Last checked at 8 Apr 2020 09:09
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FOR IMMEDIATE RELEASE |
PANTHER METALS PLC
(Incorporated in the Isle of Man with company number 009753V)
08 April 2020
COVID-19 Update
Panther Metals PLC (LSE:PALM) ("Panther" or the "Company"), the company focused on mineral exploration in Canada and Australia, wishes to report to shareholders and the market regarding the measures the Company is taking to mitigate the impact of the Coronavirus (COVID-19) pandemic on the Company's short term strategy and operations.
Due to the rapid and global spread of COVID-19, the Company has acted immediately to mitigate risk for our shareholders and commercial partners. Whilst the situation is subject to change across Panther's operating jurisdictions and with governments providing little or no notice concerning their reactions to the pandemic, the Company has decided to implement the following temporary measures until such time as we are in a position to give clear guidance on future actions and expenditure:
- the suspension of all service provider contracts, where possible (given that to do otherwise might put the health of contractors and their families at risk); and
- an overall reduction of 51% in Directors renumeration.
Darren Hazelwood, CEO, commented:
"I would like to thank the Board for the total support in the implementation of these, hopefully short term, measures. I recognise the frustration across the business, especially during a very busy period for the Company.
The cost savings implemented, I believe, will see the business in a very strong place as we return to normal operations. The strength being shown by the gold price is supportive of my own view that the Company is positioned to take advantage of opportunities, should they arise, as we continue to grow the business organically and strategically."
For further information please contact:
Panther Metals PLC:
Darren Hazelwood, Chief Executive Officer: +44(0) 1462 429 743 and +44(0) 7971 957 685
Mitchell Smith, Chief Operating Officer: +1(604) 209 6678
Brokers:
SI Capital Limited
Nick Emerson +44(0) 1438 416 500
Peterhouse Capital Limited
Guy Miller and Duncan Vasey +44(0) 20 7469 0930