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Panoramic Resources Ltd. (ASX:PAN) has been operating for almost twelve years now and thus has produced over 1,80,000 tonnes of nickel, 60,500 tonnes of copper, and 49,00 tonnes of cobalt from the Savannah and Lafranchi nickel sulphide projects in the Western regions of Australia. Moreover, the company has got substantial PGM (platinum group metals) resources located in Australia and Canada.
In a recent release, the company has stated that the conditions which were a prerequisite for the purpose of sale & purchase agreement with Black Mountains Metals LLC have been satisfied/ waived.
Thus, the settlement has been reached for the sale of the Lafranchi Nickel Project to a 100 percent subsidiary of the Black Mountain with the final payment of A$ 11.99 Mn which has been received by the company. It is to be further noted that the total consideration agreed for the transaction was A$15.10 Mn out which a deposit of A$1.51 Mn has already been received, and a deferred cash consideration of A$ 1.6 Mn will be received further as 12 annual monthly instalments. The deferred receipts shall start after the 14 days from the first supply of ore under the BHP Nickel West Pty Ltd or the processing of ore in any other capacity or 1st of January 2021, whichever is earlier.
Apart from this, the company has completed the sustainability, feasibility study on their Savannah and the project finance has also been arranged for up to A$ 40 Mn which was provided by the Macquarie Bank. This has given the board the necessary liberty to restart their Savannah project and the renewed development of Savannah Ore Body. In the month of September, the various covenants of the loan agreements were satisfied by the company and hence the first tranche of $10 Mn was withdrawn in the month of October. Considering these above-mentioned developments, the first ores from the Savannah mines are slated to be processed through the mills in the early December and the first shipment of the same is expected in the March quarter to Jinchuan.
Going forward for the FY 2019, the company expects a smooth restart of their Savannah Operations and will work on various value-adding options for the Savannah project. This would be coupled with the further drilling at the North of Savannah. The firm remains committed to the objective of safety in operations and the further advancement of their PGM projects.
Meanwhile, the share price of the company has fallen by 36.07 percent in the past six months as on 5 December 2018. Companyâs shares traded at $0.385, down by 1.282 percent, with a market capitalization of circa $192.87 million as on 6 December 2018.
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