Panther Metals (LSE:PALM), an exploration company focused on mineral projects in Canada, has agreed an amendment to its 2021 sale and purchase agreement with Broken Rock Resources over the Obonga Project in Ontario, extending the option expiry date from 31 August to 30 April 2027.
The revised terms also push the C$250,000 option payment deadline to no later than 30 April 2027, giving the company additional runway to advance its Phase 1 diamond drilling programme at the Wishbone Prospect, which targets approximately 2,000 metres and was supported by a financing announced on 18 June.
Panther's Obonga Project covers more than 90% of the Obonga Greenstone Belt, where prior work has confirmed volcanogenic massive sulphide mineralisation including 27.3 metres of massive sulphide across multiple lenses and high-grade copper anomalies in lake sediments.
Chief Executive Darren Hazelwood said the extension allows the company to "prioritise quality work and strategic decision-making rather than simply chasing drilling metres against a compressed timeline."
The amendment is the second modification to the original August 2021 agreement, following an earlier extension announced in April 2025, and keeps the option live through the current exploration permit, which runs to 2027.
