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\n
\n
\n
\n1. Accounting policies
\n\n
\n
1.1 Basis of preparation
\n
Panther Metals PLC is a public limited company incorporated in the Isle of Man.
\n
\n
The consolidated financial statements of Panther Metals PLC and its subsidiaries (together, \u201cthe Group\u201d) are presented as required by the Companies
\n
Act 2006 (Isle of Man). As permitted by that Act, the financial statements have been prepared in accordance with UK adopted International
\n
Accounting Standards. The consolidated financial statements are presented in pounds sterling and are rounded to the nearest pound.
\n
\n\n\n\n\n\n\n
\n
The financial statements have been prepared on the historical cost basis except for certain financial instruments, which are carried as described
\n
in the respective sections in the policies below. The principal accounting policies that have been adopted by the Group in the preparation of these
\n
financial statements are set out below and have been consistently applied to all periods presented.
\n
\n\n\n\n\n\n\n
\n
1.2 Going concern
\n
The Company successfully issued equity of \u00a31,110,570, converted warrants of \u00a380,000 and received director subscriptions of \u00a3132,000 in the year
\n
ended 31 December 2025. As a junior exploration company, the Directors are aware that the Company must seek funds from the market in the next
\n
12 months to meet its investment and exploration plans and to maintain its listing status. A successful fundraising presents a material uncertainty
\n
that may cast doubt on the Group\u2019s ability to continue to operate as planned and to pay its liabilities as they fall due for a period not less than twelve
\n
months from the date of this report. As at the year-end date the Group had total cash reserves of \u00a371,085 (2024: \u00a317,536).
\n
On 9 February 2026 the Company announced that it has raised gross proceeds of \u00a31,190,000 (before expenses) through a placing of 1,700,000
\n
ordinary shares of no par value at a price of 70 pence (the \u201cPlacing Price\u201d). The Placing, which received substantial backing from new and existing
\n
institutional investors and existing shareholders of the Company, was significantly oversubscribed and subject to scale back. The shares were
\n
admitted on 16 February 2026.
\n
The Directors are aware of the reliance on fundraising within the next 12 months and therefore consider that a material uncertainty exists as to the
\n
Company\u2019s ability to continue as a going concern. Having reviewed the Group\u2019s working capital forecasts they believe the Group is well placed to
\n
manage its business risks successfully providing the fundraising is successful. The financial statements have been prepared on a going concern
\n
basis and do not include adjustments that would result if the Group were unable to continue in operation. However the Company may need to
\n
obtain further funding over the 12 months following the date of approval of the financial statements.
\n
\n\n\n\n\n\n\n
\n
1.3 Basis of consolidation
\n
The consolidated financial statements incorporate the financial statements of the Company and its subsidiary undertaking. The results of subsidiaries
\n
acquired or disposed of during the year are included in the consolidated income statement from the effective date of acquisition or up to the
\n
effective date of disposal, as appropriate.
\n
All business combinations are accounted for using the acquisition method of accounting.
\n
Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by
\n
other members of the Group. All intra-group transactions, balances, income and expenses are eliminated in full on consolidation.
\n
\n\n\n\n\n\n\n
\n
\n
1.4 Foreign currencies
\n
\n
Functional and presentation currency
\n
The consolidated financial statements are presented in Pounds Sterling, which is the Group\u2019s presentation currency and the functional currency of
\n
the holding company Panther Metals PLC.
\n
Items included in the financial statements of the subsidiaries are measured using the currency of the primary economic environment in which the
\n
entity operates (the \u2018functional currency\u2019).
\n
The functional currency of Panther Canada is the Canadian Dollar (CAD) which is the currency of the environment in which the subsidiary operates.
\n
\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n
\n
\n
\n\n
Transactions and balances
\n
Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign
\n
exchange gains and losses resulting from the settlement of such transactions and from the translation at year end exchange rates of monetary
\n
assets and liabilities denominated in foreign currencies are recognised in profit or loss.
\n
The results and financial position of Group entities that have a functional currency different from the presentation currency are translated into the
\n
presentation currency as follows:
\n
\u2022
\n
assets and liabilities for each statement of financial position presented are translated at the closing rate at the date of that statement of financial
\n
position;
\n
\u2022
\n
income and expenses in profit or loss are translated at average exchange rates; and
\n
\u2022
\n
all resulting exchange differences are recognised in other comprehensive income.
\n
On consolidation, exchange differences arising from the translation of the net investment in foreign entities, and of monetary items receivable from
\n
foreign subsidiaries for which settlement is neither planned nor likely to occur in the foreseeable future are taken to other comprehensive income.
\n
When a foreign operation is sold, exchange differences that were recorded in equity are recognised in profit or loss as part of the gain or loss on sale.
\n
\n\n\n\n\n\n\n
\n
\n
1.5 Tax
\n
Income tax expense represents the sum of the tax currently payable and deferred tax. The tax currently payable is based on taxable profit for
\n
the year. Taxable profit differs from profit as reported comprehensive income statement because it excludes items of income or expense that
\n
are taxable or deductible in other years and it further excludes items that are not taxable or tax deductible. The Group\u2019s liability for current tax
\n
is calculated using tax rates (and tax laws) that have been enacted or substantively enacted in countries where the Group and its subsidiaries
\n
operate by the end of the financial period.
\n
\n
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions
\n
or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax, with the following
\n
exceptions:
\n
Deferred tax assets are recognised only to the extent that the Directors consider that it is more likely than not that there will be suitable taxable
\n
profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax is measured on an undiscounted basis at
\n
the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively
\n
enacted at the balance sheet date.
\n
\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n
\n
1.6 Exploration and evaluation assets
\n
Exploration and evaluation assets represent the cost of acquisitions by the Group of rights and licences. All costs associated with the exploration
\n
and investment are capitalised as intangible assets on a project-by-project basis once the legal rights to explore have been obtained, pending
\n
determination of the feasibility of the project. Costs incurred include appropriate technical and administrative expenses, but not general overheads.
\n
Any deferred contingent consideration payable in relation to acquisitions of licences or options under the exploration projects is recognised at fair
\n
value at the acquisition date and are capitalised within exploration and evaluation assets.
\n
Amounts payable based on the ultimate success of an exploration project are only recognised when there is a legal obligation in relation to the
\n
acquisition agreement, the amount can be reliably estimated and there is a strong likelihood of the amount being payable.
\n
Once technical feasibility and commercial viability is established which depends on the type of project but would usually be at the time of a
\n
discovery, the related expenditures will be transferred to mining assets and amortised over the estimated life of the reserve on a unit of production
\n
basis. Where a licence is relinquished or a project abandoned, the related costs are written off to profit or loss. The recoverability of all exploration
\n
and development costs is dependent upon the discovery of economically recoverable reserves, the ability of the Group to obtain necessary
\n
financing to complete the development of reserves and future profitable production or proceeds from the disposition thereof.
\n
Any grant funding received in relation to exploration expenditure is accounted for in accordance with IAS 20 Accounting for Government Grants
\n
and Disclosure of Government Assistance.
\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n
\n
\n\n
1.7 Impairment of exploration and evaluation assets
\n
The carrying values of capitalised exploration and evaluation assets are assessed for impairment if fact and circumstances indicate that the carrying
\n
amount exceeds the recoverable amount and
\n
sufficient data exists to evaluate technical feasibility and commercial viability. Key indicators are as follows:
\n
\u2022
\n
Carrying Amount Exceeds Recoverable Amount.
\n
\u2022
\n
Technical Feasibility and Commercial Viability: changes in the technical feasibility or commercial viability of extracting the mineral resources.
\n
\u2022
\n
Market Conditions: Significant negative changes in market conditions, such as a decline in commodity prices or changes in demand for the
\n
resources being explored.
\n
\u2022
\n
Regulatory Changes: Changes in regulations or legal requirements that affect the ability to explore or extract resources.
\n
\u2022
\n
Operational Performance: Evidence of poor operational performance or significant losses related to the exploration and evaluation activities.
\n
If any indication impairment exists, an estimate of the asset\u2019s recoverable amount is calculated. The recoverable amount is determined as the higher
\n
of the fair value less costs of disposal and the asset\u2019s value in use. If the carrying amount of the asset exceeds its estimated recoverable amount,
\n
the asset is impaired, and an impairment loss is charged to the Statement of comprehensive income to reduce the carrying amount to its estimated
\n
recoverable amount.
\n
If individual claims/ cells are abandoned for one reason or another, then the property as a whole will be considered for impairment. An impairment
\n
presumption also exists if no work has been done on a claim/ cell in three years. Cash resources are taken into consideration to justify claim
\n
preservation/renewal in the forthcoming twelve months.
\n
\n\n\n\n\n\n\n
\n
\n
\n
1.8 Bitcoin Treasury Asset
\n
During the year ended 31 December 2025, the Company acquired and sold \u00a380,000 of Bitcoin Treasury which it accounted for in accordance with
\n
IAS 38 Intangible Assets. The gain on disposal was \u00a32,349. The Company has no immediate intention to buy Bitcoin.
\n
\n\n\n\n
\n
\n\n\n\n\n\n\n
\n
\n
\n
1.9 Held for Sale Investments
\n
Investment assets intended for disposal are reclassified as \u2018held for sale\u2019 once all of the following criteria are met:
\n
\u2022
\n
the asset is available for immediate sale in its present condition subject only to terms which are usual and customary for such sales
\n
\u2022
\n
the sale must be highly probable ie:
\n
-
\n
management are committed to a plan to sell the asset
\n
-
\n
an active programme has begun to find a buyer and complete the sale
\n
-
\n
the asset is being actively marketed at a reasonable price
\n
-
\n
the sale is expected to be completed within 12 months of the date of classification as \u2018held for sale\u2019 and
\n
-
\n
the actions needed to complete the plan indicate it is unlikely that the plan will be dropped or significant changes made to it.
\n
Following reclassification, the assets are measured at the lower of their existing carrying amount and their \u2018fair value less costs to sell\u2019. Any
\n
depreciation ceases to be charged. Assets are de-recognised when all material sale contract conditions have been met.
\n
\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n\n
\n
\n
\n
1.10 Financial Instruments
\n
\n
\n
The Group classifies its financial assets into one of the categories discussed below, depending on the purpose for which the asset was acquired.
\n
\n
Fair Value through Profit or Loss (FVTPL)
\n
The Group held a number of strategic investments in listed entities, which are not accounted for as subsidiaries, associates or jointly controlled
\n
entities. They are carried in the Statement of Financial Position at fair value with changes in fair value recognised in the profit or loss in the period
\n
in which they arise.
\n
\n\n\n\n
\n
Amortised Cost
\n
These assets comprise the types of financial assets where the objective is to hold these assets in order to collect contractual cash flows and
\n
the contractual cash flows are solely payments of principal and interest. They are initially recognised at fair value plus transaction costs that
\n
are directly attributable to their acquisition or issue and are subsequently carried at amortised cost, using the effective interest rate method,
\n
less provision for impairment. Impairment provisions for current and non-current trade receivables are recognised, based on the simplified
\n
approach within IFRS 9, using a provision matrix in the determination of the lifetime expected credit losses. During this process, the probability
\n
of the non-payment of the trade receivables is assessed. This probability is then multiplied by the amount of the expected loss, arising from
\n
default to determine the lifetime expected credit loss for the trade receivables. For the receivables, which are reported net, such provisions
\n
are recorded in a separate provision account, with the loss being recognised in the Consolidated Statement of Comprehensive Income. On
\n
confirmation that the receivable will not be collectable, the gross carrying value of the asset is written off against the associated provision.
\n
Impairment provisions, for receivables from related parties and loans to related parties, are recognised based on a forward-looking expected
\n
credit loss model. The methodology, used to determine the amount of the provision, is based on whether there has been a significant
\n
increase in credit risk, since initial recognition of the financial asset. For those, where the credit risk has not increased significantly, since initial
\n
recognition of the financial asset, twelve month expected credit losses, along with gross interest income, are recognised. For those for which
\n
credit risk has increased significantly, lifetime expected credit losses along with the gross interest income are recognised. For those that are
\n
determined to be credit impaired, lifetime expected credit losses, along with interest income on a net basis, are recognised.
\n
The Group\u2019s financial assets, measured at amortised cost, comprise trade and other receivables and cash and cash equivalents in the
\n
Consolidated Statement of Financial Position. Cash and cash equivalents are deposits held at call with banks.
\n
\n\n\n\n
\n
\n
Financial Liabilities
\n
The Group\u2019s financial liabilities are Trade payables and other short-term monetary liabilities, which are initially recognised at fair value and
\n
subsequently carried at amortised cost, using the effective interest method.
\n
\n\n\n
\n
\n
1.11 Fair Value Measurement of Financial Instruments
\n
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants
\n
at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability
\n
takes place either:
\n
\u2022
\n
In the principal market for the asset or liability; or
\n
\u2022
\n
In the absence of a principal market, in the most advantageous market for the asset or liability.
\n
The principal or the most advantageous market must be accessible by the Group. The fair value of an asset or a liability is measured, using the
\n
assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best
\n
interest. A fair value measurement of a non-financial asset takes into account a market participant\u2019s ability to generate economic benefits by using
\n
the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use. The Group
\n
uses valuation techniques that are appropriate in the circumstances and, for which sufficient data are available to measure fair value, maximising
\n
the use of relevant observable inputs and minimising the use of unobservable inputs. All assets and liabilities, for which fair value is measured or
\n
disclosed in the Financial Statements, are categorised within the fair value hierarchy, described as follows, based on the lowest level input that is
\n
significant to the fair value measurement as a whole:
\n
\u2022
\n
Level 1: Quoted (unadjusted) market prices in active markets for identical assets or liabilities;
\n
\u2022
\n
Level 2: Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly
\n
observable; and
\n
\u2022
\n
Level 3: Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable.
\n
For assets and liabilities that are recognised in the Financial Statements on a recurring basis, the Group determines whether transfers have
\n
occurred between levels in the hierarchy by re-assessing categorisation (based on the lowest level input that is significant to the fair value
\n
measurement as a whole) at the end of each reporting period. For the purpose of fair value disclosures, the Group has determined classes
\n
of assets and liabilities on the basis of the nature, characteristics and risks of the asset or liability and the level of the fair value hierarchy as
\n
explained above.
\n
\n\n\n\n
\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n
\n
\n\n
1.12 Equity instrument
\n
An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all its liabilities. Equity instruments
\n
issued by the Group are recognised as the proceeds received, net of direct issue costs. The costs of an equity transaction are accounted for as
\n
a deduction from equity to the extent they are incremental costs directly attributable to the equity transaction that would otherwise have been
\n
avoided. The Company\u2019s Ordinary Shares are classified as equity instruments and are shown within the share capital.
