Canaccord Initiates Research
Not just a flash in the PAN

Panoramic Resources Limited is pleased to provide you with the latest broker research report by Canaccord Genuity entitled "Not just a flash in the PAN".

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Panoramic (PAN) is a Western Australian nickel miner with a long operating history. While production at its Savannah operation is currently suspended, we highlight that over the past 15 years, PAN has produced over 180kt of nickel, 60kt of copper and 5kt of cobalt and paid out +A$114m in dividends. PAN is well positioned to recommission Savannah during 2021, and in our view the company offers exceptional leverage to the strengthening outlook for nickel.

Valuation and recommendation. Our A$0.18/sh price target is based on an NPV8% for the Savannah nickel project, net of corporate adjustments. We initiate with a SPECULATIVE BUY recommendation, highlighting the conservative LOMP, dearth of near-term nickel sulphide development projects and tailwinds from nickel's increasing relevance in the EV battery thematic as key aspects underpinning our investment thesis.