The company has been running a trade sale process for some time, but said the March 2016 scoping study and recent exploration results, had led it to also consider an IPO.

Since the study, which outlined pre-production capital costs of $A62 million for a six-year, 60,000 ounce per annum operation, 14 new targets have been identified for follow-up exploration.

Panoramic said it would release further details of the proposed IPO in due course.

Meanwhile, the Savannah nickel mine produced a record 1263 tonnes of nickel in April, before being put on care and maintenance in May.

A further 70 workers were made redundant last week, with the balance of the workforce to go next month following clean-up of the site.

May production is estimated to be 711t.

With the assistance of Glencore Technologies, Integrated Global Partners and JK Tech, plant trials were conducted at Savannah during April to determine the benefits of using IsaMill and Jameson Cell technologies.

The work showed improved concentrate grades and higher recoveries for a 1.1-1.2 million tonne per annum throughput rate.

Results will be incorporated into the Savannah North feasibility study, on track for completion by the end of the year.

Exploration at Savannah North will also continue with the aim of upgrading the resource.

Recent drilling at the Lower Zone returned a best result of 23.06m at 2.09% nickel, 1.1% copper and 0.14% cobalt.

The company said while the Savannah mine could be restarted quickly, it wasn’t willing to provide guidance on the nickel price needed to do so until all work was completed.

Panoramic raised $10.7 million in April and had $28.5 million in cash and receivables as of Friday.

Shares in Panoramic were unchanged at 11.5c.