\n
\n\n\n\n\n\n\n
\n
\n
\n
1.13 Share based payments and Warrants
\n
The Group operates equity-settled, share-based schemes, under which the Group receives services from employees or third-party suppliers as
\n
consideration for equity instruments (options and warrants) of the Group.
\n
The fair value of the third-party suppliers\u2019 services received in exchange for the grant of the options is recognised as an expense in the Income
\n
Statement based on the cost of the service (direct method) . The value of the employee services received is expensed in the Income Statement and
\n
its value is determined indirectly by reference to the fair value of the options granted: - including any market performance conditions; - excluding the
\n
impact of any service and non-market performance vesting conditions (for example, profitability or sales growth targets, or remaining an employee
\n
of the entity over a specified time period); and - including the impact of any non-vesting conditions (for example, the requirement for employees to
\n
save).
\n
The Group classifies instruments issued as financial liabilities or equity instruments in accordance with the substance of the contractual terms of the
\n
instruments. The fair value of the management and Obonga share options are determined using the Black Scholes valuation model, considering
\n
the terms and conditions upon which the options or warrants were granted. The amount recognised as an expense is adjusted to reflect the actual
\n
number of share options that are likely to vest. The fair value of the share options granted under the Growth Reward Scheme are determined using
\n
a Monte Carlo probability distribution model due to the market conditions which exist for the vesting of any options granted. The share-based
\n
payments reserve is used to recognise the value of equity-settled share-based payments, see note 19 for further details.
\n
\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n
\n
\n
\n
1.14 New IFRS standards and interpretations
\n
There has been no material impact from the adoption of new standards, amendments to standards or interpretations which are relevant to the
\n
Group.
\n
\n\n\n\n\n\n\n
\n
1.15 New accounting standards, amendments and interpretations that are issued but not yet effective
\n
Certain new standards, amendments and interpretations to existing standards have been published that are mandatory for the following accounting
\n
periods and which the Group has chosen not to adopt early.
\n
The following amendments are effective for the annual reporting period beginning 1 January 2026 to include annual improvements to IFRS
\n
standards- Volume 11:
\n
\u2022
\n
Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 Financial Instruments and IFRS 7)
\n
\u2022
\n
Annual Improvements to IFRS Accounting Standards \u2013 Volume 11
\n
The amendments are not expected to have a material impact on the Group\u2019s financial statements, as they primarily clarify existing requirements and
\n
do not introduce new accounting principles.
\n
The following amendments are effective for the annual reporting period beginning 1 January 2027:
\n
\u2022
\n
IFRS 18 Presentation and Disclosure in Financial Statements
\n
The Group is currently assessing the impact of these new accounting standards and amendments. Apart from IFRS 18 the Group does not expect
\n
any other standards issued by the IASB, but are yet to be effective, to have a material impact on the Group.
\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory",
"language": "en",
"entity": "scheme:213800FE99O4CN3DJU27",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag87": {
"value": "\n
\n1.1 Basis of preparation
\nPanther Metals PLC is a public limited company incorporated in the Isle of Man.
\n\n
The consolidated financial statements of Panther Metals PLC and its subsidiaries (together, \u201cthe Group\u201d) are presented as required by the Companies
\n
Act 2006 (Isle of Man). As permitted by that Act, the financial statements have been prepared in accordance with UK adopted International
\n
Accounting Standards. The consolidated financial statements are presented in pounds sterling and are rounded to the nearest pound.
\n
\n\n\n\n\n\n\n
The financial statements have been prepared on the historical cost basis except for certain financial instruments, which are carried as described
\nin the respective sections in the policies below. The principal accounting policies that have been adopted by the Group in the preparation of these
\nfinancial statements are set out below and have been consistently applied to all periods presented.
\n
\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800FE99O4CN3DJU27",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag89": {
"value": "Panther Metals PLC",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:213800FE99O4CN3DJU27",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag88": {
"value": "\nThe consolidated financial statements of Panther Metals PLC and its subsidiaries (together, \u201cthe Group\u201d) are presented as required by the Companies
\nAct 2006 (Isle of Man). As permitted by that Act, the financial statements have been prepared in accordance with UK adopted International
\nAccounting Standards. The consolidated financial statements are presented in pounds sterling and are rounded to the nearest pound.
\n
\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:213800FE99O4CN3DJU27",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag90": {
"value": "PLC",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:213800FE99O4CN3DJU27",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag91": {
"value": "Isle of Man",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:213800FE99O4CN3DJU27",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag92": {
"value": "\n1.2 Going concern
\nThe Company successfully issued equity of \u00a31,110,570, converted warrants of \u00a380,000 and received director subscriptions of \u00a3132,000 in the year
\nended 31 December 2025. As a junior exploration company, the Directors are aware that the Company must seek funds from the market in the next
\n12 months to meet its investment and exploration plans and to maintain its listing status. A successful fundraising presents a material uncertainty
\nthat may cast doubt on the Group\u2019s ability to continue to operate as planned and to pay its liabilities as they fall due for a period not less than twelve
\nmonths from the date of this report. As at the year-end date the Group had total cash reserves of \u00a371,085 (2024: \u00a317,536).
\nOn 9 February 2026 the Company announced that it has raised gross proceeds of \u00a31,190,000 (before expenses) through a placing of 1,700,000
\nordinary shares of no par value at a price of 70 pence (the \u201cPlacing Price\u201d). The Placing, which received substantial backing from new and existing
\ninstitutional investors and existing shareholders of the Company, was significantly oversubscribed and subject to scale back. The shares were
\nadmitted on 16 February 2026.
\nThe Directors are aware of the reliance on fundraising within the next 12 months and therefore consider that a material uncertainty exists as to the
\nCompany\u2019s ability to continue as a going concern. Having reviewed the Group\u2019s working capital forecasts they believe the Group is well placed to
\nmanage its business risks successfully providing the fundraising is successful. The financial statements have been prepared on a going concern
\nbasis and do not include adjustments that would result if the Group were unable to continue in operation. However the Company may need to
\nobtain further funding over the 12 months following the date of approval of the financial statements.
\n
\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:213800FE99O4CN3DJU27",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag93": {
"value": "investment and exploration plans",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:213800FE99O4CN3DJU27",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag94": {
"value": "\n1.3 Basis of consolidation
\nThe consolidated financial statements incorporate the financial statements of the Company and its subsidiary undertaking. The results of subsidiaries
\nacquired or disposed of during the year are included in the consolidated income statement from the effective date of acquisition or up to the
\neffective date of disposal, as appropriate.
\nAll business combinations are accounted for using the acquisition method of accounting.
\nWhere necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by
\nother members of the Group. All intra-group transactions, balances, income and expenses are eliminated in full on consolidation.
\n
\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:213800FE99O4CN3DJU27",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag95": {
"value": "All business combinations are accounted for using the acquisition method of accounting.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:213800FE99O4CN3DJU27",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag119": {
"value": "\n
\n1.4 Foreign currencies
\n\n
Functional and presentation currency
\n
The consolidated financial statements are presented in Pounds Sterling, which is the Group\u2019s presentation currency and the functional currency of
\n
the holding company Panther Metals PLC.
\n
Items included in the financial statements of the subsidiaries are measured using the currency of the primary economic environment in which the
\n
entity operates (the \u2018functional currency\u2019).
\n
The functional currency of Panther Canada is the Canadian Dollar (CAD) which is the currency of the environment in which the subsidiary operates.
\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\nTransactions and balances
\nForeign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign
\nexchange gains and losses resulting from the settlement of such transactions and from the translation at year end exchange rates of monetary
\nassets and liabilities denominated in foreign currencies are recognised in profit or loss.
\nThe results and financial position of Group entities that have a functional currency different from the presentation currency are translated into the
\npresentation currency as follows:
\n \u2022
\nassets and liabilities for each statement of financial position presented are translated at the closing rate at the date of that statement of financial
\nposition;
\n \u2022
\nincome and expenses in profit or loss are translated at average exchange rates; and
\n \u2022
\nall resulting exchange differences are recognised in other comprehensive income.
\nOn consolidation, exchange differences arising from the translation of the net investment in foreign entities, and of monetary items receivable from
\nforeign subsidiaries for which settlement is neither planned nor likely to occur in the foreseeable future are taken to other comprehensive income.
\nWhen a foreign operation is sold, exchange differences that were recorded in equity are recognised in profit or loss as part of the gain or loss on sale.
\n
\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:213800FE99O4CN3DJU27",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag96": {
"value": "\nFunctional and presentation currency
\nThe consolidated financial statements are presented in Pounds Sterling, which is the Group\u2019s presentation currency and the functional currency of
\nthe holding company Panther Metals PLC.
\nItems included in the financial statements of the subsidiaries are measured using the currency of the primary economic environment in which the
\nentity operates (the \u2018functional currency\u2019).
\nThe functional currency of Panther Canada is the Canadian Dollar (CAD) which is the currency of the environment in which the subsidiary operates.
\n
\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:213800FE99O4CN3DJU27",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag97": {
"value": "Panther Metals PLC",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:213800FE99O4CN3DJU27",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag98": {
"value": "\n
\n1.5 Tax
\nIncome tax expense represents the sum of the tax currently payable and deferred tax. The tax currently payable is based on taxable profit for
\nthe year. Taxable profit differs from profit as reported comprehensive income statement because it excludes items of income or expense that
\nare taxable or deductible in other years and it further excludes items that are not taxable or tax deductible. The Group\u2019s liability for current tax
\nis calculated using tax rates (and tax laws) that have been enacted or substantively enacted in countries where the Group and its subsidiaries
\noperate by the end of the financial period.
\n\n
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions
\n
or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax, with the following
\n
exceptions:
\n
Deferred tax assets are recognised only to the extent that the Directors consider that it is more likely than not that there will be suitable taxable
\n
profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax is measured on an undiscounted basis at
\n
the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively
\n
enacted at the balance sheet date.
\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800FE99O4CN3DJU27",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag99": {
"value": "\nDeferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions
\nor events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax, with the following
\nexceptions:
\nDeferred tax assets are recognised only to the extent that the Directors consider that it is more likely than not that there will be suitable taxable
\nprofits from which the future reversal of the underlying timing differences can be deducted. Deferred tax is measured on an undiscounted basis at
\nthe tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively
\nenacted at the balance sheet date.
\n
\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800FE99O4CN3DJU27",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag100": {
"value": "\n1.6 Exploration and evaluation assets
\nExploration and evaluation assets represent the cost of acquisitions by the Group of rights and licences. All costs associated with the exploration
\nand investment are capitalised as intangible assets on a project-by-project basis once the legal rights to explore have been obtained, pending
\ndetermination of the feasibility of the project. Costs incurred include appropriate technical and administrative expenses, but not general overheads.
\nAny deferred contingent consideration payable in relation to acquisitions of licences or options under the exploration projects is recognised at fair
\nvalue at the acquisition date and are capitalised within exploration and evaluation assets.
\nAmounts payable based on the ultimate success of an exploration project are only recognised when there is a legal obligation in relation to the
\nacquisition agreement, the amount can be reliably estimated and there is a strong likelihood of the amount being payable.
\nOnce technical feasibility and commercial viability is established which depends on the type of project but would usually be at the time of a
\ndiscovery, the related expenditures will be transferred to mining assets and amortised over the estimated life of the reserve on a unit of production
\nbasis. Where a licence is relinquished or a project abandoned, the related costs are written off to profit or loss. The recoverability of all exploration
\nand development costs is dependent upon the discovery of economically recoverable reserves, the ability of the Group to obtain necessary
\nfinancing to complete the development of reserves and future profitable production or proceeds from the disposition thereof.
\nAny grant funding received in relation to exploration expenditure is accounted for in accordance with IAS 20 Accounting for Government Grants
\nand Disclosure of Government Assistance.
\n
\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExplorationAndEvaluationExpenditures",
"language": "en",
"entity": "scheme:213800FE99O4CN3DJU27",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag101": {
"value": "\n1.7 Impairment of exploration and evaluation assets
\nThe carrying values of capitalised exploration and evaluation assets are assessed for impairment if fact and circumstances indicate that the carrying
\namount exceeds the recoverable amount and
\nsufficient data exists to evaluate technical feasibility and commercial viability. Key indicators are as follows:
\n \u2022
\nCarrying Amount Exceeds Recoverable Amount.
\n \u2022
\nTechnical Feasibility and Commercial Viability: changes in the technical feasibility or commercial viability of extracting the mineral resources.
\n \u2022
\nMarket Conditions: Significant negative changes in market conditions, such as a decline in commodity prices or changes in demand for the
\nresources being explored.
\n \u2022
\nRegulatory Changes: Changes in regulations or legal requirements that affect the ability to explore or extract resources.
\n \u2022
\nOperational Performance: Evidence of poor operational performance or significant losses related to the exploration and evaluation activities.
\nIf any indication impairment exists, an estimate of the asset\u2019s recoverable amount is calculated. The recoverable amount is determined as the higher
\nof the fair value less costs of disposal and the asset\u2019s value in use. If the carrying amount of the asset exceeds its estimated recoverable amount,
\nthe asset is impaired, and an impairment loss is charged to the Statement of comprehensive income to reduce the carrying amount to its estimated
\nrecoverable amount.
\nIf individual claims/ cells are abandoned for one reason or another, then the property as a whole will be considered for impairment. An impairment
\npresumption also exists if no work has been done on a claim/ cell in three years. Cash resources are taken into consideration to justify claim
\npreservation/renewal in the forthcoming twelve months.
\n
\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:213800FE99O4CN3DJU27",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag112": {
"value": "\n
\n\n
1.8 Bitcoin Treasury Asset
\n
During the year ended 31 December 2025, the Company acquired and sold \u00a380,000 of Bitcoin Treasury which it accounted for in accordance with
\n
IAS 38 Intangible Assets. The gain on disposal was \u00a32,349. The Company has no immediate intention to buy Bitcoin.
\n
\n\n\n\n
\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800FE99O4CN3DJU27",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag113": {
"value": "\n1.8 Bitcoin Treasury Asset
\nDuring the year ended 31 December 2025, the Company acquired and sold \u00a380,000 of Bitcoin Treasury which it accounted for in accordance with
\nIAS 38 Intangible Assets. The gain on disposal was \u00a32,349. The Company has no immediate intention to buy Bitcoin.
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800FE99O4CN3DJU27",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag102": {
"value": "\n
\n\n
1.9 Held for Sale Investments
\n
Investment assets intended for disposal are reclassified as \u2018held for sale\u2019 once all of the following criteria are met:
\n
\u2022
\n
the asset is available for immediate sale in its present condition subject only to terms which are usual and customary for such sales
\n
\u2022
\n
the sale must be highly probable ie:
\n
-
\n
management are committed to a plan to sell the asset
\n
-
\n
an active programme has begun to find a buyer and complete the sale
\n
-
\n
the asset is being actively marketed at a reasonable price
\n
-
\n
the sale is expected to be completed within 12 months of the date of classification as \u2018held for sale\u2019 and
\n
-
\n
the actions needed to complete the plan indicate it is unlikely that the plan will be dropped or significant changes made to it.
