Panoramic Resources Limited (ASX:PAN) intends to pursue acquisitions. Peter Harold, Managing Director, said the company's cash balance of $61 million at the end of December 2014 and its negligible debt positioned it well to scour the market for acquisitions. "This is the time to buy, when the market is undervaluing a lot of companies," he said.

"In our view M&A activity will pick up because the guys that are generating cash flow are now in a very, very strong position." The company said it was investigating the possibility of spinning its gold assets off into a separate company and Peter Harold said it was these kinds of opportunities that were presented through acquisitive growth. "We have always been and continue to be active in looking to expand our portfolio and this is an example of the opportunities that lie here," he said.