Arbitration: US$120m (A$184.6m) / 459.7m shares on issue = A$0.40 per share (theoretical maximum), page-12

In previous cases led by Tim, litigation outcomes for shareholders have sometimes come with meaningful trade-offs — settlements involved steep discounts and significant fees, which limited the net benefit for equity holders. The Montero case is a good example: a win on paper, but arguably a Pyrrhic victory for shareholders.That said, every case is different.

With Panthera, the focus should be on the intrinsic value of the asset. After India seized it, the project was auctioned: $120M upfront plus a 62.5% royalty (versus a typical 3% in India). The Indian Geological Survey estimates about 8 million ounces of gold in the deposit. At $3,000 per ounce, that equates to ~$24B gross value, with India capturing $15B through royalties.In other words, the market has already marked the asset: bidders put real money on the table. No need to anchor valuations on sunk costs — the numbers speak for themselves.