\n
Following reclassification, the assets are measured at the lower of their existing carrying amount and their \u2018fair value less costs to sell\u2019. Any
\n
depreciation ceases to be charged. Assets are de-recognised when all material sale contract conditions have been met.
\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:213800FE99O4CN3DJU27",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag103": {
"value": "\n1.9 Held for Sale Investments
\nInvestment assets intended for disposal are reclassified as \u2018held for sale\u2019 once all of the following criteria are met:
\n \u2022
\nthe asset is available for immediate sale in its present condition subject only to terms which are usual and customary for such sales
\n \u2022
\nthe sale must be highly probable ie:
\n -
\nmanagement are committed to a plan to sell the asset
\n -
\nan active programme has begun to find a buyer and complete the sale
\n -
\nthe asset is being actively marketed at a reasonable price
\n -
\nthe sale is expected to be completed within 12 months of the date of classification as \u2018held for sale\u2019 and
\n -
\nthe actions needed to complete the plan indicate it is unlikely that the plan will be dropped or significant changes made to it.
\nFollowing reclassification, the assets are measured at the lower of their existing carrying amount and their \u2018fair value less costs to sell\u2019. Any
\ndepreciation ceases to be charged. Assets are de-recognised when all material sale contract conditions have been met.
\n
\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:213800FE99O4CN3DJU27",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag114": {
"value": "\n
\n
\n
\n1.10 Financial Instruments
\n\n
\n
The Group classifies its financial assets into one of the categories discussed below, depending on the purpose for which the asset was acquired.
\n
\n
Fair Value through Profit or Loss (FVTPL)
\n
The Group held a number of strategic investments in listed entities, which are not accounted for as subsidiaries, associates or jointly controlled
\n
entities. They are carried in the Statement of Financial Position at fair value with changes in fair value recognised in the profit or loss in the period
\n
in which they arise.
\n
\n\n\n\n
\n
Amortised Cost
\n
These assets comprise the types of financial assets where the objective is to hold these assets in order to collect contractual cash flows and
\n
the contractual cash flows are solely payments of principal and interest. They are initially recognised at fair value plus transaction costs that
\n
are directly attributable to their acquisition or issue and are subsequently carried at amortised cost, using the effective interest rate method,
\n
less provision for impairment. Impairment provisions for current and non-current trade receivables are recognised, based on the simplified
\n
approach within IFRS 9, using a provision matrix in the determination of the lifetime expected credit losses. During this process, the probability
\n
of the non-payment of the trade receivables is assessed. This probability is then multiplied by the amount of the expected loss, arising from
\n
default to determine the lifetime expected credit loss for the trade receivables. For the receivables, which are reported net, such provisions
\n
are recorded in a separate provision account, with the loss being recognised in the Consolidated Statement of Comprehensive Income. On
\n
confirmation that the receivable will not be collectable, the gross carrying value of the asset is written off against the associated provision.
\n
Impairment provisions, for receivables from related parties and loans to related parties, are recognised based on a forward-looking expected
\n
credit loss model. The methodology, used to determine the amount of the provision, is based on whether there has been a significant
\n
increase in credit risk, since initial recognition of the financial asset. For those, where the credit risk has not increased significantly, since initial
\n
recognition of the financial asset, twelve month expected credit losses, along with gross interest income, are recognised. For those for which
\n
credit risk has increased significantly, lifetime expected credit losses along with the gross interest income are recognised. For those that are
\n
determined to be credit impaired, lifetime expected credit losses, along with interest income on a net basis, are recognised.
\n
The Group\u2019s financial assets, measured at amortised cost, comprise trade and other receivables and cash and cash equivalents in the
\n
Consolidated Statement of Financial Position. Cash and cash equivalents are deposits held at call with banks.
\n
\n\n\n\n
\n
Financial Liabilities
\n
The Group\u2019s financial liabilities are Trade payables and other short-term monetary liabilities, which are initially recognised at fair value and
\n
subsequently carried at amortised cost, using the effective interest method.
\n
\n\n\n
\n
1.11 Fair Value Measurement of Financial Instruments
\n
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants
\n
at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability
\n
takes place either:
\n
\u2022
\n
In the principal market for the asset or liability; or
\n
\u2022
\n
In the absence of a principal market, in the most advantageous market for the asset or liability.
\n
The principal or the most advantageous market must be accessible by the Group. The fair value of an asset or a liability is measured, using the
\n
assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best
\n
interest. A fair value measurement of a non-financial asset takes into account a market participant\u2019s ability to generate economic benefits by using
\n
the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use. The Group
\n
uses valuation techniques that are appropriate in the circumstances and, for which sufficient data are available to measure fair value, maximising
\n
the use of relevant observable inputs and minimising the use of unobservable inputs. All assets and liabilities, for which fair value is measured or
\n
disclosed in the Financial Statements, are categorised within the fair value hierarchy, described as follows, based on the lowest level input that is
\n
significant to the fair value measurement as a whole:
\n
\u2022
\n
Level 1: Quoted (unadjusted) market prices in active markets for identical assets or liabilities;
\n
\u2022
\n
Level 2: Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly
\n
observable; and
\n
\u2022
\n
Level 3: Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable.
\n
For assets and liabilities that are recognised in the Financial Statements on a recurring basis, the Group determines whether transfers have
\n
occurred between levels in the hierarchy by re-assessing categorisation (based on the lowest level input that is significant to the fair value
\n
measurement as a whole) at the end of each reporting period. For the purpose of fair value disclosures, the Group has determined classes
\n
of assets and liabilities on the basis of the nature, characteristics and risks of the asset or liability and the level of the fair value hierarchy as
\n
explained above.
\n
\n\n\n\n
\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800FE99O4CN3DJU27",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag115": {
"value": "\n
\nThe Group classifies its financial assets into one of the categories discussed below, depending on the purpose for which the asset was acquired.
\n\n
Fair Value through Profit or Loss (FVTPL)
\n
The Group held a number of strategic investments in listed entities, which are not accounted for as subsidiaries, associates or jointly controlled
\n
entities. They are carried in the Statement of Financial Position at fair value with changes in fair value recognised in the profit or loss in the period
\n
in which they arise.
\n
\n\n\n\n
Amortised Cost
\nThese assets comprise the types of financial assets where the objective is to hold these assets in order to collect contractual cash flows and
\nthe contractual cash flows are solely payments of principal and interest. They are initially recognised at fair value plus transaction costs that
\nare directly attributable to their acquisition or issue and are subsequently carried at amortised cost, using the effective interest rate method,
\nless provision for impairment. Impairment provisions for current and non-current trade receivables are recognised, based on the simplified
\napproach within IFRS 9, using a provision matrix in the determination of the lifetime expected credit losses. During this process, the probability
\nof the non-payment of the trade receivables is assessed. This probability is then multiplied by the amount of the expected loss, arising from
\ndefault to determine the lifetime expected credit loss for the trade receivables. For the receivables, which are reported net, such provisions
\nare recorded in a separate provision account, with the loss being recognised in the Consolidated Statement of Comprehensive Income. On
\nconfirmation that the receivable will not be collectable, the gross carrying value of the asset is written off against the associated provision.
\nImpairment provisions, for receivables from related parties and loans to related parties, are recognised based on a forward-looking expected
\ncredit loss model. The methodology, used to determine the amount of the provision, is based on whether there has been a significant
\nincrease in credit risk, since initial recognition of the financial asset. For those, where the credit risk has not increased significantly, since initial
\nrecognition of the financial asset, twelve month expected credit losses, along with gross interest income, are recognised. For those for which
\ncredit risk has increased significantly, lifetime expected credit losses along with the gross interest income are recognised. For those that are
\ndetermined to be credit impaired, lifetime expected credit losses, along with interest income on a net basis, are recognised.
\nThe Group\u2019s financial assets, measured at amortised cost, comprise trade and other receivables and cash and cash equivalents in the
\nConsolidated Statement of Financial Position. Cash and cash equivalents are deposits held at call with banks.
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800FE99O4CN3DJU27",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag116": {
"value": "\nFair Value through Profit or Loss (FVTPL)
\nThe Group held a number of strategic investments in listed entities, which are not accounted for as subsidiaries, associates or jointly controlled
\nentities. They are carried in the Statement of Financial Position at fair value with changes in fair value recognised in the profit or loss in the period
\nin which they arise.
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:213800FE99O4CN3DJU27",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag118": {
"value": "\nFinancial Liabilities
\nThe Group\u2019s financial liabilities are Trade payables and other short-term monetary liabilities, which are initially recognised at fair value and
\nsubsequently carried at amortised cost, using the effective interest method.
\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800FE99O4CN3DJU27",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag117": {
"value": "\n1.11 Fair Value Measurement of Financial Instruments
\nFair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants
\nat the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability
\ntakes place either:
\n \u2022
\nIn the principal market for the asset or liability; or
\n \u2022
\nIn the absence of a principal market, in the most advantageous market for the asset or liability.
\nThe principal or the most advantageous market must be accessible by the Group. The fair value of an asset or a liability is measured, using the
\nassumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best
\ninterest. A fair value measurement of a non-financial asset takes into account a market participant\u2019s ability to generate economic benefits by using
\nthe asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use. The Group
\nuses valuation techniques that are appropriate in the circumstances and, for which sufficient data are available to measure fair value, maximising
\nthe use of relevant observable inputs and minimising the use of unobservable inputs. All assets and liabilities, for which fair value is measured or
\ndisclosed in the Financial Statements, are categorised within the fair value hierarchy, described as follows, based on the lowest level input that is
\nsignificant to the fair value measurement as a whole:
\n \u2022
\nLevel 1: Quoted (unadjusted) market prices in active markets for identical assets or liabilities;
\n \u2022
\nLevel 2: Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly
\nobservable; and
\n \u2022
\nLevel 3: Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable.
\nFor assets and liabilities that are recognised in the Financial Statements on a recurring basis, the Group determines whether transfers have
\noccurred between levels in the hierarchy by re-assessing categorisation (based on the lowest level input that is significant to the fair value
\nmeasurement as a whole) at the end of each reporting period. For the purpose of fair value disclosures, the Group has determined classes
\nof assets and liabilities on the basis of the nature, characteristics and risks of the asset or liability and the level of the fair value hierarchy as
\nexplained above.
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:213800FE99O4CN3DJU27",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag104": {
"value": "\n1.12 Equity instrument
\nAn equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all its liabilities. Equity instruments
\nissued by the Group are recognised as the proceeds received, net of direct issue costs. The costs of an equity transaction are accounted for as
\na deduction from equity to the extent they are incremental costs directly attributable to the equity transaction that would otherwise have been
\navoided. The Company\u2019s Ordinary Shares are classified as equity instruments and are shown within the share capital.
\n
\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:213800FE99O4CN3DJU27",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag105": {
"value": "\n
\n\n
1.13 Share based payments and Warrants
\n
The Group operates equity-settled, share-based schemes, under which the Group receives services from employees or third-party suppliers as
\n
consideration for equity instruments (options and warrants) of the Group.
\n
The fair value of the third-party suppliers\u2019 services received in exchange for the grant of the options is recognised as an expense in the Income
\n
Statement based on the cost of the service (direct method) . The value of the employee services received is expensed in the Income Statement and
\n
its value is determined indirectly by reference to the fair value of the options granted: - including any market performance conditions; - excluding the
\n
impact of any service and non-market performance vesting conditions (for example, profitability or sales growth targets, or remaining an employee
\n
of the entity over a specified time period); and - including the impact of any non-vesting conditions (for example, the requirement for employees to
\n
save).
\n
The Group classifies instruments issued as financial liabilities or equity instruments in accordance with the substance of the contractual terms of the
\n
instruments. The fair value of the management and Obonga share options are determined using the Black Scholes valuation model, considering
\n
the terms and conditions upon which the options or warrants were granted. The amount recognised as an expense is adjusted to reflect the actual
\n
number of share options that are likely to vest. The fair value of the share options granted under the Growth Reward Scheme are determined using
\n
a Monte Carlo probability distribution model due to the market conditions which exist for the vesting of any options granted. The share-based
\n
payments reserve is used to recognise the value of equity-settled share-based payments, see note 19 for further details.
\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:213800FE99O4CN3DJU27",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag106": {
"value": "\n1.13 Share based payments and Warrants
\nThe Group operates equity-settled, share-based schemes, under which the Group receives services from employees or third-party suppliers as
\nconsideration for equity instruments (options and warrants) of the Group.
\nThe fair value of the third-party suppliers\u2019 services received in exchange for the grant of the options is recognised as an expense in the Income
\nStatement based on the cost of the service (direct method) . The value of the employee services received is expensed in the Income Statement and
\nits value is determined indirectly by reference to the fair value of the options granted: - including any market performance conditions; - excluding the
\nimpact of any service and non-market performance vesting conditions (for example, profitability or sales growth targets, or remaining an employee
\nof the entity over a specified time period); and - including the impact of any non-vesting conditions (for example, the requirement for employees to
\nsave).
\nThe Group classifies instruments issued as financial liabilities or equity instruments in accordance with the substance of the contractual terms of the
\ninstruments. The fair value of the management and Obonga share options are determined using the Black Scholes valuation model, considering
\nthe terms and conditions upon which the options or warrants were granted. The amount recognised as an expense is adjusted to reflect the actual
\nnumber of share options that are likely to vest. The fair value of the share options granted under the Growth Reward Scheme are determined using
\na Monte Carlo probability distribution model due to the market conditions which exist for the vesting of any options granted. The share-based
\npayments reserve is used to recognise the value of equity-settled share-based payments, see note 19 for further details.
\n
\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForWarrantsExplanatory",
"language": "en",
"entity": "scheme:213800FE99O4CN3DJU27",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag107": {
"value": "\n
\n\n
1.14 New IFRS standards and interpretations
\n
There has been no material impact from the adoption of new standards, amendments to standards or interpretations which are relevant to the
\n
Group.
\n
\n\n\n\n\n\n\n
1.15 New accounting standards, amendments and interpretations that are issued but not yet effective
\nCertain new standards, amendments and interpretations to existing standards have been published that are mandatory for the following accounting
\nperiods and which the Group has chosen not to adopt early.
\nThe following amendments are effective for the annual reporting period beginning 1 January 2026 to include annual improvements to IFRS
\nstandards- Volume 11:
\n \u2022
\nAmendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 Financial Instruments and IFRS 7)
\n \u2022
\nAnnual Improvements to IFRS Accounting Standards \u2013 Volume 11
\nThe amendments are not expected to have a material impact on the Group\u2019s financial statements, as they primarily clarify existing requirements and
\ndo not introduce new accounting principles.
