Panoramic Resources : Presentation - Morgans Investor Day

Morgans WA Investor Tour

PANORAMIC RESOURCES LIMITED

Victor Rajasooriar, Managing Director and CEO
useonly
16 June 2022
nal	ASX: PAN

IMPORTANT NOTICE AND DISCLAIMER

This Presentation contains summary information about the Company and its activities which is current as at the date of this Presentation. The information in this Presentation is of a general nature and does not purport to be complete nor does it contain all the information which a prospective investor may require in evaluating a possible investment in the Company or that would be required in a prospectus or product disclosure statement prepared in accordance with the requirements of the Corporations Act.

The historical information in this Presentation is, or is based upon, information that has been released to the Australian Securities Exchange (ASX). This Presentation should be read in conjunction with the Company's other periodic and continuous disclosure announcements lodged with the ASX, which are available at www.asx.com.au.

Forward-looking statements and forecasts

onlyother factors, many of which are beyond the control of the Company, and may involve significant elements of subjective judgement and assumptions as to future events which may or may not be correct. There can be no assurance that actual outcomes will not differ materially from these forward-looking statements. A number of important factors could cause actual results or performance to differ materially from the forward-looking statements. The forward-looking statements are based on information available to the Company as at the date of this Presentation.

This Presentation contains certain "forward-looking statements" and comments about future matters. Forward-looking statements can generally be identified by the use of forward-looking words such as, "expect", "anticipate", "likely", "intend", "should", "could", "may", "predict", "plan", "propose", "will", "believe", "forecast", "estimate", "target" "outlook", "guidance" and other similar expressions within the meaning of securities laws of applicable jurisdictions. Indications of, and guidance or outlook on, future earnings or financial position or performance are also forward-looking statements. You are cautioned not to place undue reliance on forward-looking statements. Any such statements, opinions and estimates in this Presentation speak only as of the date hereof and are based on assumptions

a d contingencies subject to change without notice, as are statements about market and industry trends, projections, guidance and estimates. Forward-looking statements are provided as a general guide o ly. The forward-looking statements contained in this Presentation are not indications, guarantees or predictions of future performance and involve known and unknown risks and uncertainties and

Except as required by law or regulation (including the ASX Listing Rules), the Company undertakes no obligation to supplement, revise or update forward-looking statements or to publish prospective financial information in the future, regardless of whether new information, future events or results or other factors affect the information contained in this Presentation.

useNot financial product advice: This presentation is not financial product, investment advice or a recommendation to acquire the Company securities and has been prepared without taking into account the

obj ctives, financial situation or needs of individuals. Before making an investment decision prospective investors should consider the appropriateness of the information having regard to their own objectives, financial situation and needs, and seek legal, taxation and financial advice appropriate to their jurisdiction and circumstances. The Company is not licensed to provide financial product advice in re pect of its securities or any other financial products. Cooling off rights do not apply to the acquisition of the Company securities. The Company assumes that the recipient is capable of making its own independent assessment, without reliance on this document, of the information and any potential investment and will conduct its own investigation.

Disclaimer: The Company and its related bodies corporate and each of their respective directors, agents, officers, employees and advisers expressly disclaim, to the maximum extent permitted by law, all liabilities (however caused, including negligence) in respect of, make no representations regarding, and take no responsibility for, any part of this presentation and make no representation or warranty as to the currency, accuracy, reliability or completeness of any information, statements, opinions, conclusions or representations contained in this presentation. In particular, this presentation does not constitute, and shall not be relied upon as, a promise, representation, warranty or guarantee as to the past, present or the future performance of the Company.

nal	ABN 47 095 792 288 23

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CORPORATE OVERVIEW

nal use only

Share price performance

$0.40

40,000,000

Capital structure

Current*

$0.35

35,000,000

Shares on Issue

2,051m

$0.30

30,000,000

Options on Issue

28.5m

$0.25

25,000,000

$0.20

20,000,000

Share Price

A$0.215

$0.15

15,000,000

Market Capitalisation

A$441m

$0.10

10,000,000

Cash (31 Mar 2022)

