Panoramic Resources (ASX:PAN) - Voluntary Administration

Panoramic Resources (ASX:PAN), which operates the Savannah nickel mine in Western Australia, and three of its subsidiaries entered voluntary administration on 14 December 2023. Daniel Woodhouse, Hayden White and Kate Warwick of FTI were appointed joint administrators. About a month ago, the company engaged Treadstone Partners to conduct a strategic review of the Savannah project. However, the company was unable to secure a deal that would provide sufficient financial certainty in the time available. The joint administrators intend to pursue an accelerated dual-track sale/recapitalisation process while the mine continues to operate, at least in the short-term. The first meeting of creditors will be held by 28 December 2023.