Ann: Quarterly Activities Report, page-2

• On 14 December 2023, Panoramic Resources Limited (ASXAN) (“Panoramic” or “the Company”) commenced formal insolvency proceedings with the appointment of Daniel Woodhouse, Hayden White and Kate Warwick from FTI Consulting as joint and several voluntary administrators (“Administrators”).

• § On 8 January 2024, the Administrators, having consulted with major creditors, key suppliers and other stakeholders, concluded to suspend production at the Savannah Nickel Project (“Savannah”), with the result that circa 140 of the site workforce were stood down and made redundant. Several positions within Panoramic’s Perth office have, consequently, also been made redundant.

• § Suspension of operations is now complete, with the asset left in a production ready state.

• § Depressed nickel prices over the quarter, and continuing post quarter end, were a primary contributor to the Board’s decision to appoint Voluntary Administrators, and subsequently the Administrators’ decision to suspend production.

• § AdualtrackstrategytosellorrecapitalisethePanoramicbusinessisunderway,andwilllook to realise the full value of the defined ore bodies, extensive infrastructure, and exploration potential of Savannah.

doesn't look pretty.