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PAN, PANORAMIC RESOURCES LIMITED
nipper
post Posted: Mar 11 2020, 10:12 AM
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QUOTE
Panoramic Resources could be back in play, as Andrew Forrest’s Squadron Resources builds a stake in the WA nickel miner.

It is understood Squadron has been buying for the past few weeks, following the failure of Independence Group to get its $312m takeover offer over the line early this year, and is sitting just under the 5 per cent substantial shareholder notice.

Panoramic is believed to have had informal discussions with fellow nickel producer Western Areas since the IGO offer lapsed and its data room closed, but nothing firm has resulted.

The iron ore billionaire’s move into Panoramic may be part of a broader play in the nickel sector, given Squadron and Forrest Family Investments also dropped about $8.7m on extending their position in Mincor Resources between December and February, increasing Mr Forrest’s stake in Mincor to 8.5 per cent, from 6.2 per cent previously.




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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
bg99
post Posted: Jan 31 2020, 07:14 AM
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In Reply To: blacksheep's post @ Dec 5 2019, 10:15 AM

QUOTE
Panoramic Resources Limited (ASX:PAN, “Panoramic” or the “Company”) advises of an
updated short-term production outlook for the Savannah Nickel Mine.
Total FY20 production is now expected to be 5.2 - 5.6kt contained nickel, 3.4 - 3.7kt contained
copper and 280 - 320t contained cobalt. This compares with previous guidance of 7.0 - 7.5kt
contained nickel, 4.5 - 5.0kt contained copper and 400 - 450t contained cobalt (see Panoramic
ASX release dated 25 November 2019) and 1H FY20 actual production of approximately 2.38kt
contained nickel, 1.55kt contained copper and 119t contained cobalt.
The revised FY20 outlook is predominantly attributable to lower 2H FY20 expectations driven
by revised mining contract equipment mobilisation timing and forecast personnel ramp-up, and
further revised scheduling for mining of Savannah remnant ores.


Hmm.. makes the recent IGO offer look rather ambitious, the one thing in their favour is that they have a fair bit of hedging in place, which may enable them to still start Savannah if the nickel price remains soft


Said 'Thanks' for this post: mullokintyre  
 
blacksheep
post Posted: Dec 5 2019, 10:15 AM
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In Reply To: blacksheep's post @ Nov 4 2019, 12:25 PM

PANORAMIC BOARD UNANIMOUSLY RECOMMENDS REJECTION OF IGO TAKEOVER
OFFER

Highlights
QUOTE
• Panoramic Directors unanimously recommend that shareholders REJECT the
unsolicited, highly conditional off-market takeover bid by IGO
• Target’s Statement to provide detailed reasoning for this recommendation
• Independent Expert’s Report from KPMG to be provided when available and the
Panoramic Board will review its recommendation at that time
• To REJECT the IGO Takeover Offer, Panoramic shareholders should ignore all
documents sent by IGO


https://www.asx.com.au/asxpdf/20191205/pdf/...9qzbw85045t.pdf

ENTITLEMENT OFFER
QUOTE
Key Details
• Conditionally underwritten 1 for 6 accelerated pro-rata non-renounceable
entitlement offer to raise approximately $31 million (after costs)
• Offer price of $0.30 per New Share represents a 16.7% discount to last closing
share price of $0.36

https://www.asx.com.au/asxpdf/20191205/pdf/...9r4zm2lrp5k.pdf

INVESTOR PRESENTATION
https://www.asx.com.au/asxpdf/20191205/pdf/...9r6w28yppl1.pdf




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The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Nov 15 2019, 10:13 AM
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In Reply To: blacksheep's post @ Nov 4 2019, 12:25 PM

A hiccup or more - " IGO is reviewing all of its options relating to the Offer." Certainly closed that monster gap created by the initial T/O offer very quickly. SP back down to 33.5c. PAN's Update on Savannah certainly wasn't a glowing picture.

UPDATE ON OFF-MARKET TAKEOVER OFFER FOR PANORAMIC
QUOTE
Independence Group NL (ASX:IGO) (IGO or the Company) notes the operational update released by
Panoramic Resources Limited (ASX: PAN) (Panoramic) today in which Panoramic has detailed ongoing
operational difficulties with the development of the Savannah Project (Savannah), including an unspecified
downgrade to production guidance for FY20. Panoramic has also indicated the requirement to raise additional
capital, potentially via an entitlement offer in the near term, and that there has been a breach of, or there is
likely to be a breach of, several conditions of the off-market takeover offer (Offer) for Panoramic, as announced
by IGO on 4 November 2019.


