Shares of Panthera Resources PLC (LON: PAT) today surged 34.8% despite the company not making any new announcements, in what can be described as a delayed response to the firm’s latest positive developments.
The gold exploration and development company reported on Thursday last week that fieldwork at its Kalaka gold project in Mali would begin this week. Panthera clarified that an induced polarisation (IP) survey on the Southern Part of the project would begin in December.
The company today tweeted that artisanal mining of the host rock at Tiekouyou Rush within its Bido project was ongoing, which contributed to the rally.
Panthera had recently announced that numerous high-grade assays had returned from the exploration of the Beredo gold target at Bido project. The project, which is located in Burkina Faso had been awarded a new license in October as the company intends to start mining at some of the explored sites in 2021.
Panthera is also in the process of transferring its interests in the Kalaka project to Moydow, which agreed to issue 3 million new shares and pay a cash consideration of up to $350,000 to Panthera with the deal being completed in stages up to March 31, 2021.
Some of the payments to be made by Moydow ($150,000) were deferred to March 31, 2021, but a variation to the agreement led to Moydow releasing $90,000 of the deferred payment on or before 30 November 2020, which could explain the recent 2-day rally.
Panthera Resources share price.
Panthera Resources shares surged 34.8% to trade at 16.9p having rallied from Friday’s closing price of 12.5p.