Panther Metals Unveils Robust Scoping Study for Burtville East Gold Project

Scoping Study Highlights High-Grade Potential

Panther Metals Limited (ASX, PNT) has announced the results of its maiden scoping study for the Burtville East Gold Project, located approximately 40km southeast of Laverton in Western Australia. The study, conducted by Auralia Mining Consulting, confirms the potential for a high-grade open pit gold operation with robust financial metrics. Key figures include an estimated 112,000 tonnes of ore grading 2.46 grams per tonne gold, yielding approximately 8,893 ounces of gold within the pit design.

The economic analysis reveals a net present value (NPV8) of A$26.6 million and an internal rate of return (IRR) of 44%, based on a gold price of A$5,500 per ounce. These figures underscore the project's attractive investment profile, particularly given the relatively modest capital expenditure estimated at around A$3 million.

Mining and Processing Strategy

The study envisages open pit mining using standard truck and excavator operations, with a selective mining unit of 5m cubes to target the sub-vertical, high-grade quartz vein mineralisation. The pit design spans approximately 230 meters by 160 meters with a depth of about 87 meters, encompassing the majority of the current mineral resource. Mining is scheduled over a six-month campaign, with ore to be processed offsite at nearby toll treatment facilities within a 50km radius, reducing upfront capital requirements.

Operating costs are estimated at A$1,809 per tonne for mining and A$50 per tonne for processing, with a processing recovery rate assumed at 95%. The project’s stripping ratio stands at 16.7, 1, reflecting the volume of waste material relative to ore mined.

Resource and Expansion Potential

The updated Mineral Resource Estimate (MRE) reports 110,900 tonnes at 2.79g/t Au for 110,900 ounces, classified as Indicated and Inferred resources under the JORC 2012 Code. Notably, the mineralisation remains open at depth beyond the current 90-meter drilling limit, suggesting significant upside potential through further exploration. Panther Metals plans to undertake deeper drilling to test these extensions, which could materially increase the resource base and project scale.

Metallurgical Testing and Next Steps

Metallurgical test work is ongoing, including gravity recoverable gold (GRG) assessments, with results expected shortly. These tests will refine processing parameters and recovery assumptions, critical for advancing the project beyond the scoping study stage. Panther Metals emphasizes that while the study presents encouraging economics, it remains preliminary and does not yet support Ore Reserve estimation.

Funding considerations are also highlighted, with the company estimating a need for approximately A$3 million in pre-production capital. Panther Metals expresses confidence in securing this funding based on the project's fundamentals and its track record, though acknowledges potential dilution risks for existing shareholders.

Outlook and Market Context

The Burtville East Gold Project sits within a well-established gold province with accessible infrastructure and proximity to Laverton, a regional service hub. The project's low capital intensity, combined with strong short-term cash flow potential, positions it favorably amid a gold market that remains sensitive to price fluctuations. Panther Metals’ strategic approach of toll treatment and staged development could accelerate value realization while mitigating upfront risks.