Preliminary June 2019 Quarterly Statistics

Panoramic Resources Limited (ASX:PAN) has provided the market with Preliminary June 2019 Quarterly Statistics ahead of the full June 2019 Quarterly Report to be released in late July 2019.

 
Key Points

• Safety – significant improvement in performance, no LTIs recorded
• Development – 869m, up 38% on previous quarter
• Ore Milled – 140,806t at 1.27% Ni, 0.63% Cu and 0.06% Co, up 15% on previous quarter
• Metallurgical Recoveries – 84.8% Ni, 91.2% Cu and 88.2% Co, Ni recovery up 19% on the previous quarter
• Metal Production – 1,518t Ni, 814t Cu and 80t Co in concentrate, Ni up 64% on previous quarter
• Concentrate shipped – 21,467dmt, up 68% on previous quarter
• Savannah North Development – improvement in twin decline and raise bore advance rates
• New Equity –1 for 13 pro-rata rights issue and placement to Zeta raised $17.4M before costs
• Lanfranchi – Black Mountain paid $1.5M to settle the outstanding balance of purchase price early    
• Thunder Bay – Benton Resources to buy Thunder Bay North for CAD$9M, settlement expected Q3/Q4 2019
• Cash, receivables and nickel in concentrate – $26.6M in liquid assets
• Nickel price – has improved (spot US$5.80/b on 10 July) but remains volatile due to the US/China Trade Wars