olivLaw · European equity research
Panther Metals PLC PALM.L
United Kingdom · London Stock Exchange · Vertical: Listed companies from United Kingdom
Panther Metals PLC is a London-listed mineral exploration company focused on projects in Canada, mainly the Obonga project in Ontario and the Winston tailings opportunity. The company is at an early stage with no revenue, and it depends on raising capital, as its annual report sets out.
At the close of 05 Nov 2026, Panther Metals PLC (PALM.L) stock was 1.50 GBP (+0.00% on the day), with market capitalisation 8.1 m GBP, beta -0.43, 52-week range 0.41–1.96 GBP.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 42.1
- weak (30–45)
- Bollinger (20, 2)
- 1.34 – 1.92
- in the lower half of the band · %B 0.28 · band width 36.0%
- SMA 50 / 200
- 1.58 / 1.15
- mixed trend
- MACD (12, 26, 9)
- -0.05 / -0.02
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −20.0% | −0.6% | −19.4 pp | — |
| 3 months | +26.6% | −4.2% | +30.8 pp | — |
| 6 months | +46.3% | +4.3% | +42.0 pp | — |
| Year to date | +122.2% | +7.5% | +114.7 pp | — |
| 1 year | +175.2% | +9.9% | +165.3 pp | +5.8% |
| 3 years | +84.6% | +49.8% | +34.8 pp | +26.3% |
| 5 years | −52.9% | +42.8% | −95.8 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 0 | 0 | 0 |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | 269.2 k | -2.0 m | -1.3 m |
| Net income YoY | unavailable | −826.2% | unavailable |
| Diluted EPS | 0.20 | -0.53 | -0.25 |
| Diluted EPS YoY | unavailable | −367.5% | unavailable |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 71.1 k GBP
- Financial debt
- 0 GBP
- Net debt
- -71.1 k GBP
- Equity
- 2.2 m GBP
- Total assets
- 2.6 m GBP
- Debt / equity
- 0.00x
- Current ratio
- 0.57x
- ROE
- -61.8%
- ROA
- -47.4%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (GBP)
Income statement · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | esef· 27 May 2026verified |
| Cost of revenue | 0 | 0 | 0 | esef· 27 May 2026verified |
| Gross profit | 0 | 0 | 0 | esef· 27 May 2026verified |
| Operating income | 327.1 k | -1.9 m | -1.3 m | esef· 27 May 2026verified |
| Interest expense | 57.9 k | 5.8 k | 8.6 k | esef· 27 May 2026verified |
| Pre-tax income | 269.2 k | -2.0 m | -1.3 m | esef· 27 May 2026verified |
| Income tax | 0 | 0 | 0 | esef· 27 May 2026verified |
| Net income | 269.2 k | -2.0 m | -1.3 m | esef· 27 May 2026verified |
| Diluted EPS | 0.20 | -0.53 | -0.25 | esef· 27 May 2026verified |
Balance sheet · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 66.1 k | 17.5 k | 71.1 k | esef· 27 May 2026verified |
| Receivables | 58.8 k | 104.8 k | 151.0 k | esef· 27 May 2026verified |
| Current assets | 2.4 m | 753.6 k | 222.1 k | esef· 27 May 2026verified |
| Total assets | 4.3 m | 3.0 m | 2.6 m | esef· 27 May 2026verified |
| Accounts payable | 134.4 k | 613.9 k | 392.9 k | esef· 27 May 2026verified |
| Short-term debt | 406.5 k | 172.5 k | 0 | esef· 27 May 2026verified |
| Current liabilities | 540.9 k | 786.4 k | 392.9 k | esef· 27 May 2026verified |
| Total liabilities | 704.5 k | 924.1 k | 392.9 k | esef· 27 May 2026verified |
| Equity | 3.6 m | 2.1 m | 2.2 m | esef· 27 May 2026verified |
| Shares outstanding at year end | 928.2 k | 3.7 m | 5.4 m | esef· 27 May 2026derived |
Cash flow · GBP
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 3 of at least 6
- score weight coverage: 20.8% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 8.1 m GBP
Key indicators
Coverage and freshness
Score by group
21% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 3 of at least 6; score weight coverage: 20.8% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -50.6% | 0 (vs peers) | 50% |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -154.7x | 0 (on a fixed band) | 30% |
| Current ratio · Balance sheet | 0.6x | 0 (on a fixed band) | 20% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet0/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial0/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