Given the material change to the operational and financial position of Panoramic announced today, and the
breach, or likely breach, of IGO’s Offer conditions, IGO is reviewing all of its options relating to the Offer.

IGO maintains its preference that an expedited and thorough due diligence process be completed and has
demonstrated its willingness to engage directly with the Panoramic Board. This is required to allow IGO to
confirm whether or not it will proceed with its Offer despite the breach or likely breach of the Offer conditions.
The due diligence conditions of the Offer were included to protect the interests of IGO shareholders and, in
the context of today’s announcement by Panoramic detailing the ongoing operational issues at Savannah and
deteriorating financial position of Panoramic, those conditions were clearly justified.

IGO requests the Panoramic Board to provide IGO with due diligence access to enable IGO to confirm its Offer
following Panoramic’s announcement of today. IGO recommends that those Panoramic shareholders who
support the Offer and wish the Offer to remain open for acceptance, engage with the Panoramic Board to
facilitate an expedited due diligence process.

IGO will provide a further update on its Offer in due course.



Short positions were down to 0.01% @ 8/11/19. No doubt they will show an increase once data updated
https://www.shortman.com.au/stock?q=pan
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The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Nov 4 2019, 12:25 PM
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Posts: 6,791
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QUOTE
Highlights
• IGO’s Offer is 1 IGO Share for every 13 Panoramic Shares held
• The implied Offer Price is 47.6 cents per Panoramic share (based on IGO’s one month VWAP up to and
including 1 November 2019) which implies an equity value of approximately A$312M
• This Offer Price represents an attractive and significant premium compared to Panoramic’s trading
levels prior to the date of this announcement:
− 42% to the closing price of Panoramic Shares on 1 November 2019, being the last trading day
before the Announcement Date
− 51% to the 1-month VWAP of Panoramic Shares up to and including 1 November 2019 and
− 52% to the 2-month VWAP of Panoramic Shares up to and including 1 November 2019
• There are a number of very compelling reasons for Panoramic shareholders to ACCEPT the Offer. By
accepting IGO’s Offer, Panoramic shareholders will (subject to the Offer becoming unconditional):
− Receive a very attractive premium of 42% to the last closing price of Panoramic Shares before the
date of this Bidder's Statement and 51% to the one month VWAP
− De-risk their investment in Panoramic within a stronger, larger, more diversified and liquid vehicle
− Unlock enhanced operational and exploration potential through IGO's strong technical, financial
and operating capability
− Retain and enhance exposure to attractive nickel market dynamics
− Benefit from IGO's attractive shareholder returns policy
− Potentially benefit from access to CGT scrip for scrip rollover relief
• The Offer is subject to the conditions set out in Appendix A (Offer Conditions).


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The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Mar 7 2019, 10:22 AM
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In Reply To: blacksheep's post @ Mar 6 2019, 10:59 AM

Having a few issues with Savannah ramp-up - won't go down well with investors when PAN resumes trading tomorrow on top of CR underway @ 38c. Last traded price 46c
Panoramic forced to raise cash on troubled Savannah ramp-up
Stuart McKinnonThe West Australian
QUOTE
Panoramic Resources has been forced to tap shareholders for an extra $19 million after running into a host of problems with the restart of its Savannah nickel mine in the East Kimberley.

Project financier Macquarie Bank has demanded Panoramic raise the extra cash, take out additional hedging and enforced minimum liquidity requirements on the company in exchange for adjusting the repayment schedule on a $40 million loan from March 31, 2020, to June 30, 2020.

The loan has also been split into a $30 million senior tranche and a $10 million mezzanine facility that attracts a higher interest rate and is to be paid as the last tranche.
The Peter Harold-led company revealed today it had missed production targets in January and was 40 per cent below output expectations last month because of a variety of production issues.

