Panther Metals PLC announced an update to its financing arrangements. On 20 November 2023, Panther announced that it had agreed to issue in aggregate £300,000 in face value of 15% unsecured loan notes (the "Loan Notes") with a 12 month maturity and warrants attached on a one-for-one basis with an exercise price of 3.3 pence each ("Warrants") (together, the "Subscription"). The proceeds from the Subscription were designated to be used to fund the inaugural diamond drilling programme at the Manitou Lakes Project, targeting gold on the Eagle-Manitou-Wabigoon Greenstone Belt, in northwestern Ontario, Canada.

The Company reported that costs of the drilling programme came in below budget and as a result the Company has issued only £150,000 in face value of the Loan Notes, which were subscribed for by existing shareholders. The balance of £150,000 of the Loan Note facility has been cancelled by mutual agreement and will not be drawn.