Patersons put BUY on PAN

Panoramic Resources (PAN 62c) – Patersons have released a note on the nickel miner. They have a Buy recommendation with a target price of 84c. PAN have pre-released production results for the Sep Q ahead of the Quarterly production result due at the end of October. Nickel production came in at 5,228 tonnes vs a forecast of 5,446 tonnes. Group guidance was maintained at 20,000-21,000 tonnes for the year. Overall the numbers were broadly in line with their expectations and within 5% of their estimate. Cash was $70m which was in line with their $72m estimate.