Update On Dispute With India

Gold exploration and development company Panthera Resources Plc (AIM: PAT), with assets in West Africa and India, provides the following update on the dispute with the Republic of India ("India") over the latter's breaches of its obligations under the 1999 Agreement between the Government of Australia and the Government of the Republic of India on the Promotion and Protection of Investments (the "Treaty").

On 2 January 2024, the Company announced that its Australian subsidiary, Indo Gold Pty Ltd ("IGPL"), formally issued a Notice of Dispute ("NoD") to India in relation to the Bhukia project. In accordance with the Treaty, the parties must attempt to reach an amicable settlement and efforts are ongoing to determine if any potential exists for such a settlement of the dispute. If the efforts at settlement prove ineffective, IGPL will promptly deliver a notice of arbitration to the Government of India.

The Company will provide further updates as appropriate.

IGPL's Treaty Claims

The Company made its initial investment in Bhukia (through IGPL) in or around 2004. IGPL provided substantial funding and managed the joint venture exploration programmes. The work programmes were carried out in accordance with government rules and regulations and reported on time and in a professional manner.

IGPL's right to be granted a Prospecting Licence over Bhukia, through its joint venture holding, has been consistently frustrated over an extended period by the Government of Rajasthan ("Rajasthan"). The Prospecting Licence Application over Bhukia was rejected by Rajasthan again in August 2018, despite an agreement and Rajasthan's promise to grant the Prospecting Licence, on various spurious and legally untenable grounds.

The acts and omissions by Rajasthan and India, culminating in the enactment of MMDR2021 and the dismissal in September 2023 of MMI's writ petition, amount to breaches by India of its obligations under the Treaty, including but not limited to, Article 3 (Promotion and Protection of Investments), Article 4 (Treatment of Investments) and Article 7 (Expropriation and Nationalisation). IGPL will be seeking damages from India.

There can be no certainty as to the outcome of IGPL's Treaty claims.

Bhukia Background

The Geological Survey of India, an agency of the Government of India, published a report in 2014 after the completion of over 150 drill holes (Bulletin Series A (April 2014)), wherein it reported at that point in time indicated and inferred resource estimates of 6.7 Moz gold (excluding additional resources subsequently found through additional drilling by the Geological Survey of India). The estimate was reportedly prepared according to the UNFC code. More recently, Rajasthan issued a gazette notification containing an updated resource estimate of 113.52 Mt at 1.96 g/t and 0.14% Cu, which amounts to 7.2 Moz of gold plus copper with accessory nickel and cobalt. It is not reported what code was followed in preparing the updated estimate.

LCM Litigation Financing

On 25 August 2023, the Company announced that IGPL had secured up to US$13.6 million in litigation financing ("Facility") with LCM Funding SG Pty Ltd ("LCM Funding" or the "Funder"). LCM Funding is a subsidiary of Litigation Capital Management Limited ("LCM"), a firm quoted on the AIM Market of the London Stock Exchange. LCM is a leading global disputes funder with significant expertise in international arbitration and cross-border disputes, including bilateral investment treaty claims over mineral resource assets.

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