FY2015 Full-Year Results

Key Points

• Production – 19,301t Ni in concentrate/ore produced, down 13% on FY2014

• Net revenue - $199.7 million, down 16% on FY2014 reflecting lower nickel sales and the weaker nickel price

• Net cashflow from operating activities - $43.5 million before tax, down 19% on FY2014

• Underlying Nickel Division EBITDA - $32.7 million, down 55% on FY2014

• FY2015 net loss reported of $28.8 million

• Dividend - interim 1 cent per share fully franked paid in April 2015, no final dividend declared

• Liquid assets - $65.3 million, down 32% on FY2014

Commenting on the results, Panoramic’s Managing Director, Peter Harold said: “FY2015 was a tough year that was certainly not anticipated. The rapid drop in the nickel price since November 2014, despite general consensus that the price would trade higher as Indonesian stockpiles of laterite ore in China were drawdown, impacted heavily on sales revenue. In addition, seismic activity at Lanfranchi in April affected production in the June 2015 quarter and further reduced revenue, which had a significant impact on the full year results. On the positive side, Savannah achieved record nickel production and released the maiden Resource for Savannah North. Both are outstanding achievements and a great credit to the operations and geological teams. The ramp up in exploration activities in FY2015 led to a significant increase in reported resources at Savannah, increased the potential strike extent of the Savannah North system to approximately 2 kms and the discovery of the high-grade Lower Schmitz mineralisation at Lanfranchi. Our growing nickel resource base puts the Company in a good position to leverage off improved commodity prices”.

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