Panoramic Resources Limited (ASX code: PAN) is a Western Australian mining company formed in 2001 for the purpose of developing the Savannah Nickel Project in the East Kimberley. Panoramic successfully commissioned the $65 million Savannah Project in late 2004 and then in 2005 purchased and restarted the Lanfranchi Nickel Project, near Kambalda. In FY2014, the Company produced a record 22,256t contained nickel and produced 19,301t contained nickel in FY2015. The Lanfranchi and Savannah Projects were placed on care and maintenance in November 2015 and May 2016 respectively pending a sustained recovery in the nickel price.
After delivering an updated feasibility study on the Savannah Project in October 2017, securing an offtake customer and project financing for up to A$40 million in July 2018, the Company made the decision to restart operations at Savannah. The project is ramping up with the first shipment of concentrate scheduled for early in March 2019 quarter.
On 13 September 2018, the Company announced it had agreed to sell Lanfranchi to Black Mountain Metals for $15.1 million in cash. The sale is expected to settle during the December 2018 quarter with the funds used to strengthen the balance sheet.
Apart from the substantial nickel, copper and cobalt inventory at Savannah the Company has a diversified resource base including platinum group metals (PGM) and gold. The PGM Division consists of the Panton Project, located 60km south of the Savannah Project and the Thunder Bay North Project in Northern Ontario, Canada, in which Rio Tinto is earning 70% by spending up to C$20 million over five years. Following the ASX listing of Horizon Gold Limited (ASX Code: HRN) in December 2016, the Company’s interest in gold consists of an indirect investment in the Gum Creek Gold Project located near Wiluna through its 51% majority shareholding in Horizon.
Panoramic has been a consistent dividend payer and has paid out a total of $114.3 million in fully franked dividends between 2008 and 2016.
The Company’s vision is to broaden its exploration and production base, with the aim of becoming a major, diversified mining company in the S&P/ASX 100 Index. The growth path will include developing existing resources, discovering new ore bodies, acquiring additional projects and is being led by an experienced exploration-to-production team with a proven track record.
Well Positioned and Committed to Growth
The 10 Year Plan
- Adhere to our safety culture so every employee believes that safety is our most important value in line with our safety mantra; Vision, Commitment, Results
- Optimise our metal production to maximise our margins
- Grow our existing resources and reserve base to extend the mine life of our operations
- Maintain a steady dividend stream and ultimately become an S&P/ASX 100 Company
We strive to achieve excellence in all aspects of our business to provide long term capital growth and dividend return to our shareholders, a safe and rewarding work environment for our employees, and opportunities and benefits to the people in the communities we operate in.