Panoro cancels $10-million private placement

Executive Summary

• Panoro Minerals Ltd. cancelled its previously announced $10 million brokered private placement (LIFE offering) due to unfavourable market conditions.
• The company will pursue alternative financing sources, including a pending third payment from the Antilla project sale and the sale of a non‑core exploration asset.
• Cancellation may delay or reduce funding for planned infill drilling, metallurgical testing, prefeasibility engineering, and an updated PEA for the Cotabambas copper‑gold‑silver project.

Key Details

• The LIFE offering was to be conducted under the listed issuer financing exemption (NI 45‑106 Part 5A).
• Net proceeds of $10 million were earmarked for:
• Infill drilling and metallurgical testing,
• Prefeasibility engineering,
• Completion of an updated Preliminary Economic Assessment (PEA) for Cotabambas,
• Working capital—including mineral concession payments—and general corporate purposes.
• Cancellation is attributed to “unfavourable market conditions.”
• Panoro will seek alternative financing, specifically:
• Receipt of the third payment from the 2021 Antilla project sale (expected in 2025), and a contingent payment based on Antilla’s estimated NPV,
• Sale of a non‑core, early‑stage exploration project (discussions advanced).
• CEO Luquman Shaheen highlighted robust resource estimates:
• Gold – 3.3 M oz indicated + 2.7 M oz inferred,
• Copper – 3.8 B lbs indicated + 3.0 B lbs inferred.
• Updated PEA will incorporate higher commodity price assumptions (gold > US$3,400/oz; copper > US$4.40/lb), potentially increasing project valuation.

Notable Quotes

“Panoro has decided to advance with alternative financing options instead of the previously announced LIFE offering… we are confident in our ability to move forward with adequate funding.” – Luquman Shaheen, President & CEO.