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PAT

Panthera Resources PLC

Basic Resources First-pass screen £50m
240/1000 Overall fit
AI beneficiary 35% 20
Operating leverage 25% 25
Valuation 25% 20
Downside protection 15% 40

First-pass take

Pre-revenue gold explorer with zero AI exposure; burns $2.4M annually with ~1.3 years cash runway. Value hinges entirely on binary Bhukia arbitration ($1.58B claim vs. Government of India). Minimal net cash, no operating leverage, negative FCF. Regulatory-blocked in India.

Flags

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