A$13.7m

$0.05

5,000,000

$0.00

0

Debt Drawn (31 Mar 2022)

US$30m

Jun 2020

Dec 2020

Jun 2021

Dec 2021

Jun 2022

Undrawn & Available Debt

US$15m

Facility (31 Mar 2022)

Experienced Board and Management Team

Enterprise Value

A$469m

*As at 15/06/22

Shareholder composition

NICHOLAS CERNOTTA

VICTOR RAJASOORIAR

GILLIAN SWABY

Non-ExecutiveChair

Managing Director & CEO

Non-ExecutiveDirector

IGO

20%

Zeta Resources

60%

15%

Ausbil

Other

5%

REBECCA HAYWARD

PETER SULLIVAN

GRANT DYKER

Non-Executive Director

Non-ExecutiveDirector

Chief Financial Officer

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1. All-incosts (AIC) are inclusive of all site and transport operating costs, capital costs, royalties, and net of by-productcredits, but exclusive of corporate, funding and exploration costs. 2. Calculated using Base Case pricing of (US$16,055/t Ni, US$8,750/t Cu, US$50,692/t Co) and AUD:USD rate of 0.76

3. For full details refer ASX release 6 April 2021

Trafigura Offtake agreement3  100% Savannah production

 Five-yearofftake from 2023 - 2028

 Commences at end of Jinchuan offtake  Attractive payabilities

PATHWAY TO RESTART - COMPLETE

• Detailed feasibility study completed in April 2021
• Contractor mining and processing strategy executed
• Meaningful improvement in nickel price outlook only Infrastructure well maintained and all permits in place
• US$45M debt financing secured with US$30M drawn
• Offtake agreement secured until February 2028

useTrafigura Finance facilities3

 S cured US$45m loan/revolving credit facilities

 No penalty for voluntary or early repayments  No mandatory hedging

 Interest only payments until September 2022 nal

KEY HIGHLIGHTS

Ni production	9,072t p.a.
Cu production	4,683t p.a.
Co production	676t p.a.
Life of Mine			12 years
All-in Cost1			A$6.36/lb Ni
Pre-tax cashflow2	A$610M
Pre-tax NPV	8	2	A$353M

LOM Metrics

Annual production: ~15,000tpa (NiEq)

Grade: 1.8% (NiEq)

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ATTRACTIVE FINANCIAL METRICS

Excellent leverage to the electrification thematic and commodity price upside

28	29	27
Ni	Cu	Co
nickel	copper	cobalt

onlyuseBase case

(April 2021)

Spot case

(June 2022) nal

					Price2		Price2				Price2
			Base case
				US$16,055/t	US$8,750/t			US$50,692/t
			(April 2021)
			Spot case		US$26,000/t	US$9,500/t	US$70,000/t
			(June 2022)
						A$M						Average
	Ore mined &											FX	Life of Mine
						Pre-tax				AIC5
	treated (kt) 1	Mine		Mine	Upfront			Pre-tax	(A$/lb)	(AUD:USD)	(years)
			3	4			mine
			Revenue		Costs	capital costs	cashflow		NPV8
	10,628	2,369	1,718	41		610		353		6.36	0.76	12
	10,628	3,886	2,067	41		1,820		1,187		6.87	0.72	12
	-		64%	20%	-		198%	236%		8%	-5%	-

Refer to the announcement "Updated Savannah Ore Reserve and Mine Plan" dated 31 July 2020. All material assumptions underpinning the production targets, and the forecast financial information derived from those production targets, which are referred to in the original announcement, continue to apply and have not materially changed.

1. Life of mine production of 10,628 kt @ 1.23% Ni, 0.54% Cu, and 0.08%% Co.
2. Pricing based on June 2022 metal prices (i.e. Ni US$26,000/t, Cu US$9,500/t, Co US$70,000/t) and AUD:USD 0.72 FX .

3.	Nickel + copper + cobalt	5
4. Total capital and operating costs, forecast using June 2022 costs
5.	Payable Ni, inclusive of all site and transport operating costs, capital costs, royalties, and net of by-product credits, but exclusive of corporate, funding and exploration costs