Panthera Resources (AIM:PAT) told investors that the Republic of India has filed a 'Rejoinder on Merits and Principles of Compensation', which closes the written phase of a $1.58 billion arbitration process.
The London-listed gold exploration and development company, which holds assets in West Africa and India, said the filing keeps the case on the procedural calendar the tribunal set in October 2025.
The claim was brought by Panthera's Australian subsidiary, Indo Gold Pty (IGPL), which submitted the $1.58 billion treaty claim against India on 16 May 2025 over the rejection of a prospecting licence application at the Bhukia gold project in Rajasthan.
IGPL alleges that a 2021 amendment to India's mining law stripped it of preferential rights to a prospecting licence and mining lease, breaching provisions of a 1999 investment treaty between Australia and India covering investment protection and expropriation.
With written submissions complete, the tribunal will hear jurisdiction, merits and compensation principles at the Peace Palace in The Hague between 14 and 19 December, followed by oral closing submissions on 11 January 2027.
Quantum calculations for any damages are reserved for a potential Phase Two, which Panthera said would follow only if the tribunal finds in IGPL's favour at Phase One.
"With India's Rejoinder now filed, the written phase of the arbitration is complete, and both parties have met every deadline set by the Arbitral Tribunal since October 2025," said Mark Bolton, Panthera's managing director and chief executive.
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He added that IGPL's legal team is now focused entirely on preparing for the December hearing.
A Geological Survey of India report and a subsequent Rajasthan government gazette have put the Bhukia resource at up to 7.2 million ounces of gold plus copper credits, underpinning the scale of the investment at the centre of the dispute.
Panthera reiterated that there can be no certainty as to the outcome of IGPL's claim, and cautioned that litigation of this kind carries risks including the possibility of total loss, enforcement difficulties and settlement outcomes below the amount claimed.
The next procedural date for the diary is the Phase One hearing itself, scheduled for 14 to 19 December in The Hague.