Panoramic Resources Limited reported the 2022 Mineral Resource and Ore Reserve statement for the Savannah Nickel Project (Savannah or the Project). In the period since the Mineral Resource and Ore Reserve statements were reported in July 2021, a broad spaced Resource definition drilling program was completed between the 1500 and 1250 RL levels within the Savannah North deposit. The Mineral Resource Estimate (MRE) for the Savannah Nickel Project is 13.88 million tonnes grading 1.52% Ni, 0.69% Cu and 0.10% Co for a total contained metal in Resource of 211,200t Ni, 95,300t Cu and 13,900t Co.

The MRE is current as of 1 July 2022. All MREs for the Project are reported to 2012 JORC standards and at a cut-off grade of 0.50% Ni. The 1 July 2022 Savannah Nickel Project (including Savannah North) Ore Reserve stands at 8.5Mt grading 1.21% Ni, 0.58% Cu and 0.09% Co for total contained metal of 102,700t Ni, 49,400t Cu and 7,200t Co.

The largely undeveloped Savannah North orebody at Savannah remains open along strike and at depth, providing significant potential to bring more material into the Mine Plan with future exploration and underground drilling to be carried out as mine development advances deeper into the Savannah North orebody. Operations at Savannah were restarted in 2021 and the Project was successfully recommissioned with first concentrate shipment achieved in December 2021. Mining successfully started at Savannah North and also targeted the remnants of Savannah.

In total 0.4Mt at 1.05% Ni, 0.54% Cu and 0.07% Co for 4.3kt Ni, 2.2kt Cu and 0.3kt Co contained metal was mined in FY22. The updated Resource and Reserve statements as of 1 July 2022 takes into consideration this depletion. The drilling program in Savannah North consisted of a broad spaced drill out between the 1250 and 1500 RL providing the framework for mine development and stoping in the central, eastern and western sections of the Savannah North deposit.

The Resource definition program throughout FY22 concluded a total of 9,682m drilled in Savannah North, which included 4,898m of grade control drilling. In June, the Company commenced a new underground drill program to test and infill the poorly drilled area of the Savannah orebody located immediately below historical workings and above the 900 Fault. The drill program is being undertaken from a drill cuddy on the 1425m Level that was recently developed as part of ongoing mine access to this area of the Savannah mine.

Results for the initial drilling completed above the 900 Fault from the 1425m cuddy have returned significantly thicker mineralisation intercepts than predicted by the current Savannah resource model for this area of the orebody. The increased thicknesses are particularly noticeable at depth as the orebody approaches the 900 Fault and is therefore likely to increase the current Mineral Resource in this area. At this stage, the drilling program continues and the updated Mineral Resource is yet to incorporate the additional drilling results.

At Savannah, the only depletion of the Resource has taken place as a result of mining during fiscal year 2022. The drilling focus at Savannah North for fiscal year 2023 will shift to below the 1250 RL. A dedicated drill platform in the 1321 central access drive has been developed and is well positioned to drill both the upper and lower mineralisation lenses between the 1250 and 900 RL.

At Savannah, the 1425m level and subsequent mine development in this area will provide improved (near perpendicular to strike) drill angles to help evaluate this part of the Savannah orebody. When completed this development is also ideally positioned to continue testing the orebody below the 900 Fault which currently contains a Mineral Resource of 14,900 nickel tonnes at an average grade of 1.65% nickel and open in all directions.