Panoramic Resources Limited, formerly Sally Malay Mining Limited, is engaged in the exploration, evaluation, development and production of mineral deposits. The Company has two underground mines, the Savannah Project (100% owned) in the Kimberley, and Lanfranchi Mine (75% owned and operator) 42 kilometers south of Kambalda. During the fiscal year ended June 30, 2008 (fiscal 2008), the Company produced 15,000 tons of nickel. The Lanfranchi nickel mine produced 286,116 tons of ore grading 2.55% nickel containing 7,304 tons of nickel. The nickel ore is sold to Nickel West under a long term ore tolling and concentrate purchase agreement and is treated at Nickel West’s Kambalda nickel concentrator located 42 kilometers north of the Lanfranchi mine. In fiscal 2008, the Savannah project produced 7,579 tons of nickel in concentrate together with 4,072 tons of copper and 409 tons of cobalt. On July 14, 2008, it purchased Liontown Resources Limited’s interest in the Cowan Nickel Project. 
