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Pantoro is set to initiate underground mining at the Scotia open pit within the Norseman gold project ahead of the originally projected schedule. This decision stems from a comprehensive review of Scotia, revealing "significant improvements" in the project's gold production and cost profile.

As a result of the review, Norseman's all-in sustaining costs (AISC) are anticipated to be less than $1850 per gold ounce (oz) in the 2024–25 and 2025–26 financial years, with Scotia underground AISC estimated to be below $1700/oz.

The revised mine plan aims for an annual production of 100,000–110,000oz per annum, with upcoming resource definition drilling focusing on production upgrades in the medium term.

Underground operations at Scotia are poised to commence early in the June 2024 quarter, approximately four months earlier than initially planned. Concurrently, ongoing Scotia open pit works are scheduled for completion during the December 2024 quarter.

Pantoro clarified that the Scotia South open pit will adhere to its original planned depth, while the Scotia Central open pit will progress to the 140mRL (metres relative level), approximately 30m above the previously envisaged pit floor.

This adjustment in Scotia Central pit depth leads to a substantial reduction in the remaining open pit stripping ratio. Additionally, the early onset of underground mining facilitates faster access to the Scotia North orebody compared to the originally planned cutback in that area.

The conclusion of Scotia open pits by the final quarter of 2024 will result in ore stockpiles of approximately 800,000 tonnes of medium and low-grade ore, available for processing in the ensuing years to complement underground ore production when required.

Pantoro is presently soliciting bids for underground works, noting "strong interest" from numerous Tier-1 underground contractors. Selections will be made by February, with contract awards scheduled for March.

Ongoing open pit mining at Scotia is anticipated to resume in late 2025 at the Princess Royal and Gladstone Everlasting mining centers.

During the December 2023 quarter, Pantoro achieved a gold production of 18,185 ounces, of which 18,074 ounces were sold at an average gold price of $3054.

Notably, December witnessed a production surge of 6113 ounces compared to November. Overall, Pantoro's gold production for the December quarter soared by 275%, marking significant growth since the first quarter of 2023.

This production update follows Pantoro's strategic decision to sell the lithium, nickel, copper, and cobalt rights at its flagship Norseman gold project to Mineral Resources in November. Paul Cmrlec, the Managing Director of Pantoro, emphasized that this sale enables the company to focus on the production and exploration of its gold assets, reinforcing the balance sheet with $49.7 million in cash and gold by the end of the December quarter.

Expressing satisfaction with the Norseman project's progress, Paul Cmrlec stated, "We are pleased with the progress that the Norseman project is now making." He highlighted the expected grades in the Scotia open pit, emphasizing the positive impact on production, cash flow, and positioning Pantoro strongly for the upcoming year.

Currently, Pantoro has substantial ore stockpiles available at the Scotia open pit, a crucial component of the Norseman project, ready for transportation to the processing plant.

The Norseman processing plant is operating above its nameplate capacity, achieving a quarterly throughput of 271,893 tonnes at 2.24 grams per tonne and an impressive 92.8% recovery rate.

Looking ahead to the 2024 calendar year, Pantoro anticipates a continued increase in grades at the Scotia open pit as depth progresses, further enhancing its production outlook.

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.

Mining company First Quantum has formalized a memorandum of understanding with Australian junior firm Raiden Resources for the Mt Sholl nickel/copper/platinum group elements (PGE) project in Western Australia.

Raiden's Managing Director, Dusko Ljubojevic, highlighted Mt Sholl as the largest and currently the only open-pittable nickel/copper/PGE sulphide resource in the district. He expressed optimism about the project's potential to unlock a district-scale opportunity for development.

According to the terms of the agreement, First Quantum Australia will be the sole funder of the project up to the decision to mine, while Raiden will retain a 30% free-carried interest until that point. To secure a 70% interest, First Quantum is obligated to invest a minimum of $25 million over eight years in exploration activities and associated studies.

The agreement includes a 12-month due diligence period for First Quantum, during which the company has the option to earn into the nickel/cobalt/PGE project through staged investments and milestone cash payments to Raiden. As part of the due diligence process, First Quantum will pay Raiden $250,000 in cash and must spend at least $1.5 million.

Importantly, Raiden will maintain rights over gold and lithium/caesium/tantalum, and its exploration program for those minerals will continue as part of the overall agreement.

