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Panoramic Resources’ chairman increases shareholding

The board’s chairman purchased $18,000 worth of stock in the recent rights issue that raised $28.2 million.

Panoramic Resources Ltd - Panoramic Resources’ chairman increases shareholding
The company aims to increase production at its flagship Savannah nickel-copper-cobalt operation

Panoramic Resources Ltd’s (ASX:PAN) chairman and mining engineer Brian Phillips has increased his holding in the company through the purchase of 64,316 shares.

The $18,008 purchase was made by Phillip after he elected to take-up his rights in the recent entitlement offer, which raised $28.2 million for the company.

Panoramic is aiming to increase production at its flagship Savannah nickel-copper-cobalt operations in WA’s Kimberley region.

Savannah is a recommissioned nickel project that is exporting ore to China out of the port of Wyndham, in WA’s northwest.

The company’s production forecast for the 2019-20 financial year is 9,500 to 10,000 tonnes of nickel, 5,800-6,000 tonnes of copper and 600-650 tonnes of cobalt.

Panoramic generated $39.6 million in sales for FY2019 after re-commencing mining operations at the Savannah Project.

Earlier this week Panoramic updated its JORC resources and reserves as at 30 June 2019.

Changes to the nickel, copper and cobalt resources and reserves between FY2018 and FY2019 are due to the resumption of mining at the Savannah Nickel Project and the sale of the Lanfranchi Nickel Project in December 2018.

Quick facts: Panoramic Resources Ltd

Price: 0.315 AUD

ASX:PAN
Market: ASX
Market Cap: $174.38 m
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