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PANORAMIC RESOURCES LIMITED (PAN)

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Our website ranking of PAN: rating 4
(4 out of 5)
COMPANY WEBSITE:

 

REGISTRY:

Computershare Perth
Level 17, 221 St Georges Terrace, Perth WA 6000
Tel : +61 (0)3 9415 4000 or 1300 850 505 (within Australia)
Fax : +61 3 9473 2500
RegistryWebsite RegistryEmail

Company details

ISIN: AU000000PAN4
Address: Level 9, 553 Hay Street, PERTH, WA, AUSTRALIA, 6000
Tel:  (08) 9225 0999Fax: (08) 9421 1008

Date first listed: 14/09/2001

Sector: Materials Industry Group: XMJ
Activities: Nickel Mining and Exploration

News & Events

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Federal Court Justice Michael Feutrill handed down his judgment in Woodhouse, in the matter of Panoramic Resources Limited [2024] FCA 449 involving the Company's Administrators, Daniel Woodhouse, Hayden White and Kate Warwick of FTI Consulting, and Receivers and Managers appointed by Trafigura Pte Ltd, Thomas Birch and Jeremy Nipps of Cor Cordis. There was a divergence of views between the Administrators and Receivers as to whether the funds held in the administration accounts for the voluntary administration of the Company form part of the secured property to which the Receivers are appointed. This issue was the subject of the Federal Court proceeding, in which Gilbert + Tobin acted for the Administrators. Justice Feutrill ruled in favour of the Administrators, declaring that the funds in question do not form part of the secured property to which the Receivers are appointed. The issue has been resolved, and both the Administrators and Receivers have expressed their intention to continue to work cooperatively with the ongoing dual-track strategy to sell or recapitalise the Panoramic business.

01/05/2024

The securities of Panoramic Resources Limited were suspended at PAN's request on 17 November 2023 pending the release of an announcement regarding the results of the strategic review announced by PAN on 16 November 2023. PAN's securities will now continue to be suspended from quotation under Listing Rule 17.5, due to PAN not having lodged its Quarterly Report for the period ended 31 March 2024 by 30 April 2024 as required by Listing Rule 5.1. PAN's securities will remain suspended until such time that ASX is satisfied with PAN's compliance with the Listing Rules, including Listing Rule 5.1, and that it is otherwise appropriate for PAN's securities to be reinstated to quotation.

01/05/2024

The Company is relying on the relief set out in ASIC Corporations Instrument 2015/251 in relation to the Company's financial reporting obligations under Part 2M.3 of the Act.

29/04/2024

The Voluntary Administrators of Panoramic Resources Limited advise that they have been notified that Thomas Birch and Jeremy Nipps of Cor Cordis were appointed Receivers and Managers in respect of certain secured property of Panoramic on 7 March 2024. The Receivers were appointed by Trafigura Pte Ltd pursuant to a specific security deed dated 3 April 2021 between Trafigura and Panoramic.

11/03/2024

The company lodges its Quarterly Activities Report.

31/01/2024

In relation to the Savannah Nickel Project, whilst operations have continued, including a shipment of approximately 10,000 tonnes of nickel concentrate on 3 January 2024, nickel prices have continued to trend lower. After further engagement with major creditors, key suppliers and other stakeholders, the Administrators have determined that operations at the Savannah Nickel Project will be suspended over the coming days. As a consequence of the decision to suspend operations at the Savannah Nickel Project, the majority of the c.140 Panoramic staff on-site at the Savannah Nickel Project will be stood down and unfortunately made redundant, some with immediate effect.

08/01/2024

Daniel Woodhouse, Hayden White and Kate Warwick were appointed as joint and several voluntary administrators.

14/12/2023

The Company requests that the voluntary suspension be extended to last until the earlier of an announcement by the Company regarding the results of the strategic review and the commencement of normal trading on Friday, 22 December 2023.

08/12/2023

The securities of Panoramic Resources Limited will be suspended from quotation immediately under Listing Rule 17.2, at the request of PAN, pending the release of an announcement regarding the results of the strategic review announced by the Company on 16 November 2023.

