Andrew Forrest’s Squadron Resources is focused on investing in junior exploration and development companies across all commodities including precious, base, bulk and energy minerals.
The purchase of 44,962,199 shares for $9,134,069 brings the holders total voting power in Panoramic to 5.89%.
New underground mining contract
Panoramic recently awarded the underground mining contract at its Savannah Nickel Mine to Barminco.
The newer mining fleet supplied by Barminco is expected to deliver enhanced equipment reliability, increase operational efficiencies and drive production volumes in the medium and longer-term.
Developing Savannah North
The Savannah Nickel Project has an initial 8.3 year mine life and total resource of 218,300 tonnes nickel, 99,100 tonnes copper and 14,900 tonnes cobalt.
The location of the first stope in Savannah North deposit contains around 5,000 tonnes of ore and mining of it is scheduled to commence in mid-March.
The progressive ramp-up of stoped ore volumes from Savannah North is then expected through calendar 2020.