Panoramic Resources Limited (ASX: PAN) ('Panoramic' or the 'Company') is pleased to provide an update on ongoing infill underground Resource definition drilling at the Company's Savannah Nickel Project in Western Australia.

Savannah North - Resource Definition Drilling

Over recent months the Company has reported results for infill drill holes completed on the Western, Central and Eastern Zones of the Upper Mineralisation Lens at Savannah North. Following on from the last update the drilling focus was temporarily shifted to the area immediately below the current mining levels due to short-term access interactions with mining activities in the immediate area. Assay results for the first three holes completed in this area have been received and returned with better than expected results with all three holes returning thicker and higher-grade intersections than predicted. The standout drill result was drill hole KUD1891 which returned a combined Upper and Lower Mineralisation Lens intersection of 40.55m at 1.96% Ni, 0.75% Cu and 0.15% Co. The junction (bifurcation) between the Upper and Lower Mineralisation lenses at Savannah North is often an area of increased mineralisation thickness and grade. The previous best Savannah North intersection near the junction between the two mineralisation lenses was achieved by drill hole KUD1533 in 2015 which returned an intersection of 37.2m at 1.58% Ni, 0.67% Cu and 0.12% Co.

The two other completed infill resource definition drill holes below the current mining levels, KUD1871 and KUD1874 returned Upper Mineralisation Lens intersections of 16.0m at 2.08% Ni, 0.80% Cu and 0.16% Co and 6.9m at 1.93% Ni, 1.03% Cu and 0.14% Co, respectively. Both intersections were also thicker and appreciably higher grade than predicted in those areas by the current Savannah North Resource model. In all three holes completed below the current mining levels, up to two mineralised intercepts are reported above the main Upper Mineralisation Lens intersections. These intercepts relate to minor hanging wall mineralised lenses that in places develop into potentially mineable widths and grades and will be assessed as part of the mine review process.

About Panoramic

Panoramic Resources Limited (ASX: PAN) is a company headquartered in Perth, Western Australia, which owns the Savannah Nickel Project in the East Kimberley. Operations at Savannah were restarted in 2021 and the project was successfully recommissioned with first concentrate shipment achieved in December 2021. Savannah has a 12-year mine life with clear potential to further extend this through ongoing exploration. The asset provides excellent leverage to the nickel, copper and cobalt markets which are heavily linked to global decarbonisation and vehicle electrification.

Forward Looking Statements

This announcement contains certain 'forward-looking statements' and comments about future matters. Forward looking statements can generally be identified by the use of forward-looking words such as, 'expect', 'anticipate', 'likely', 'intend', 'should', 'could', 'may', 'predict', 'plan', 'propose', 'will', 'believe', 'forecast', 'estimate', 'target' 'outlook', 'guidance' and other similar expressions within the meaning of securities laws of applicable jurisdictions. Indications of, and guidance or outlook on, future earnings or financial position or performance are also forward looking statements. You are cautioned not to place undue reliance on forward-looking statements. Any such statements, opinions and estimates in this announcement speak only as of the date hereof and are based on assumptions and contingencies subject to change without notice, as are statements about market and industry trends, projections, guidance and estimates. Forward-looking statements are provided as a general guide only. The forward looking statements contained in this announcement are not indications, guarantees or predictions of future performance and involve known and unknown risks and uncertainties and other factors, many of which are beyond the control of the Company, and may involve significant elements of subjective judgement and assumptions as to future events which may or may not be correct. There can be no assurance that actual outcomes will not differ materially from these forward-looking statements. A number of important factors could cause actual results or performance to differ materially from the forward-looking statements. The forward-looking statements are based on information available to the Company as at the date of this announcement.

Contact:

Victor Rajasooriar

Tel: +61 8 6266 8600

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