Panoramic Resources Limited provided an update on ongoing underground Resource definition drilling at the Company's Savannah Nickel Project in Western Australia. This announcement details recent diamond drill hole assay results for drilling below the 1321 level at Savannah North. The sub 1321 drill program has been designed to underpin the next phase of production development of the Savannah North orebody down to the 1151 level by infilling the Mineral Resource and increasing mining confidence in this area of the orebody.

Details: Following completion of drill testing above the 900 Fault at Savannah in September 2022 drill testing returned to Savannah North to focus on grade control and resource definition drilling below the 1321 level. To facilitate this sub 1321 level drill program, a dedicated drill platform located to the north of the 1321 level was developed to provide the optimum drill angles to test the underlying mineralisation. Drilling to test below the 1321 level has been intermittent as the drill rig undertaking the program has been required to also complete grade control drill programs on higher levels.

Drilling completed below the 1321 level to date has been very positive, returning thicknesses and grades consistently in line or ahead of expectations based on previous modelling for this area of the Savannah North deposit. Better drill intercepts returned by the program to date include: KUD2058: 35.40m @ 1.59% Ni; 0.69% Cu; 0.13% Co; KUD1982: 29.80m @ 2.19% Ni; 0.93% Cu; 0.17% Co; KUD2043: 29.25m @ 1.83% Ni; 0.82% Cu; 0.14% Co; KUD2057: 27.00m @ 1.86% Ni; 0.88% Cu; 0.15% Co; KUD2039: 26.70m @ 1.77% Ni; 0.65% Cu; 0.14% Co; KUD1981: 23.80m @ 2.03% Ni; 0.82% Cu; 0.16% Co; KUD2059: 23.25m @ 1.80% Ni; 0.80% Cu; 0.14% Co; KUD1980: 18.35m @ 1.56% Ni; 0.61% Cu; 0.13% Co; KUD2049: 16.80m @ 2.30% Ni; 0.50% Cu; 0.18% Co; The KUD2057 and KUD2058 intercepts reflect the consistent thickened nature of the Savannah North mineralisation at the point where it bifurcates into the Upper and Lower lenses. Upon completion, the Company expects the drill results from the 1321 program to have a positive impact on the readily accessible Mineral Resource in this area of the mine and support the continued mining development of the Savannah North orebody.

Drilling is ongoing and further updates will be provided in due course.