Panthera Resources PLC on Monday said it has agreed a further extension with LCM Funding SG Pty Ltd to complete its due diligence process.

This is regarding Indo Gold Pty Ltd’s conditional arbitration funding agreement for up to $10.5 million in litigation financing with LCM Funding, as originally announced in February.

Shares in Panthera, a London-based gold explorer with projects in India and Africa, were down 3.7% at 6.50 pence each in London on Monday morning.

On Monday, Panthera said it continues to work closely with LCM Funding on progressing its due diligence phase.

It also confirmed that it has agreed a further extension to the LCM due diligence period to August 21. At the end of July, Panthera had extended the date to Friday last week.

Pending successful completion, Panthera said the parties could then move to complete a funding confirmation notice.

It noted that there can be no assurance that the due diligence process will be completed to LCM’s satisfaction.

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