Panoramic Resources has witnessed substantial improvements in its production statistics for the third quarter of 2023, marking the most robust performance since the recommencement of operations in 2021. The surge follows the successful repair of the filter press at the Savannah Nickel Operations.
Operational Highlights
Mining and processing activities have notably escalated, reflecting in the enhanced extraction and milling of ore. Specifically, ore mined saw a 5% increase, settling at 185,213 tons, while ore milled rose by 25%, amounting to 184,009 tons. This operational advancement culminated in a significant 56% jump in concentrate production, which equated to 23,411 dry metric tons (dmt).
In terms of contained metal production, the figures are particularly striking:
- Nickel: 56% increase, reaching 1,684 tons.
- Copper: 42% growth, with a total of 932 tons.
- Cobalt: Sharp rise of 76%, amounting to 135 tons.
Transitioning Models and Shipment Updates
Beyond production, the quarter also marked a shift in operational strategy, with Panoramic Resources agreeing with Primero to move towards an owner-operator processing and maintenance model. Further illustrating the quarter’s success, the company finalized two shipments of nickel-copper-cobalt concentrate. These shipments represented a 28% increase, totaling 19,344 dmt, and contained increased amounts of nickel (1,388 tons), copper (770 tons), and cobalt (110 tons).
Financial Metrics: A Mixed Landscape
Financially, the quarter saw improved performance regarding unit costs, including C1, AISC, and AIC, thanks to the resumption of standard operations from early July. However, these gains are tempered by falling by-product commodity prices, although some of the financial pressures have been alleviated by favorable foreign exchange movements.
The comprehensive uptick across various sectors within the company’s operations signals a positive trajectory for Panoramic Resources, amidst fluctuating market conditions.