Global Lithium Resources has successfully concluded its 2023 drilling campaign at the wholly owned Manna lithium project in Western Australia.

Situated approximately 100km east of Kalgoorlie in the Goldfields region, the Manna project's 2023 drilling initiative marked its second major campaign, involving the drilling of over 60,000 meters. K-Drill and Profile Drilling, responsible for the reverse circulation drilling program in 2022, and DDH1 Drilling, which previously conducted metallurgical diamond drilling, completed the drilling program. The extensive program covered a distance exceeding 100km.

Logan Barber, General Manager – Geology at Global Lithium, expressed excitement about reaching this milestone, emphasizing the completion of over 60,000m of drilling at the Manna lithium project in 2023. The focus now shifts to awaiting assay results to update the Mineral Resource Estimate (MRE).

The drilling program specifically targeted the expansion and infill drilling of the Manna MRE, which currently stands at 36 million tonnes at 1.13% lithium oxide. The objectives included extending along strike and down dip of the Manna lithium deposit. Additionally, geotechnical drilling was undertaken to support the definitive feasibility study, scheduled for completion in the second quarter of the 2024 calendar year (Q2 CY24).

Barber commended the exploration team for their hard work and commitment to safety throughout the program. With the drilling phase concluded, updates will be provided as results become available, building on the initial results announced in October.

While the Manna project still exhibits significant upside potential, with the system remaining open to the north-east and south-west, planning for further drilling in 2024 has already commenced. The Manna lithium project's MRE is anticipated to be published in Q1 CY24, following the receipt of assay results from the 2023 program.

Lynas Rare Earths has officially commenced the initial feed of Mount Weld material at its Kalgoorlie processing facility in Western Australia. This significant achievement comes after successfully concluding kiln heating and other essential activities, signaling the transition from the commissioning phase to the facility's first production phase and subsequent ramp-up.

Expressing enthusiasm about reaching this milestone, Lynas' CEO and Managing Director, Amanda Lacaze, stated, "We are thrilled to have achieved the first feed in Kalgoorlie. This marks an exciting step forward as we expand our operational presence and enhance our capacity to meet the increasing global demand for separated rare earth materials."

Highlighting the significance of the Kalgoorlie rare earths processing facility, Lacaze emphasized that it is Australia's inaugural value-added rare earths processing facility, making it a project of great importance for both Lynas and the broader Australian critical minerals industry.

In October, Lynas Malaysia received a license variation allowing the ongoing importation and processing of lanthanide concentrate from Lynas’ Mount Weld mine. The Lynas Malaysia plant is currently undergoing a temporary shutdown as efforts to augment downstream processing capacity are underway, with production set to resume in January 2024.

The Kalgoorlie rare earth processing facility will gradually introduce Mixed Rare Earth Carbonate (MREC) to the Lynas Malaysia plant, starting in the late March quarter. The volume will increase in tandem with the controlled ramp-up of the Kalgoorlie facility. This strategic approach ensures a smooth integration of production processes between the two facilities.

The approval for Stage 3 of the conservation management plan and exploration drilling program has been granted by the Western Australian Government for Chalice Mining's Julimar exploration project.

Commencing shortly, the exploration drilling will span the interpreted strike length of over 30 km within the Julimar Complex, situated in the western wheatbelt region of WA. The comprehensive initiative includes targeted exploration diamond drilling at the Torres, Jansz, and Baudin targets, additional exploration drilling at Hooley, and air-core drilling covering the entire Julimar Complex.

The primary goal of this drilling program is to evaluate the potential for discovering high-grade nickel, copper, and platinum group elements (PGE). The air-core program specifically focuses on assessing the full extent of prospective ultramafic-mafic geology across the Complex, identifying new targets for subsequent drill testing.

Anticipated to extend for a minimum of six months, the exploration endeavors adhere to strict environmental management and monitoring requirements outlined in the program of work and conservation management plan. Chalice Mining emphasizes the commitment to environmental protection by confining all drilling activities to existing access tracks and non-vegetated areas, ensuring minimal impact on the environment. The company will maintain the same stringent environmental controls applied in the Julimar State Forest, utilizing small-footprint tracked drill rigs on established tracks and non-vegetated zones.

