Panoramic Resources : Notice of initial substantial holder from IGO

603 15 July 2001

Form 603

Corporations Act 2001

Section 671B

Notice of initial substantial holder

onlyToCompany Name/Scheme

ACN/ARSN

1. Details of substantial holder (1) Name

ACN/ARSN (if applicable)

Panoramic Resources Ltd (Company)

ACN 095 792 288

IGO Limited (IGO) and each of the entities listed in Annexure A (IGO Group Entities)

ACN 092 786 304

The holder became a substantial holder on	08/06/2022
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2. Details of voting power

The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a relevant interest (3) in on the date the substantial holder became a substantial holder are as follows:

	Class of securities (4)	Number of securities	Person's votes (5)	Voting power (6)
				21.02% (based on 2,050,914,004 ordinary
	Ordinary shares	431,045,545	431,045,545	shares on issue)
3. Details of relevant interests
personal

The nature of the relevant interest the substantial holder or an associate had in the following voting securities on the date the substantial holder became a substantial holder are as follows:

Holder of relevant interest	Nature of relevant interest (7)	Class and number of securities
	Pursuant to the scheme of arrangement between Western Areas
	Limited and its shareholders, which became effective on 8 June 2022
	(a copy of which is attached as Annexure B), IGO Nickel will be taken
IGO Nickel Holdings Pty Ltd (IGO Nickel)	under section 608(3) of the Corporations Act 2001 (Cth)
(Corporations Act), to acquire a downstream relevant interest in the	408,131,660 ordinary shares
	shares in the Company held by Western Areas Limited. Under section
	608(8) of the Corporations Act, IGO is taken to have a relevant
	interest in the shares in the Company held by Western Areas Limited
	in anticipation of the scheme of arrangement being implemented.
IGO	Relevant interest under section 608(1) of the Corporations Act.	22,913,885 ordinary shares

4. Details of present registered holders

The persons registered as holders of the securities referred to in paragraph 3 above are as follows:

For	Registered holder of	Person entitled to be	Class and number
	Holder of relevant
	interest	securities	registered as holder (8)	of securities
	IGO Nickel	Western Areas Limited	Western Areas Limited	408,131,660 ordinary shares
	IGO	IGO	IGO	22,913,885 ordinary shares

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5. Consideration

The consideration paid for each relevant interest referred to in paragraph 3 above, and acquired in the four months prior to the day that the substantial holder

became a substantial holder is as follows:

			Holder of relevant		Date of acquisition	Consideration (9)	Class and number
			interest		of securities
								N/A - No consideration paid to
		IGO Nickel		08/06/2022	holders of shares in the Company.	408,131,660
								Refer to scheme of arrangement.
		IGO			See directly above	See directly above	See directly above
6.	Associates
	The reasons the persons named in paragraph 3 above are associates of the substantial holder are as follows:
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		Name and ACN/ARSN (if applicable)			Nature of association
		The ntities listed in Annexure A			Each entity listed in Annexure A is an associate of IGO by virtue of section 12(2)(a) of the
				Corporations Act as the entities are related bodies corporate of IGO.
7.	Addresses
	The addresses of persons named in this form are as follows:
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			Name			Address
		IGO and each IGO Group Entity			Suite 4, Level 5, 85 South Shore Esplanade, South Perth, Western Australia, 6151
	Signature
				print name	Joanne McDonald		capacity	Company Secretary
				sign here					date	16/06/2022
							DIRECTIONS
(1)		If there are a number of substantial holders with similar or related relevant interests (eg. a corporation and its related corporations, or the manager and
personal	trustee of an equity trust), the names could be included in an annexure to the form. If the relevant interests of a group of persons are essentially similar,
they may be referred to throughout the form as a specifically named group if the membership of each group, with the names and addresses of members
				is clearly set out in paragraph 7 of the form.
(2)		See the definition of "associate" in section 9 of the Corporations Act 2001.
(3)		See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Act 2001.
(4)		The voting shares of a company constitute one class unless divided into separate classes.
For

(5) The total number of votes attached to all the voting shares in the company or voting interests in the scheme (if any) that the person or an associate has a relevant interest in.

(6) The person's votes divided by the total votes in the body corporate or scheme multiplied by 100.

(7) Include details of:

(any relevant agreement or other circumstances by which the relevant interest was acquired. If subsection 671B(4) applies, a copy of any document

asetting out the terms of any relevant agreement, and a statement by the person giving full and accurate details of any contract, scheme or arrangement, )must accompany this form, together with a written statement certifying this contract, scheme or arrangement; and

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(any qualification of the power of a person to exercise, control the exercise of, or influence the exercise of, the voting powers or disposal of the securities bto which the relevant interest relates (indicating clearly the particular securities to which the qualification applies).

)

See the definition of "relevant agreement" in section 9 of the Corporations Act 2001.

1. If the substantial holder is unable to determine the identity of the person (eg. if the relevant interest arises because of an option) write "unknown.'"

(9) onlyuse personalFor

Details of the consideration must include any and all benefits, moneys and other, that any person from whom a relevant interest was acquired has, or may, become entitled to receive in relation to that acquisition. Details must be included even if the benefit is conditional on the happening or not of a contingency. Details must be included of any benefit paid on behalf of the substantial holder or its associate in relation to the acquisitions, even if they are not paid directly to the person from whom the relevant interest was acquired.

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Annexure A

This is annexure 'A' of 1 page referred to in the Form 603 (Notice of Initial Substantial Holder) signed by me and dated 16 June 2022

_________________
Joa ne McDonald
Company Secretary
IGO Limited (ACN 092 786 304)
onlyDetails of IGO Group Entities
	Entity	ACN
	IGO Newsearch Pty Ltd	ACN 142 192 701
	IGO Stockman Parent Pty Ltd	ACN 124 695 549
	IGO Stockman Project Pty Ltd	ACN 124 695 567
	IGO Windward Pty Ltd	ACN 158 432 270
	Flinders Prospecting Pty Ltd	ACN 146 899 863
	IGO Nickel Holdings Pty Ltd	ACN 167 644 519
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	IGO Nova Holdings Pty Ltd	ACN 009 150 083
	IGO Nova Pty Ltd	ACN 146 091 527
	IGO Lithium Holdings Pty Ltd	ACN 633 371 249
personalFor
	IGO Copper Holdings Pty Ltd	ACN 657 572 793
	IGO Cobar Pty Ltd	ACN 657 573 398
	IGO Canada Holdings B.C. Ltd.	British Columbia registered entity:
		BC1366177

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Annexure B

This is annexure 'B' of 16 pages referred to in the Form 603 (Notice of Initial Substantial Holder) signed by me and dated 16 June 2022

only_________________

Joa ne McDonald Company Secretary

IGO Limited (ACN 092 786 304)

For usepersonal

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