Panoramic Resources Limited (ASX:PAN) is a base metal mining and exploration company headquartered in Perth, Western Australia with a 20 year history of mining and expertise in nickel, copper and cobalt sulphide projects.
Panoramic’s 100% owned high quality, long life Savannah underground nickel sulphide mine and processing plant is located in the East Kimberley region of Western Australia. The Savannah Nickel Project is a significant Australian sulphide orebody with a 13 year mine life and a total Resource of 209,800 tonnes nickel, 94,200 tonnes copper and 13,700 tonnes cobalt.
Panoramic has completed an updated Mine Plan for Savannah which has outlined an attractive near-term nickel sulphide mine restart opportunity. Underground pre-production development works at Savannah recommenced in August 2020 with completion of these expected to leave the Project in a position to be restarted in mid-2021.
The Project has the potential to grow the Resource through further exploration at Savannah North and via a number of other regional exploration targets identified.
In addition, Panoramic is progressing it’s 100% owned Panton PGM Project, located 60km south of the Savannah Project. Panton is a significant PGM Resource containing ~1.0Moz Pt and 1.1Moz Pd with exploration potential at depth and along strike.
Panoramic’s evolving strategy is well positioned and leveraged toward the shift and growth in battery metals.
The prospects for Panoramic Resources (ASX:PAN) and its beleaguered Savannah nickel, copper, gold mine have taken a significant hit with the recent appointment of receivers, adding to the company's existing challenges following the earlier appointment of administrators.
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Around 140 jobs will be lost after the administrators of Panoramic Resources decided to suspend mining at the company's troubled Savannah nickel mine in WA's Kimberley region.
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Morgans downgrades to Hold from Add. However, the target price is increased to $0.18 from $0.16, partly due to positive metal prices.
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In the wake of half year results, Morgans increases the rating to Add from Hold after updating commodity and FX assumptions and taking into account sale proceeds from the Panton PGM project. The target price is increased to $0.16 from $0.15
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Panoramic Resources has restarted underground development work at the Savannah project that will enable the company to restart production. Macquarie believes the Panton sale will close the funding gap for ramping back to full production.
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Nickel miner, Western Areas has made an opportunistic grab for a dominant minority position in rival miner Panoramic.
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Now there’s one way of seeing off an unwanted takeover offer - do what the putative bidder doesn’t want to do, such as announce a capital raising when the bidder, Independence Group made such a move a condition of the offer failing.
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Panoramic Resources shares jumped more than 34% at one stage yesterday after it revealed a $312 million all paper takeover offer from Independence Group.
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Panoramic Resources' underlying earnings were in line with expectation. No guidance was provided and the broker has made no changes to forecasts.
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Nickel prices have surged recently but as some brokers assess, fundamentals do not appear to be supporting the rally. Hence, a retracement is considered highly likely.
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DOWNLOAD RESEARCH REPORTSecures binding contract with Tier-1 OEMUS based anode active project gathers momentumMagnis Energy Technologies (MNS.ASX) – MNS is planning an anode active facility in the US and recently announced a binding, yet conditional, contract for the supply of anode active with Tesla. The contract is for a minimum 17.5kt/year with an option to purchase another 17.5t/year. Conditions precedent carry a tight development timeframe, with first production scheduled for February 2025. Site selection is underway and co-locating with an OEM on a brownfields site makes sense. Long lead items have been ordered and detailed engineering and design is expected to commence soon. |
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December Quarterly Report: Q2 FY2023Looking past the rain – there’s a rainbow.TerraCom released their operating results for the December quarter FY2023 with operating metrics being in line with our forecasts. Unseasonal rains in both Australia and South Africa contributed to operational and logistical issues across all mines, however guidance for annual production at Blair Athol is unaffected and highlights the quality of TerraCom’s skills in operational management. We continue to like the stable operating metrics around the company’s Australian operations and see potential for the South African operations to benefit from increased management focus given the rationalisation of operations following the closure of the Ubuntu mine. Corporate Connects overall financials remain unchanged as does our target price of $1.35 share. We maintain our forecast for a fully franked quarterly dividend of 7.5c/share to be paid in the March and June quarters of FY2023. |
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