SAVANNAH NORTH UPDATE AND OPERATIONAL REVIEW OUTCOMES

Highlights

• Development of ore drive and primary underground infrastructure at Savannah North continues; first stoped ore on target for the March 2020 quarter
• Integrity of overall Savannah mine design and general operating parameters confirmed
• Strong expected ramp-up in contained metal production through calendar 2020 from transition to mining of Savannah North • Updated Savannah life-of-mine schedule sees modest reductions in forecast ore tonnes (5%) and nickel grade (2%) relative to Feasibility Study
• Updated average “all-in-sustaining cost” (AISC) forecast over residual life of mine (FY2021 to FY2027) of US$3.77/lb payable Ni (based on current spot commodity prices and A$:US$ FX rate), broadly similar to Feasibility Study (Oct 2017) estimates (after aligning for commodity prices and A$:US$ FX rate assumptions and adjusting for inflation)
• Significant upside potential given recent drilling of Savannah North upper zone and targeted diamond drilling of Inferred Resources and near-mine extensional targets
• Operational Review outcomes will inform the Panoramic Board’s assessment of the highly conditional IGO takeover offer • KPMG appointed to prepare Independent Expert’s Report
• Panoramic Directors maintain their recommendation to TAKE NO ACTION in relation to the IGO takeover offer
• Assessment of funding alternatives continues