A Question and Answer session with Panther Metals PLC
The TMS Team catch up with Panther Metals CEO Darren Hazelwood and discuss Markets, Tariffs, Obonga, Dotted lake, Canada, new partners plus Royal Ascot and Ipswich Town.
Interviewer – Hi Darren, good to catch up. Firstly, what is your general view of the Markets, tariffs, and small caps in the current horrendous market we all find ourselves in?
Darren – Thanks, it’s a pleasure to be here. While recent market conditions have undoubtedly been challenging, Panther has emerged from the most turbulent period with a clear strategic direction.
Over the past three years, we’ve been steadily building a resilient platform that positions us to move decisively through current headwinds. We believe that the market dislocations we’re seeing today are creating a unique window of opportunity—one that won’t remain open indefinitely. When market sentiment does shift, we expect to be well-positioned to deliver outsized value.
From our perspective, the current environment represents one of the most compelling entry points for junior exploration companies in recent memory. The global trend has clearly shifted from the pursuit of a seamless global marketplace to a more protectionist stance. In hindsight, it was always going to be difficult to sustain a fully globalised economic model, as countries inevitably operate in different phases of the economic cycle.
I am now taking a deliberately contrarian position—one grounded in deep market analysis and a clear-eyed view of what lies ahead. We believe the next two years will offer substantial value opportunities that, in retrospect, many will wish they had acted upon. In the short term, we expect continued volatility in commodities and broader markets.
While broader markets may remain unsettled, Panther’s strategy is to capitalize on this dislocation. Through both discovery and targeted acquisitions, we aim to secure high-potential assets at deeply discounted valuations. Our goal is to build a specialised, value-accretive business that ultimately becomes an attractive acquisition target for larger industry players.
Interviewer – It sure has been a tough three years for junior miners particularly. Hindsight is a wonderful thing, but having the hindsight to raise when you did surely was the sensible decision as opposed now in these roller-coaster markets? Do you see further/more opportunities for funding in Canada?
Darren – You’re absolutely right—these past three years have tested the resilience of junior miners across the board. In retrospect, securing funding when we did was the prudent decision, even if the terms at the time were less than ideal. The reality is, market conditions dictated those terms, and while they weren’t favorable, they provided the capital we needed to move forward. Given today’s volatility, I certainly wouldn’t look to raise under the current conditions unless absolutely necessary.
That said, Canada continues to present compelling opportunities, particularly due to its strong tax incentives and supportive regulatory framework for exploration companies. As Panther’s strategy continues to take shape, it’s becoming increasingly clear that leveraging these advantages aligns with our long-term goal of delivering value to shareholders. In this environment, it’s not just about raising capital—it’s about doing so in a way that supports sustainable growth and shareholder interests.
Interviewer – Can you expand on the timing of the Fulcrum Share sale? Another £250,000 in the bank on top of the recent proceeds from the raise can only be good news, right?
Darren – Absolutely—non-dilutive capital is always welcome, particularly in turbulent market conditions. The timing of the Fulcrum share sale aligns well with our broader strategy to strengthen Panther’s balance sheet without resorting to further dilution. The additional £250,000 provides us with enhanced flexibility to advance our key initiatives.
Fulcrum is a quality company with solid potential, and I sincerely wish them every success. In a different market environment, our approach may have been different. However, my sole responsibility is to Panther and its shareholders, and every decision we make is driven by what will best support long-term value creation for them.
Interviewer – There seems so much going on at the moment Darren for Panther. Almost to much for punters to understand or work out? Do you think London really understands small cap Mining Companies?
Darren – You’re not the first to raise that point, and I understand why. I recently spoke with a highly respected industry veteran—someone who’s helped raise billions across the resource sector—who noted that many exceptionally capable people have struggled to succeed in London over the past two decades.
London is an exceptional market when it comes to understanding cash flow, balance sheets, and traditional financial metrics. But when it comes to valuing early-stage exploration companies—particularly those without immediate revenues—it’s fair to say there’s a bit of a disconnect.
That said, Panther’s story is quite straightforward, and we’re now in a position to articulate it much more clearly. We’re building a focused business through both discovery and acquisition. The ultimate objective is to create a company with meaningful scale that naturally aligns with what a major would look for in an acquisition target. The developments we’ve made recently will help the market connect the dots and better understand our direction.
Over the last three years we’ve asked questions of our assets rather than go all-in on one, as you have to balance risk/reward, and that policy is now bearing fruit as we have interest in assets externally that may or may not lead to something, but if we’d had an all-in approach on one asset we’d have diluted hugely and potentially been no further forward across our portfolio. Those actions are now allowing us to focus and open up to the wider market on next steps.
Interviewer – Can you expand on Obonga and Dotted lake? Which excites you most? Will the recent share sale and raise help drill Dotted lake further?
Darren – That’s a great question—and one I get asked often. On the surface, it may seem like we’re moving between projects without a clear roadmap, but that couldn’t be further from the truth. As an exploration company, our goal is simple: discover economic deposits that can become future mines. Exploration is not linear—you don’t drill two holes and walk away with certainty. It’s a dynamic, data-driven process.
