Loyalty offer for existing shareholders

Our junior exploration investment Pantera Minerals (ASX:PFE) is entering a busy phase, advancing multiple drilling programmes across its WA projects in the coming months.

PFE has a diverse suite of commodities within its tenements, including iron-ore, lead, zinc, silver, copper and manganese, providing exposure to what we expect to be the coming commodity super-cycle.

On the corporate side, PFE today announced that it was undertaking a 1-for-4 pro rata non-renounceable rights issue to raise approximately $193,750.

Eligible shareholders (anyone on the register as of close of business 5 May 2022) have the rights to apply for options at the issue price of $0.01 each. These options are exercisable at $0.25 each on or before 1 May 2026.

Funds raised are earmarked primarily for advancing its Yampi Project, where geophysics surveys are planned in near term.

Given that PFE already has a healthy cash balance of about $5.8M as of 30 March 2022, and the current rights issue is for a relatively small amount, we believe that this is more to do with rewarding existing shareholders than PFE requiring funding.

The key dates are as follows:

The next key milestones that we’re keen to see are the drill rigs arriving on site at PFE’s Hellcat Polymetallic Project and Weelarrana Manganese Project, which is expected early in the next quarter. More details on these projects, along with our investment plan for PFE, can be found in our PFE Investment Memo.