Shipment company

Panoramic Resources Limited – Third Savannah Concentrate Shipment Completed

Limited scenic resources (ASX: PAN) (“Panoramic” or the “Company”) is pleased to announce the successful completion of the third shipment of nickel-copper-cobalt concentrate since the restart of operations at Company’s Savannah Nickel Project

Third shipment

The MV Maasgracht arrived at Wyndham Harbor in the afternoon of March 28, 2022. Stevedoring company CGL was responsible for loading the vessel, which took four days. The ship was loaded to capacity with a total of 10,347 t of nickel-copper-cobalt concentrate and departed on April 1, sailing to the Lianyungang Harbor in China for delivery to Jinchuan pickup partner. After the third shipment, concentrate stocks at the port are around 237 t and an additional 200 t at the mine site. In accordance with the removal agreement with Jinchuan, a provisional invoice has been submitted and payment is expected next week. The payment of US$21.8 million (A$29.2 million) includes the three metals contained in the concentrate. The fourth ship will be booked in the coming weeks and is expected to arrive at Wyndham in late May.

Commenting on the success of the third expedition, the Managing Director and CEO, Victor Rajassooriar said, “Our concentrate production is proceeding according to plan as operations ramp up in Savannah. The current ore stockpile (30 kt) on surface and the broken ore stockpile (25 kt) underground give us clear visibility on our next shipment. As an unhedged producer, we fully participate in commodity price movements and the price received on the third shipment is the best we have had since production resumed.

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’, ‘will’, ‘believe’, ‘expect’, ‘estimate’, ‘target’ ‘outlook’, ‘guidance’ and other similar expressions within the meaning of 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