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Panoramic Resources Limited (ASX: PAN)
Panoramic Resources Limited is an Australian based nickel mining and exploration entity.
Key Recent Company Updates
On 31 January 2024, PAN released the quarterly report and confirmed that on 14 December 2024, formal insolvency proceedings have been commenced with the appointment of Daniel Woodhouse, Hayden White and Kate Warwick from FTI Consulting as joint and several voluntary administrators. On 8 January 2024, PAN concluded suspension of the Savannah Nickel Project. Moreover, nickel prices remained depressed post quarter end. Subsequently, a dual track strategy to sell or recapitalise the Panoramic business is underway. For December quarter, Ore mined was nearly 13% declined quarter on quarter (QoQ), while ore milled increased by 2% QoQ.
Post releasing the positive quarter update in September 2023, PAN confirmed that Savannah and Savannah North orebodies should remain open, and the Company shall bring additional material into future Mineral Resources and Ore Reserves as exploration continues into FY24. However, depressed nickel prices affected the Company operations.
Markets are trading in a highly volatile zone currently due to certain macro-economic issues and geopolitical issues prevailing geopolitical tensions. Therefore, it is prudent to follow a cautious approach while investing.
Note 1: Past performance is neither an indicator nor a guarantee of future performance.
Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is 20 February 2024. The reference data in this report has been partly sourced from REFINITIV.
Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.
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