PANTHER METALS PLC (PALM.L). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 0 GBP in 2025; ROE -61.8%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 20.8% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- ROIC: -50.6%
- Interest coverage: -154.7x
- Current ratio: 0.6x
Not assessed (insufficient data or a ratio without meaning): Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from United Kingdom · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BATS.LBritish American Tobacco P.L.C. | 104.3 bn | 13.5 | 16.5% | 30.3% | −1.0% | +7% / +88% |
| ABF.LAssociated British Foods PLC | 14.7 bn | 14.3 | 9.2% | 5.3% | −3.1% | −5% / −15% |
| 0EV1.LCarnival PLC | 5.5 bn | 4.1 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.1 bn | 24.7 | 34.7% | 4.1% | +7.2% | −10% / +158% |
| AUTO.LAutotrader Group PLC | 4.8 bn | 16.4 | 60.2% | 47.1% | +3.9% | −13% / −23% |
| BBY.LBalfour Beatty PLC | 4.2 bn | 16.3 | 23.2% | 2.8% | +15.2% | +20% / +160% |
| ABDN.LAberdeen Group PLC | 4.1 bn | 10.8 | 8.0% | 28.9% | −2.1% | +11% / +41% |
| BKG.LThe Berkeley Group Holdings PLC | 3.6 bn | 11.3 | 8.8% | 13.4% | −4.2% | −0% / −22% |
| BME.LB&M European Value Retail PLC | 2.9 bn | 17.4 | 21.2% | 2.8% | +3.7% | +68% / −51% |
| AJB.LAj Bell PLC | 2.4 bn | 22.8 | 49.9% | 33.1% | +18.0% | +8% / +128% |
| ASHM.LAshmore Group PLC | 1.4 bn | 13.9 | 13.1% | 71.6% | −0.1% | +28% / +18% |
| BCG.LBaltic Classifieds Group PLC | 1.2 bn | 23.2 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 763.6 m | 36.2 | 41.2% | 19.7% | +24.2% | +71% / unavailable |
| BAG.LA.G. Barr P.L.C. | 671.9 m | 14.4 | 14.4% | 10.8% | +4.0% | −7% / +26% |
| ASC.LAsos PLC | 494.5 m | — | -81.3% | -12.0% | −14.7% | +71% / +8% |
| ALFA.LAlfa Financial Software Holdings PLC | 486.8 m | 16.3 | 61.5% | 23.8% | +15.3% | −28% / +10% |
| AML.LAston Martin Lagonda Global Holdings PLC | 344.3 m | — | -93.4% | -39.2% | −20.6% | −45% / −85% |
| APTD.LAptitude Software Group PLC | 111.3 m | 28.5 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| AMGO.LAmigo Holdings PLC | 9.9 m | — | — | — | −81.9% | +325% / +844% |
| PALM.LPanther Metals PLC | 8.1 m | — | -61.8% | — | unavailable | +206% / +135% |
| ASBE.LAssociated British Engineering PLC | 605.3 k | — | -19.1% | — | unavailable | unavailable / unavailable |
| AMIF.LAmicorp Fs (uk) PLC | 221.6 k | 0.1 | 27.5% | 9.1% | +8.1% | unavailable / unavailable |
| AAF.LAirtel Africa PLC | — | — | 24.1% | 10.6% | +29.5% | −7% / +164% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +30% / +76% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +60% / +63% |
1- and 3-year price returns: for PALM.L from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Panther Metals PLC is a London-listed mineral exploration company focused on projects in Canada, mainly the Obonga project in Ontario and the Winston tailings opportunity. The company is at an early stage with no revenue, and it depends on raising capital, as its annual report sets out 1.
SWOT
Strengths
- The Obonga project is extensive and has documented discoveries, and the area has access to rail links and the port of Thunder Bay 1.
- The company holds a diversified project portfolio covering base metals, platinum and graphite in Ontario 1.
- Government support for exploration and extended option agreements provide a development base 1.
Weaknesses
- The company generates no revenue and is loss-making, and its cash position was very limited at year-end 1.
- Activity depends on capital raised through placings, with a material uncertainty over going concern disclosed 1.
- Currency exposure is high, since costs are incurred in Canadian dollars while capital is raised in sterling 1.
Opportunities
Risks
- Ongoing fundinghigh
The report notes a material uncertainty over going concern, and the company must raise funds within the next twelve months 1.
