Panther Metals Ltd has agreed to sell its Mikado Gold Project tenements to Brightstar Resources Limited for $350,000 in cash, while advancing a separate framework for its Burtville East gold asset.

Under the binding tenement sale agreement, Brightstar’s wholly owned subsidiary Laverton Processing Pty Ltd will acquire the 100% interest in five exploration licences comprising the Mikado project. The cash consideration is payable at completion and will be funded from Brightstar’s existing cash reserves.

Completion of the sale remains subject to customary conditions precedent, including required third-party approvals. Pending final settlement, Panther has consented to Brightstar accessing the tenements to commence haul road construction and related infrastructure works ahead of the formal registration of the tenement transfers.

“The Mikado sale delivers Panther $350,000 in non-dilutive funding from tenure that has greater strategic value to Brightstar given its location around their developing Laverton operations.”

— Daniel Tuffin, Managing Director and CEO

In conjunction with the sale, Panther and Brightstar have entered into a non-binding heads of agreement to investigate a potential mining and processing arrangement for the Burtville East Gold Project. The proposed structure contemplates Brightstar funding and managing agreed development, mining, haulage and processing activities, with net proceeds shared equally following the recovery of project costs.

The arrangement remains subject to further project evaluation, the agreement of a formal mine plan and budget, and the execution of binding documentation. Panther has also been advancing separate discussions regarding bulk metallurgical sampling of high gravity-recoverable gold at Burtville East.

“With Brightstar's new processing plant now under construction, the HOA also provides further optionality for Burtville East and our broader Laverton Gold Projects, as we continue exploration and consider the best pathways to realise value from our gold assets.”

— Daniel Tuffin, Managing Director and CEO

Panther continues to explore its broader Laverton tenement package while evaluating opportunities to unlock value across its regional portfolio.

Read the full announcement: Panther Advances Laverton Gold Development Pathway