PAN needs to keep producing even at a loss or do a deal with...

PAN needs to keep producing even at a loss or do a deal with Trafigura its lender.
Trafigura wants the conc & debt payments.
If PAN stops production Trafigura could claim loan default and step in as secured creditor shafting the shareholders.

So Zeta AF IGO will likely move in to bid the lot around 6c or pay off the debt by taking 2B shares at 2c or Trafigura converts to shares by another large CR.

More mass dilution or a cheap bid or a loan default with no returns, whats worse?
A bid is the best return here.
IGO is the frontrunner imho as they bid for PAN before and have many tenements around current mine that can be used for ore feed and they can handle loss production and turn it around.
It would secure a mill in a 3rd location for them and their position & Creasys as the Nickel King.

IGO takeover bid or 51% stake is my call.