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2023 Report2023 annual report ABN: 47 095 792 288 | ASX Code: PAN 2 PANORAMIC RESOURCES LIMITED CONTENTS 01 who we are 02 chairman’s letter 03 managing director’s letter 04 a year of progress 05 highlights from 2023 06 savannah nickel-copper-cobalt project 07 operations 08 exploration - underground grade control drilling 09 surface exploration drilling 10 focus for 2024 11 financial report directors’ report consolidated income statement consolidated statement of other comprehensive income consolidated balance sheet consolidated statement of changes in equity consolidated statement of cash flows notes to the consolidated financial statements directors’ declaration independant auditor’s report auditor’s declaration 12 additional shareholder information 13 mineral resources and ore reserves 14 schedule of mining tenements 15 corporate directory 4 6 8 12 13 14 20 23 27 31 34 35 69 70 71 72 73 74 112 113 118 120 124 128 130 2023 ANNUAL REPORT 3 01. WHO WE ARE Panoramic Resources Limited (ASX: PAN) is a company headquartered in Perth, Western Australia, which owns and operates the Savannah Nickel Project in the East Kimberley region of Western Australia (Savannah or the Project). Operations at Savannah were restarted in 2021 and the project was successfully recommissioned with first concentrate shipment achieved in December 2021. Savannah has a 12-year mine life with clear potential to further extend this through ongoing exploration. The Project provides excellent leverage to the nickel, copper and cobalt markets which are heavily linked to global decarbonisation and vehicle electrification. VISION Values 4 PANORAMIC RESOURCES LIMITED Discover We aim to grow our in-ground resources to ensure a sustainable business. Develop We will de-risk and develop our operations to maximise value for shareholders. Deliver We will produce high-quality nickel, copper and cobalt products safely, economically and efficiently from our operations. People We always work safely. We lead and act with fairness, integrity, trust and respect. We respect our people and support their growth. Performance We are focused on creating sustainable shareholder growth, efficient operations and to be a reliable supplier. Progress We collaborate and invest in our future through innovation to help sustain a profitable and efficient mining operation. We look for continuous improvement opportunities to be a better business tomorrow. Proud We take pride in the way we work, embrace our responsibilities and are accountable for our actions. We support the culture and heritage of the environment and communities in which we operate. We seek to be an organisation that our people and stakeholders are proud to be a part of. 2023 ANNUAL REPORT 5 02. CHAIRMAN’S LETTER Nicholas Cernotta Dear fellow shareholders, I am pleased to present the 2023 Annual Report to you on behalf of the Board of Panoramic Resources Limited (“Panoramic” or the “Company”). As our Managing Director Victor Rajasooriar will detail, it was a year which will probably be most remembered for its operational setbacks which were certainly disappointing. Through both our response and the improvements made to our business, the Company has emerged stronger and better placed to withstand the inevitable challenges which come with operating a mining operation in the Kimberley. 6 PANORAMIC RESOURCES LIMITED We carried forward with the results achieved from the Savannah restart in 2021, ramping up production activities over the year as our systems and processes continued to mature. A revised Life of Mine plan and Mineral Resource Estimate upgrade confirmed the long-term value of our Savannah Nickel Operation. As an established producing nickel sulphide asset with a +12-year mine life in one of the world’s leading mining jurisdictions, Savannah is an increasingly strategic asset in an ever- consolidating sector. The dynamics driving nickel, copper and cobalt demand show no sign of slowing, as the global commitment towards decarbonisation only strengthens. The Board and Management of Panoramic remained stable throughout the year, a sign of our collective long-term commitment to achieving our objectives at the Savannah Project and in recognition of the value to be generated. In FY2023, our workforce continued to strengthen, not only in numbers but in the qualifications and skill-level of our team. On behalf of the Board, I wish to thank and congratulate our dedicated team of employees, contractors, and suppliers for their efforts throughout the year, reacting swiftly to challenges as they arose and enabling the Company to get back on track, reinvigorated for the continued ramp up of operations in the year ahead. I am also pleased to announce the release of our third Sustainability Report which provides a comprehensive overview of our activities in FY2023. I once again encourage all shareholders to review this document for a detailed account of our safety, energy usage, carbon emissions, water management, biodiversity, community engagement and supply chain policies from all facets of the Company. This information both reflects the importance Panoramic emphasises on sustainability and safety as part of our core values. It also can also be used to benchmark our operational performance and includes a number of initiatives, that we intend to explore as we continue to refine and improve our sustainability outcomes. On behalf of all at Panoramic Resources, I wish to extend our gratitude to all shareholders, for your continued support and belief in our future success. We will continue to take the business forward and will be striving to deliver to our targets and our commitments in FY24. Yours sincerely, Nick Cernotta Chairperson 2023 ANNUAL REPORT 7 03. MANAGING DIRECTOR’S LETTER Operations at Savannah continued to ramp up with steady improvements to ore mining and processing. Ore production reached a record high of 72,270t in December 2022 from incremental and sustained increases over the past several months. Processing rates also showed good progress in the first half of the period with a record 176,888t processed in the December quarter and recoveries remaining fairly consistent throughout the year. Following this strong progress in the first half, the second half of FY23 was marked by a series of short- term setbacks. Logistics to and from Savannah were severely hampered by high rainfall in the wet season which caused major damage to transport infrastructure in the East Kimberley. The main bridge spanning over the Fitzroy River crossing was irreparably damaged. Full access to site has since been restored, but these disruptions negatively affected our ability to transport people and consumables to site, leading to reduced productivity. Production was again disrupted with the failure of the pressure head plate of the concentrate filter press. This piece of infrastructure is critical in reducing the moisture content of the final concentrate product we produce at Savannah. This failure resulted in downtime for the plant from mid-June 2023. A replacement