The Julimar exploration project encompasses the Gonneville deposit, which recently demonstrated "excellent results" in bench-scale hydrometallurgical test work.

Liontown Resources has finalized an agreement with the Mid West Ports Authority (MWPA) in Western Australia to facilitate the export of lithium from Kathleen Valley. The services and access agreement, spanning an initial 10 years, will enable the export of lithium spodumene concentrate from the Port of Geraldton to global Tier-1 offtake partners, including LG Energy Solution, Tesla, and Ford Motor Company.

The approval of the port agreement by WA Ports Minister David Michael marks the conclusive step in establishing a robust supply chain for exporting lithium ore from Kathleen Valley. Liontown's Managing Director and CEO, Tony Ottaviano, expressed gratitude to the Mid West Ports Authority and highlighted the Port of Geraldton's world-class facilities and growth potential. Liontown is committed to supporting the diversification of critical minerals exports for at least the next two decades, with the first exports expected to commence in mid-2024.

The agreement incorporates extension options for an additional 10 and three years, aligning with the anticipated mine life of the Kathleen Valley project. Following the successful execution of a share purchase plan, securing the necessary funding, the project is poised for future growth.

In a strategic move, Liontown announced a partnership with Qube to provide comprehensive pit-to-port logistics solutions. This collaboration includes road transportation and port-side storage management services, ensuring a controlled transfer of the product directly onto MWPA's automated ship loading infrastructure. The integrated logistics solution prioritizes industry-leading safety systems, especially in the transportation of bulk materials by road and onto ocean-going vessels. Liontown looks forward to commencing exports in mid-2024 and acknowledges the collaborative efforts that have strengthened its position in the critical minerals market.

Chalice Mining expanded its Gonneville critical minerals project in Western Australia through successful drilling. The Tim Goyder-backed miner discovered wide zones of high-grade copper and platinum group elements, extending the deposit to the north-west. Key results outside the current resource boundaries include:

1. 8.0m intercept at 5.83 g/t 3E (platinum, palladium, gold), 0.15% Ni, 1.12% Cu, 0.01% Co from 543m depth.
2. 14.0m intercept at 5.72g/t 3E, 0.19% Ni, 0.36% Cu, 0.02% Co from 1096m depth.
3. 16.0m intercept at 6.17g/t 3E, 0.21% Ni, 0.15% Cu, 0.02% Co from 478m depth.

The resource model is being updated, expected in Q1 2024. Chalice aims to improve feed grades for higher metallurgical recoveries. Gonneville, Australia's second-largest nickel sulphide deposit, is set for commercial production by 2029, producing green energy metals. Chalice plans to concentrate platinum group metals and copper into a copper concentrate with 25% copper content and 100-150 g/t platinum group elements.

Liontown Resources has successfully concluded the share purchase plan (SPP) introduced on October 19, aiming to fully finance the Kathleen Valley lithium project in Western Australia.

The SPP offered shares at a price of $1.47 each, representing a two percent discount compared to the five-day volume-weighted average price of Liontown shares leading up to and including the SPP closing date of November 20, rounded to the nearest cent.

Designed to raise up to an additional $45 million at a price matching the lower end of the placement offer price, the SPP saw the issuance of over nine million new Liontown shares on November 27. These newly issued shares are anticipated to be listed on the Australian Securities Exchange (ASX) on November 28.

Subscriptions from eligible shareholders in the SPP totaled $13.8 million. Liontown's Managing Director and Chief Executive Officer, Tony Ottaviano, expressed gratitude, stating, "On behalf of the board, we are pleased to have provided eligible shareholders the opportunity to participate in the SPP following the institutional placement, and I would like to thank shareholders for the ongoing support they have shown the company."

Ottaviano further emphasized that the funds raised through the SPP complement the proceeds from the $365 million institutional placement completed in October. This funding package ensures the financial requirements for the Kathleen Valley project from its current stage through to initial production and beyond.

The successful conclusion of the SPP follows recent developments at Kathleen Valley, including Sandvik's announcement to supply automated loaders, underground drills, and rock tools. Additionally, crucial components for the project's key wind turbines have arrived at Kathleen Valley, and underground mining has commenced with the initiation of the first blast to create underground portals at the Mount Mann pit.

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