The company’s total production came to 4314 tonnes of nickel in concentrate, 1093t of copper in concentrate and 88t of cobalt in concentrate.
The December 2009 figures were 4078t nickel, 1380t copper and 90t cobalt.
Ore mined totalled 269,847t at an average grade of 1.72% nickel, with 267,048t treated.
Payable operating cash costs were 2% up to $US5.18 per pound, with higher cash costs at Savannah being offset with lower costs at Lanfranchi.
January was a record month for Lanfranchi, with the quarter bringing production of 2691t nickel.
Panoramic said the mine should produce 10,400-10,500t of nickel this financial year.
Savannah production totalled 1623t, which was affected by lower than forecast grades and a planned mill shutdown.
The mine is forecast to produce 7400-7500t of nickel in the 2010 financial year.
Panoramic ended the quarter with a bank balance of $A101 million plus receivables of $38 million.
The company paid $20 million in dividends to shareholders in March.
Debt totals $2.6 million, which comprises finance leases on mobile equipment.
During the quarter, the company purchased 1200t of nickel put options at $US18,000/t for delivery between July and December, and 600t of nickel put options at $18,500/t for delivery between January and June next year.
Panoramic sold 900t of nickel call options at $24,000/t and 438t of nickel call options at $25,513/t to partially fund the purchases.
The company also purchased 600t of copper put options at $6000/t for delivery between April and September and 2.75 million litres of US-dollar diesel call options at an exercise price of 60c per litre for delivery between August 2011 and March 2012, to protect itself from rising oil prices.
Panoramic bought $15 million of put options at an exercise foreign exchange rate of 93c for delivery between July and December, which was partially funded by granting $15 million of call options at an exercise exchange rate of 83c.
The Perth-based company said it was reviewing a number of acquisition opportunities in Australia and overseas, mainly targeting nickel, copper and gold.
It is also looking to partner up with junior explorers to bring new discoveries into production.
Shares in Panoramic were last trading A3c down to $2.53.
