Africa-focused Panthera Resources is reshuffling its ownership stakes in three mining projects in Nigeria and one in Mali to increase its exposure to gold.

The company said on Tuesday it had finalized agreements with DFR Gold and Maniger regarding its interest in the Kalaka gold project in southern Mali, as well as the Paimasa, Dagma, and Dext gold projects in Nigeria.

After the restructuring, Panthera will own the totality of Maniger, which in turn will increase its relevant stake in Kalaka from 40% to 80%. The remaining 20% stake in the Mali gold asset will still be held by local partner, Golden Spear Mali.

Panthera, which will no longer have any ownership in the Nigerian projects, will have to pay DFR Gold about $68,000 to settle inter-company loans.

The move, Panthera’s managing director Mark Bolton said, follows a recent re-evaluation of the historical database at Kalaka and improved gold prices.

“The company has elected to expand its focus at Kalaka (…) We believe it is a significant mineralized gold system with the potential for a multi-million-ounce gold resource,” Bolton said.

Gold prices have increased 12% so far this year, despite the high inflationary conditions and uncertainty surrounding when the US Federal Reserve will decide to lower interest rates. The sustained rally is prompting companies to revive old projects and expand current gold operations.

Kalaka is located 80km south of the 8-million-ounce Morila gold mine and 85km northwest of Resolute Mining’s 6-million-ounce gold Syama mine.