Shipment company

Panoramic Resources Limited – Second Savannah Expedition Completed

Limited scenic resources (ASX: PAN) (“Panoramic” or the “Company”) is pleased to provide an update on the second shipment of nickel-copper-cobalt concentrate since the restart of operations in Company’s Savannah Nickel Project.

Second sending

The MV Maasgracht arrived at Wyndham Harbor on the evening of February 11, 2022. Stevedoring contractor CGL was responsible for loading the vessel, which took four days, including some rain delays. The vessel was loaded to capacity with a total of 9,409 t of nickel-copper-cobalt concentrate and departed on February 15, sailing to the Lianyungang Port in China for delivery to Jinchuan pickup partner. Following the second shipment, concentrate stocks in the port are around 160 t. In accordance with the removal agreement with Jinchuan, an interim invoice has been submitted with payment expected within a week commencing February 22, 2022.

The payment of US$14.6 million (AU$20.5 million) includes the three metals contained in the concentrate. The third expedition has now been booked, with the MV Maasgracht due to return to Port Wyndham at first April 2022. Commenting on the success of the second expedition, the Managing Director and CEO, Victor Rajassooriar said: “It is a pleasure to have successfully completed our second shipment of concentrate destined for our collection partner in China.

The current surface ore inventory at Savannah is approximately 30,000 tonnes, which provides us with sufficient raw material for the plant and clear visibility on our next shipment. Looking ahead, with metal prices expected to remain supported through 2022, we expect more successful shipments throughout the year.

About Panoramic

Limited scenic resources (ASX: PAN) is a company headquartered in Perth, Western Australiawho owns the Savannah Nickel Project in the eastern Kimberley. Operations at Savannah restarted in 2021 and the project was successfully returned to service with the first concentrate shipment completed in December 2021. Savannah has a mine life of 12 years with clear potential to extend it further through continued exploration. The asset provides excellent leverage to nickel, copper and cobalt markets which are strongly linked to global decarbonisation and vehicle electrification.

Forward-looking statements

This announcement contains certain “forward-looking statements” and comments regarding future matters. Forward-looking statements can generally be identified by the use of forward-looking words such as “expect”, “anticipate”, “likely”, “intend”, “should”, “could”, “may”, ” predict’, ‘plan’, ‘propose’, ‘shall’, ‘believe’, ‘expect’, ‘estimate’, ‘target’, ‘outlook’, ‘guidance’ and other similar expressions as used in the securities laws of the applicable jurisdictions. Indications and advice or outlook regarding future earnings or financial condition or performance are also forward-looking statements. You are cautioned not to place undue reliance on forward-looking statements. All statements, opinions and estimates contained in this announcement speak only as of the date hereof and are based on assumptions and contingencies which are subject to change without notice, as are statements about trends, projections, market and industry guidelines and estimates. Forward-looking statements are provided for illustrative purposes only. The forward-looking statements contained in this announcement are not indications, guarantees or predictions of future performance and involve known and unknown risks and uncertainties and other factors, many of which are beyond the control of the Company, and may involve elements significant subjective judgment. and assumptions about future events which may or may not be correct. There can be no assurance that actual results will not differ materially from these forward-looking statements. A number of important factors could cause actual results or performance to differ materially from the forward-looking statements. Forward-looking statements are based on information available to the Company as of the date of this announcement. Except as required by law or regulation (including ASX listing rules), the Company undertakes no obligation to supplement, revise or update any forward-looking statements or release financial information. forward-looking statements, whether about new information, future events or results. or other factors affect the information contained in this announcement.


Victor Rajassooriar

Tel: +61 8 6266 8600