for this equipment took close to four weeks to rectify, causing an adverse A$20 million revenue impact. These disruptions to our operations led to significantly lower output in the second half of the year, and as a result, FY23 guidance was lowered when it became clear the lower end of guidance could not be achieved. Variances in capital and growth expenditure were also impacted as the operating model adjusted to the process plant being suspended for several weeks. While unfortunate, it allowed mine development to be optimised to support increased productivity at the start of FY24. I am immensely proud of our people who fought hard to overcome these short-term impacts as quickly as possible. Through the hard work and dedication of our entire team of staff and contractors, we were able to get back on schedule for a strong FY24, as reflected in our FY24 guidance. In FY24 production of nickel is guided to increase by 26% – 41%, copper production by 36% – 52% and cobalt production by 9% – 36% with an accompanying fall in C1 cash costs. Victor Rajasooriar Dear fellow shareholders, On behalf of the Panoramic team, it is with immense pride that I provide this overview of our efforts and achievements during Financial Year 2023 (FY23 or year). After making good strides in the ramp-up of our Savannah Nickel Operation in the first half of the period, we experienced a more turbulent second half which I am pleased to say we have largely overcome through ingenuity, sacrifice and hard work. The entire Panoramic team has worked tirelessly to deliver our FY23 results and set the Company up for a stronger FY24. We continue to place significant emphasis on the development of a robust site safety culture, including initiatives on mental health awareness, emergency response training and revisions to our safety reporting framework accessible to both our employees and contractors. As operations progressed throughout the year, our Total Recordable Injury Frequency Rate (TRIFR) remained steady for the first half of FY2023. However, unfortunately one medically treated injury was recorded in the March quarter 2023 and two hand injuries in the June quarter 2023. This saw the TRIFR increase from 4.5 to 6.3 across the period. Lowering the TRIFR will be a key goal in FY24. We also continued on our sustainability journey, highlights and details of which are contained in our FY24 Sustainability Report released separately. 8 PANORAMIC RESOURCES LIMITED Ore production reached a record high of 72,270t in December 2022 from incremental and sustained increases over the past several months. In February 2023, we made our final shipment to long standing offtake partner Jinchuan. Jinchuan has been an important part of Panoramic’s journey over the past 20 years, with their initial investment in 2003 laying the foundation of our mining operations and development works at Savannah. With the expiry of Jinchuan’s offtake contract, we commenced exports to Trafigura in March 2023 under the new five-year offtake agreement. The new agreement offers improved payability for our highly sought after, clean nickel-copper-cobalt concentrate and we look forward to building a long lasting, mutually beneficial relationship with Trafigura as we did with Jinchuan. On the exploration front, we have continued to progress our underground grade control and resource definition drill programs, focusing on Savannah North. We have also been testing for extensions of mineralisation at Savannah which has yielded positive results. Through these programs we expect to be able to increase the total Savannah Mineral Resource in FY24. Surface exploration drilling continued at Stoney Creek and Northern Ultramafic Granulite regional targets, where we have recently undertaken surface DHEM surveying. Diamond drilling has also been completed at the Dave Hill / Wilsons Intrusion and Keller Creek Graphite targets. From a financial perspective, the setbacks of the second half put pressure on the Company’s balance sheet which necessitated an equity capital raising and debt restructure. In July 2023 we successfully completed a two-tranche equity raising via a A$40 million placement and a share purchase plan which raised an additional A$6 million (before costs). These actions, and the restructure of our debt facilities with Trafigura, puts our balance sheet in a much stronger position, particularly as we move into what is expected to be the final stage of the ramp up to be completed in FY24. After a challenging but productive year, I wish to sincerely thank every member of our workforce, our contractors and our suppliers for their hard work and commitment to Panoramic and the Savannah Project. I would also like to acknowledge the efforts of the Board, particularly in what was a demanding second half of the year. I look forward to leading our reinvigorated team forward into FY24, as we continue to ramp-up operations at Savannah safely and successfully. Yours faithfully Victor Rajasooriar Managing Director and CEO 2023 ANNUAL REPORT 9 Competent Person The information in this release that relates to Exploration Drilling at Savannah is based on information compiled by Andrew Shaw-Stuart. Andrew Shaw-Stuart is a member of the Australian Institute of Geoscientists (AIG) and is a full-time employee of Panoramic Resources Limited. The aforementioned has sufficient experience that is relevant to the style of mineralisation and type of target/deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Shaw- Stuart consents to the inclusion in the release of the matters based on the information in the form and context in which it appears. 10 PANORAMIC RESOURCES LIMITED 2023 ANNUAL REPORT 11 04. A YEAR OF PROGRESS The Savannah Operation is located 240km south of Kununurra in the East Kimberley region of Western Australia and operates under a coexistence agreement with the Malarngowem People and the Purnululu People. Wyndham Port Wyndham Kununurra Savannah Project Port Hedland Western Australia Perth Kalgoorlie jul 2022 SEP 2022 DEC 2022 FEB 2023 MAR 2023 JUL 2023 Commenced underground drilling to infill orebody above Savannah 900 fault Improved FY2022 Mineral Resource and Ore Reserve Record quarterly ore production and processing since restart Final shipment from Savannah to Jinchuan completed Updated Savannah Life of Mine Plan Successful completion of two-tranche equity Placement to raise $40 million 12 PANORAMIC RESOURCES LIMITED 05. HIGHLIGHTS FROM 2023 Ramp-up of nickel-copper-cobalt production and export from the Savannah Operations in the Kimberley region of Western Australia Successful mobilisation of team to site and growth in total headcount to 437 employees and contractors Extension of concentrate offtake agreement with Trafigura by two years to February 2030 Uplift in Mineral Resources and Ore Reserves in the FY22 update with Savannah North Ore Reserves increasing by 3,500t Ni (4%), 2,900t Cu (7%) and 400t (6%) Co contained metal after mining depletion Savannah Life of Mine update completed, with key outcomes including longer mine life of +12 years, higher average annual metal production