- Currency riskmedium
Costs in Canadian dollars and capital in sterling could have significant effects on translated results 1.
- No revenuehigh
The company has no revenue and does not expect to generate it in the near term unless it finds a commercially viable deposit 1.
- Relations with First Nationsmedium
Community consent is a condition for exploration, and a deterioration in relations could have an immediate financial impact 1.
- Geological uncertaintymedium
Drilling results may differ from the actual grade of mineralisation, and development requirements are hard to quantify at this stage 1.
Investment thesis
What would need to be true (bull case)
- If the Wishbone system proves to be a cluster of volcanogenic massive sulphide bodies, the Obonga area could become a significant mining district 1.
- If the Winston tailings monetisation succeeds, the company could reinvest the cash flows into high-return projects 1.
- The project location near rail infrastructure and the port of Thunder Bay could lower development costs if resources are confirmed 1.
What would break the thesis
- The company has no revenue and held only 71085 GBP of cash at year-end, which could lead to further dilutive share issues 1.
- If successive drilling fails to confirm mineralisation, the value of the projects could fall significantly 1.
- Exposure to currency movements and exploration costs in Canadian dollars could erode available resources 1.
What to watch
- Listing on the Canadian Securities Exchangefirst half of 2026
- Results of the first Wishbone drill programme2026
- Monetisation of the Winston Tailings Project2026
- New capital raises and cash positionnext annual report
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Panther Metals PLC is an exploration company listed on the London Main Market with mineral projects in Canada 1. Its stated purpose is to contribute to the supply of metals and critical minerals through responsible exploration of primary deposits and mine tailings 1. Its strategy targets commercially viable deposits and tailings reprocessing in established mining jurisdictions 1.
Main near-term objectives include a listing on the Canadian Securities Exchange in the first half of 2026, monetising the Winston Tailings Project and reinvesting tailings cashflow into high-return projects 1. The company is not generating revenue and reported a loss of 1343063 GBP for fiscal 2025 1.
The company reported no employees in the reporting period, and governance is handled by the board and a Responsibility Committee set up in December 2022 1.
Segments
Obonga project (Ontario)
Obonga is the flagship project, covering 291 km2, and has moved from a regional target area to volcanogenic massive sulphide discoveries at Wishbone and graphite at Awkward 1. The Wishbone permit authorises up to 39 diamond core drill holes 1.
Dotted Lake project (Ontario)
Dotted Lake covers 36.9 km2 in the Schreiber-Hemlo Greenstone Belt and was acquired in full in July 2020, with a 2021 drill hole intersecting gold mineralisation over nine separate intervals 1.
Market context
Exploration for base metals, nickel, platinum and gold in Canada is described in the report as attractive in established jurisdictions, with government support for exploration through grants and funding 1. Demand for critical metals is cited as a reason for interest, without quantification in the source 1.
Access to capital remains essential, since the company relies on new share issues, and development could be delayed if funding is not available on acceptable terms 1.
Trends
- Interest in critical metalstailwind
Developments in battery technologies could make critical metals a valuable component of the projects, according to the company's assessment of medium and long-term opportunities 1.
- Canadian exploration policymixed
Government policy changes or pressure from environmental groups could affect exploration, although the company considers this remote given current support 1.
- Relations with First Nationsheadwind
First Nations consent is required to begin exploration, and a deterioration in relations could delay work programmes 1.
- Weather and climateheadwind
Extreme weather can shorten the exploration season or make activities impossible on cost or feasibility grounds 1.
Competitive position
Panther operates alongside established players such as Glencore, Impala Canada and Barrick Gold, with operations at Mattabi, Lac des Iles and Hemlo 1. The company is a small explorer with limited financial resources compared with these operators 1.
In the Hemlo area, GT Resources, also listed on the TSXV, has a 16.7% stake held by Glencore and has made a discovery at West Pickle Lake 1.
- Glencore
Mining group with neighbouring operations near Obonga, cited for the Mattabi mine and a stake in GT Resources.
- Impala Canada
Operator of the Lac des Iles platinum mine, located south of Obonga.
- Barrick Gold
Owner of the former Hemlo mine, near the Dotted Lake project.
- GT Resources
Explorer listed on a Canadian exchange, active in the same greenstone belt, with a recent discovery.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202527 May 2026
- Annual report 202407 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Panther Metals PLC · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.