\nThe following amendments are effective for the annual reporting period beginning 1 January 2027:
\n \u2022
\nIFRS 18 Presentation and Disclosure in Financial Statements
\nThe Group is currently assessing the impact of these new accounting standards and amendments. Apart from IFRS 18 the Group does not expect
\nany other standards issued by the IASB, but are yet to be effective, to have a material impact on the Group.
\n
\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:213800FE99O4CN3DJU27",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag108": {
"value": "\n1.14 New IFRS standards and interpretations
\nThere has been no material impact from the adoption of new standards, amendments to standards or interpretations which are relevant to the
\nGroup.
\n
\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFirstTimeAdoptionExplanatory",
"language": "en",
"entity": "scheme:213800FE99O4CN3DJU27",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag109": {
"value": "\n
\n2. Critical accounting estimates and judgements
\nThe preparation of financial statements in conformity with UK adopted International Accounting Standards, requires the use of accounting estimates
\nand assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of
\nincome and expenses during the reporting period. Although these estimates are based on management\u2019s best knowledge of current events and
\nactions, actual results ultimately may differ from those estimates.
\n\n
\n\n
Determination of the Fair Value of the Share-based payments (note 19)
\n
The company measures the cost of equity-settled transactions with employees by reference to the fair value of the equity instruments at the date at
\n
which they are granted. The fair value of share options without market based vesting conditions is determined using the Black Scholes model and
\n
the estimates used within this model are disclosed in Note 19. Where market conditions exist for the vesting of any options granted, such as in the
\n
case of the Growth Reward Scheme, alternative approaches such as a probability weighted barrier model or Monte Carlo probability distribution
\n
model is used.
\n
Recoverability of the Carrying Value of Exploration and evaluation assets (note 8)
\n
The fair value of the Dotted Lake Project licences, the Obonga Greenstone Project licences and the Winston Project licenses cannot be reliably
\n
estimated. The licence areas are at the very early stages of exploration and whilst historical data, geophysics, exploration of the surrounding area
\n
and other mining operations along the greenstone belt exist, until any mineral deposits are fully understood the directors cannot determine its fair
\n
value reliably.
\n
The Group determines that exploration costs are capitalised at the point the Group has a valid exploration licence. The future recoverability of
\n
capitalised exploration and evaluation expenditure is dependent on several factors, including the level of potential resources and whether the
\n
Group\u2019s licences remain in good standing.
\n
The directors have considered indicators of impairment as set out in IFRS 6 and do not believe any such conditions exist and therefore they have
\n
not carried out an impairment review.
\n
Where the directors identify indicators of impairment IFRS 6 requires an impairment test to be carried out in accordance with IAS 36. To the extent
\n
that it is determined in the future that this capitalised expenditure should be impaired, this will reduce profits and net assets in the period in which
\n
this determination is made.
\n
The directors believe that there are no other areas that involve a high degree of judgement or complexity, or areas where assumptions and estimates
\n
are significant to these financial statements.
\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:213800FE99O4CN3DJU27",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag110": {
"value": "\n\n\nDetermination of the Fair Value of the Share-based payments (note 19)\nThe company measures the cost of equity-settled transactions with employees by reference to the fair value of the equity instruments at the date at \nwhich they are granted. The fair value of share options without market based vesting conditions is determined using the Black Scholes model and \nthe estimates used within this model are disclosed in Note 19. Where market conditions exist for the vesting of any options granted, such as in the \ncase of the Growth Reward Scheme, alternative approaches such as a probability weighted barrier model or Monte Carlo probability distribution \nmodel is used. \nRecoverability of the Carrying Value of Exploration and evaluation assets (note 8)\nThe fair value of the Dotted Lake Project licences, the Obonga Greenstone Project licences and the Winston Project licenses cannot be reliably \nestimated. The licence areas are at the very early stages of exploration and whilst historical data, geophysics, exploration of the surrounding area \nand other mining operations along the greenstone belt exist, until any mineral deposits are fully understood the directors cannot determine its fair \nvalue reliably. \nThe Group determines that exploration costs are capitalised at the point the Group has a valid exploration licence. The future recoverability of \ncapitalised exploration and evaluation expenditure is dependent on several factors, including the level of potential resources and whether the \nGroup\u2019s licences remain in good standing.\nThe directors have considered indicators of impairment as set out in IFRS 6 and do not believe any such conditions exist and therefore they have \nnot carried out an impairment review.\nWhere the directors identify indicators of impairment IFRS 6 requires an impairment test to be carried out in accordance with IAS 36. To the extent \nthat it is determined in the future that this capitalised expenditure should be impaired, this will reduce profits and net assets in the period in which \nthis determination is made.\nThe directors believe that there are no other areas that involve a high degree of judgement or complexity, or areas where assumptions and estimates \nare significant to these financial statements. \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments",
"language": "en",
"entity": "scheme:213800FE99O4CN3DJU27",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag111": {
"value": "\nDetermination of the Fair Value of the Share-based payments (note 19)
\nThe company measures the cost of equity-settled transactions with employees by reference to the fair value of the equity instruments at the date at
\nwhich they are granted. The fair value of share options without market based vesting conditions is determined using the Black Scholes model and
\nthe estimates used within this model are disclosed in Note 19. Where market conditions exist for the vesting of any options granted, such as in the
\ncase of the Growth Reward Scheme, alternative approaches such as a probability weighted barrier model or Monte Carlo probability distribution
\nmodel is used.
\nRecoverability of the Carrying Value of Exploration and evaluation assets (note 8)
\nThe fair value of the Dotted Lake Project licences, the Obonga Greenstone Project licences and the Winston Project licenses cannot be reliably
\nestimated. The licence areas are at the very early stages of exploration and whilst historical data, geophysics, exploration of the surrounding area
\nand other mining operations along the greenstone belt exist, until any mineral deposits are fully understood the directors cannot determine its fair
\nvalue reliably.
\nThe Group determines that exploration costs are capitalised at the point the Group has a valid exploration licence. The future recoverability of
\ncapitalised exploration and evaluation expenditure is dependent on several factors, including the level of potential resources and whether the
\nGroup\u2019s licences remain in good standing.
\nThe directors have considered indicators of impairment as set out in IFRS 6 and do not believe any such conditions exist and therefore they have
\nnot carried out an impairment review.
\nWhere the directors identify indicators of impairment IFRS 6 requires an impairment test to be carried out in accordance with IAS 36. To the extent
\nthat it is determined in the future that this capitalised expenditure should be impaired, this will reduce profits and net assets in the period in which
\nthis determination is made.
\nThe directors believe that there are no other areas that involve a high degree of judgement or complexity, or areas where assumptions and estimates
\nare significant to these financial statements.
\n
\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory",
"language": "en",
"entity": "scheme:213800FE99O4CN3DJU27",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag132": {
"value": "\n3. Segmental information
\nGeographical segments
\nThe Group\u2019s assets and liabilities and losses are split by geographic location in the table below
\nAs at 31 December 2025
\nCanada
\n\u00a3
\nIsle of Man
\n\u00a3
\nGroup
\n\u00a3
\nTotal assets 2,489,122 2,940,347 2,627,546
\nTotal liabilities (2,841,097) (389,185) (392,862)
\nNet assets/ (liabilities) (351,975) 2,551,162 2,234,684
\nLoss before tax from continuing operations (127,435) (1,215,628) (1,343,063)
\nAs at 31 December 2024
\nCanada
\n\u00a3
\nIsle of Man
\n\u00a3
\nGroup
\n\u00a3
\nTotal assets 2,339,713 2,709,013 3,035,327
\nTotal liabilities (2,305,043) (467,900) (924,131)
\nNet assets/ (liabilities) 34,670 2,241,113 2,111,196
\nLoss before tax from continuing operations (197,053) (1,757,832) (1,954,885)
\nThe Group identifies its reportable segments based on the activity undertaken, exploration in Canada and PLC management in the Isle of Man.
\nThe Group is comprised of Panther Metals PLC which is registered in the Isle of Man but is managed and controlled in the UK from its Hitchin
\noffice. Panther Metals PLC has two subsidiary companies which are both wholly owned:
\n \u2022
\nPanther Metals (Canada) Limited an exploration company with registered address of Suite 530, 355 Burrard Street, Vancouver, V6C 2G8,
\nCanada. This company made a loss of \u00a3127,435 in the year ended 31 December 2025 (2024- loss of \u00a3197,053); and
\n \u2022
\nLonnus (m) Sdn Bhd a dormant company registered in Malaysia which makes no profit or loss.
\n
\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:213800FE99O4CN3DJU27",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag133": {
"value": "\n
\n\n
4. Operating loss
\n
Year ended
\n
31 December
\n
2025
\n
\u00a3
\n
Year ended
\n
31 December
\n
2024
\n
\u00a3
\n
Operating loss has been arrived at after charging:
\n
Loss/ (gain) on foreign exchange 64,273 118,818
\n
Auditors remuneration - audit fees of current auditor 57,750 -
\n
Auditors remuneration - audit fees of predecessor auditor - 28,000
\n
\n\n\n\n\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory",
"language": "en",
"entity": "scheme:213800FE99O4CN3DJU27",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag134": {
"value": "\n4. Operating loss
\nYear ended
\n 31 December
\n2025
\n\u00a3
\nYear ended
\n 31 December
\n2024
\n\u00a3
\nOperating loss has been arrived at after charging:
\nLoss/ (gain) on foreign exchange 64,273 118,818
\nAuditors remuneration - audit fees of current auditor 57,750 -
\nAuditors remuneration - audit fees of predecessor auditor - 28,000
\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:213800FE99O4CN3DJU27",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag135": {
"value": "\n
\n\n
5. Employees
\n
There were no employees of the Group during the year. Director\u2019s remuneration is separately disclosed in the Director\u2019s Remuneration Report
\n
on pages 68-75.
\n
\n\n\n\n\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:213800FE99O4CN3DJU27",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag136": {
"value": "\n5. Employees
\nThere were no employees of the Group during the year. Director\u2019s remuneration is separately disclosed in the Director\u2019s Remuneration Report
\non pages 68-75.
\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800FE99O4CN3DJU27",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag137": {
"value": "\n
\n\n
6. Taxation
\n
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax
\n
as follows:
\n
Year ended
\n
31 December
\n
2025
\n
\u00a3
\n
Year ended
\n
31 December
\n
2024
\n
\u00a3
\n
Current period transaction of the Group
\n
Corporation tax at blended rate of 25% (2024: 25%) on profits for the period - -
\n
Factors effecting the tax charge for the year
\n
Loss on ordinary activities before taxation (1,343,063) (1,954,885)
\n
Loss on ordinary activities at the blended rate of 25% (2024:25%)
\n
(335,766) (488,721)
\n
Effect of non-deductible expenses
\n
146,722 223,593
\n
Effect of tax benefit of losses carried forward 189,043 265,128
\n
Total tax charge/ (credit)
\n
- -
\n
There is an unrecognised deferred tax asset as at 31 December 2025 of \u00a3661,388 (2024: \u00a3472,345) which in view of the trading results, is
\n
not considered by the directors to be recoverable in the short term. The applicable tax rate is 25% which was substantially enacted under UK
\n
legislation and would be the rate applicated when the asset reverses.
\n
\n\n\n\n\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800FE99O4CN3DJU27",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag138": {
"value": "\n6. Taxation
\nThe actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax
\nas follows:
\nYear ended
\n 31 December
\n2025
\n\u00a3
\nYear ended
\n 31 December
\n2024
\n\u00a3
\nCurrent period transaction of the Group
\nCorporation tax at blended rate of 25% (2024: 25%) on profits for the period - -
\nFactors effecting the tax charge for the year
\nLoss on ordinary activities before taxation (1,343,063) (1,954,885)
\nLoss on ordinary activities at the blended rate of 25% (2024:25%)
\n(335,766) (488,721)
\nEffect of non-deductible expenses
\n146,722 223,593
\nEffect of tax benefit of losses carried forward 189,043 265,128
\nTotal tax charge/ (credit)
\n- -
\nThere is an unrecognised deferred tax asset as at 31 December 2025 of \u00a3661,388 (2024: \u00a3472,345) which in view of the trading results, is
\nnot considered by the directors to be recoverable in the short term. The applicable tax rate is 25% which was substantially enacted under UK
\nlegislation and would be the rate applicated when the asset reverses.
\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:213800FE99O4CN3DJU27",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag139": {
"value": "\n7. Earnings/ (Loss) per share
\nThe basic loss per ordinary share in the table below has been calculated by dividing the loss for the period by the weighted average number of
\nordinary shares in issue. There are potentially issuable shares in the table below, all of which relate to share options issued to Directors, options
\nissued as part of acquisitions and warrants issued as part of placings.
\nBased on the losses made in the period which are, the diluted loss per share is anti-dilutive and therefore has been kept the same as the basic
\nloss per share.
\nYear ended
\n 31 December
\n2025
\nYear ended
\n 31 December
\n2024
\nWeighted average number of ordinary shares in issue 5,676,718 3,915,632
\nPotentially issuable shares
\n3,990,917 3,660,242
\nTotal weighted average number of potential ordinary shares in issue
\n9,667,635 7,575,874
\nLoss attributable to the equity holders of the parent company
\n\u00a3(1,410,433) \u00a3(2,084,802)
\nBasic earnings/ (loss) per share (pence)
\n(24.85)p (53.24)p
\nDiluted earnings/ (loss) per share (pence) (24.85)p (53.24)p
\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:213800FE99O4CN3DJU27",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag126": {
"value": "\n8. Exploration and evaluation assets
\nGroup
\nPanther Canada
\n\u00a3
\nPanther PLC Total
\n\u00a3
\nNet book value
\nAt 1 January 2024 1,864,026 19,440 1,883,466
\nAdditions 702,591 - 702,591
\nTermination of option at Manitou Lakes (180,462) - (180,462)
\nForeign exchange (123,869) - (123,869)
\nAt 31 December 2024 2,262,286 19,440 2,281,726
\nAdditions 336,915 - 336,915
\nGrant received from Ontario Junior Exploration Programme (30,985) - (30,985)
\nTermination of Frontier Energy Agreement- Winston (106,516) - (106,516)
\nForeign exchange (56,265) - (56,265)
\nWrite off of PLC exploration assets and equipment - (19,440) (19,440)
\nAt 31 December 2025 2,405,435 - 2,405,435
\nCanada - Obonga Greenstone Belt Project
\nDuring the year ended 31 December 2024 expenditure on the project amounted to \u00a3183,140 and related to the extension of the agreement,
\nhelicopter surveys, drone surveys, and geological consultancy. During the year ended 31 December 2025, expenditure on the project amounted
\nto \u00a397,307 and related to the extension of the agreement, helicopter surveys, sampling and sample housing costs and geological consultancy.
