Panoramic Resources Enters Administration

Panoramic Resources and its subsidiaries, PAN Transport and Savannah Nickel Mines, have voluntarily entered administration.

On December 14, Panoramic directors made the decision to appoint administrators due to a decline in nickel prices. This move follows a strategic review of the Savannah project in the Kimberly region of Western Australia, initiated on November 16.

The review aimed to assess Panoramic's ongoing capital needs in light of the current and projected nickel price landscape, explore funding possibilities, and invite proposals from third parties. Treadstone Partners was enlisted to conduct the review and explore various options for both the company and Savannah.

Potential solutions considered included partial or complete divestment of the asset, joint ventures, recapitalization, and other funding or partnership opportunities on an expedited basis. Unfortunately, the process yielded no successful outcomes within the available timeframe, and the company was unable to advance any sales, recapitalization, or partnering options.

The administrators now plan to pursue an accelerated dual-track strategy, aiming to either sell or recapitalize the Panoramic business. The company has sufficient cash to support the administrators in operating the mine on a 'trade-on' basis, ensuring its continued operation, at least in the short term.

The administrators intend to work closely with the company's employees and suppliers to optimize financial outcomes for all stakeholders. Throughout the administration period, trading in Panoramic's listed securities on the ASX will remain suspended.