efforts to explore gold targets in the region, with the Burtville East site identified as the first area of focus. Managing Director and CEO Daniel Tuffin acknowledged the robust backing from both existing and new investors, expressing confidence that the upcoming drilling program would yield promising results.

In addition to advancing its Laverton operations, Panther Metals plans to direct a portion of the capital towards its Coglia Nickel-Cobalt project, where metallurgical studies are set to explore the use of environmentally friendly bacteria for extracting nickel and cobalt through heap leaching. The funds raised will also cover general working capital and the costs associated with the capital raising.

Shareholder interest drives strong capital raise

Panther Metals’ recent fundraising effort highlights the growing interest in Western Australia’s mineral exploration sector, particularly in the gold-rich Laverton district. The 7,000-metre drilling program is expected to focus on ten key targets within the Laverton Gold Project, with the initial drilling to take place at Burtville East. With a total of 148,182,463 new shares issued through the entitlement offer and follow-on placement, along with nearly 80 million options, the company is well-positioned to execute its exploration strategy.

The support from Cumulus Wealth and Westar Capital was crucial in securing the success of the capital raising. Tuffin emphasised that the addition of institutional investors to the company’s shareholder base marked a significant step forward, aligning with Panther Metals’ long-term vision of establishing itself as a key player in Western Australia’s mining landscape.

Expert opinion: Laverton’s gold prospects under the spotlight

The Laverton district has long been a focal point for gold exploration, with Panther Metals’ upcoming drilling program adding to the region’s allure. Industry experts note that Laverton’s historical gold production, combined with the untapped potential of targets like Burtville East, positions the company to make significant discoveries. By securing funding for this ambitious exploration program, Panther Metals is taking a calculated risk that could yield high returns. The company’s ability to attract institutional investors speaks to the confidence within the mining community that Laverton still holds valuable gold deposits, ready to be uncovered.

Panther Metals expands footprint

The success of Panther Metals’ fundraising efforts not only provides financial backing but also signals the company’s broader ambition to expand its footprint in Western Australia. By advancing its exploration projects and securing strategic investments, Panther Metals is setting the stage for potential future growth, both in gold and base metals like nickel and cobalt. With the addition of environmentally sustainable extraction methods under consideration for the Coglia Nickel-Cobalt project, the company is showing its commitment to responsible mining practices.