PAN – Macquarie rates the stock as Outperform

Panoramic’s updated reserve and resource statement suggests a slight reduction in grades offset by slight extensions to Savannah and Lanfranchi mine lives. The broker has trimmed near term earnings forecasts as a result but notes drilling at Savannah North has the potential to materially change the base case given a target of increasing the existing Savannah resource by one to two times.

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PAN – Macquarie rates the stock as Outperform

The failure to intersect significant massive sulphide mineralisation above the 500 fault at Savannah North was disappointing and suggests to Macquarie the discovery is unlikely to be a repeat of the existing mine. The broker does not include any Savannah North in the base case valuation but a two-year mine life extension would increase the target by 10c a share.

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PAN – UBS rates the stock as Neutral

December quarter production was ahead of the broker’s forecasts. UBS maintains a Neutral rating based on weak forecasts for earnings over the next two years. Management may have delivered on the cash savings initiatives but the broker thinks, with nickel prices still weak and mine life contracting to around four years, investors are likely to stay on the sidelines.

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