and improved financial outcomes using updated pricing assumptions FY23 production of 5,402t of nickel, 3,129t of copper and 368t of cobalt in concentrate at a C1 cost of A$13.25/lb of payable nickel Provision of production guidance for FY24 of 6,800t – 7,600t of nickel, 4,250t – 4,750t of copper and 400t – 500t of cobalt in concentrate at a C1 cost of A$10.05 – $11.25/lb of payable nickel ¹ ² Details of the Company’s safety, environmental, community and sustainability performance are contained in the FY23 Sustainability Report released separately to this Annual Report. ¹ C1 costs includes operating cash costs that are directly incurred in producing concentrate and includes grade control drilling, road haulage, port, shipping, royalties and by-product credits net of treatment charges. ² By-product based on exchange rate of AUD:USD 0.70 and commodity prices of US$8,000/t Cu and US$40,000/t Co. 2023 ANNUAL REPORT 13 06. SAVANNAH NICKEL- COPPER-COBALT PROJECT MINERAL RESOURCE AND ORE RESERVE An updated Mineral Resource Estimate (MRE) and Ore Reserve for the Savannah North deposit was completed during the year. The MRE for the Savannah Nickel Project is 13.88 million tonnes grading 1.52% Ni, 0.69% Cu and 0.10% Co for a total contained metal in Resource of 211,200t Ni, 95,300t Cu and 13,900t Co. The MRE is current as of 1 July 2022. All MRE’s for the Project are reported to 2012 JORC standards and at a cut-off grade of 0.50% Ni. Details regarding the preparation of the MRE and associated 2012 JORC reporting requirements are included in the ASX announcement dated 29 September 2022. RESOURCE METAL RESOURCE DATE MEASURED INDICATED INFERRED TOTAL TONNES (%) TONNES (%) TONNES (%) TONNES (%) METAL TONNES Nickel Apr-20 900,000 1.37 498,000 1.73 0 0.00 1,399,000 1.50 21,000 Savannah Above 900F Copper Cobalt 0.77 0.07 1.46 0.08 0.00 0.00 1.02 14,200 0.07 1,000 Nickel Jun-15 0 0.00 780,000 1.64 125,000 1.72 905,000 1.65 14,900 Savannah Below 900F Copper Cobalt 0.00 0.000 0.76 0.09 0.75 0.09 0.76 6,900 0.09 900 Nickel Jun-22 1,998,000 1.41 5,540,000 1.67 4,034,000 1.36 11,573,000 1.52 175,300 Savannah North Total Savannah Project Copper Cobalt Nickel Copper Cobalt 0.59 0.10 0.75 0.12 0.52 0.08 0.64 74,200 0.10 12,000 2,898,000 1.40 6,818,000 1.67 4,159,000 1.37 13,876,000 1.52 211,200 0.65 0.09 0.80 0.12 0.53 0.08 0.69 95,300 0.10 13,900 14 PANORAMIC RESOURCES LIMITED The 1 July 2022 Savannah Nickel Project (including Savannah North) Ore Reserve stands at 8.5Mt grading 1.21% Ni, 0.58% Cu and 0.08% Co for total contained metal of 105,464t Ni, 50,074t Cu and 7,323t Co. PROVED PROBABLE TOTAL ORE RESERVE METAL TONNES Nickel 970,000 Savannah Copper Cobalt (%) 0.94 0.63 0.05 TONNES (%) TONNES 970,000 0 0 0 0 METAL TONNES 9,100 6,100 400 (%) 0.94 0.63 0.05 Nickel 1,805,000 1.24 5,683,000 1.25 7,489,000 1.25 96,300 Savannah North Copper Cobalt 0.54 0.09 0.59 0.09 0.57 0.09 43,300 6,800 Nickel 2,775,000 1.13 5,683,000 1.25 8,458,000 1.21 102,700 Total Copper Cobalt 0.57 0.07 0.59 0.09 0.58 0.08 49,400 7,200 The largely undeveloped Savannah North orebody at Savannah remains open along strike and at depth, providing significant potential to bring more material into the Mine Plan with future exploration and underground drilling to be carried out as mine development advances deeper into the Savannah North orebody. 2023 ANNUAL REPORT 15 UPDATED LIFE OF MINE PLAN Following the Savannah Restart Plan announced in April 2021 and completion of the September 2022 Mineral Resource and Ore Reserve, the financial model supporting the Project was updated to reflect more up-to-date commodity price and exchange rate assumptions, the current cost environment within the industry and a re-optimisation of the mining schedule. The updated Mine Plan builds on previous technical studies completed for Savannah, principally the Updated Feasibility Study completed in July 2020. Fundamental aspects of the operation remain unchanged, including mining method, geotechnical parameters and ore processing. Mine scheduling has been adjusted with the objective of ramping up ore production to nameplate capacity of ~960,000t per annum from FY24. Ore sourced from Savannah North underpins the mining strategy, with scheduling of ore from the Savannah remnants averaging ~20,000t per month. The current Ore Reserve provides for a 12-year mine life from FY24. The majority of the ore mined in the first four years of the Mine Plan is sourced from Proven Ore Reserves, whilst Probable Ore Reserves provide the majority of ore feed from Year 5 onwards. Inferred Resources are introduced as a meaningful ore source from the end of year four. Overall, Inferred Resources comprise 27.3% of the Mine Plan. Underground diamond drilling is planned during operations with the aim of upgrading portions of the Inferred Resources into Ore Reserve, with additional drilling platforms becoming available as the mine deepens. Average annual production from Savannah over Year 1 (FY24) to Year 12 (FY35) is estimated at 9,383t Ni, 5,056t Cu and 710t Co metal in concentrate. Site All-in Costs over the same period are estimated to average A$9.07/lb payable Ni (or US$6.35/lb payable Ni) across the life of mine. 16 PANORAMIC RESOURCES LIMITED Mine Plan tonnes and grade profile Metal in concentrate and site all-in costs (aic) Base Case Commodity Price and Exchange Rate Assumptions ITEM Nickel Copper Cobalt US$/T 24,000 8,400 52,000 AUD:USD 0.70 0.70 0.70 A$/T 34,286 12,000 74,286 2023 ANNUAL REPORT 17 Key macroeconomic assumptions for commodity price and exchange rate used to determine the Life of Mine plan’s economic performance are summarised in Table below. These assumptions are used as the Base Case scenario. Consensus Case Commodity Price and Exchange Rate Assumptions ITEM 2023 2024 2025 2026 2027 2028 2029+ Nickel (US$/t) 24,876 22,111 20,937 20,339 19,990 21,064 21,064 Copper (US$/t) 8,410 8,320 8,407 8,454 8,503 8,637 8,637 Cobalt (US$/t) 52,003 53,723 58,589 56,643 53,429 59,921 59,921 AUD:USD 0.70 0.70 0.70 0.70 0.70 0.70 0.70 Key financial outcomes of the Mine Plan are shown in the table below: Key Outcomes of the Mine Plan SITE COSTS BASE CASE (A$M) CONSENSUS CASE (A$M) Life of Mine Capital Costs Life of Mine Operating Costs³ Total Life of Mine Site Costs 234 1,771 2,005 234 1,771 2,005 Site Unit Costs (Life of Mine Average) A$/lb payable Ni A$/lb payable Ni Capital Costs Operating Costs⁴ By Product Credits Site All-in Costs⁵ Financial Summary Gross Revenue (Ni, Cu and Co) Pre-tax Cashflow (ex-debt service) Pre-tax NPV₈ (ex-debt service) Pre-tax IRR $1.18 $9.95 ($2.90) $9.07 A$M $3,659 $1,259 $761 33% $1.19 $10.02 ($3.52) $8.50 A$M $3,364 $974 $576 24% ³Excludes royalties and freight. ⁴Excludes royalties. ⁵Includes all site mining, processing, general & administrative, freight and concentrate handling costs, capital expenditure and royalties. 