What Panthera Resources does

Panthera Resources Plc is a UK-incorporated, AIM-listed public company focused on the exploration and development of gold deposits and the optimisation of other mineral properties. The company holds interests in six named gold projects: Bassala, Labola, Bido, and Kalaka in West Africa (spanning Ghana, Mali, and Burkina Faso), and Bhukia and Taregaon in India. Its core activity is geological exploration, resource delineation, and advancement of these assets toward potential future production, with no current revenue and no products in commercial production.

The company is pre-revenue, with funding sourced from equity markets through warrant exercises, employee stock option conversions, and listings on London's AIM and the US OTCQB Venture Market. In May 2025, Panthera filed a Memorial claiming US$1.58 billion in damages (net of Indian taxes) against the Republic of India under the Australia-India Bilateral Investment Treaty over the Bhukia Gold Project in Rajasthan, with a Phase One hearing scheduled for December 2026. The arbitration represents a material potential recovery beyond operational mining.

Operationally, the company runs a lean structure with 11–50 employees across a London headquarters and a regional office in Udaipur, India. Investor relations and capital-raising activities — including investor webinars hosted with Turner Pope Investments Limited and presentations by Managing Director Mark Bolton at virtual investor conferences — form the primary external-facing motion. The six-month net loss to September 30, 2025 was US$1.36 million, widened from US$1.13 million in the prior-year period, reflecting the pre-production cost base and ongoing arbitration spend.

Name

Panthera Resources

Legal name

Panthera Resources Plc

Website

https://pantheraresources.com

Company type

Public

Founded year

2017

Operating status

Operating

Headcount range

11–50 employees

Short description

Panthera Resources Plc is a UK-incorporated, AIM-listed gold exploration and development company holding six gold projects across West Africa and India. Pre-revenue, it funds activities through equity markets while pursuing a US$1.58 billion arbitration claim over the Bhukia Gold Project.

Ownership category

akta.pro rank

Product category

Gold Mining Exploration

NAICS

Portfolio Management and Investment Advice (523940), Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523)

SIC

Gold And Silver Ores (1040)

akta.pro primary industry

Gold Mining (IMAKAEAA)

Keywords

• Gold exploration
• Mining development
• Mineral exploration
• Gold mining projects
• Mining exploration services

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D

Revenue model

1. Pre-Revenue Exploration Stage: Company is in the exploration and development phase with no current revenue. Income will eventually come from gold production and sale upon successful development of gold projects in India and West Africa.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels3 records

Core offering

Panthera Resources is a UK-incorporated mining exploration and development company that identifies, explores, and advances gold deposit projects across India and West Africa. Its portfolio comprises six gold projects (Bassala, Labola, Bido, and Kalaka in West Africa; Bhukia and Taregaon in India), with the flagship Bhukia project in Rajasthan subject to a US$1.58 billion international arbitration claim against the Government of India under the Australia-India Bilateral Investment Treaty. The company is pre-revenue, currently focused on exploration, resource definition, and advancing its projects toward future gold production.

Product overview

Panthera Resources is a UK-incorporated gold mining exploration and development company focused on advancing gold deposit projects in India and West Africa. The company's portfolio consists of six named gold exploration projects: Bassala, Labola, Bido, and Kalaka in West Africa, and Bhukia and Taregaon in India. The company does not operate a traditional software product business; its assets are physical mining projects. The most significant project is the Bhukia Gold Project in Rajasthan, India, which is the subject of a US$1.58 billion international arbitration claim against the Government of India for alleged treaty breach under the Australia-India Bilateral Investment Treaty.

Differentiator

Problem solved

Functional benefit

Products and services

• Bassala
• Labola
• Bido
• Kalaka
• Bhukia
• Taregaon

Quantifiable outcome

• $1.58 billion arbitration claim filed against India under Australia-India Bilateral Investment Treaty

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators5 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Hummingbird Resources: AIM-listed gold company with producing and development assets in West Africa (notably Mali and Guinea). Closely comparable on listing venue, gold focus, and West African geographic exposure to Panthera's Bassala, Labola, Bido and Kalaka projects.
• Condor Gold: AIM-listed gold exploration and development company focused on Nicaragua. Directly comparable to Panthera as a small-cap, single-commodity, pre-production gold developer on the same AIM exchange targeting a near-term construction decision.
• Thor Explorations: AIM-listed gold exploration and development company with its flagship Segilola project in Nigeria and exploration interests in West Africa. Closely comparable to Panthera as a small-cap AIM-listed gold developer with West African assets moving toward first production.
• Deccan Gold Mines: India-focused gold exploration and development company holding multiple gold projects in Rajasthan and other Indian states. Highly comparable to Panthera's India portfolio (Bhukia, Taregaon) and similarly small-cap with no near-term production.
• Kolar Gold: India-focused gold exploration and development company. Highly comparable to Panthera's India portfolio in commodity, geography, and stage of development.
• Griffin Mining: AIM-listed mining company with producing zinc-gold operations in China. Comparable as a small-to-mid-cap AIM-listed miner whose market valuation is closely tied to single-jurisdiction, single-asset operational progress — a similar risk profile to Panthera.

Broad incumbents

• Centamin: LSE-listed gold miner with its flagship Sukari operation in Egypt. Comparable as a London-listed gold producer with North African exposure, serving as a broader incumbent benchmark for AIM-quoted single-commodity gold companies.
• Endeavour Mining: Senior West Africa-focused gold producer listed on LSE and TSX. A broad incumbent reference point for valuation and operating benchmarks in the same regional gold belt as Panthera's West African assets.
• Resolute Mining: ASX/AIM-listed gold producer with operations across West Africa (Mali, Senegal, Guinea). Comparable on West African gold footprint and dual-listing profile, but materially larger and already in production, making it a broader-incumbent reference point rather than a direct competitor.
• Perseus Mining: Multi-jurisdiction West Africa gold producer (Ghana, Côte d'Ivoire) listed on ASX and TSX. Comparable in commodity and regional focus to Panthera's West Africa portfolio but operates at production scale, making it a broad incumbent.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat2 records

Key risks6 records

Key highlights5 records

Customer concentration

• Xx.com/PantheraPlc

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds2 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Panthera Resources