Panther Metals up 21% after $5.4M Bitcoin play to buy minerals and gold

Mineral exploration institution Panther Metals Plc has announced a Bitcoin treasury strategy combining accepted mining assets with Bitcoin holdings, starring to a surge successful its banal terms connected Monday.

In a statement, the UK-listed mining exploration institution announced plans to bargain 4 cardinal British pounds ($5.4 million) successful Bitcoin for a treasury relationship and strategy connected Monday. 

The steadfast volition usage 1.3 cardinal British pounds ($1.75 million) worthy of Bitcoin (BTC) from its treasury arsenic collateral to implicit its acquisition of the Pick Lake mining deposit successful Ontario, Canada.

“This allows the Company to implicit the Pick Lake acquisition whilst retaining its full vulnerability to Bitcoin,” the steadfast said.

The attack would spot Bitcoin arsenic “productive capital” alternatively than passively held, arsenic seen successful different Bitcoin treasury companies.

The firm’s carnal commodity inventory, which includes “critical minerals,” golden and different precious metals, volition spot continued growth, supported by the Bitcoin treasury, which volition besides beryllium expanded. 

Panther Metals CEO Darren Hazel wood said the hybrid attack volition let the steadfast to leverage Bitcoin to money high-quality mineral projects “whilst being little dilutive to our shareholder base, owed to the much charismatic presumption being offered by the integer space,” earlier extolling the virtues of the integer asset. 

Minerals and crypto combo 

Pick Lake is portion of the larger Winston Project, hosting astir 85% of the full mineral resources connected the project.

The Winston deposit is described arsenic an “advanced-stage polymetallic zinc, copper, and precious metallic property” with a high-grade mining redevelopment and assets gathering opportunity. 

Zinc is considered a captious mineral indispensable for galvanizing alloy and artillery technologies.

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“By blending the stableness of carnal resources with the flexibility of integer capital, Panther is gathering a concern that tin thrive done marketplace cycles and stay up of the curve,” said Hazelwood.

Pick Lake and Winston Lake map. Source: Superior Lake

Panther Metals Plc shares leap

Investors agreed with the sentiment and loaded up connected Panther banal (PALM), which surged 21% connected the London Stock Exchange connected Monday. 

Panther shares person surged a whopping 125% implicit the past period and 55% implicit the past week, according to Google Finance. 

PALM price, 5 days. Source: Google Finance

Corporations proceed to accumulate  

The fig of corporations adopting Bitcoin treasuries is surging. Earlier this week, existent property mogul Grant Cardone announced his firm’s archetypal Bitcoin acquisition with 1,000 BTC for its firm treasury.

Meanwhile, Bitcoin stalwarts Michael Saylor’s Strategy and Japanese Metaplanet proceed to load up, expanding their holdings to 592,345 BTC and 11,111 BTC, respectively.  

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