18 PANORAMIC RESOURCES LIMITED 2023 ANNUAL REPORT 19 07. OPERATIONS Underground mining took a meaningful step forward throughout the period. Over the 12 months of FY23, the number of development levels in the Savannah North orebody increased from 2 to 4 which equates to approximately 80 vertical metres, providing the necessary production horizons to support ongoing ramp-up of production. Development rates achieved post-December 2022 declined as a result of the development Jumbo fleet being reduced from two to one. The decision to reduce development physicals was due to Savannah North decline (capital development) being well in front of the production fronts required and as part of a broader cost mitigation strategy. Despite this, mining progressed well in the Savannah North orebody with stopes mined over four levels. Mining in the Savannah orebody focused on remnant mining areas with stopes being mined from two separate mining fronts. Development in the Savannah orebody also progressed towards accessing the resources below the historical workings at Savannah (Savannah Extension), targeting fresh ore from early FY24. The operational and technical experience of the underground mining teams at Savannah continued to build resulting in more sustained and consistent performance being achieved. This was supported by the reduced impact of absenteeism through COVID-19 and previous border closures experienced in FY22. Development in the Savannah Extension was inhibited during the year with remediation works carried out to rectify a partially failed vent rise (from mining activities in 2016). These operations were subsequently put on hold due to ventilation restrictions as a result of a historically blocked ventilation rise, which was later recovered. Ore production continued to improve, reaching a high of 72,270t in December 2022 but several issues led to significantly lower mining physicals in the second half of the year. In addition to the reduction in the Jumbo fleet, the effects of the one-off weather event in the March quarter impacted the logistics route to site with the Fitzroy River crossing bridge being washed out which created delays in getting supplies and spares to site. Production was also affected due to blockages in the paste fill line servicing the mine. An extended processing plant shut was also strategically undertaken which resulted in a lack of paste production for underground back fill. These issues were rectified quickly and filling was back online. A specialist contractor has been appointed to manage the paste fill from the start of FY24. In total approximately 35,000t of ore was stockpiled on the surface at the end of the financial year, with the underground mine holding back approximately 55,000t of ore which was otherwise ready to be blasted and mined. These activities set the operation up for a positive start in FY24. Record tonnes of ore milled and concentrate production was achieved throughout the first half of the year, supported by the improved production rates from the underground mine. 20 PANORAMIC RESOURCES LIMITED our primary contractor Primero and has been less reliant on the use of sub-contractors. Meanwhile, significant planned and opportune maintenance works carried out at the power station, structural refurbishment including a complete replacement of the float feed conditioner tank and mill relines to support the ramp-up phase of the operation. Unfortunately, processing physicals were materially lower in the second half of the year. This was primarily driven by the lower grade ore mined (resulting in lower recoveries) and the failure of the filter press head plate in June at the processing plant. A new filter press head unit was fabricated and successfully commissioned on 9 July 2023 with concentrate production quickly returning to full production capacity. As a result of the filter press head plate failure and the suspension of concentrate production, a decision was made to restrict underground ore production activities in order to minimise oxidation of newly mined ore on the surface stockpile. FY23 production and C1 guidance was updated on 14 June 2023 when it became clear the lower end of guidance could not be achieved after attempts to repair the filter press head plate had failed. In the period, a total of 73,088t of concentrate containing 5,402t of nickel, 3,129t of copper and 368t of cobalt metal was produced. Port operations and shipments were conducted safely and to plan throughout the period. Seven shipments were completed from the Port of Wyndham to our offtake partner Jinchuan and a further four to Trafigura Pte Ltd (Trafigura) from March 2023. The three shipments completed during the June quarter saw reduced volumes relative to previous quarters due to the filter press issues. The impact of the lower mined grades combined with the filter press failure resulted in the equivalent of a full concentrate shipment being missed in June, impacting revenues and cash flow by an estimated $20M. At the end of the financial year, produced/unsold concentrate on hand at the port and mine site totalled 1,154wmt. 2023 ANNUAL REPORT 21 Long section of Savannah and Savannah north Higher recoveries of nickel, copper and cobalt were due to the success of ongoing optimisation work on the plant control system and a resulting improvement in the stability of the plant. Operations have continued to increase manning levels both through our primary contractor Primero and the use of sub-contractors, particularly in maintenance areas to compensate for the skills shortage being experienced in the industry. The improved stability of the processing and maintenance workforce slowly improved throughout the year along with the stability and experience of the workforce. This culminated in a more consistent and reliable running of the plant. A consistent level of labour deployed through A summary of all mining and processing physicals achieved in FY23 are contained in the following table. AREA DETAILS Milling Ore milled Ni grade Cu grade Co grade Ni recovery Cu recovery Co recovery Concentrate Ni grade Concentrate Production Cu grade Ni Metal contained Cu Metal contained Co grade Co Metal contained Concentrate Ni grade Ni Metal contained Concentrate Shipments Cu grade Cu Metal contained Co grade Co Metal contained UNITS dmt % % % % % % dmt % dmt % dmt % dmt dmt % dmt % dmt % dmt FY23 648,324 1.04 0.52 0.06 80.34 93.67 87.90 73,088 7.39 5,402 4.28 3,129 0.50 368 77,300 7.32 5,658 4.21 3,253 0.51 393 22 PANORAMIC RESOURCES LIMITED 08. EXPLORATION - UNDERGROUND GRADE CONTROL DRILLING Resource Definition Drilling at Savannah The first phase of infill underground Resource definition drilling commenced in June 2022 testing the Savannah orebody above the 900 fault. Some minor infill drilling was also completed on the 1400 level. Good ground conditions allowed for high meterage rates. A total of 49 drill holes for 6,022m were completed. The program was undertaken from a recently developed 1425 level drill drive providing much improved drill angles to evaluate the Savannah orebody in this area. In total, the program comprised of 33 drill holes for 4,291m. Mineralisation thicknesses intersected throughout the area tested by the program completed above the 900 Fault were consistently better than predicted by the current Savannah resource model. In