Under the share sale and purchase agreement with Greater Northern Palladium, which was struck in October this year, an upfront deposit of A$200 000 was paid, with Panoramic saying on Friday that the balance of the payment had now been received.

“The additional funds received improve the already strong cash position for the company. The current works under way at Savannah account for a small portion of the Panton sale proceeds, which leaves the business well capitalized for the future,” said MD Victor Rajasooriar.

“Ongoing discussions with financiers to secure additional funding needed for a potential restart of Savannah continue to be positive and provide confidence about our future funding flexibility.”

Panton, in the East Kimberley region, is estimated to host a resource of 14.32-million tonnes, at 2.19 g/t platinum, 2.39 g/t palladium and 0.31 g/t gold on granted mining leases.