17/11/2023

The suspension of trading in the securities of Panoramic Resources Limited will be lifted immediately following the release by PAN of an announcement regarding an update on the review its operating strategy and finalisation of a funding pathway.

27/05/2020

Successful completion of bookbuild for the Placement and Institutional Entitlement Offer to raise approximately A$52 million. Western Areas Limited has committed approximately A$21 million in the Placement and act as a subunderwriter to the Retail Entitlement Offer, resulting in a pro-forma shareholding of up to 19.9%. Significant support received from a range of existing and new institutional investors during the bookbuild process. The Retail Entitlement Offer will raise approximately A$38 million in additional funds and is expected to close on Friday, 5PM WST 12 June 2020. Panoramic shares expected to recommence trading on Wednesday 27 May 2020.

27/05/2020

The company relodges its prospectus. The new version corrects an error in the uploading of the document by including the correct Independent Limited Assurance Report in section 12. Other than that, there are no changes to the document.

25/05/2020

Western Areas Ltd has entered into a subscription agreement with Panoramic Resources Limited to acquire up to 19.9% of Panoramic's proforma shares on issue upon completion of its fully underwritten capital raising. Based on the capital raising issue price of A$0.07 per share, the total cash consideration payable by Western Areas will be A$28.6 million.

25/05/2020

The company releases a notice of Proposed issue of Securities - PAN.

25/05/2020

The company issues a prospectus for a pro-rata accelerated non-renounceable entitlement issue to Eligible Shareholders of approximately 877,599,923 New Shares at an issue price of $0.07 per New Share on the basis of 1.15 New Shares for every Shares held on the Record Date to raise up to approximately $61,431,995 before expenses. The Retail Entitlement Offer closes at 5.00pm WST on Friday, 12 June 2020 (unless extended). Valid Applications must be received before that date.

25/05/2020

The company releases its Capital Raising Presentation - May 2020.

25/05/2020

Equity raising to recapitalise Panoramic, de-risk the restart of the Savannah Nickel Mine and fund project enhancement initiatives. Fully underwritten institutional placement and 1.15-for-1 entitlement offer to raise up to approximately A$90 million. Western Areas Limited to take a strategic investment in Panoramic resulting in a pro-forma shareholding of up to 19.9%. New Shares to be issued at A$0.07 per share. Facilitates reinstatement to official quotation on the ASX (pending successful completion of the institutional placement and institutional component of the entitlement offer). Offer proceeds (after costs) to be used for the repayment of Panoramic's debt facilities, payment of creditors and general working capital, care and maintenance costs, key development activities at Savannah and targeted exploration.

25/05/2020

A$7.5 million repaid on senior debt facility; reduced margin on Tranche 2 balance.

22/05/2020

The company requests an extension of the suspension of its securities to finalise a funding pathway. The suspension is expected to last until the commencement of trading on 29 May 2020.

21/05/2020

The company releases a letter to its shareholders in relation to the upcoming general meeting.

21/05/2020

The company releases a notice of general meeting. The meeting will be held on 29 June 2020 at 11.00am (WST) at Level 9, 553 Hay Street, Perth, WA 6000.

21/05/2020

The company notes the announcement by Zeta Resources Limited today, that Zeta has entered into a Put and Call Option Deed with Macquarie Bank Limited in respect of Panoramic's secured debt facility with Macquarie. Zeta holds a shareholding of approximately 35.2% in Panoramic.

18/05/2020

Zeta Resources Limited has entered into a Put and Call Option Deed with Macquarie Bank Limited in respect of Macquarie's secured debt with Savannah Nickel Mines Pty Limited, a wholly-owned subsidiary of Panoramic Resources Limited. Both Zeta and Macquarie are supportive of a Panoramic recapitalisation and the terms of the option agreement only operate in the event that the funding pathway is not successful. Zeta has deposited A$7 million with Macquarie, which will be set off against the exercise price should either option be exercised less any Panoramic payments made in the interim. The outstanding Macquarie secured debt as at the date of this announcement is approximately A$30 million.