addition, significant mineralised extensions along strike and down-plunge beyond the limits of the current Savannah resource model were also identified with the mineralisation remaining open down-plunge to west along the 900 Fault. Select intercepts returned from the program include: • KUD1917: 19.75m @ 1.49% Ni, 0.49% Cu and 0.07% Co • KUD1918A: 8.95m @ 2.36% Ni, 0.56% Cu and 0.11% Co • KUD1919: 10.25m @ 1.50% Ni, 0.18% Cu and 0.07% Co • KUD1923: 9.10m @ 2.52% Ni, 1.10% Cu and 0.12% Co • KUD1943: 9.00m @ 2.95% Ni, 0.62% Cu and 0.15% Co Drill results underwent extensive data modelling to improve the mineralisation and lithological interpretation in preparation for the next Savannah orebody Mineral Resource Estimate (MRE). Initial modelling suggested an increase of the mineralised width of the orebody and is likely to result in an increase to the MRE which, once converted into an Ore Reserve, will support the development of a second mining front to supplement mining operations at Savannah North. Following on from drilling at the 900 level, Panoramic then focused drilling on targeting below the 1321 level at Savannah North. The sub 1321 drill program was designed to underpin the next phase of production development of the Savannah North orebody down to the 1151 level by infilling the Mineral Resource and increasing mining confidence in this area of the orebody. Schematic of drilling areas at Savannah and Savannah North in the FY22 and FY23 To facilitate this sub 1321 level drill program, a dedicated drill platform located to the north of the 1321 level was developed to provide the optimum drill angles to test the underlying mineralisation. The largely undeveloped Savannah North orebody at Savannah remains open along strike and at depth, providing significant potential to bring more material into the Mine Plan with future exploration and underground drilling to be carried out as mine development advances deeper into the Savannah North orebody. 2023 ANNUAL REPORT 23 The drilling focus at Savannah North for FY2023 was to shift to below the 1250 RL. A dedicated drill platform in the 1321 central access drive has been developed and is well positioned to drill both the upper and lower mineralisation lenses between the 1250 and 900 RL. Schematic of target drilling area below the 1321 at Savannah North Drilling below the 1321 level returned positive results with thicknesses and grades consistently in line or ahead of expectations based on previous modelling for this area of the Savannah North deposit. Better drill intercepts returned by the program to date include: • KUD2058: 35.40m @ 1.59% Ni; 0.69% Cu; 0.13% Co • KUD1982: 29.80m @ 2.19% Ni; 0.93% Cu; 0.17% Co • KUD2043: 29.25m @ 1.83% Ni; 0.82% Cu; 0.14% Co • KUD2057: 27.00m @ 1.86% Ni; 0.88% Cu; 0.15% Co • KUD2039: 26.70m @ 1.77% Ni; 0.65% Cu; 0.14% Co • KUD1981: 23.80m @ 2.03% Ni; 0.82% Cu; 0.16% Co • KUD2059: 23.25m @ 1.80% Ni; 0.80% Cu; 0.14% Co • KUD1980: 18.35m @ 1.56% Ni; 0.61% Cu; 0.13% Co • KUD2049: 16.80m @ 2.30% Ni; 0.50% Cu; 0.18% Co The KUD2057 and KUD2058 intercepts displayed in the figure below reflect the consistent thickened nature of the Savannah North mineralisation at the point where it bifurcates into the Upper and Lower lenses. 24 PANORAMIC RESOURCES LIMITED Savannah North long-section showing historic and recent drill hole pierce points below the 1321 level The Company expects the drill results and subsequent modelling from the 1321 program to further support the mining of the Savannah North orebody. The resource update is expected to be completed in October 2023. Three diamond drill holes designed as platforms for down hole electromagnetic (DHEM) surveying were drilled from a position above the Savannah orebody in the June 2023 quarter. Two platform holes KUD2050 and KUD2084 were drilled targeting an area below and west of the Savannah intrusion, including below the 900 Fault. Hole KUD2051 targeted above the Fault. Below the 900 Fault, KUD2084 and KUD2050 are approximately 250m apart and are designed to target beneath and to the west of the currently known extents of the Savannah intrusion respectively. Above the 900 Fault, KUD2051 is a short 220m length hole designed to explore for possible westward extensions on the orebody. Whilst being drilled, KUD2050 unexpectedly deviated slightly against rotation and lifted above design. As a result, the hole intersected the Savannah intrusion below the 900 Fault rather than below the intrusion as initially designed. Importantly, when traversing through the intrusion, KUD2050 intersected several significant zones of mineralisation including well-developed massive sulphide mineralisation on both the northern and southern contact of the intrusion. Assayed results for these mineralised zones are: • 6.45m @ 1.05% Ni, 0.31% Cu and 0.05% Co from 628m on the Northern Contact, including: • 3.6m @ 1.39% Ni, 0.17% Cu and 0.07% Co from 628.95m and • 43m @ 0.79% Ni, 0.60% Cu and 0.04% Co from 652m within the Savannah orebody, including: • 11.60m @ 1.16% Ni, 0.54% Cu and 0.06% Co from 652m, including - 5.75m @ 1.67% Ni, 0.63% Cu and 0.08% Co from 652m • 15.80m @ 1.01% Ni, 0.74% Cu and 0.05% Co from 670.2m including - 7.5m @ 1.22% Ni, 1.10% Cu and 0.06% Co from 678.5m • 5.05m @ 1.61% Ni, 1.10% Cu and 0.06% Co from 708.65m on the Southern Contact Whilst close to the existing Savannah Resource below the 900 Fault, the KUD2050 mineralisation will improve on the width and grade of the known mineralisation in this area and thereby will build on the existing Savannah Resource in the future. Down hole surveying of these holes has been completed and the modelling of plates is underway. Additional drilling in this area is planned during FY24. 2023 ANNUAL REPORT 25 Cross section and plan of the proposed DHEM platform holes proximal to the Savannah Extension The follow-up DHEM surveys in previously drilled holes SMD188 and SMD190 in the Stoney Creek Intrusion and SMD191 and SMD192 in the Northern Ultramafic Granulite Intrusion were completed during the June quarter with modelling underway. The return of the Kimberley dry season enabled the resumption of diamond drilling. DDH1 Drilling was contracted and completed three surface diamond holes for approximately 1,500m. The focus of the drill program was testing the southeastern contact of the Dave Hill intrusion and follow up holes at the Keller Creek Graphite prospect. 26 PANORAMIC RESOURCES LIMITED 09. SURFACE EXPLORATION DRILLING Three surface exploration diamond drill holes targeting previously identified EM conductors at Stoney Creek and the Northern Ultramafic Granulite were completed during the period for a total of 1,712 drill metres. All three holes completed were PVC cased to allow follow-up DHEM surveying in the first half of FY23. Assay results were still awaited at the time of this report. Assay results from drill holes SM190-192 drilled in the previous year confirmed the presence and continuity of high MgO bearing rocks within the intrusive complexes that mirror rock chemistry within the Savannah and Savannah North intrusions. Further petrographic analysis complemented the assay results and further defined younger cross-cutting mafic granulites that also intersect the Savannah intrusive Complex. Panoramic’s 2023 exploration focus remained on further delineation of the Stoney Creek Intrusion and the Northern Ultramafic Gabbro with SMD190-192 to act as platforms for DHEM surveying. The upper DHEM platform tested down plunge extension of mineralisation and to the west of the known mineralisation above the 900 Fault. The lower DHEM platform hole was designed to test the western margin where previous drilling attempts have been unable to adequately test the area due to undesirable (sub-parallel) drilling angles. 