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Simon Tonkin Friday, 10 April 2015 9:52 AM Panoramic Resources (PAN) $0.49/sh; March Q Production As Expected Panoramic Resources Limited (PAN)
$0.49
Recommendation: Buy
Analyst: Simon Tonkin
Tel: +61 8 9225 2816
Event
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Panoramic Resources (PAN) has released preliminary production statistics for the March Q.
Group production came in at 4,678t contained nickel (PSL est. 4,671t).
Group cash position at the end of March Q was $61m in cash (PSL est. $63m; Dec Q: $61m) with an
additional $11m in trade receivables.
PAN maintained production guidance of 20-21kt contained nickel in concentrate/ore, however,
production is expected to be at the lower end of guidance.
Full March Q activities report due around 28 April 2015.
Impact
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Overall, production was in-line with our estimates as we had anticipated slightly lower production when
compared to the December Q (4,832t).
The Savannah mill was down for six days during March for a full reline with lower tonnes for the March
Q, however, grades were above budget.
Lanfranchi was in-line with budget for January and February, however, were lower in March due to
lower than expected jumbo availability.
With two significant exploration targets to test in CY2015 at Savannah North and at Lanfranchi which
could significantly extend mine life. We rate PAN a Buy.
Simon Tonkin
Senior Resources Analyst
D: +61 8 9225 2816 | M: +61 400 761 382 | E: STonkin@psl.com.au | W: www.psl.com.au
Patersons Securities Limited AFSL No. 239 052
Level 23, Exchange Tower, 2 The Esplanade PERTH WA 6000
GPO Box W2024, Perth, WA 6846