Nov 14 (Reuters) - Panoramic Resources Ltd PAN.AX :
* SAVANNAH PROJECT, INCLUDING SAVANNAH NORTH OREBODY, IS A QUALITY, STRATEGIC ASSET
* FY2020 PRODUCTION GUIDANCE PREVIOUSLY ANNOUNCED ON 3 SEPTEMBER 2019 WILL NOT BE MET
* BELIEVES THERE IS NEED TO RAISE ADDITIONAL FUNDS TO MAINTAIN AN APPROPRIATE WORKING CAPITAL POSITION
* SHAREHOLDERS CONTINUE TO BE ADVISED TO TAKE NO ACTION IN RELATION TO IGO OFFER
* MINING OF DEVELOPMENT ORE AT SAVANNAH SCHEDULED TO BEGIN LATER THIS MONTH, STOPING ORE TO BE PRODUCED FROM MARCH 2020 QUARTER
* ASSESSING A RANGE OF FUNDING OPTIONS, HAVING REGARD TO TERMS OF ITS EXISTING SAVANNAH FACILITY AGREEMENT WITH MACQUARIE BANK
* ANTICIPATES MOST EQUITABLE APPROACH TO MEETING FUNDING REQUIREMENT IS LIKELY TO INVOLVE AN ENTITLEMENT OFFER OF ORDINARY SHARES
* SHAREHOLDERS CONTINUE TO BE ADVISED TO TAKE NO ACTION IN RELATION TO IGO OFFER
* NICKEL MARKET HAS POSITIVE OUTLOOK IN BOTH SHORT-TERM AND IN MEDIUM-TERM
* NICKEL MARKET HAS POSITIVE OUTLOOK DUE TO TIGHTENING NICKEL SUPPLIES IN SHORT-TERM & EXPECTED DEMAND GROWTH FOR BATTERY METALS
* ANTICIPATES EQUITABLE APPROACH TO MEETING SHORT-TERM FUNDING REQUIREMENT LIKELY TO INVOLVE ENTITLEMENT OFFER OF ORDINARY SHARES