2023 ANNUAL REPORT 27 Ultramafic intrusions of the Savannah Intrusive Complex highlighting recent drilling to be DHEM surveyed in May 2023 28 PANORAMIC RESOURCES LIMITED Ultramafic intrusions of the Savannah Intrusive Complex highlighting surface exploration targets and ultramafic lithology 2023 ANNUAL REPORT 29 located The Dave Hill/Wilson Creek Complex immediately to the south of Savannah. The Dave Hill and Wilson Creek layered cumulate bodies were previously considered to be two separate intrusions, however mapping, drilling and other studies by Panoramic indicate they belong to a single complex intrusion. is A renewed focus on surface mapping has found a secondary area prospective for ultramafic rocks on the southeastern margin of the intrusion. Drilling tested this contact area at depths previously impenetrable by surficial geophysical techniques. is located The Keller Creek Graphite prospect immediately to the west of Savannah. Regional airborne electromagnetic surveys conducted by the Company in search of nickel sulphide mineralisation, identified several large stratigraphic horizons of graphite bearing meta-sediments (Tickalara Metamorphics) across the entire Keller Creek tenement. The aim of the 2023 diamond drilling program focused on improving the RC program and determine the true thickness and Total Graphitic Carbon content of the graphite bearing horizon. The option to further understand the litho-geochemistry, graphite flake potential and complete metallurgical test work will also be available following the drilling program. Results were pending as of the end of the financial year. 30 PANORAMIC RESOURCES LIMITED 10. FOCUS FOR 2024 • Advance operations at Savannah in a safe and sustainable manner • Advance the ramp-up of the Savannah operation • Deliver on our FY24 production and cost guidance • Provide support to our people and the communities where we operate Following the disruptions to operations in FY23, faulty equipment has been restored and logistic solutions are in place, with renewed focus for FY24 on the safe and efficient ramp-up of mining, processing and shipping activities at Savannah. Production and cost guidance for FY24 reflects a consolidation of a progressive ramp-up into FY25. This reflects a significant improvement from FY23 and founded on an expected significant increase in productivity from the underground mine. In FY24 five working levels will be open at Savannah North compared to two at the start of FY23. In addition, the Savannah extension (an area below the historical Savannah workings) will come into production for the very first time. The recent appointment of a specialised paste fill contractor to manage the paste plant is also expected to improve paste fill reliability and positively influence mining productivity. Underground mining contractor Barminco has all the equipment and people required to meet the FY24 targets in place from the start of the period and has also increased its inventory holdings on site to mitigate any maintenance delays due to parts unavailability as experienced in FY23. The FY24 guidance contains assumptions for future commodity prices, exchange rates, costs and mine scheduling. Achievement of this guidance is dependent on the mine schedule at Savannah North and Savannah being executed as planned. Unit cash costs will continue to vary quarter on quarter and will be influenced by the relative proportions of nickel coming from ore development and stope production. The guidance range provided reflects a forecast average for the year. 2023 ANNUAL REPORT 31 In FY24 five working levels will be open at Savannah North compared to two at the start of FY23 METRIC Nickel in concentrate production Copper in concentrate production Cobalt in concentrate production C1¹ cost per pound of payable Ni Sustaining Capital & Mine Development Growth Expenditure FY24 GUIDANCE 6,800 – 7,600t 4,250 – 4,750t 400 – 500t A$10.05 – 11.25/lb² A$22 – 26M A$10 – 12M Nickel in Concentrate FY24 production guidance reflects a blended production of ore from Savannah (Extension & remnants) and Savannah North (new mine). Savannah North provides approximately 52% of the ore feed, with Savannah providing the balance. C1 Costs Includes operating cash costs that are directly incurred in producing concentrate and includes grade control drilling, road haulage, port, shipping, royalties and by-product credits net of treatment charges. Sustaining Capital & Mine Development The productive benefits of this capital expenditure are realised over the following 12 months and includes sustaining mine development expenditure which is carried out in both Savannah and Savannah North during the year. Capital and Growth Expenditure Is investment/startup/improvement expenditure where the productive benefits are derived over a period exceeding 12 months and includes advance lateral development expenditure where production in the developed area commences in a period exceeding 12 months. This expenditure also includes resource definition drilling carried out at both Savannah and Savannah North. 32 PANORAMIC RESOURCES LIMITED 2023 ANNUAL REPORT 33 11. FINANCIAL REPORT 34 PANORAMIC RESOURCES LIMITED DIRECTORS’ REPORT 2023 ANNUAL REPORT 35 DIRECTORS’ REPORT 36 PANORAMIC RESOURCES LIMITED DIRECTORS’ REPORT 2023 ANNUAL REPORT 37 DIRECTORS’ REPORT 38 PANORAMIC RESOURCES LIMITED DIRECTORS’ REPORT 2023 ANNUAL REPORT 39 DIRECTORS’ REPORT 40 PANORAMIC RESOURCES LIMITED DIRECTORS’ REPORT 2023 ANNUAL REPORT 41 DIRECTORS’ REPORT 42 PANORAMIC RESOURCES LIMITED DIRECTORS’ REPORT 2023 ANNUAL REPORT 43 DIRECTORS’ REPORT 44 PANORAMIC RESOURCES LIMITED DIRECTORS’ REPORT 2023 ANNUAL REPORT 45 DIRECTORS’ REPORT 46 PANORAMIC RESOURCES LIMITED DIRECTORS’ REPORT 2023 ANNUAL REPORT 47 DIRECTORS’ REPORT 48 PANORAMIC RESOURCES LIMITED DIRECTORS’ REPORT 2023 ANNUAL REPORT 49 DIRECTORS’ REPORT 50 PANORAMIC RESOURCES LIMITED DIRECTORS’ REPORT 2023 ANNUAL REPORT 51 DIRECTORS’ REPORT 52 PANORAMIC RESOURCES LIMITED DIRECTORS’ REPORT 2023 ANNUAL REPORT 53 DIRECTORS’ REPORT 54 PANORAMIC RESOURCES LIMITED DIRECTORS’ REPORT 2023 ANNUAL REPORT 55 DIRECTORS’ REPORT 56 PANORAMIC RESOURCES LIMITED DIRECTORS’ REPORT 2023 ANNUAL REPORT 57 DIRECTORS’ REPORT 58 PANORAMIC RESOURCES LIMITED DIRECTORS’ REPORT 2023 ANNUAL REPORT 59 DIRECTORS’ REPORT 60 PANORAMIC RESOURCES LIMITED DIRECTORS’ REPORT 2023 ANNUAL REPORT 61 DIRECTORS’ REPORT 62 PANORAMIC RESOURCES LIMITED DIRECTORS’ REPORT 