\nCanada - Dotted Lake Project
\nDuring the year ended 31 December 2024 expenditure on the project amounted to \u00a3492,372 and related to the Autumn drilling programme,
\nrock sampling, core processing and soil sampling costs, the purchase of geological software and geological consultancy. During the year ended
\n31 December 2025, expenditure on the project amounted to \u00a367,162 and related to sampling costs and geological consultancy. A grant of
\n\u00a330,985 was received from the Ontario Junior Exploration Programme in relation to the soil sampling programme which took place in Autumn
\n2024 and this has been offset against the expenditure in accordance with IAS 20 Accounting for Government Grants and Disclosure of
\nGovernment Assistance.
\nCanada - Winston Project
\nOn June 16, 2025, the Company entered into the an option agreement with First Quantum for the option to purchase all right, title and interest
\nin, the Winston Lake Mine and patented land leases. The agreement includes an initial 12-month due diligence period during which the Company
\nhas the legal right to conduct agreed exploration work at the Winston Lake Mine in return for a $100,000 (\u00a354,180) payment to First Quantum.
\nThe Company may extend the Winston Due Diligence Period for a further 12 months up to three times (for a total maximum Winston Due
\nDiligence Period of 48 months) by making payments of $50,000 (\u00a327,090) per extension.
\nThe Company also entered a Sale and Purchase Agreement with Frontier Energy for the Pick Lake Mining Ltd Property with an Option Period
\nrunning to 15 October 2025. An initial payment of 100,000 Australian dollars (A$) (\u00a356,200) was made in relation to the option with payments
\nof A$30,000 (\u00a316,860) per month payments payable on the first business day in each month thereafter and ending on 15th October 2025. On
\n30 October 2025 the Company announced that it had terminated the agreement with Frontier Energy in relation to the option on Pick Lake and
\nthese payments amounting to \u00a3106,516 were written off.
\nDuring the year ended 31 December 2025, expenditure on the project amounted to \u00a3172,416 (prior to the write off of the \u00a3106,516 in relation
\nto Frontier Energy noted above) and related to the agreements above and geological consultancy
\n
\n\n\n\n\n\n8. Exploration and evaluation assets (continued)
\nPanther Metals PLC
\nThe Company directly holds a small amount of exploration and evaluation assets and equipment in projects in Queensland and Mauritania amounting
\nto \u00a319,440. These were written off during the year.
\nManitou Lakes 2024
\nOn 18 September 2024, the Company announced the termination of the option and sale and purchase agreement with Shear Gold Exploration
\nCorporation dated 7 April 2022 and all \u00a3180,462 of project expenditure incurred was written off to the income statement.
\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExplorationAndEvaluationAssetsExplanatory",
"language": "en",
"entity": "scheme:213800FE99O4CN3DJU27",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag128": {
"value": "\n
\n\n
\n
\n
\n
\n
\n
\n
9. Financial Assets at Fair Value Through Profit and Loss
\n
Fulcrum Metals PLC
\n
\u00a3
\n
Net book value
\n
At 1 January 2024 1,610,888
\n
Disposals in the period (320,933)
\n
Fair value loss on financial asset at fair value through profit and loss (658,685)
\n
At 31 December 2024 631,270
\n
Disposals in the period (265,532)
\n
Fair value loss on financial asset at fair value through profit and loss (365,738)
\n
At 31 December 2025 -
\n
During the year ended 31 December 2024, the Company sold 2,346,717 Fulcrum Metals PLC ordinary shares of 1p each realising proceeds of
\n
\u00a3320,932. On 8 April 2025 the Company announced that it sold its remaining holdings in Fulcrum a total of 7,625,122 ordinary shares of nominal
\n
value 1 pence each in the capital of Fulcrum Metals PLC on 7 April 2025, at a price of 3.5 pence per ordinary share, for an aggregate amount
\n
of \u00a3266,879 (net of fees and expenses).
\n
In the year ended 31 December 2025 the total loss on Financial Assets at Fair Value Through Profit and Loss in the income statement amounted
\n
to \u00a3365,738 for Fulcrum Metals PLC. In the year ended 31 December 2024 the total loss on Financial Assets at Fair Value Through Profit and
\n
Loss amounted to \u00a3658,685 for Fulcrum Metals PLC.
\n
\n\n\n
\n
\n\n\n
\n
\n\n\n
\n
\n\n\n
\n\n\n\n
\n20. Financial instruments
\nThe following financial instruments were held at the balance sheet date (refer to financial instruments accounting policy for categorisation and
\nfair value hierarchy):
\nAs at 31 December
\n2025
\n\u00a3
\nAs at 31 December
\n2024
\n\u00a3
\nFinancial assets
\nFair value through profit or loss (Fair Value- Level 1) - 631,270
\nOther receivables (amortised cost) 109,799 91,079
\nCash and cash equivalents (amortised cost) 71,085 17,536
\n180,884 739,885
\nFinancial liabilities
\n
\nTrade payables (amortised cost) 53,673 507,187
\nAccruals (amortised cost) 62,025 84,046
\nDeferred consideration (amortised cost) 135,450 154,368
\nLoan notes (amortised cost) - 172,500
\nOther payables (amortised cost) 140,814 6,030
\n392,962 924,131
\n\n
\n
\n
Financial risk management objectives
\n
In the normal course of its operations the Group is exposed to a variety of risks from both its operating and investing activities. The Group\u2019s risk
\n
management is coordinated by the Board of Directors and focuses on actively securing the Group\u2019s short to medium term cash flows.
\n
The main risks the Group is exposed to through its financial instruments are capital management risk, credit risk, market risk and liquidity risk.
\n
\n
Capital risk management
\n
The Group manages its capital to ensure that it will be able to continue as a going concern while maximising the return to stakeholders through
\n
the optimisation of the equity balance. The capital structure of the Group consists of equity attributable to equity holders consisting of issued
\n
share capital, reserves and retained losses as disclosed in the Statement of Financial Position.
\n
\n\n\n\n\n\n
\n
\n
Credit risk
\n
Credit risk is the risk of financial loss to the Group if a counterparty to a financial instrument fails to meet its contractual obligations. The Company
\n
has borrowings outstanding from its subsidiaries, the ultimate realisation of which depends on the successful exploration and realisation of the
\n
Group\u2019s evaluation and exploration assets.
\n
\n\n\n\n\n\n
\n
\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n\n
\n
\n
20. Financial instruments continued
\n
\n
Market risk
\n
The Group will incur exploration costs in Canadian Dollars but it has raised capital in \u00a3Sterling and its banking facilities are based in the UK and
\n
Canada. Fluctuations in exchange rates of Canadian Dollar against \u00a3 Sterling may materially affect the Group\u2019s translated results of operations.
\n
The Company does not enter forward exchange contracts to mitigate the exposure to foreign currency risk as amounts paid and received in
\n
specific currencies are expected to largely offset one another and the currencies most widely traded are relatively stable.
\n
As the Group\u2019s activities continue to develop the Board of Directors will monitor the exposure to foreign currency risk. No sensitivity analysis has
\n
been prepared on the basis that the effects are minimal.
\n
\n\n\n\n\n\n
\n
\n
Liquidity risk
\n
Liquidity risk is the risk the Group will not be able to meet its financial obligations as they fall due. The ultimate responsibility for liquidity risk
\n
management rests with the Board of Directors, which monitors the Company\u2019s short-, medium- and long-term funding and liquidity management
\n
requirements. The Company\u2019s liquidity risk arises in supporting the exploration activities of its subsidiaries whilst also having sufficient resources
\n
to maintain the Company\u2019s listing status and overheads.
\n
The Board of Directors maintains detailed working capital forecasts and exploration budgets to ensure sufficient resources exist to fund the
\n
Group\u2019s short-term plans. The Board will seek to raise funds from share capital to fund its medium to long term plans.
\n
The Group\u2019s financial liabilities, consisting of trade and other payables, were settled within four weeks of the year end.
\n
\n\n\n\n\n\n
\n
\n\n\n\n\n\n
\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800FE99O4CN3DJU27",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag150": {
"value": "\n
\n\n
\n
\n
\n
\n
9. Financial Assets at Fair Value Through Profit and Loss
\n
Fulcrum Metals PLC
\n
\u00a3
\n
Net book value
\n
At 1 January 2024 1,610,888
\n
Disposals in the period (320,933)
\n
Fair value loss on financial asset at fair value through profit and loss (658,685)
\n
At 31 December 2024 631,270
\n
Disposals in the period (265,532)
\n
Fair value loss on financial asset at fair value through profit and loss (365,738)
\n
At 31 December 2025 -
\n
During the year ended 31 December 2024, the Company sold 2,346,717 Fulcrum Metals PLC ordinary shares of 1p each realising proceeds of
\n
\u00a3320,932. On 8 April 2025 the Company announced that it sold its remaining holdings in Fulcrum a total of 7,625,122 ordinary shares of nominal
\n
value 1 pence each in the capital of Fulcrum Metals PLC on 7 April 2025, at a price of 3.5 pence per ordinary share, for an aggregate amount
\n
of \u00a3266,879 (net of fees and expenses).
\n
In the year ended 31 December 2025 the total loss on Financial Assets at Fair Value Through Profit and Loss in the income statement amounted
\n
to \u00a3365,738 for Fulcrum Metals PLC. In the year ended 31 December 2024 the total loss on Financial Assets at Fair Value Through Profit and
\n
Loss amounted to \u00a3658,685 for Fulcrum Metals PLC.
\n
\n\n\n
\n
\n\n\n
\n
\n\n\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:213800FE99O4CN3DJU27",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag151": {
"value": "\n
\n\n
\n
\n
9. Financial Assets at Fair Value Through Profit and Loss
\n
Fulcrum Metals PLC
\n
\u00a3
\n
Net book value
\n
At 1 January 2024 1,610,888
\n
Disposals in the period (320,933)
\n
Fair value loss on financial asset at fair value through profit and loss (658,685)
\n
At 31 December 2024 631,270
\n
Disposals in the period (265,532)
\n
Fair value loss on financial asset at fair value through profit and loss (365,738)
\n
At 31 December 2025 -
\n
During the year ended 31 December 2024, the Company sold 2,346,717 Fulcrum Metals PLC ordinary shares of 1p each realising proceeds of
\n
\u00a3320,932. On 8 April 2025 the Company announced that it sold its remaining holdings in Fulcrum a total of 7,625,122 ordinary shares of nominal
\n
value 1 pence each in the capital of Fulcrum Metals PLC on 7 April 2025, at a price of 3.5 pence per ordinary share, for an aggregate amount
\n
of \u00a3266,879 (net of fees and expenses).
\n
In the year ended 31 December 2025 the total loss on Financial Assets at Fair Value Through Profit and Loss in the income statement amounted
\n
to \u00a3365,738 for Fulcrum Metals PLC. In the year ended 31 December 2024 the total loss on Financial Assets at Fair Value Through Profit and
\n
Loss amounted to \u00a3658,685 for Fulcrum Metals PLC.
\n
\n\n\n
\n
\n\n\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:213800FE99O4CN3DJU27",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag152": {
"value": "\n
\n\n
9. Financial Assets at Fair Value Through Profit and Loss
\n
Fulcrum Metals PLC
\n
\u00a3
\n
Net book value
\n
At 1 January 2024 1,610,888
\n
Disposals in the period (320,933)
\n
Fair value loss on financial asset at fair value through profit and loss (658,685)
\n
At 31 December 2024 631,270
\n
Disposals in the period (265,532)
\n
Fair value loss on financial asset at fair value through profit and loss (365,738)
\n
At 31 December 2025 -
\n
During the year ended 31 December 2024, the Company sold 2,346,717 Fulcrum Metals PLC ordinary shares of 1p each realising proceeds of
\n
\u00a3320,932. On 8 April 2025 the Company announced that it sold its remaining holdings in Fulcrum a total of 7,625,122 ordinary shares of nominal
\n
value 1 pence each in the capital of Fulcrum Metals PLC on 7 April 2025, at a price of 3.5 pence per ordinary share, for an aggregate amount
\n
of \u00a3266,879 (net of fees and expenses).
\n
In the year ended 31 December 2025 the total loss on Financial Assets at Fair Value Through Profit and Loss in the income statement amounted
\n
to \u00a3365,738 for Fulcrum Metals PLC. In the year ended 31 December 2024 the total loss on Financial Assets at Fair Value Through Profit and
\n
Loss amounted to \u00a3658,685 for Fulcrum Metals PLC.
\n
\n\n\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:213800FE99O4CN3DJU27",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag153": {
"value": "\n9. Financial Assets at Fair Value Through Profit and Loss
\nFulcrum Metals PLC
\n\u00a3
\nNet book value
\nAt 1 January 2024 1,610,888
\nDisposals in the period (320,933)
\nFair value loss on financial asset at fair value through profit and loss (658,685)
\nAt 31 December 2024 631,270
\nDisposals in the period (265,532)
\nFair value loss on financial asset at fair value through profit and loss (365,738)
\nAt 31 December 2025 -
\nDuring the year ended 31 December 2024, the Company sold 2,346,717 Fulcrum Metals PLC ordinary shares of 1p each realising proceeds of
\n\u00a3320,932. On 8 April 2025 the Company announced that it sold its remaining holdings in Fulcrum a total of 7,625,122 ordinary shares of nominal
\nvalue 1 pence each in the capital of Fulcrum Metals PLC on 7 April 2025, at a price of 3.5 pence per ordinary share, for an aggregate amount
\nof \u00a3266,879 (net of fees and expenses).
\nIn the year ended 31 December 2025 the total loss on Financial Assets at Fair Value Through Profit and Loss in the income statement amounted
\nto \u00a3365,738 for Fulcrum Metals PLC. In the year ended 31 December 2024 the total loss on Financial Assets at Fair Value Through Profit and
\nLoss amounted to \u00a3658,685 for Fulcrum Metals PLC.
\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800FE99O4CN3DJU27",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag140": {
"value": "\n
\n\n
10. Investments Held for Sale
\n
Panther Metals Limited
\n
\u00a3
\n
Net book value
\n
At 1 January 2024 642,120
\n
Disposals in the period (249,616)
\n
Fair value loss of investment held for sale (392,504)
\n
At 31 December 2024 -
\n
Disposals in the period -
\n
Fair value loss of investment held for sale -
\n
At 31 December 2025 -
\n
During the year ended 31 December 2024 the Company sold its entire investment in Panther Metals Limited for proceeds of \u00a3249,616. The total
\n
loss on held for sale investments amounted to \u00a3392,504.
