Panthera Confirms Strong Metallurgical Results at Kalaka Gold Project

Panthera Resources has taken an important step forward at its Kalaka gold project in Mali with the release of highly positive metallurgical test results. These findings provide a clearer understanding of how the ore behaves during processing and significantly strengthen the company’s confidence in Kalaka as a growing mineralised gold system. Metallurgical performance is a critical factor in determining project viability, and the latest outcomes indicate that Kalaka possesses favourable characteristics for both conventional and low cost processing routes.

The test work focused on carbon in leach bottle roll analysis and column leach assessments, two widely used methods for evaluating how effectively gold can be extracted from ore using cyanide based solutions. The results confirmed that the Kalaka ore is very amenable to cyanide leaching, a trait that supports strong processing efficiency. The carbon in leach tests delivered an excellent average gold recovery rate of 93.4 percent, a level typically associated with highly compatible ore types that perform well in standard processing circuits. Complementing this, the column leach tests indicated an average heap leach recovery of 76.3 percent, a result that highlights the potential for a lower cost, large scale heap leach development option. These outcomes build on previous Bottle Roll and Leachwell test data, all of which point to consistently positive metallurgical responsiveness.

Together, the latest results reinforce the interpretation of Kalaka as a sizeable mineralised system with robust processing characteristics. Such uniformity across multiple testing methods suggests that the project may be suitable for various development scenarios, enabling Panthera to evaluate trade offs between capital intensive plant designs and more cost effective heap leach solutions. According to the company’s Managing Director, the strength of the metallurgical performance adds further confidence to Panthera’s advancement plans and enhances the project’s strategic importance within the region.

From a regional industry perspective, proven metallurgical efficiency at Kalaka could support Mali’s reputation as a reliable gold mining jurisdiction. As investors increasingly weigh extraction recoveries and processing costs when assessing project attractiveness, Kalaka’s positive results may encourage further exploration activity and capital allocation within Mali. With gold continuing to underpin the country’s export earnings, developments like this can contribute to operational growth and economic resilience across West Africa’s mining sector.

Mini Glossary

• Carbon in Leach (CIL): A gold extraction process where cyanide and activated carbon are added simultaneously to dissolve and recover gold from ore.
• Bottle Roll Test: A laboratory method used to simulate how ore reacts to leaching solutions under controlled conditions.
• Heap Leach: A low cost processing method where crushed ore is stacked on pads and irrigated with leaching solution to extract gold.
• Cyanide Leaching: A chemical process that uses cyanide to dissolve gold from ore, allowing it to be recovered through further treatment.