2023 ANNUAL REPORT 63 DIRECTORS’ REPORT 64 PANORAMIC RESOURCES LIMITED DIRECTORS’ REPORT 2023 ANNUAL REPORT 65 DIRECTORS’ REPORT 66 PANORAMIC RESOURCES LIMITED DIRECTORS’ REPORT 2023 ANNUAL REPORT 67 DIRECTORS’ REPORT 68 PANORAMIC RESOURCES LIMITED CONSOLIDATED INCOME STATEMENT 2023 ANNUAL REPORT 69 CONSOLIDATED STATEMENT OF OTHER COMPREHENSIVE INCOME 70 PANORAMIC RESOURCES LIMITED CONSOLIDATED BALANCE SHEET 2023 ANNUAL REPORT 71 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 72 PANORAMIC RESOURCES LIMITED CONSOLIDATED STATEMENT OF CASHFLOWS 2023 ANNUAL REPORT 73 NOTES TO CONSOLIDATED STATEMENTS 74 PANORAMIC RESOURCES LIMITED NOTES TO CONSOLIDATED STATEMENTS 2023 ANNUAL REPORT 75 NOTES TO CONSOLIDATED STATEMENTS 76 PANORAMIC RESOURCES LIMITED NOTES TO CONSOLIDATED STATEMENTS 2023 ANNUAL REPORT 77 NOTES TO CONSOLIDATED STATEMENTS 78 PANORAMIC RESOURCES LIMITED NOTES TO CONSOLIDATED STATEMENTS 2023 ANNUAL REPORT 79 NOTES TO CONSOLIDATED STATEMENTS 80 PANORAMIC RESOURCES LIMITED NOTES TO CONSOLIDATED STATEMENTS 2023 ANNUAL REPORT 81 NOTES TO CONSOLIDATED STATEMENTS 82 PANORAMIC RESOURCES LIMITED NOTES TO CONSOLIDATED STATEMENTS 2023 ANNUAL REPORT 83 NOTES TO CONSOLIDATED STATEMENTS 84 PANORAMIC RESOURCES LIMITED NOTES TO CONSOLIDATED STATEMENTS 2023 ANNUAL REPORT 85 NOTES TO CONSOLIDATED STATEMENTS 86 PANORAMIC RESOURCES LIMITED NOTES TO CONSOLIDATED STATEMENTS 2023 ANNUAL REPORT 87 NOTES TO CONSOLIDATED STATEMENTS 88 PANORAMIC RESOURCES LIMITED NOTES TO CONSOLIDATED STATEMENTS 2023 ANNUAL REPORT 89 NOTES TO CONSOLIDATED STATEMENTS 90 PANORAMIC RESOURCES LIMITED NOTES TO CONSOLIDATED STATEMENTS 2023 ANNUAL REPORT 91 NOTES TO CONSOLIDATED STATEMENTS 92 PANORAMIC RESOURCES LIMITED NOTES TO CONSOLIDATED STATEMENTS 2023 ANNUAL REPORT 93 NOTES TO CONSOLIDATED STATEMENTS 94 PANORAMIC RESOURCES LIMITED NOTES TO CONSOLIDATED STATEMENTS 2023 ANNUAL REPORT 95 NOTES TO CONSOLIDATED STATEMENTS 96 PANORAMIC RESOURCES LIMITED NOTES TO CONSOLIDATED STATEMENTS 2023 ANNUAL REPORT 97 NOTES TO CONSOLIDATED STATEMENTS 98 PANORAMIC RESOURCES LIMITED NOTES TO CONSOLIDATED STATEMENTS 2023 ANNUAL REPORT 99 NOTES TO CONSOLIDATED STATEMENTS 100 PANORAMIC RESOURCES LIMITED NOTES TO CONSOLIDATED STATEMENTS 2023 ANNUAL REPORT 101 NOTES TO CONSOLIDATED STATEMENTS 102 PANORAMIC RESOURCES LIMITED NOTES TO CONSOLIDATED STATEMENTS 2023 ANNUAL REPORT 103 NOTES TO CONSOLIDATED STATEMENTS 104 PANORAMIC RESOURCES LIMITED NOTES TO CONSOLIDATED STATEMENTS 2023 ANNUAL REPORT 105 NOTES TO CONSOLIDATED STATEMENTS 106 PANORAMIC RESOURCES LIMITED NOTES TO CONSOLIDATED STATEMENTS 2023 ANNUAL REPORT 107 NOTES TO CONSOLIDATED STATEMENTS 108 PANORAMIC RESOURCES LIMITED NOTES TO CONSOLIDATED STATEMENTS 2023 ANNUAL REPORT 109 NOTES TO CONSOLIDATED STATEMENTS 110 PANORAMIC RESOURCES LIMITED NOTES TO CONSOLIDATED STATEMENTS 2023 ANNUAL REPORT 111 DIRECTORS’ DECLARATION 112 PANORAMIC RESOURCES LIMITED INDEPENDENT AUDITOR’S REPORT 2023 ANNUAL REPORT 113 INDEPENDENT AUDITOR’S REPORT 114 PANORAMIC RESOURCES LIMITED INDEPENDENT AUDITOR’S REPORT 2023 ANNUAL REPORT 115 INDEPENDENT AUDITOR’S REPORT 116 PANORAMIC RESOURCES LIMITED INDEPENDENT AUDITOR’S REPORT 2023 ANNUAL REPORT 117 AUDITOR’S DECLARATION 118 PANORAMIC RESOURCES LIMITED 2023 ANNUAL REPORT 119 12. ADDITIONAL SHAREHOLDER INFORMATION AS AT 15 SEPTEMBER 2023 120 PANORAMIC RESOURCES LIMITED ADDITIONAL SHAREHOLDER INFORMATION AS AT 15 SEPTEMBER 2023 2023 ANNUAL REPORT 121 ADDITIONAL SHAREHOLDER INFORMATION AS AT 15 SEPTEMBER 2023 122 PANORAMIC RESOURCES LIMITED ADDITIONAL SHAREHOLDER INFORMATION AS AT 15 SEPTEMBER 2023 2023 ANNUAL REPORT 123 13. MINERAL RESOURCES AND ORE RESERVES 124 PANORAMIC RESOURCES LIMITED MINERAL RESOURCES AND ORE RESERVES Mineral Resources and Ore Reserves Nickel-Copper-Cobalt Mineral Resources as at 30 June 2023 RESOURCE METAL RESOURCE DATE Table 1: 2023 Savannah Project MRE MEASURED INDICATED INFERRED TOTAL TONNES (%) TONNES (%) TONNES (%) TONNES (%) METAL TONNES Nickel Apr-20 900,000 1.37 498,000 1.73 0 0.00 1,399,000 1.50 21,000 Savannah Above 900F Copper Cobalt 0.77 0.07 1.46 0.08 0.00 0.00 1.02 14,200 0.07 1,000 Nickel Jun-15 0 0.00 780,000 1.64 125,000 1.72 905,000 1.65 14,900 Savannah Below 900F Copper Cobalt 0.00 0.000 0.76 0.09 0.75 0.09 0.76 6,900 0.09 900 Nickel Jun-22 1,998,000 1.41 5,540,000 1.67 4,034,000 1.36 11,573,000 1.52 175,300 Savannah North Total Savannah Project Copper Cobalt Nickel Copper Cobalt 0.59 0.10 0.75 0.12 0.52 0.08 0.64 74,200 0.10 12,000 2,898,000 1.40 6,818,000 1.67 4,159,000 1.37 13,876,000 1.52 211,200 0.65 0.09 0.80 0.12 0.53 0.08 0.69 95,300 0.10 13,900 *Mineral Resource Estimates have been rounded to the nearest 1,000t, 0.01% Metal grade and 100t of metal Qualifying Statements and Notes: The Mineral Resource and Ore Reserve was reported on 29 September 2022. The mining depletion carried out during FY22 has not been depleted in either the Mineral Resource or Ore Reserve for the Project at this time. Therefore, both the Mineral Resource and Ore Reserve estimates reported herein the 2023 Annual Report remain unchanged from that reported on 29 September 2022. A revised Mineral Resource and Ore Reserve is expected to be released to the market in October 2023. Figures have been rounded and therefore may not add up exactly to the reported totals. All Mineral Resources are inclusive of Ore Reserves. Mineral Resource cut-off grade is 0.50% Ni Cross references to previous Company ASX announcements: Refer to ASX announcement of 29 September 2022 titled “Savannah 2022 Mineral Resource & Ore Reserve Statement” No New Information or Data The Mineral Resource estimate tabled above for Savannah (below 900F), have been previously reported and the relevant market announcements cross referenced. Except where stated otherwise, the Company confirms that it is not aware of any new information or data that materially affects the information included in the relevant market announcements and, in the case of estimate of Mineral Resources, that all material assumptions and technical parameters underpinning the estimate in the relevant market announcement continue to apply and have not materially changed. 