Panoramic Resources Limited (ASX: PAN) ('Panoramic' or the 'Company') is pleased to provide an update on ongoing infill and extensional underground resource definition drilling at the Company's Savannah Nickel Project in Western Australia.

Following the completion in mid-February of a program of 28 holes that in-filled areas of the western and central zones of the Upper Mineralisation Lens at Savannah North, the focus has now shifted to the eastern zone. A program of 18 holes has now started in the eastern zone. The recent and upcoming drilling will support an updated Mineral Resource Estimate for Savannah in September 2022.

Commenting on the drilling update, Managing Director and CEO, Victor Rajasooriar said: 'We have only recently stepped out to drill the eastern zone of the Savannah North Orebody which aims to infill and test the eastern extension of the Resource. Pleasingly, in our first hole, we have intersected an unexpected splay which has the potential to add additional metal to our mining inventory. This unexpected splay shows how much is yet to be learned from these systems in the vicinity of the Savannah North mine and within the broader Savannah complex. Our geological team will now systematically investigate the significant potential to expand the Savannah North resource over the next 12 months'.

Savannah North eastern zone drilling' The geological morphology of the eastern zone is more complex than both the central and western zone where the Upper Mineralisation Lens is mostly developed as a single continuous lens along the southern wall of the Savannah North intrusion. To facilitate infill resource drilling of these two divergent mineralised zones, Panoramic developed a dedicated drill platform out to the north from the 1381 development level. The drill drive allows both the upper and lower mineralisation lenses to be targeted by providing much improved drill angles than was previously possible from the Savannah 1570 Drill Drive.

The first drill hole completed, KUD1875, was designed to test the northerly trending Upper Mineralisation Lens in this area. KUD1875 has been logged with assays pending. A modest mineralised intersection was achieved at the target depth of 64.9m, appearing to confirm the geological model. In addition, KUD1875 intersected an unanticipated 5.7m zone of semi-massive breccia sulphide mineralisation near the start of hole from 3.3m downhole. The significance of the two mineralised intercepts returned by KUD1875 remain to be fully understood and will require additional drilling. The mineralised intercept at 64.9m downhole appears to be situated at the base of the Savannah North intrusion and is possibly the beginnings of a second bifurcated splay similar to the Lower Mineralisation Lens.

Whilst the intersection beginning 3.3m downhole in KUD1875 also appears to be situated on or close to the basal contact of the Savannah North intrusion, the contact is further to the north than previously modelled. It therefore may be removed from the Upper Mineralisation Lens and could also be the beginnings of a new lens or third splay-like structure. Additional drilling is required to resolve these interpretations.'

About Panoramic

Panoramic Resources Limited (ASX: PAN) is a company headquartered in Perth, Western Australia, which owns the Savannah Nickel Project in the East Kimberley. Operations at Savannah were restarted in 2021 and the project was successfully recommissioned with first concentrate shipment achieved in December 2021. Savannah has a 12-year mine life with clear potential to further extend this through ongoing exploration. The asset provides excellent leverage to the nickel, copper and cobalt markets which are heavily linked to global decarbonisation and vehicle electrification.

Forward Looking Statements

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There can be no assurance that actual outcomes will not differ materially from these forward-looking statements. A number of important factors could cause actual results or performance to differ materially from the forward looking statements. The forward-looking statements are based on information available to the Company as at the date of this announcement. Except as required by law or regulation (including the ASX Listing Rules), the Company undertakes no obligation to supplement, revise or update forward-looking statements or to publish prospective financial information in the future, regardless of whether new information, future events or results or other factors affect the information contained in this announcement.

Contact:

Victor Rajasooriar

Tel: +61 8 6266 8600

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