June 2018 Quarterly Report 

Significant Points

GROUP

• Safety – no lost time injuries

• Savannah Project restart decision made – Phase Two pre-production activities now underway and fully funded
• Project Debt Financing – up to A$40 million project loan term sheet executed with Macquarie and mandatory hedging completed
• Concentrate Sales Agreement – new four-year sales contract signed with Jinchuan /Sino Nickel Group
• Various Phase One pre-production activities completed or nearing completion:
  • Refurbishment of the processing plant by MACA Interquip ongoing and due for completion in September
  • Relocation of mobile equipment, fixed plant and stores from Lanfranchi completed
  • Savannah village dry mess kitchen refurbished, accommodation facilities being upgraded
• Savannah North ventilation intake rise –  foundation works nearing completion, pilot hole drilling to commence in August
• Exploration - Drilling underway on four prospective layered ultramafic intrusions near Savannah

• Project remains on care and maintenance
• Holding costs being offset by rental of accommodation village
• Expressions of interest to purchase sought

• Exploration and evaluation studies ongoing
• Project and corporate management being provided by Panoramic staff on a cost recovery basis

• Studies ongoing to assess the viability of producing a PGM concentrate and a chromite by-product stream

• Discussions on exploration results and future plans for the Project ongoing

CORPORATE
Systems and procedures updated in readiness for the Savannah Project restart