\n
\n\n\n\n\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:213800FE99O4CN3DJU27",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag141": {
"value": "\n10. Investments Held for Sale
\nPanther Metals Limited
\n\u00a3
\nNet book value
\nAt 1 January 2024 642,120
\nDisposals in the period (249,616)
\nFair value loss of investment held for sale (392,504)
\nAt 31 December 2024 -
\nDisposals in the period -
\nFair value loss of investment held for sale -
\nAt 31 December 2025 -
\nDuring the year ended 31 December 2024 the Company sold its entire investment in Panther Metals Limited for proceeds of \u00a3249,616. The total
\nloss on held for sale investments amounted to \u00a3392,504.
\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:213800FE99O4CN3DJU27",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag142": {
"value": "\n11. Receivables
\nAs at
\n31 December
\n2025
\n\u00a3
\nAs at
\n31 December
\n2024
\n\u00a3
\nAmounts falling due within one period
\nPrepayments 41,227 13,716
\nOther receivables 109,799 91,079
\n151,026 104,795
\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800FE99O4CN3DJU27",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag143": {
"value": "\n12. Cash and cash equivalents
\nash and cash equivalents of \u00a371,085 (2024 \u00a317,536) comprise cash held at bank.
\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:213800FE99O4CN3DJU27",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag144": {
"value": "\n
\n\n
13. Trade and other payables
\n
As at
\n
31 December
\n
2025
\n
\u00a3
\n
As at
\n
31 December
\n
2024
\n
\u00a3
\n
Trade payables 53,673 507,187
\n
Accruals 62,925 84,046
\n
Deferred consideration (note 15) 135,450 16,653
\n
Amounts due to related parties (see note 22) 134,986 -
\n
Other payables 5,828 6,030
\n
392,862 613,916
\n
Trade payables reduced year on year due to the timing of exploration projects. At the end of 2024 the Group was in the middle of the work
\n
programme at Dotted Lake whereas at the end of 2025 the Group was between work programmes.
\n
\n\n\n\n\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:213800FE99O4CN3DJU27",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag145": {
"value": "\n13. Trade and other payables
\nAs at
\n31 December
\n2025
\n\u00a3
\nAs at
\n31 December
\n2024
\n\u00a3
\nTrade payables 53,673 507,187
\nAccruals 62,925 84,046
\nDeferred consideration (note 15) 135,450 16,653
\nAmounts due to related parties (see note 22) 134,986 -
\nOther payables 5,828 6,030
\n392,862 613,916
\nTrade payables reduced year on year due to the timing of exploration projects. At the end of 2024 the Group was in the middle of the work
\nprogramme at Dotted Lake whereas at the end of 2025 the Group was between work programmes.
\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800FE99O4CN3DJU27",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag146": {
"value": "\n14. Convertible Loan Note and Loan Notes
\nAs at
\n31 December
\n2025
\n\u00a3
\nAs at
\n31 December
\n2024
\n\u00a3
\nCurrent Liabilities payable within 1 year
\nAmount due to Loan Note Holders (November 2023) - 172,500
\nOn 12 March 2025 the Company announced it had agreed terms to capitalise its only outstanding debt facilities, comprising the \u00a3150,000 of
\nunsecured convertible loan notes announced 20 November 2023, which carry an interest rate of 15% by the issue of new ordinary shares with
\nwarrants attached as set out in note 17. \u00a38,625 of interest was charged for the period in relation to the loan note prior to conversion (2024-
\n\u00a34,767 in relation to the convertible loan note converted in 2024).
\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:213800FE99O4CN3DJU27",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag147": {
"value": "\n
\n15. Provision for Deferred Consideration
\nAs at
\n31 December
\n2025
\n\u00a3
\nAs at
\n31 December
\n2024
\n\u00a3
\nCurrent Liabilities payable within 1 year
\nAmount due to Broken Rock 135,450 16,653
\n135,450 16,653
\nNon-Current Liabilities
\nAmount due to Broken Rock - 137,715
\n135,450 154,368
\nOn 3 April 2025 the Company announced the amendment and extension to the purchase agreement allowing for an additional year to
\nmeet the exploration commitment at Obonga. $250,000 (\u00a3135,450) is due to Broken Rock on 29 September 2026.
\nA deferred consideration liability has been recognised as there are no conditions attached to these payments. The amounts payable over
\ntime have been discounted to present value. Each period the liability is increased by the interest rate used in the discounting calculation
\nwith subsequent increases expensed to finance costs.
\n\n
\n
\n
Payments to Broken Rock of CAD $30,000 (\u00a316,158) have been made in the year to 31 December 2025 (2024: CAD $30,000 (\u00a316,897)
\n
to Broken Rock).
\n
\n\n\n\n\n
\n
\n\n\n\n\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800FE99O4CN3DJU27",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag148": {
"value": "\n
\n\n
Payments to Broken Rock of CAD $30,000 (\u00a316,158) have been made in the year to 31 December 2025 (2024: CAD $30,000 (\u00a316,897)
\n
to Broken Rock).
\n
\n\n\n\n\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800FE99O4CN3DJU27",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag149": {
"value": "\nPayments to Broken Rock of CAD $30,000 (\u00a316,158) have been made in the year to 31 December 2025 (2024: CAD $30,000 (\u00a316,897)
\nto Broken Rock).
\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:213800FE99O4CN3DJU27",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag130": {
"value": "\n
\n\n
16. Reserves
\n
Share-Based Payment Reserve
\n
The share-based payment reserve represents the cumulative charge for options granted, still outstanding and not exercised.
\n
Foreign Currency Translation Reserve
\n
The translation reserve represents the exchange gains and losses that have arisen on the retranslation of
\n
overseas operations.
\n
Retained Losses
\n
Retained losses represent the cumulative loss net of distributions to owners.
\n
\n\n\n
\n\n\n\n
\n\n
17. Share capital
\n
The table below presents the number of new Ordinary Shares after each equity transactions that occurred in the year ended 31 December 2025
\n
and the year ended 31 December 2024.
\n
Number of new
\n
Ordinary Shares
\n
No
\n
Share
\n
Capital
\n
\u00a3
\n
Authorised Share Capital
\n
Ordinary Shares 500,000,000
\n
Allotted, issued and fully paid ordinary shares of \u00a31:
\n
As at 1 January 2024 92,822,310 6,330,665
\n
Placing on 23 May 2024 8,333,334 375,000
\n
As at 12 June 2024 101,155,644 6,705,665
\n
25 to 1 share consolidation on 13 June 2024 4,046,226 6,705,665
\n
Conversion of Convertible Loan Notes 232,854 238,676
\n
As at 1 January 2025 4,279,080 6,944,341
\n
Placing- January 2025 910,000 455,000
\n
Capitalisation of debt facility- March 25 362,250 181,125
\n
Obonga extension consideration shares- April 2025 42,070 16,216
\n
Warrant Exercise- June 2025 106,666 80,000
\n
Director Subscription- June 2025 191,304 132,000
\n
Placing- October 2025 1,000,000 600,000
\n
WRAP retail offer- October 2025 92,616 55,570
\n
As at 31 December 2025 6,983,986 8,464,252
\n
On 23 May 2024 the Company announced the completion of a placing raising \u00a3375,000 (before expenses) by the issue of 8,333,334 new
\n
ordinary shares at a price of 4.5 pence. Each Placing Share was issued with one warrant attached entitling the holder to subscribe for one
\n
new ordinary share at a price of 7.5 pence with a life of 36 months from the date of Admission. The directly attributable costs associated
\n
with the placing amounted to \u00a329,850.
\n
On 13 June 2024, the Company announced that at its Annual General Meeting held on 13 June 2024, inter alia, a resolution was passed
\n
which approved the consolidation of 92,822,310 existing ordinary shares (\u201cExisting Ordinary Shares\u201d) of no par value on a 25 into 1
\n
basis, such that every 100 Existing Ordinary Shares are consolidated into 4 ordinary shares. As a result of the approval of the Share
\n
Consolidation, the Company had 3,712,892 new Ordinary Shares in issue. The announcement on 13 June 2024 reflected the number
\n
of shares in issue prior to the May 2024 Placing as this was the figure stated in the Company\u2019s AGM notice. The table above shows the
\n
position reflecting the issue of the May placing shares which were then consolidated at the time of the approval of the share consolidation
\n
at the Annual General Meeting on 13 June 2024.
\n
On 30 July 2024 the Company announced that it received notification on 28 July 2024 that Darren Hazelwood, the chief executive officer
\n
of the Company, had exercised the conversion rights attaching to the \u00a356,000 of convertible loan notes held by him in respect of principal
\n
and accrued interest of \u00a39,520. As a consequence, Mr Hazelwood was issued with 63,922 new ordinary shares of no par value in the
\n
capital of the Company at a price of \u00a31.025 per ordinary share. The ordinary shares were admitted on 5 August 2024.
\n
On 1 August 2024 the Company announced that it received notification on 31 July 2024 that Nicholas O\u2019Reilly, the executive chairman of
\n
the Company, had exercised the conversion rights attaching to the \u00a350,000 of convertible loan notes held by him in respect of principal
\n
and accrued interest of \u00a38,500. As a consequence, Mr O\u2019Reilly will be issued with 57,073 new ordinary shares of no par value in the capital
\n
of the Company at a price of \u00a31.025 per Ordinary Share. The ordinary shares were admitted on 8 August 2024.
\n
\n\n\n\n\n
\n\n\n\n\n\n
\n\n
17. Share capital (continued)
\n
On 6 November 2024 the Company announced that it received notification that the remaining convertible loan note holders had exercised
\n
their conversion rights attaching to the (\u00a360,987) of convertible loan notes held by them in respect of principal and interest due (which
\n
includes a 4.25% extension premium). As a consequence, the remaining holders will be issued with 59,500 new ordinary shares of no par
\n
value in the capital of the Company at a price of \u00a31.025 per Ordinary Share. The ordinary shares were admitted on 11 November 2024.
\n
On 25 November 2024 the Company announced that it received notification that the remaining convertible loan note holders had exercised
\n
their conversion rights attaching to the (\u00a353,668) of convertible loan notes held by them in respect of principal and interest due (which
\n
includes a 4.25% extension premium). As a consequence, the remaining holders were issued with 52,360 new ordinary shares of no par
\n
value in the capital of the Company at a price of \u00a31.025 per ordinary share. The ordinary shares were admitted on 28 November 2024.
\n
On 20 January 2025 the Company announced the completion of a conditional placing, confirming it has placed 910,000 ordinary shares
\n
of no-par value at a price of 50 pence raising gross proceeds of \u00a3455,000. Each share was issued with one warrant attached entitling the
\n
holder to subscribe for one new ordinary share at a price of 75 pence. The warrants have a life of 36 months from the date of Admission.
\n
Admission took place on 28 February 2025. The directly attributable costs associated with the placing amounted to \u00a331,850.
\n
On 12 March 2025 the Company announced it had agreed terms to capitalise its only outstanding debt facilities, comprising the \u00a3150,000
\n
of unsecured convertible loan notes announced 20 November 2023, which carry an interest rate of 15%. The Company settled this liability
\n
by the issue of new ordinary shares with warrants attached, a combined total of 362,250 shares at an issue price 50p and delivered
\n
362,250 warrants with an exercise price of 75p to the former holders of the loan notes. The warrants have a life of 3 years and be subject
\n
to an \u201caccelerator\u201d requiring the warrants to be exercised should the Panther share price exceed \u00a31.50 at any time over a period of 20
\n
trading days following the date of the issue of the warrants.
\n
On 3 April 2025 the Company announced an Amending Agreement on the Obonga project extending the existing agreement for a further
\n
12 months and meaning that the exploration commitment is now spread over five years; whilst the original net smelter return royalty is
\n
replaced with a gross revenue royalty equal to 1.5% of the gross value of the sale proceeds actually received by the royalty payer from
\n
activity carried out on the Property. In connection with the signing of the Amending Agreement the Company allotted and issued 42,070
\n
new ordinary shares with a value of Canadian $30,000 (\u00a316,158) to Broken Rock based on the mid-market closing price of Panther\u2019s
\n
ordinary shares on 27 March 2025 and an exchange rate of CAD$1.85 to \u00a31.00.
\n
On 24 June 2025 the Company announced it had received notice of exercise of a total of 106,666 warrants with an exercise price of 75p
\n
per share, raising \u00a380,000 for the Company. Admission took place on 30 June 2025.
\n
On 30 June 2025 the Company announced that Executive Chairman, Nicholas O\u2019Reilly, and Chief Executive Officer, Darren Hazelwood,
\n
had undertaken a direct share subscription with the Company for a total of \u00a3132,000 at the market mid-price of 69p. Mr Hazelwood
\n
subscribed for a total of 155,072 new shares for a consideration of \u00a3107,000, taking his and Mrs Hazelwood\u2019s total holding to 7.32% of
\n
the issued share capital in the Company. Mr O\u2019Reilly subscribed for a total of 36,232 new shares for a consideration of \u00a325,000, taking
\n
his total holding to 113,305 Ordinary Shares equivalent to 1.92% of the issued share capital in the Company.
\n
On 28 October 2025 the Company announced that it had raised gross proceeds of \u00a3600,000 before expenses via a placing of 1,000,000
\n
ordinary shares at a price of 60p per share. Admission took place on 31 October 2025. On 30 October 2025 the Company announced it
\n
had raised gross proceeds of \u00a355,570 in a WRAP retail offer of 92,616 ordinary shares at a price of 60p per share. Admission took place
\n
on 31 October 2025. The directly attributable placing costs amounted to \u00a349,334.
\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:213800FE99O4CN3DJU27",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag154": {
"value": "\n16. Reserves
\nShare-Based Payment Reserve
\nThe share-based payment reserve represents the cumulative charge for options granted, still outstanding and not exercised.
\nForeign Currency Translation Reserve
\nThe translation reserve represents the exchange gains and losses that have arisen on the retranslation of
\noverseas operations.
\nRetained Losses
\nRetained losses represent the cumulative loss net of distributions to owners.
\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:213800FE99O4CN3DJU27",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag129": {
"value": "\n17. Share capital
\nThe table below presents the number of new Ordinary Shares after each equity transactions that occurred in the year ended 31 December 2025
\nand the year ended 31 December 2024.
\nNumber of new
\nOrdinary Shares
\nNo
\nShare
\nCapital
\n\u00a3
\nAuthorised Share Capital
\nOrdinary Shares 500,000,000
\nAllotted, issued and fully paid ordinary shares of \u00a31:
\nAs at 1 January 2024 92,822,310 6,330,665
\nPlacing on 23 May 2024 8,333,334 375,000
\nAs at 12 June 2024 101,155,644 6,705,665
\n25 to 1 share consolidation on 13 June 2024 4,046,226 6,705,665
\nConversion of Convertible Loan Notes 232,854 238,676
\nAs at 1 January 2025 4,279,080 6,944,341
\nPlacing- January 2025 910,000 455,000
\nCapitalisation of debt facility- March 25 362,250 181,125
\nObonga extension consideration shares- April 2025 42,070 16,216
\nWarrant Exercise- June 2025 106,666 80,000
\nDirector Subscription- June 2025 191,304 132,000
\nPlacing- October 2025 1,000,000 600,000
\nWRAP retail offer- October 2025 92,616 55,570
\nAs at 31 December 2025 6,983,986 8,464,252
\nOn 23 May 2024 the Company announced the completion of a placing raising \u00a3375,000 (before expenses) by the issue of 8,333,334 new
\nordinary shares at a price of 4.5 pence. Each Placing Share was issued with one warrant attached entitling the holder to subscribe for one
\nnew ordinary share at a price of 7.5 pence with a life of 36 months from the date of Admission. The directly attributable costs associated
\nwith the placing amounted to \u00a329,850.
