Panther lands on ASX

Nickel-gold explorer Panther Metals says it is ready for an imminent start drilling after landing on the ASX following a $5 million oversubscribed IPO.

The company is a spin-off of London Stock Exchange-listed Panther Metals PLC, which will retain a 37 per cent stake in the newly listed company.

Shares began trading at around 19 cents in an estimated $10.9 million market capitalisation, dropping to a low of around 17.5 cents before closing the day at 20.5 cents.  

Up to 25 million shares were on offer in the company’s IPO at an issue price of 20 cents in a bid to raise the $5 million.

Panther has five project and two in the Northern Territory, with nearly half of IPO funds allocated to exploration in WA.

First up is a 4,000-metre drilling programme at the Coglia Nickel-Cobalt Project in Laverton, an area Panther says is highly prospective for nickel-cobalt laterite mineralisation.

Exploration efforts are eventually hoped to deliver a resource estimate.

Panther is also preparing to drill at the Merolla gold project, also in Laverton, where it has identified four gold targets.

Drilling at the Red Flag nickel-sulphide project and Mikado gold project are also planned.

Panther managing director Daniel Tuffin said his company had budgeted for an extensive exploration programme over the coming two years.

“Panther is extremely pleased with its IPO capital raising, which enables the rapid progression of exploration on our 100 per cent owned Western Australian and Northern Territory nickel and gold projects,” he said in a statement.

“The company has budgeted for an extensive exploration program over the coming two years and will commence drilling soon after listing.”

Sanlam and Kerr Allan Financial were joint lead managers to Panther’s IPO.