Panoramic Resources Limited provided the outcomes of an updated Mine Plan for the Savannah Nickel Project in Western Australia. Updated Life of Mine Plan: Following the April 2021 Savannah Restart Plan and completion of the September 2022 Mineral Resource and Ore Reserve, the financial model supporting the Project has been updated to reflect more up-to-date commodity price and exchange rate assumptions, the current cost environment within the industry and a reoptimisation of the mining schedule. The updated Mine Plan builds on previous technical studies completed for Savannah, principally the Updated Feasibility Study completed in July 2020.

Fundamental aspects of the operation remain unchanged, including mining method, geotechnical parameters and ore processing. Mine scheduling has been adjusted with the objective of ramping up ore production to nameplate capacity of 960,000t per annum from full year 2024. Ore sourced from Savannah North underpins the mining strategy, with scheduling of ore from the Savannah remnants averaging 20,000t per month.

The current Ore Reserve underpins a 12-year mine life1 from full year 2024 (July 2023). The majority of the ore mined in the first four years of the Mine Plan is sourced from Proven Ore Reserves, whilst Probable Ore Reserves provide the majority of ore feed from Year 5 onwards. Inferred Resources are introduced as a meaningful ore source from the end of year four.

Overall, Inferred Resources comprise 27.3% of the Mine Plan. Underground diamond drilling is planned during operations with the aim of upgrading portions of the Inferred Resources into Ore Reserve, with additional drilling platforms becoming available as the mine advances. Average annual production from Savannah over Year 1 (Full year 2024) to Year 12 (Full year 2035) is estimated at 9,402t Ni, 5,046t Cu and 714t Co metal in concentrate.

Site All-in Costs2 over the same period are estimated to average AUD 8.57/lb payable Ni (or USD 6.00/lb payable Ni) across the life of mine.