\nOn 13 June 2024, the Company announced that at its Annual General Meeting held on 13 June 2024, inter alia, a resolution was passed
\nwhich approved the consolidation of 92,822,310 existing ordinary shares (\u201cExisting Ordinary Shares\u201d) of no par value on a 25 into 1
\nbasis, such that every 100 Existing Ordinary Shares are consolidated into 4 ordinary shares. As a result of the approval of the Share
\nConsolidation, the Company had 3,712,892 new Ordinary Shares in issue. The announcement on 13 June 2024 reflected the number
\nof shares in issue prior to the May 2024 Placing as this was the figure stated in the Company\u2019s AGM notice. The table above shows the
\nposition reflecting the issue of the May placing shares which were then consolidated at the time of the approval of the share consolidation
\nat the Annual General Meeting on 13 June 2024.
\nOn 30 July 2024 the Company announced that it received notification on 28 July 2024 that Darren Hazelwood, the chief executive officer
\nof the Company, had exercised the conversion rights attaching to the \u00a356,000 of convertible loan notes held by him in respect of principal
\nand accrued interest of \u00a39,520. As a consequence, Mr Hazelwood was issued with 63,922 new ordinary shares of no par value in the
\ncapital of the Company at a price of \u00a31.025 per ordinary share. The ordinary shares were admitted on 5 August 2024.
\nOn 1 August 2024 the Company announced that it received notification on 31 July 2024 that Nicholas O\u2019Reilly, the executive chairman of
\nthe Company, had exercised the conversion rights attaching to the \u00a350,000 of convertible loan notes held by him in respect of principal
\nand accrued interest of \u00a38,500. As a consequence, Mr O\u2019Reilly will be issued with 57,073 new ordinary shares of no par value in the capital
\nof the Company at a price of \u00a31.025 per Ordinary Share. The ordinary shares were admitted on 8 August 2024.
\n
\n\n\n\n\n\n17. Share capital (continued)
\nOn 6 November 2024 the Company announced that it received notification that the remaining convertible loan note holders had exercised
\ntheir conversion rights attaching to the (\u00a360,987) of convertible loan notes held by them in respect of principal and interest due (which
\nincludes a 4.25% extension premium). As a consequence, the remaining holders will be issued with 59,500 new ordinary shares of no par
\nvalue in the capital of the Company at a price of \u00a31.025 per Ordinary Share. The ordinary shares were admitted on 11 November 2024.
\nOn 25 November 2024 the Company announced that it received notification that the remaining convertible loan note holders had exercised
\ntheir conversion rights attaching to the (\u00a353,668) of convertible loan notes held by them in respect of principal and interest due (which
\nincludes a 4.25% extension premium). As a consequence, the remaining holders were issued with 52,360 new ordinary shares of no par
\nvalue in the capital of the Company at a price of \u00a31.025 per ordinary share. The ordinary shares were admitted on 28 November 2024.
\nOn 20 January 2025 the Company announced the completion of a conditional placing, confirming it has placed 910,000 ordinary shares
\nof no-par value at a price of 50 pence raising gross proceeds of \u00a3455,000. Each share was issued with one warrant attached entitling the
\nholder to subscribe for one new ordinary share at a price of 75 pence. The warrants have a life of 36 months from the date of Admission.
\nAdmission took place on 28 February 2025. The directly attributable costs associated with the placing amounted to \u00a331,850.
\nOn 12 March 2025 the Company announced it had agreed terms to capitalise its only outstanding debt facilities, comprising the \u00a3150,000
\nof unsecured convertible loan notes announced 20 November 2023, which carry an interest rate of 15%. The Company settled this liability
\nby the issue of new ordinary shares with warrants attached, a combined total of 362,250 shares at an issue price 50p and delivered
\n362,250 warrants with an exercise price of 75p to the former holders of the loan notes. The warrants have a life of 3 years and be subject
\nto an \u201caccelerator\u201d requiring the warrants to be exercised should the Panther share price exceed \u00a31.50 at any time over a period of 20
\ntrading days following the date of the issue of the warrants.
\nOn 3 April 2025 the Company announced an Amending Agreement on the Obonga project extending the existing agreement for a further
\n12 months and meaning that the exploration commitment is now spread over five years; whilst the original net smelter return royalty is
\nreplaced with a gross revenue royalty equal to 1.5% of the gross value of the sale proceeds actually received by the royalty payer from
\nactivity carried out on the Property. In connection with the signing of the Amending Agreement the Company allotted and issued 42,070
\nnew ordinary shares with a value of Canadian $30,000 (\u00a316,158) to Broken Rock based on the mid-market closing price of Panther\u2019s
\nordinary shares on 27 March 2025 and an exchange rate of CAD$1.85 to \u00a31.00.
\nOn 24 June 2025 the Company announced it had received notice of exercise of a total of 106,666 warrants with an exercise price of 75p
\nper share, raising \u00a380,000 for the Company. Admission took place on 30 June 2025.
\nOn 30 June 2025 the Company announced that Executive Chairman, Nicholas O\u2019Reilly, and Chief Executive Officer, Darren Hazelwood,
\nhad undertaken a direct share subscription with the Company for a total of \u00a3132,000 at the market mid-price of 69p. Mr Hazelwood
\nsubscribed for a total of 155,072 new shares for a consideration of \u00a3107,000, taking his and Mrs Hazelwood\u2019s total holding to 7.32% of
\nthe issued share capital in the Company. Mr O\u2019Reilly subscribed for a total of 36,232 new shares for a consideration of \u00a325,000, taking
\nhis total holding to 113,305 Ordinary Shares equivalent to 1.92% of the issued share capital in the Company.
\nOn 28 October 2025 the Company announced that it had raised gross proceeds of \u00a3600,000 before expenses via a placing of 1,000,000
\nordinary shares at a price of 60p per share. Admission took place on 31 October 2025. On 30 October 2025 the Company announced it
\nhad raised gross proceeds of \u00a355,570 in a WRAP retail offer of 92,616 ordinary shares at a price of 60p per share. Admission took place
\non 31 October 2025. The directly attributable placing costs amounted to \u00a349,334.
\n
\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:213800FE99O4CN3DJU27",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag166": {
"value": "\n18. Prior Year Adjustment- Restatement of the Income Statement, Statement of Financial Position, Statement
\nof Cash Flows and Statement of Changes In Equity as at 1 January 2024 and 31 December 2024
\nDuring the current financial year, the Group identified the requirement for corrections in:
\n
\n\u2022
\n
\nThe application of IFRS2 Share Based Payments in relation to the valuation of investor warrants issued as part of placings and
\nthe conversion of debt into equity which had incorrectly been brought under the scope of IFRS2 and valued and recognised in the
\nfinancial statements;
\n
\n\u2022
\n
\nThe recognition of the Growth Reward Scheme and the valuation of the options granted under the scheme;
\n
\n\u2022
\nThe treatment of costs directly attributable to the issue of equity in accordance with IAS32 Financial Instruments: and
\n
\n\u2022
\nThe application of IAS21 The Effects of Foreign Exchange Rates in relation to the requirement to present unrealised foreign exchange
\ndifferences on the translation of foreign operations in other comprehensive income and within a separate foreign exchange reserve.
\n
\n\n\n\n\n18. Prior Year Adjustment (continued)
\nIn accordance with IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors, the Group has corrected these errors
\nretrospectively by restating the comparative amounts for the prior period presented as follows
\n
\n\u2022
\n
\nIn relation to the IFRS2 correction, the valuation of 333,333 investor warrants issued in relation to the May 2024 placing and
\namounting to \u00a3105,759 for the year ended 31 December 2024 has been reversed so that the income statement for the comparative
\nyear ended 31 December 2024 has been restated to exclude any valuation of investor warrants.
\n
\n\u2022
\n
\nIn relation to the Growth Reward Scheme, the fair value of the 2,240,000 options granted to Darren Hazelwood and Nicholas O\u2019Reilly
\nwas not valued in the year ended 31 December 2024 but has been valued in the year ended 31 December 2025 with a restatement
\nof the position as at 31 December 2024 for the valuation as at the grant date of 1 November 2024 of \u00a3143,885 charged over the 3
\nyear vesting period. \u00a37,994 has been included as a charge to the income statement for the year with a corresponding credit to the
\nshare based payment reserve.
\n
\n\u2022
\nIn relation to IAS32, costs directly attributable to the issue of equity were taken to equity.
\n
\n\u2022
\n
\nIn relation to the IAS21 correction, a foreign exchange reserve has been created.
\n -
\nThe retranslation of the foreign operations on an accumulated basis as at 31 December 2023 amounting to \u00a314,358 has been
\nrestated as a movement between retained losses and the foreign exchange reserve in the Statement of Changes in Equity.
\n -
\nThe retranslation of the foreign operations for the year ended 31 December 2024 amounting to \u00a3129,916 has been represented in
\nother comprehensive losses rather than the income statement.
\nThe financial impact of the correction on the prior period financial statements is summarised below:
\nChanges to Group Balance Sheet
\nAs previously reported
\n1 January 2024
\n\u00a3
\nAdjustment
\n\u00a3
\nAs restated on
\n1 January 2024
\n\u00a3
\nTranslation of foreign operations accumulated
\nposition as at 1 January 2024
\n(14,358)
\nForeign exchange reserve
\n(14,358) (14,358)
\nTranslation of foreign operations accumulated position as at 1 January 2024 14,358
\nRetained earnings- total
\n(3,364,817) 14,358 (3,350,459)
\nChanges to Group Balance Sheet
\nAs previously reported
\n31 December 2024
\n\u00a3
\nAdjustment
\n\u00a3
\nAs restated
\n31 December 2024
\n\u00a3
\nDerecognition of Investor Warrants (105,759)
\nRecognition of Growth Reward Scheme 7,994
\nShare based payment reserve- total 567,740 (97,765) 469,975
\nTranslation of foreign operations for the year ended 31 December 2024 - (129,916)
\nForeign Exchange Reserve (14,358) (129,916) (144,274)
\nTranslation of foreign operations for the year ended 31 December 2024 129,916
\nDerecognition of Investor Warrants 105,759
\nRecognition of Growth Reward Scheme (7,994)
\nShare issue costs included in admin expenses rather than share capital 29,850
\nRetained earnings- total*
\n(5,386,527) 257,531 (5,128,996)
\nShare issue costs included in admin expenses rather than share capital (29,850)
\nShare capital
\n6,944,341 (29,850) 6,914,491
\n*The difference between the retained earnings per the prior year accounts and the amount reflected here relates to the \u00a314k adjustment to the
\nopening retained earnings.
\n
\n\n\n\n\n18. Prior Year Adjustment (continued)
\nChanges to Group Income Statement
\nAs previously reported
\n31 December 2024
\n\u00a3
\nAdjustment
\n\u00a3
\nAs restated
\n31 December 2024
\n\u00a3
\nDerecognition of Investor Warrants 105,759
\nRecognition of Growth Reward Scheme (7,994)
\nShare based payment charge- total (152,991) 97,765 (55,226)
\nShare issue costs included in admin expenses rather than share capital 29,850
\nAdministrative expenses
\n(692,010) 29,850 (662,160)
\nChanges to Group Income Statement
\nAs previously reported
\n31 December 2024
\n\u00a3
\nAdjustment
\n\u00a3
\nAs restated
\n31 December 2024
\n\u00a3
\nTranslation of foreign operations for the year ended 31 December 2024 129,916
\nDerecognition of Investor Warrants 105,759
\nRecognition of Growth Reward Scheme (7,994)
\nShare issue costs included in admin expenses rather than share capital 29,850
\nOperating Loss total
\n(2,206,568) 257,531 1,949,037
\nAdjusted for :
\nShare based payment charge 152,991 (97,765) 55,226
\nForeign exchange 111,818 (129,916) (18,099)
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
"language": "en",
"entity": "scheme:213800FE99O4CN3DJU27",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag174": {
"value": "\n19. Share based payment transactions- Equity settled share-based payments
\nOptions and warrants issued, cancelled and outstanding at the year end
\nAt 1 January 2025
\n(Restated)
\nAt 31 December
\n2025
\nNo of options Issued Exercised Expired No of options
\nObonga options issued to Broken Rock-
\nAugust 2021
\n20,000 - - - 20,000
\nManagement options - August 2021 184,000 - - - 184,000
\nPlacing Warrants - Aug 2022 834,909 - - (834,909) -
\nManagement Options - November 2023 48,000 - - - 48,000
\nPlacing warrants - May 2024 333,333 - - - 333,333
\nPlacing warrants - January 2025 - 910,000 (106,666) - 803,334
\nDebt capitalisation warrants - March 2025 - 362,250 - - 362,250
\nGrowth Reward Scheme - November 2024 2,240,000 - - - 2,240,000
\n3,660,242 1,272,250 (106,666) (834,909) 3,990,917
\nDuring the period the August 2022 Placing Warrants with a value of \u00a3277,664 expired (2024: \u00a3176,348)
\n
\n\n\n\n\n\n\n\n19. Share based payment transactions (continued)
\nOptions and warrants outstanding and exercisable
\nVested and
\nexercisable
\nExercise
\nprice (\u00a3)
\nWeighted average
\ncontractual life
\n(years) Expiry date
\nOptions under IFRS 2
\nObonga options- August 2021 20,000 3.25 0.84 2 August 2026
\nManagement options- August 2021 184,000 3.75 0.89 22 August 2026
\nManagement Options- November 2023 48,000 1.50 3.09 1 November 2028
\nGrowth Reward Scheme- November 2024 2,240,000 1.375 8.84 1 November 2034
\nWarrants outside the scope of IFRS 2
\nPlacing warrants- May 2024 333,333 1.88 1.64 23 May 2027
\nPlacing warrants- January 2025 803,334 0.75 2.41 28 February 2028
\nDebt capitalisation warrants- March 2025 362,250 0.75 2.53 12 March 2028
\nGrowth Reward Scheme
\nThe Directors Remuneration report on page 69 refers to the Growth Reward Scheme put in place on 1 November 2024. The Growth Reward
\nScheme is a long-term incentive scheme offering options and a cash bonus if certain market capitalisation milestones are reached, such
\nawards requiring to be approved by the Remuneration Committee prior to being exercised. The following table sets out the total cumulative
\noptions granted to Darren Hazelwood and Nicholas O\u2019Reilly collectively.
