For the September quarter mining rates were up almost 30% at 151,049 tonnes, milling rates were up 22% to 154,196t, and its mill operators managed to increase nickel recoveries 5% to 79.9%.

 

Overall concentrate production was up 28% to 18,010t, delivering 32% more contained nickel at 1331t, 49% more copper at 817t, and 22% more cobalt at 87t.

 

Two shipments set sail from Wyndham before the end of September despite delays due to after tight international sea freight markets.

 

The first export of the December quarter is set to cast off within days.

 

Managing director Victor Rajasooriar said Panoramic was enjoying "positive momentum" as the east Kimberley mine continued resurrection, having achieved commercial production in April, about a year after the restart strategy was announced. 

 

Shipments resumed in December 2021.

 

Guidance for the 2022-23 financial year expects Savannah to produce 6600-7100t of nickel, 4100-4500t of copper, and 400-500t of cobalt.

 

C1 cash costs are expected at A$7.40-8.30 per pound of payable nickel.

 

Panoramic expects Savannah will reach nameplate of an average 15,000tpa of nickel equivalent a 1.8% over 12 years in FY24.

 

Savannah is increasingly relying on ore from the Savannah North orebody, however it has recently had success in drilling deeper at the original Savannah orebody, with consistently thicker intercepts than expected at depth.

 

The miner expects to increase resources, and open up a second mining front to supplement mining operations at Savannah North. 

 

Panoramic shares have traded at 17-38c over the past year, and closed yesterday at 18c, valuing it at $369 million.

 

The three-month nickel price was up 3.7% overnight to US$22,055/t.