Panthera Resources PLC's shares soared about 119% on Dec. 20 after it announced a definitive term sheet with Galactic Gold Mines Private Ltd. to jointly advance the Bhukia gold-copper project in India.

Galactic will buy a 10% stake in Panthera unit Indo Gold Pty. Ltd. for about US$1.3 million and earn an additional stake in the unit by providing support and services for the project.

The agreement allows Galactic to potentially earn up to another 12% equity in Indo Gold upon achieving certain milestones before mining starts at Bhukia.

Galactic can earn further equity by providing drilling and logistic services when exploration restarts Bhukia.

Panthera Managing Director Geoff Stanley said the transaction will allow Indo Gold to take part in Galactic's efforts to list on the Bombay Stock Exchange, which are expected to start in 2019.