18/05/2020

Magma Metals Pty Ltd, has completed the sale of all the shares in Panoramic PGMs (Canada) Limited to Clean Air Metals Inc. (formerly Regency Gold Corp. PAN PGM's is the 100% owner of the Thunder Bay North PGM Project situated in Northern Ontario, Canada.

15/05/2020

The company releases an Investor Update - May 2020.

07/05/2020

Total contained metal in Mineral Resources at the Savannah Project stand at 209,800t Ni, 94,200t Cu and 13,700t Co contained metal, at grades of 1.56% Ni, 0.70% Cu and 0.10% Co. Savannah North contributes contained metal in Mineral Resources of 170,400t Ni, 71,100t Cu and 11,600t Co, broadly in line with the previous estimate, 1 at grades of 1.55% Ni, 0.65% Cu and 0.11% Co. 112 new infill grade control holes (23,481m) were drilled into the Savannah North (Upper Zone) MRE, more than double the previous drilling density and increases the geometric confidence of the Savannah North ore body. More than 70% of the Savannah North Mineral Resource Estimate now classified as Measured & Indicated. The Savannah North Mineral Resource remains open to the east, west and down dip to the north. There is now greater than three times more nickel in Mineral Resources at Savannah than when mining first commenced in 2003.

07/05/2020

The extension to the suspension is necessary for the Company to finalise the review of its operating strategy and a funding pathway. The Company expects the suspension to last until the commencement of trading on Friday, 22 May 2020.

01/05/2020

Reduction in fees for Directors of 25% from 1 May 2020. Salaries for key executives reduced by 20% from 1 May 2020. Decrease in corporate office headcount following decision to suspend Savannah Nickel Mine operations.

29/04/2020

The company lodges its Quarterly Activities Report.

29/04/2020

The company provides an operations update with the following highlights: Temporary suspension of operations at Savannah Nickel Mine; Production and cost guidance withdrawn; and Progression of potential funding options continues.

15/04/2020

The securities of Panoramic Resources Limited will be suspended from quotation immediately under Listing Rule 17.2, at the request of PAN, pending the release of an announcement regarding an update on the review its operating strategy and finalisation of a funding pathway.

15/04/2020

The suspension of trading in the securities of Panoramic Resources Limited will be lifted immediately, following the release by PAN of an announcement regarding a Savannah Project operational update.

14/11/2019

The company's board believes the Savannah Project is a quality, strategic asset. The twin declines accessing Savannah North are well advanced with development now within approximately 15 metres of the orebody. Mining of development ore is scheduled to begin later this month, with stoping ore to be produced from the March 2020 quarter. This is expected to provide additional mill feed blend to the plant. The Savannah North raise bore is also on track for completion in the June 2020 quarter and the two internal ventilation raises are being developed. Panoramic's current expectation is that short-term operational performance may remain below previous forecasts, particularly during the next four months, but also into the June 2020 quarter whilst it transitions away from mining the Savannah remnant orebody and into the Savannah North orebody. The company believes there is a need to raise additional funds to maintain an appropriate working capital position and provide enhanced financial flexibility. The Board anticipates that the most equitable approach to meting any short-term funding requirement is likely to involve an entitlement offer of ordinary shares. Also, shareholders continue to be advised to TAKE NO ACTION in relation to the offer or any document received from IGO until they receive the Target's Statement and the Panoramic Board's formal recommendation.

14/11/2019

The securities of Panoramic Resources Limited will be suspended from quotation immediately under Listing Rule 17.2, at the request of PAN, pending the release of an announcement regarding a Savannah Project operational update.

13/11/2019

The suspension of trading in the securities of Panoramic Resources Limited will be lifted following the release by PAN of an announcement regarding a capital raising.

11/03/2019

The company releases an Investor Presentation.

11/03/2019

The company releaes a cleansing statement in relation to its entitlement offer.

11/03/2019

The company released an entitlement offer booklet for a 1 for 13 pro-rata renounceable entitlement offer of the company's ordinary shares at an offer price of $0.38 per new share to raise approximately $14.8 million. The offer closes at 5.00pm (Perth time) on 9 April 2019 (unless otherwise extended). The entitlement offer is fully underwritten by Hartleys Limited.

