en.Wedoany.com Reported - London-listed exploration company Panther Metals has signed an amended extension agreement with Broken Rock Resources for the Obonga copper/zinc/lead/nickel/platinum group metals project in Ontario.

The amendment extends the term expiry date of the original 2021 purchase agreement from August 31 this year to April 30, 2027, providing Panther with additional operational flexibility to advance and expand the ongoing Phase 1 diamond drilling program on site, free from time constraints.

As consideration for the extension, Panther will allot and issue 30,000 new shares to Broken Rock. The company stated that following the completion of financing in June, it has sufficient funds to advance exploration work at Obonga.

Panther noted that, at the request of two long-term service providers, the company agreed to settle outstanding invoices by issuing shares. This agreement was reached prior to the company's financing on June 18, when preserving cash before securing funding for the Obonga drilling program was considered prudent.

After the financing, Panther offered to settle the invoices in cash, but the service providers chose to proceed with the original share settlement agreement, reflecting their confidence in the company's future. Accordingly, the company issued 14,000 new shares to a drilling contractor and 34,000 new shares to a consulting firm to cover costs related to the company's proposed listing on the Canadian Securities Exchange.

Chief Executive Officer Darren Hazelwood explained that this is generally inconsistent with Panther's long-standing commitment to minimizing shareholder dilution, but issuing shares to these two service providers was a pragmatic decision made during a period when the timing and certainty of Obonga financing remained unclear. He said that with greater financing certainty now in place, the company fully intends to return to a disciplined approach to capital management and maintain as tight control over dilution as possible.

Hazelwood added that Panther enters the next phase of exploration with greater strength, possessing the runway, funding, and strategic flexibility needed to unlock the full potential of Obonga.