2023 ANNUAL REPORT 125 MINERAL RESOURCES AND ORE RESERVES Ni Equivalent References References to Ni equivalent contained metal in Mineral Resources and Ore Reserves is based on assumed metal prices as noted in footnotes and calculated using the formula Ni Eq kt = [(Ni grade * Ni price + Cu kt * Cu price + Co kt * Co price) * Total Mineral Resource Tonnes] / Ni price. Ni equivalent grade % in Mineral Resources are calculated on the formula Ni Eq % = Ni Eq kt / Total Mineral Resource tonnes. It is the Company’s opinion that all elements included in the metal equivalent calculation have a reasonable potential of being recovered and sold. Metallurgical recoveries for all metals are assumed to be equal. Mineral Resources and Ore Reserves Nickel-Copper-Cobalt Mineral Resources as at 30 June 2022 Table 2: 2022 Savannah Nickel Project Ore Reserve PROVED PROBABLE TOTAL ORE RESERVE METAL TONNES Nickel 970,000 Savannah Copper Cobalt (%) 0.94 0.63 0.05 TONNES (%) TONNES 970,000 0 0 0 0 METAL TONNES 9,100 6,100 400 (%) 0.94 0.63 0.05 Nickel 1,805,000 1.24 5,683,000 1.25 7,489,000 1.25 96,300 Savannah North Copper Cobalt 0.54 0.09 0.59 0.09 0.57 0.09 43,300 6,800 Nickel 2,775,000 1.13 5,683,000 1.25 8,458,000 1.21 102,700 Total Copper Cobalt 0.57 0.07 0.59 0.09 0.58 0.08 49,400 7,200 *Calculations have been rounded to the nearest 1,000t of ore, 0.01% metal grade and 100t of metal Qualifying Statements and Notes: Calculations have been rounded to the nearest 1,000t of ore, 0.01% Metal grade and 100t of metal... Savannah and Savannah North Ore Reserve average cut-off (NSR) of $135/t. Mineral Resource and Ore Reserve was reported on 29 September 2022. The mining depletion carried out during FY22 has not been depleted in either the Mineral Resource or Ore Reserve for the Project at this time. Therefore, both the Mineral Resource and Ore Reserve estimates reported herein the 2023 Annual Report remain unchanged from that reported on 29 September 2022. A revised Mineral Resource and Ore Reserve is expected to be released to the market in October 2023. Key Assumptions Cut-Off Grade The Mineral Resource block model was updated with a block value field (Net Smelter Return (NSR) $/t) after consideration of the contained metal, payability, concentrate transport cost, and WA state government and traditional owner royalties. Cutoff grades were calculated as a dollar per ore tonne, based on the forecast operating costs in the financial model. Economic analysis is carried out for each planned stope and only stopes with a positive return are included in the Ore Reserve. 126 PANORAMIC RESOURCES LIMITED MINERAL RESOURCES AND ORE RESERVES Cross references to previous Company ASX announcements: Refer to ASX announcement of 29 September 2022 titled “Savannah 2022 Mineral Resource & Ore Reserve Statement” Competent Person Statement The information in this release that relates to Exploration Drilling at Savannah and Savannah North, and the Mineral Resources at Savannah is based on information compiled by Andrew Shaw-Stuart. Andrew Shaw-Stuart is a member of the Australian Institute of Geoscientists (AIG) and is a full-time employee of Panoramic Resources Limited. The information in this release that relates to Mineral Resources at Savannah North is based on information compiled by Mark Zammit. Mr Zammit is a member of the Australasian Institute of Geoscientists and is a Principal Consultant Geologist and full-time employee of Cube Consulting based in Perth, Western Australia. The information in this release that relates to Ore Reserves for Savannah and Savannah North is based on information compiled by or reviewed by Shane McLeay. Mr McLeay is a Fellow of the Australasian Institute of Mining and Metallurgy (AusIMM) and is a Principal Mining Engineer and full-time employee of Entech Consulting based in Perth, Western Australia. The aforementioned persons have sufficient experience that is relevant to the style of mineralisation and type of target/deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Messrs Shaw-Stuart, Zammit and McLeay consent to the inclusion in the release of the matters based on the information in the form and context in which it appears. 2023 ANNUAL REPORT 127 14. SCHEDULE OF MINING TENEMENTS 128 PANORAMIC RESOURCES LIMITED SCHEDULE OF MINING TENEMENTS Project Tenement Status Current Area Equity Tenement Manger Panoramic Commitment Current Rregistred Holders East Kimberley - 100% East Kimberley - 100% East Kimberley - 100% East Kimberley - Keller Creek JV E80/4880 Live 21 BL 100% PAN 100% of Commit, Rents & Rates Pindan Exploration Company Pty Ltd E80/5131 Live 5 BL 100% PAN 100% of Commit, Rents & Rates Pindan Exploration Company Pty Ltd E80/5238 Live 14 BL 100% PAN 100% of Commit, Rents & Rates Pindan Exploration Company Pty Ltd E80/4834 Live 9 BL Savannah L80/64 Live 311 Savannah L80/108 Pending 62 HA HA 100% Savannah M80/179 Live 241.85 HA 100% Savannah M80/180 Live 960.3 Savannah M80/181 Live 960 Savannah M80/182 Live 589.4 HA HA HA 100% 100% 100% Savannah M80/183 Live 967.05 HA 100% 80% - Ora Gold 20% free carried interest PAN 100% of Commit, Rents & Rates 100% PAN 100% of Rents "Pindan Exploration Company Pty Ltd (80%) Ora Gold Limited (20%)" Savannah Nickel Mines Pty Ltd PAN PAN PAN PAN PAN PAN 100% Rents when granted Savannah Nickel Mines Pty Ltd 100% of Commit, Rents & Rates Savannah Nickel Mines Pty Ltd 100% of Commit, Rents & Rates Savannah Nickel Mines Pty Ltd 100% of Commit, Rents & Rates Savannah Nickel Mines Pty Ltd 100% of Commit, Rents & Rates Savannah Nickel Mines Pty Ltd 100% of Commit, Rents & Rates Savannah Nickel Mines Pty Ltd Savannah - Copernicus Savannah - Copernicus Savannah - Copernicus Laverton - Focus Laverton - Focus Laverton - Focus Laverton - Focus Laverton - Focus Laverton - Focus Laverton - Focus Laverton - Focus Laverton - Focus Laverton - Focus L80/52 Live 140.3129 HA 100% PAN 100% of Rents L80/86 Live 0.04 HA 100% PAN 100% of Rents Savannah Nickel Mines Pty Ltd Savannah Nickel Mines Pty Ltd M80/540 Live 128.85 HA 100% PAN 100% of Commit, Rents & Rates Savannah Nickel Mines Pty Ltd M38/101 Live 583.15 HA M38/159 Live 597.15 HA M38/342 Live 316.25 HA M38/363 Live 5.245 HA M38/364 Live 18.375 HA M38/37 Live 650 HA M38/38 Live 280.05 HA M38/49 Live 945.05 HA M38/535 Live 464.55 HA M38/693 Live 48.2176 HA 100% Ni-Cu- PGM rights only 100% Ni-Cu- PGM rights only 100% Ni-Cu- PGM rights only 100% Ni-Cu- PGM rights only 100% Ni-Cu- PGM rights only 100% Ni-Cu- PGM rights only 100% Ni-Cu- PGM rights only 100% Ni-Cu- PGM rights only 100% Ni-Cu- PGM rights only 100% Ni-Cu- PGM rights only Focus Focus Focus Focus Focus Focus Focus Focus Focus Focus Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Focus Minerals (Laverton) Pty Limited Focus Minerals (Laverton) Pty Limited Focus Minerals (Laverton) Pty Limited Focus Minerals (Laverton) Pty Limited Focus Minerals (Laverton) Pty Limited Focus Minerals (Laverton) Pty Limited Focus Minerals (Laverton) Pty Limited Focus Minerals (Laverton) Pty Limited Focus Minerals (Laverton) Pty Limited Focus Minerals (Laverton) Pty Limited 2023 ANNUAL REPORT 129 15. CORPORATE DIRECTORY 130 PANORAMIC RESOURCES LIMITED ABN 47 095 792 288 Directors Nicholas Cernotta Non-Executive Chair of the Board Victor Rajasooriar Managing Director & CEO Peter Sullivan Non-Executive Director Rebecca Hayward Non-Executive Director Gillian Swaby Non-Executive Director management Grant Dyker Chief Financial Officer Susan Park Company Secretary registered office Level 9, 553 Hay Street Perth, WA 6000 T: +61 8 6374 1700 F: +61 8 9421 1008 E: info@panres.com W: www.panoramicresources.com share registry Computershare Investor Services Level 17, 221 St Georges Terrace Perth, WA 6000 auditors Ernst & Young 11 Mounts Bay Road Perth, WA 6000 home exchange Australian Securities Exchange Limited Level 40, Central Park 152-158 St George’s Terrace, Perth WA 6000 asx code Panoramic Resources Limited shares are listed on the Australian Stock Exchange (ASX). The Company’s ASX Code is: PAN
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