RECEIPT OF INDENDENT EXPERT'S REPORT

Highlights

• First Supplementary Target’s Statement released following receipt of Independent Expert’s Report by KMPG
• KPMG has assessed the Offer as “fair and reasonable to Panoramic Shareholders, in the absence of a superior proposal”
• Assessed value per Panoramic share of $0.459 to $0.521 has only minor overlap with assessed value of Offer consideration of $0.446 to $0.473 per Panoramic share
• Independent Expert’s assessed value per Panoramic share utilises forecast nickel prices below broker consensus expectations (as shown in Panoramic Target’s Statement) and attributes zero value for Savannah exploration upside outside of existing Mineral Resources
• Panoramic Board will now carefully review the Independent Expert’s Report and provide its detailed response in early January 2020
• Pending the Board’s review and any impact it may have on the Board’s current REJECT recommendation, Panoramic Shareholders should TAKE NO ACTION in relation to the Offer or any documents sent by IGO
• Panoramic remains in discussions with third parties who have been granted due diligence access