Your investment in Panoramic, a single asset company with debt attempting to restart a remote underground mine and processing plant, carries significant risk. These risks would be materially removed or mitigated through a combination with IGO, which is a larger, more diversified multi-asset company as summarised in the table on the following page.

By ACCEPTING IGO’s Offer, you would materially de-risk your investment in Panoramic through both receipt of up-front value for Your Shares and through being part of the combined group; a stronger, larger, more diversified and more liquid vehicle.

Due to the risk factors currently faced by Panoramic, it is possible that, without IGO’s Offer, the Panoramic share price may fall below the pre-Offer Panoramic Share price and the implied Offer value in future.

4. Based on a historically low coefficient of determination (also referred to as “R Squared") between the nickel and gold price resulting in a “natural hedge“ in relation to exposure to commodity price volatility (analysed over a 20-year historical period).

5. Mid-point of FY20 production guidance per PAN ASX announcement 3 September 2019 (“Savannah Operations Update & Further Amendments to Project Loan Facility”) and IGO 2019 Annual Report converted to nickel equivalent tonnes (NiEq) using the following spot prices as at 1 November 2019: US$16,835/t Ni (IRESS), US$5,825/t Cu (IRESS), US$35,500/t Co (FactSet) and US$1,510/oz Au (IRESS). Figure for merged group is on a pro forma basis, prepared on the assumption that Panoramic becomes a wholly-owned subsidiary of IGO.On 14 November 2019, after the date of lodgement of the original Bidder’s Statement with ASIC, Panoramic announced that its FY20 production guidance (as announced to the market on 3 September 2019) would not be met and that revised production guidance would be released to the market upon completion of an operational review which Panoramic said it anticipates will be complete within 3 weeks of the 14 November 2019 announcement (ie by 5 December 2019).

6. PAN ASX announcement 30 September 2019 (“Change in substantial holding from ZER”).

7. Average daily trading value of Panoramic Shares over the last 12 months ending 1 November 2019.

8. Average daily trading value of IGO Shares over the last 12 months ending 1 November 2019.