Equity Research Report on Panthera Resources - Asymmetric Upside Heading Into a 2026 Arbitration Hearing
Panthera Resources (“Panthera” or “the Company”) is a London-listed (AIM: PAT) natural resources company whose primary value driver is a USD 1.58bn arbitration claim against the Republic of India. The claim concerns the Bhukia gold deposit, which India is believed to have indirectly expropriated by obstructing the Company’s prospecting licence. The case is supported by top-ranked counsel that has already triumphed against India, a selective funder and management with a strong track record in arbitration. The Phase One Hearing in December 2026 is the principal near-term catalyst. Analyst Group estimates a 72.5% probability of a favourable ruling, based on win rates across comparable treaty claims and the merits of this case, which underpins a probability-weighted Base scenario equity value of USD 287m. The estimate reflects a risk-adjusted present value of the claim, not the value of Bhukia.
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This is a press release from Analyst Group regarding the publication of an equity research report on Panthera Resources. Readers may assume that Analyst Group has received compensation for making the equity research report. The Company has not been given an opportunity to influence the parts where Analyst Group has had opinions about the Company, future valuation, or anything else that could be considered a subjective assessment.