Panthera Resources, the gold explorer with assets in West Africa and India, said the written phase of its arbitration against India is complete, with a hearing set for December.
India filed its rejoinder on the merits and principles of compensation on 23 October, in line with the timetable announced a year ago.
The claim, worth $1.58bn, was brought by Panthera's Australian subsidiary, Indo Gold, in May 2025. It alleges India breached a 1999 investment treaty with Australia.
The dispute centres on the Bhukia gold project in Rajasthan, where Indo Gold says it was denied a prospecting licence over an extended period by the state government.
It claims that a 2021 change in Indian law, which removed preferential rights to prospecting licences and mining leases, completed the loss of its investment.
Indo Gold cites breaches of the treaty's articles on investment protection and on expropriation.
A hearing on jurisdiction, the merits and principles of compensation will take place from 14 to 19 December at the Peace Palace in The Hague, with oral closing submissions on 11 January 2027.
The legal seat of the arbitration is London, and the Permanent Court of Arbitration administers the case.
The precise damages calculation is reserved for a second phase, which will happen only if the tribunal finds in the claimant's favour in the first.
Panthera expects the claim to be updated at that stage.
Mark Bolton, chief executive, said both sides had met every deadline set by the tribunal since October 2025.
The company cautioned that the outcome is uncertain, including the risk of total loss.
It added that enforcement risks and collateral litigation remain, and that cases often settle for well below the amount claimed.
Panthera said it will tell shareholders if the tribunal materially changes the dates.
