Panthera Resources plc (LON:PAT), the gold exploration and development company with assets in India and West Africa, has announced an update on its 14.2% interest held in Anglo Saxony Mining Limited:
· Completion of pre-feasibility study of Tellerhäuser Polymetallic Project
· Granting of Tellerhauser Mining Licence for 50 years
· Successful capital raising led by Baker Steel Resources Trust
· Appointment of DGWA as lead financial advisor in Germany
Background
ASM owns the Tellerhäuser Polymetallic Project (Tellerhäuser) in Germany and has recently completed a pre-feasibility study to produce tin and associated metals including zinc, indium, and magnetite. The project, which now has a granted mining license, is approximately 230 km SSW of Berlin and 115 km NW of Prague. ASM has the overarching strategy of becoming a significant European focussed tin and associated metals mining company. There is currently an absence of any significant tin production in Europe with tin considered to be Critical Raw Material (CRM) in Germany.
Further information on ASM can be obtained at saxorebergbau.com
Granting of Mining Licence
After some delay, the Upper Saxony Mining Authority has now granted a 50-year mining licence to ASM for the Rittersgrün field. The mining license extends over a total of 41,496,900m2 and covers the Hämmerlein, Tellerhäuser and Breitenbrunn deposits. Under the terms of the license, Saxore Bergbau GmbH, a subsidiary of ASM, has been granted a mining license to explore and exploit the mineral resources for tin, zinc, indium, iron, arsenic, antimony, beryllium, lead, boron, caesium, cadmium, fluorite, gallium, germanium, gold, cobalt, copper, lithium, manganese, molybdenum, nickel, niobium, silver, barite, tantalum, bismuth and tungsten.
Recent Fund Raising Activity
ASM has advised that is has closed the first tranche of a recent financing for a total £281,000 at 8p per share supported by ASM’s shareholders including the Baker Steel Resources Trust. Panthera holds 9,778,413 million shares in ASM comprising 14.2% of the issued capital in ASM.
Appointment of DGWA as German Financial Advisors
The German corporate advisor, Deutsche Gesellschaft für Wertpapieranalyse GmbH (DGWA) has been appointed by ASM to act as their lead financial advisor in Germany. DGWA has extensive experience in the mining sector, having advised on IPO’s on the Frankfurt Stock Exchange and raised funds for numerous mining ventures (predominately in Europe) including European Metals Cinovec Lithium/Tin project nearby in the neighbouring Czech Republic.
Rebound in Tin Prices to above pre-COVID
Following a Covid-19 led weakening in tin prices, the tin market has strengthened with prices rebounding to above pre-COVID levels at U$17,020/t, having been as low as U$13,375/t in Q1 2020. Both tin mines and smelters began cutbacks in production in Q1 2020 in response to the lower prices, with most of these operations back online by the end of Q2 2020. Roskill, a leading industry forecaster, projects that tin supply to move further into deficit unless there is new production coming online.
