The company, in a statement, said that due to the rapid and global spread of COVID-19 it has acted immediately to mitigate risk for shareholders and commercial partners.
At the same time, Panther has suspended provider contracts, where possible, as it said that, otherwise, it might put the health of workers and families at risk.
“I would like to thank the board for the total support in the implementation of these, hopefully short term, measures. I recognise the frustration across the business, especially during a very busy period for the company,” Panther CEO Darren Hazelwood said.
“The cost savings implemented, I believe, will see the business in a very strong place as we return to normal operations.”
Hazelwood, meanwhile, highlighted that the strength of the gold price is supportive of his own view that Panther Metals is “positioned to take advantage of opportunities, should they arise.”