We are conscious of having a low level of resources exposure in the portfolio after taking profits on Coronado Resources (CRN). Panoramic Resources has caught our eye given the significant volatility in the nickel market over recent weeks, with prices only just starting to settle, though at much higher levels than seen throughout 2021. Panoramic is a WA based nickel-copper-cobalt miner that’s just seen its third shipment made following the restart of their Savannah project. It’s heavily leveraged to the spot market with no hedge book in place & they’re continuing to expand their resource with drilling programs underway. The largest shareholder is Western Areas (WSA) with a ~20% stake, with their own takeover from Independence Group (IGO) now in doubt, they may look to grow their own Nickel footprint through acquisitions.
MM is bullish PAN, and may add to the Emerging Companies Portfolio
Add To Hit List
