LATEST EQUITY RESEARCH REPORT - Foster Stockbroking
Savannah Raise Boring On Track for Early Completion

Panoramic Resources Limited is pleased to provide you with the latest Broker Research Report by Foster Stockbroking.

For additional information or enquries, please contact:

Matthew Chen
Foster Stockbroking
E:  matthew.chen@fostock.com.au
T:  +61 2 999 8320

Recommendation:

• • We maintain our Buy recommendation of PAN with an increased price target of $0.23/share (prior $0.14), due to its long life, high grade nickel sulphide asset, existing infrastructure, and exploration potential.
• • We continue to note the regular encouraging updates from Savannah on the raise boring and development program are management’s methodical progress through derisking milestones, which in turn derisk Savannah restart.
• • Catalysts for the stock include: 1) underground development progress, especially critical development milestones including vent raise; 2) operational restart in mid Q2 CY21e; 3) updates on exploration.