The company also cited delays in recruiting workers for Savannah, issues accessing mobile equipment and recent storm damage which had diverted resources away from operations to repair of infrastructure and services.

read more - https://thewest.com.au/business/mining/pano...-ng-b881126948z

Those who sold prior to TH were indeed blessed
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The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 

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blacksheep
post Posted: Mar 6 2019, 10:59 AM
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In Reply To: blacksheep's post @ Jan 19 2019, 01:43 PM

Rattling the tin - in TH cap raise. According to AFR raising $20 mil @ 38c



--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Jan 19 2019, 01:43 PM
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In Reply To: blacksheep's post @ Jul 16 2018, 08:23 PM

QUOTE
SAVANNAH RECOMMISSIONING UPDATE
1st concentrate shipment scheduled for early February 2019
Highlights
• Mining - ramp up to full production continues
• Processing - process plant achieved plus 2,000tpd throughput in early January
• Wyndham - trucking of concentrate to the port has commenced
• Tailings - 3m wall lift on storage facility completed
• Ventilation - pilot hole for the 900m raise-bore completed
• Recruiting - onboarding of site personnel well advanced in a challenging market
• Project Financing - $40 million project loan drawn down to $28.5 million
• Revenue - first ship scheduled for early February 2019


Gets a mention here - https://roskill.com/news/nickel-savannah-co...early-february/
QUOTE
Roskill View
The Savannah mine was put under care and maintenance in 2016 (when the LME nickel price hit its recent low), but a recovery in nickel prices in the first half of 2018 resulted in Panoramic Resources deciding to re-start operations. Over the course of the project’s mine life, production is expected to average 10,800tpy of nickel, as well as 6,100tpy copper and 800tpy cobalt metal. The company has a concentrate offtake agreement with Sino Nickel (owned 60% by Jinchuan and 40% by Sino Mining International, an investment and trading company controlled by China Minmetals). The rise in nickel price in the first half of 2018 has encouraged miners to assess the viability of re-starting mothballed nickel operations, especially given the expected jump in demand for nickel by the automotive battery sector.


According to Simon Moores
QUOTE
Simon MooresVerified account@sdmoores
Jan 17
More Simon Moores Retweeted John Foulkes
The auto sector is more concerned about nickel than before. Lithium, cobalt are well understood. Nickel has not undergone its exploration boom like the others therefore majors haven’t been shocked into action - expansions of battery grade sulphate, search for new deposits etc #EV

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--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
bg99
post Posted: Oct 12 2018, 09:57 AM
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In Reply To: blacksheep's post @ Oct 11 2018, 09:55 PM

Shame PAN didnt own the gold rights (Goldfields) and are about to sell Lanfranchi to Black Moumtain Metals.
Goldfields are definetely closest by, I hold some MCR and didnt know about IGO
Have searched this quite a bit and couldn't come up with any others

 
blacksheep
post Posted: Oct 11 2018, 09:55 PM
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Might be worth looking at other operators in the vicinity? Some mentioned below

RNC Minerals recovers giant gold slab from its mine in Australia
Cecilia Jamasmie | a day ago |
Mincor and Gold Fields aren’t
QUOTE
Canada’s RNC Minerals (TSX: RNX), the company that last month unearthed more than 9,000 ounces of high-grade gold from a single blast at its Australian Beta Hunt mine, has recovered the first specimen.

http://www.mining.com/rnc-minerals-recover...mine-australia/


Other companies in the area
QUOTE
Mincor and Gold Fields aren’t the only companies with assets in the region, with Independence Group’s (ASX: IGO) Long operation placed on care and maintenance during the June quarter after final ore reserves were mined.

Long has been mined since the 1970s, with Western Mining Corporation operating the asset until 1999. Independence Group secured the mine in 2002 and extracted around 137,000t of nickel during its 16 years of ownership.

Although on care and maintenance, Independence Group has committed funding to exploration in the area, which could breathe new life into the asset.

Meanwhile, Panoramic Resources (ASX: PAN) owns the nearby Lanfranchi nickel mine that has been on care and maintenance since 2015.

Panoramic managing director Peter Harold told Small Caps RNC’s gold haul was a “fantastic discovery”.

“I hope RNC finds a lot more and it sparks renewed gold exploration activity around Kambalda – it would be good for the town.”

Similar to Mr Muccilli, Mr Harold said it was not uncommon to find gold in Kambalda. He added that gold has been identified at Lanfranchi in the past, but the rights belonged to Gold Fields.

“It will certainly lead to more interest in Kambalda,” Mr Harold noted.

Traditionally, the region has been primarily exploited for nickel. It remains to be seen if other nickel plays will begin actively exploring for that “spectacular” “once in a lifetime” bonanza gold find that could see them pulling out $16 million-worth of gold out of the ground in just four days like RNC at Beta Hunt.

https://smallcaps.com.au/rnc-minerals-spect...light-kambalda/



--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
 


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