Panther Metals has advanced its Burtville East Gold Project with a robust scoping study and secured $817,000 in funding to support further drilling and a strategic review of its nickel-cobalt assets.
- Burtville East scoping study delivers $26.6 million NPV and 44% IRR
- Updated Mineral Resource Estimate shows increased gold ounces
- Metallurgical tests reveal 84% gravity recoverable gold
- Raised $817,000 through rights issue and placement
- Plans for deeper drilling and mining lease conversion in 2026
Strong Economic Potential at Burtville East
Panther Metals Ltd (ASX – PNT) has reported significant progress during the December 2025 quarter, centred on its Burtville East Gold Project in Western Australia. The company’s recently completed scoping study confirmed the project’s potential as a high-grade open-pit mine, with a net present value (NPV) of $26.6 million and an internal rate of return (IRR) of 44%. These figures are based on a conservative gold price of A$5,500 per ounce, notably below the current market price of approximately A$7,500 per ounce, suggesting upside potential.
The study envisages a mine schedule producing nearly 9,000 ounces of gold over a six-month campaign, extracting 112,000 tonnes of ore at an average grade of 2.46 grams per tonne. Importantly, the pit design covers most of the current Mineral Resource Estimate (MRE), but the company notes that expansion opportunities exist, limited only by the current depth and density of drilling.
Resource Upgrade and Metallurgical Breakthroughs
Panther Metals also announced a technical correction to its Mineral Resource Estimate at Burtville East, which resulted in a modest increase in contained gold ounces. The updated MRE now stands at 110,900 tonnes grading 2.79 g/t gold for 10,000 ounces at a 0.5 g/t cut-off, reinforcing the project's high-grade credentials.
Metallurgical testwork delivered particularly encouraging results, with gravity recoverable gold (GRG) averaging 84% across oxide and fresh ore samples. This high recovery rate indicates that a simple, low-cost gravity concentration process could be employed on-site, reducing capital and operational expenditure. Further testwork, including mineralogical analysis, is planned to optimise processing strategies.
Funding and Strategic Outlook
During the quarter, Panther Metals successfully raised $817,000 through a rights issue and shortfall placement, attracting strong support from sophisticated investors. These funds are earmarked for advancing drilling programs at Burtville East and conducting an updated evaluation of the Coglia Nickel-Cobalt Project, which is gaining renewed interest amid rising cobalt prices and potential platinum group element (PGE) credits.
Looking ahead, the company plans to undertake deeper drilling below the current 90-metre resource limit to test for extensions at depth. Additionally, work has commenced on converting the Burtville East tenement into a mining lease, a critical step towards development. The strategic review of the Coglia project aims to capitalise on recent market dynamics and the US critical minerals list amendments.
Cautious Optimism Amidst Development Challenges
While the scoping study results are promising, Panther Metals cautions that these are preliminary assessments based on a mix of indicated and inferred resources, with inherent geological uncertainties. The company acknowledges that further evaluation and funding, estimated at around $3 million pre-production, will be necessary to advance the project towards feasibility and eventual mining.
Nonetheless, the combination of robust project economics, high gravity recoveries, and strong investor backing positions Panther Metals well as it moves into a pivotal phase of exploration and development in 2026.
Bottom Line?
Panther Metals’ Burtville East project is poised for a critical development phase, but funding and deeper drilling results will be key to unlocking its full value.
Questions in the middle?
- Will deeper drilling confirm significant extensions to the Burtville East resource?
- How will the strategic review of the Coglia Nickel-Cobalt Project influence Panther’s portfolio value?
- What are the timelines and hurdles for securing the Burtville East mining lease?