The question never be can you rank your assets, if you don’t think it could become a mine it shouldn’t be in your portfolio, the question should always be….Do you believe this asset could one day be a mine?
During this prolonged bear market, we’ve taken a strategic approach by refining our project portfolio to concentrate on the highest-value targets. Ironically, as the market has remained difficult, the technical case for our projects has only improved.
Obonga and Dotted Lake are both exciting in their own right, but our current strategy is to bring in the right partners on select projects, allowing us to maintain exposure while focusing Panther’s capital and efforts on our polymetallic assets—where we see the clearest path to scalable value. The recent capital raise and share sale enhance our flexibility to pursue this approach, allowing targeted investment where we see the greatest potential for returns.
Interviewer – The recent soil/copper results at Dotted Lake don’t seem to be showing in the drill cores yet. Do we now have a better idea of where to drill with this new information?
Darren – You’re right—the recent soil and copper anomalies haven’t yet been reflected in the core intercepts, but that’s not unexpected at this early stage. We’ve engaged with geologists who have deep expertise in this region, and their consensus is clear: the geological footprint at Dotted Lake is highly prospective, and they believe the system does contain a massive sulphide body capable of delivering the significant copper and nickel grades we’re targeting.
It’s important to remember that this is a brand-new system, and we’ve only completed three initial drill holes. That’s a very limited program when you’re working with a greenfield target. However, the model we’re developing is evolving rapidly, and every data point increases our confidence that we’re onto something very promising.
The logical next step is a surface IP (induced polarization) survey, which we’ve already scoped and costed. We’re now reviewing final timing and resourcing to move forward. This work will be key in helping us refine drill targeting and enhance the efficiency of our next phase of exploration at Dotted Lake.
Interviewer – Would the Board consider bringing new partners in to move projects forward?
Darren – Yes, absolutely. Our strategy is to advance non-VMS projects through strategic partnerships, allowing us to retain exposure while focusing internal resources on building out a scalable VMS pipeline. The ultimate goal is to position that VMS portfolio as a highly attractive, natural bolt-on acquisition for a major mining company.
That said, we remain open to selectively investing in non-VMS assets where we see a clear opportunity to add value. In some cases, this work may naturally evolve into a partnership, and we see that as a smart, capital-efficient way to progress multiple assets without diluting our core focus.
Three reasons why I like VMS deposits in a junior.
-Due to how they form they tend to have a smaller environmental footprint.
-They are high grade deposits in the main.
-They contain a beautiful commodity mix, industrial (critical minerals) and precious metals (Silver and gold). Ideal for riding market volatility.
Interviewer – What is the interest in Awkward? Will this maybe result in a JV or sale?
Darren – Awkward is an exceptional geological target, and the underlying theory supporting its potential is compelling. It’s a high-impact, binary-style opportunity—meaning the path to validation is relatively straightforward and cost-effective through targeted drilling.
We’ve had interest in the project, and while we’re open to a joint venture or sale under the right terms, we’re in no rush. If a partnership doesn’t align with our valuation or strategic objectives, we’re fully prepared to advance Awkward ourselves with a focused drill program. Ultimately, we’re committed to unlocking its value—whether independently or alongside the right partner.
Interviewer – The Markets seems to have ignored Panther to date, despite some extremely exciting Dotted Lake drill results. Shares are trading at an all time low. What do you see as the catalyst that will finally make the market wake up to the full potential here? Do you see Panther as a sitting duck for a low ball bid as you have mentioned before?
Darren – You’re right—the market has yet to fully appreciate the potential we’re unlocking, particularly at Dotted Lake. Unfortunately, broader sentiment in the junior mining space remains highly focused on funding risk, rather than on what a company is actually positioned to achieve with the capital it secures. In that environment, it becomes extremely difficult to generate recognition through strategic execution alone, and yes, it can leave undervalued companies like Panther exposed to opportunistic, low-ball offers.
That said, my strategy is to flip that narrative entirely. Rather than be a victim of current market conditions, Panther intends to take advantage of them. We’re seeing value in the sector at levels rarely, if ever, seen before—and our job is to capture as much of that value as possible. Before doing so, we’ve had to take care of some essential internal housekeeping to ensure we’re structurally and financially prepared for what comes next.
Looking ahead, I believe the catalyst will be our continued ability to execute—whether that’s through high-impact drill programs, meaningful partnerships, or asset-level transactions that clearly demonstrate value creation. Once that happens, I don’t believe the market will be able to ignore what we’re building. Panther’s story is just beginning to unfold.
Interviewer – and finally. I know you love Horseracing and Football. Give us a tip for Royal Ascot and do Ipswich Stay up?!
Darren – It might be a touch early for Royal Ascot, but one for the note book is Field of Gold, very impressive at Newmarket this week and who doesn’t like gold at the moment!
As for Ipswich, I genuinely believe we’ll return to the Premier League with an even stronger squad than the one that got us promoted. We’ve shown we can go toe-to-toe with top-tier clubs—taking points off teams like Chelsea has been a particular highlight. If only we could play them every week!
Click here for the latest Panther Corporate presentations.