11/03/2019

Firm commitments have been received for an initial placement to raise $5 million. The fully underwritten 1 for 13 pro-rata renounceable entitlement offer was entered into to raise approximately $14.8 million. Offer praice of $0.38 per new share represents a 17.4% discount to last closing share price of $0.46.

11/03/2019

The securities of Panoramic Resources Limited will be suspended from quotation immediately under Listing Rule 17.2, at the request of PAN, pending the release of an announcement regarding a capital raising.

08/03/2019

The suspension of trading in the securities of Panoramic Resources Limited (the "Company") will be lifted immediately following the release of a corporate and operational update. Security Code: PAN

27/01/2016

The company provides a corporate and operational update - For Savannah, a decision was made to preserve the value of the remaining Savannah orebody and to move the operation onto care and maintenance. Savannah North could be developed into a long life, medium cost operation producing on average 9,500t Ni, 5,300t Cu and 700t Co in concentrate per annum as demonstrated by the scoping study. Exploration s underway to test the highly prospective Dave Hill and Wilson Intrusions south of the Savannah mine and further drilling on Savannah North is planned for this calendar year. Due to the operational restructuring, a significant portion of the loyal workforce at Savannah and in the Perth office will regrettably be made redundant over the coming months.

27/01/2016

Panoramic Resources Limited ("Panoramic") is pleased to provide the results of the Savannah North Scoping Study. The Savannah North Scoping Study demonstrates that there is potential to add significant mine life at Savannah through the development of Savannah North.

27/01/2016

The securities of Panoramic Resources Limited (the "Company") will be suspended from official quotation immediately at the request of the Company, pending the release of an announcement. Security Code: PAN

25/01/2016

name changed from Sally Malay Mining Limited

16/06/2008

 

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    Click here for free access to this company's:
    ASX, Legal & CGT Status

    Directors' on-market share transactions (last 5)

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    Purchases Sales

    DATEDIRECTORNUMBERPRICEAMOUNT
    31/03/2016Brian Phillips150,000$0.110$16,500
    11/10/2010Peter Harold-14,258$2.938$41,890
    08/10/2010Peter Harold-60,748$2.883$175,118
    06/09/2010Peter Harold-114,000$2.476$282,275
    03/09/2010Peter Harold-120,000$2.481$297,732

    Click here for the last 20 transactions all companies

    Directors & Executives (current)

    NAMETITLEDATE OF APPT
    Nicholas CernottaNon Exec Chairman, Independent Director02/05/2018
    Boyd TimlerCOO08/04/2019

    Date of first appointment, title may have changed.

    SPECIAL NOTE: During May 2024 we are working to remove duplications in the Company Secretary role.

    Directors & Executives (former)

    NAMETITLEDATE OF APPOINTMENTDATE OF RESIGNATION
    Gillian SwabyNon Exec Director08/10/201927/03/2024
    Peter SullivanNon Exec Director01/10/201527/03/2024
    Rebecca HaywardNon Exec Director21/06/201827/03/2024
    Victor RajasooriarManaging Director, CEO11/11/201921/02/2024
    Grant DykerCFO28/09/202021/02/2024
    Peter HaroldManaging Director16/03/200111/11/2020
    Michael BallCFO12/12/201928/09/2020
    Trevor EtonCFO28/01/2020
    Brian PhillipsNon Exec Chairman27/03/200720/11/2019
    John RoweNon Exec Director05/12/200602/07/2019
    Christopher LangdonNon Exec Director05/08/200430/06/2016
    Christopher de GuingandDirector08/07/200517/11/2011
    Edward TaitNon Exec Director30/09/200530/06/2006
    Alasdair CookeNon Exec Director18/11/2005
    Robert LoganNon Exec Director15/10/200330/09/2005
    Greg HeaneyAlternate Director15/10/200330/09/2005
    Keith LiddellExecutive Chairman08/07/2005
    Michael BohmExecutive Director01/05/200217/03/2005
    Craig BurtonAlternate Director28/10/200408/03/2005

    Date of first appointment, title may have changed.