\nMarket Capitalisation (\u00a3M) Number of \u00a31.375 Options Cash Bonus (\u00a3M)
\n30 160,000 -
\n50 160,000 -
\n100 320,000 2
\n150 160,000 -
\n250 320,000 4
\n400 160,000 -
\n500 320,000 20
\n650 160,000 -
\n800 160,000 -
\n1,000 320,000 50
\nTotal 2,240,000 76
\nAs the vesting conditions for the options granted in November 2024 were based on market conditions, the Monte Carlo valuation model has
\nbeen used to determine the vesting period and probability of the vesting conditions to provide a fair value based off the results calculated by
\nthe model. The fair value recognised at grant date was \u00a3143,885 which is to be charged over the three year vesting period. The options lapse
\nafter ten years but the assumed exercise date is 3 May 2031. Other inputs to the Monte Carlo model are the exercise price of \u00a31.375, the risk
\nfree rate of 4.25% and the volatility of 82%.
\n
\n\n\n\n\n\n\n\n19. Share based payment transactions (continued)
\nManagement Options
\nA Black-Scholes model has been used to determine the fair value of the share options on the date of grant. The model assesses several
\nfactors in calculating the fair value. These include the market price on the date of grant, the exercise price of the share options, the expected
\nshare price volatility of the Company\u2019s share price based on the historical volatility of the share price, the expected life of the options, the risk-
\nfree rate of interest and the expected level of dividends in future periods.
\nDate of grant Risk free rate Share price volatility Expected Expiry date
\nObonga options- August 2021 0.66% 55% 5 years 0.1363
\nManagement options- August 2021 0.77% 55% 5 years 0.1175
\nManagement Options- November 2023 5.49% 43% 5 years 0.0340
\nThe total charge to the consolidated statement of comprehensive income for the period to 31 December 2025 was \u00a395,194 (2024: restated
\ncharge of \u00a355,226).
\n
\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
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"Tag171": {
"value": "\n
\n
\nFinancial risk management objectives
\nIn the normal course of its operations the Group is exposed to a variety of risks from both its operating and investing activities. The Group\u2019s risk
\nmanagement is coordinated by the Board of Directors and focuses on actively securing the Group\u2019s short to medium term cash flows.
\nThe main risks the Group is exposed to through its financial instruments are capital management risk, credit risk, market risk and liquidity risk.
\n\n
Capital risk management
\n
The Group manages its capital to ensure that it will be able to continue as a going concern while maximising the return to stakeholders through
\n
the optimisation of the equity balance. The capital structure of the Group consists of equity attributable to equity holders consisting of issued
\n
share capital, reserves and retained losses as disclosed in the Statement of Financial Position.
\n
\n\n\n\n\n\n
\n
Credit risk
\n
Credit risk is the risk of financial loss to the Group if a counterparty to a financial instrument fails to meet its contractual obligations. The Company
\n
has borrowings outstanding from its subsidiaries, the ultimate realisation of which depends on the successful exploration and realisation of the
\n
Group\u2019s evaluation and exploration assets.
\n
\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n
\n20. Financial instruments continued
\n\n
Market risk
\n
The Group will incur exploration costs in Canadian Dollars but it has raised capital in \u00a3Sterling and its banking facilities are based in the UK and
\n
Canada. Fluctuations in exchange rates of Canadian Dollar against \u00a3 Sterling may materially affect the Group\u2019s translated results of operations.
\n
The Company does not enter forward exchange contracts to mitigate the exposure to foreign currency risk as amounts paid and received in
\n
specific currencies are expected to largely offset one another and the currencies most widely traded are relatively stable.
\n
As the Group\u2019s activities continue to develop the Board of Directors will monitor the exposure to foreign currency risk. No sensitivity analysis has
\n
been prepared on the basis that the effects are minimal.
\n
\n\n\n\n\n\n
\n
Liquidity risk
\n
Liquidity risk is the risk the Group will not be able to meet its financial obligations as they fall due. The ultimate responsibility for liquidity risk
\n
management rests with the Board of Directors, which monitors the Company\u2019s short-, medium- and long-term funding and liquidity management
\n
requirements. The Company\u2019s liquidity risk arises in supporting the exploration activities of its subsidiaries whilst also having sufficient resources
\n
to maintain the Company\u2019s listing status and overheads.
\n
The Board of Directors maintains detailed working capital forecasts and exploration budgets to ensure sufficient resources exist to fund the
\n
Group\u2019s short-term plans. The Board will seek to raise funds from share capital to fund its medium to long term plans.
\n
The Group\u2019s financial liabilities, consisting of trade and other payables, were settled within four weeks of the year end.
\n
\n\n\n\n\n\n
\n\n\n\n\n\n",
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"language": "en",
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag155": {
"value": "\nCapital risk management
\nThe Group manages its capital to ensure that it will be able to continue as a going concern while maximising the return to stakeholders through
\nthe optimisation of the equity balance. The capital structure of the Group consists of equity attributable to equity holders consisting of issued
\nshare capital, reserves and retained losses as disclosed in the Statement of Financial Position.
\n
\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:213800FE99O4CN3DJU27",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag156": {
"value": "\nCredit risk
\nCredit risk is the risk of financial loss to the Group if a counterparty to a financial instrument fails to meet its contractual obligations. The Company
\nhas borrowings outstanding from its subsidiaries, the ultimate realisation of which depends on the successful exploration and realisation of the
\nGroup\u2019s evaluation and exploration assets.
\n
\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:213800FE99O4CN3DJU27",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag157": {
"value": "\nMarket risk
\nThe Group will incur exploration costs in Canadian Dollars but it has raised capital in \u00a3Sterling and its banking facilities are based in the UK and
\nCanada. Fluctuations in exchange rates of Canadian Dollar against \u00a3 Sterling may materially affect the Group\u2019s translated results of operations.
\nThe Company does not enter forward exchange contracts to mitigate the exposure to foreign currency risk as amounts paid and received in
\nspecific currencies are expected to largely offset one another and the currencies most widely traded are relatively stable.
\nAs the Group\u2019s activities continue to develop the Board of Directors will monitor the exposure to foreign currency risk. No sensitivity analysis has
\nbeen prepared on the basis that the effects are minimal.
\n
\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:213800FE99O4CN3DJU27",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag158": {
"value": "\nLiquidity risk
\nLiquidity risk is the risk the Group will not be able to meet its financial obligations as they fall due. The ultimate responsibility for liquidity risk
\nmanagement rests with the Board of Directors, which monitors the Company\u2019s short-, medium- and long-term funding and liquidity management
\nrequirements. The Company\u2019s liquidity risk arises in supporting the exploration activities of its subsidiaries whilst also having sufficient resources
\nto maintain the Company\u2019s listing status and overheads.
\nThe Board of Directors maintains detailed working capital forecasts and exploration budgets to ensure sufficient resources exist to fund the
\nGroup\u2019s short-term plans. The Board will seek to raise funds from share capital to fund its medium to long term plans.
\nThe Group\u2019s financial liabilities, consisting of trade and other payables, were settled within four weeks of the year end.
\n
\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:213800FE99O4CN3DJU27",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag159": {
"value": "\n
\n\n
21. Financial commitments
\n
Dotted Lake Financial Commitments
\n
The project licences held by Panther Canada in respect of Dotted Lake are subject to minimum spend requirements and to retain the licences
\n
the Group is committed to spend CAD$69,600 in the next 12 months (2024: CAD$69,600).
\n
Obonga Financial Commitments
\n
The project licences held by Panther Canada at Obonga are subject to minimum spend requirements and to retain the licences the Group is
\n
committed to spend CAD$458,000 in the next 12 months (2024: CAD$486,292).
\n
Operating Lease Commitments
\n
The Company leases its premises in Paynes Park Hitchin under a service agreement with a 3-month cancellation term giving rise to a potential
\n
financial obligation of \u00a31,912 should the lease be terminated.
\n
\n\n\n\n\n\n
\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800FE99O4CN3DJU27",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag160": {
"value": "\n21. Financial commitments
\nDotted Lake Financial Commitments
\nThe project licences held by Panther Canada in respect of Dotted Lake are subject to minimum spend requirements and to retain the licences
\nthe Group is committed to spend CAD$69,600 in the next 12 months (2024: CAD$69,600).
\nObonga Financial Commitments
\nThe project licences held by Panther Canada at Obonga are subject to minimum spend requirements and to retain the licences the Group is
\ncommitted to spend CAD$458,000 in the next 12 months (2024: CAD$486,292).
\nOperating Lease Commitments
\nThe Company leases its premises in Paynes Park Hitchin under a service agreement with a 3-month cancellation term giving rise to a potential
\nfinancial obligation of \u00a31,912 should the lease be terminated.
\n
\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:213800FE99O4CN3DJU27",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag161": {
"value": "\n
\n22. Related party transactions
\nTransactions between the Company and its subsidiaries, which are related parties, have been eliminated on consolidation and are at arm\u2019s
\nlength. The group is therefore not required to disclose transactions between the Company and its subsidiaries, as permitted by IAS 24.
\n\n
Directors\u2019 remuneration is detailed within the Directors\u2019 Remuneration Report on page 68. During the year ended 31 December 2025, Directors\u2019
\n
remuneration has been paid to individuals as salaries (through payroll).
\n
Mining Analyst Consulting Limited, a company owned by Nicholas O\u2019Reilly, charged Panther Canada \u00a320,000 (2024: \u00a330,242) in respect of
\n
geological consultancy services and charged the Company \u00a330,000 (2024: \u00a327,000) in relation to accounting and consultancy services. As at
\n
31 December 2025 \u00a3nil was owed to Mining Analyst Consulting Limited in relation to the provision of these services (2024: \u00a328,000)
\n
Company Name Director
\n
Year ended
\n
31 December
\n
2025
\n
\u00a3
\n
Year ended
\n
31 December
\n
2024
\n
\u00a3
\n
Mining Analyst Consulting Limited N O\u2019Reilly / K O\u2019Reilly 50,000 57,242
\n
50,000 57,242
\n
Amounts due to related parties stated in payables as at 31 December 2025 consists of \u00a3100,000 due to Darren Hazelwood (2024: \u00a3nil),
\n
\u00a334,986 (2024: \u00a3nil) due to Mining Analyst Consulting Limited (the consultancy company of Nicholas O\u2019Reilly and Katherine O\u2019Reilly).
\n
\n\n\n\n\n\n
\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:213800FE99O4CN3DJU27",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag162": {
"value": "\nDirectors\u2019 remuneration is detailed within the Directors\u2019 Remuneration Report on page 68. During the year ended 31 December 2025, Directors\u2019
\nremuneration has been paid to individuals as salaries (through payroll).
\nMining Analyst Consulting Limited, a company owned by Nicholas O\u2019Reilly, charged Panther Canada \u00a320,000 (2024: \u00a330,242) in respect of
\ngeological consultancy services and charged the Company \u00a330,000 (2024: \u00a327,000) in relation to accounting and consultancy services. As at
\n31 December 2025 \u00a3nil was owed to Mining Analyst Consulting Limited in relation to the provision of these services (2024: \u00a328,000)
\nCompany Name Director
\nYear ended
\n31 December
\n2025
\n\u00a3
\nYear ended
\n31 December
\n2024
\n\u00a3
\nMining Analyst Consulting Limited N O\u2019Reilly / K O\u2019Reilly 50,000 57,242
\n50,000 57,242
\nAmounts due to related parties stated in payables as at 31 December 2025 consists of \u00a3100,000 due to Darren Hazelwood (2024: \u00a3nil),
\n\u00a334,986 (2024: \u00a3nil) due to Mining Analyst Consulting Limited (the consultancy company of Nicholas O\u2019Reilly and Katherine O\u2019Reilly).
\n
\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:213800FE99O4CN3DJU27",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag163": {
"value": "\n23. Subsequent events
\nPlacing
\nOn 9 February 2026 the Company announced that it has raised gross proceeds of \u00a31,190,000 (before expenses) through a placing of 1,700,000
\nordinary shares of no par value at a price of 70 pence (the \u201cPlacing Price\u201d). The Placing, which received substantial backing from new and
\nexisting institutional investors and existing shareholders of the Company, was significantly oversubscribed and subject to scale back. The
\nshares were admitted on 16 February 2026.
\nFiling of Preliminary Non Offering Prospectus
\nOn 13 February 2026 the Company announced that it has filed a preliminary non-offering prospectus (the \u201cProspectus\u201d) with the Ontario
\nSecurities Commission (the \u201cCommission\u201d) and has applied to the Canadian Securities Exchange (the \u201cCSE\u201d) for a secondary listing of its
\nordinary shares on the CSE in Canada (the \u201cListing\u201d). The Company\u2019s ordinary shares will continue to be listed on the official list of the UK
\nFinancial Conduct Authority and traded on the main market for listed securities of the London Stock Exchange PLC.
\nFinal acceptance of the Prospectus and the Listing are subject to the review and approval of the Commission and the CSE, respectively. The
\nProspectus contains important information relating to the Company and its currently issued shares capital and is subject to amendment as
\nmay be required by the Commission. The Prospectus will be available for review under Panther\u2019s profile on the Canadian System for Electronic
\nDocument Analysis and Retrieval (\u201cSEDAR+\u201d) at www.sedarplus.ca.
\nSiltamaki Purchase Option- Obonga
\nPost year end on 15 January 2026 the Company announced announce the signing of a three year term purchase option agreement (the
\n\u201cPurchase Option\u201d) over three multicell mining claims (the \u201cProperties\u201d or \u201cClaims\u201d) which comprise the Otter Gold, Z2 Gold and Wig properties
\nat Obonga. The Purchase Option signed with Mrs Karen Siltamaki is a partial replacement for the purchase option agreement announced 22
\nNovember 2021 signed with her late spouse Mr Aki Siltamaki and secures Panther options over the Properties through to January 2029. The
\nPurchase Option allows Panther the option to purchase the Claims for a total cash consideration of CAN$200,000 and the award of a 1.5%
\nnet smelter return (\u201cNSR\u201d) royalty (with a provision for Panther to reduce the royalty to 1.0% NSR through a CAD$1,000,000 buy-back). The
\nPurchase Option price, was CAD$10,000 with further payments of CAD$10,000 due on each anniversary of the date of signing, for three
\nconsecutive years.
\n
\n\n\n\n\n\n",
"dimensions": {
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"language": "en",
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag164": {
"value": "Isle of Man",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag165": {
"value": "\n19-21 Circular Road\nDouglas\nIM1 1AF\nIsle of Man\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:213800FE99O4CN3DJU27",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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}
}
}