Excerpts from Sept Quarter Report.The condition below...

Excerpts from Sept Quarter Report.

The condition below highlighted in blue was a worry , I know PAN needs at least $28 to $30M
for every start of a quarter. This condition by Trafigura was irrational, It knows PAN cannot operate
less than 28M to start a new Quarter. If you pay Trafigura 80% of cash above 20M then you end up
a mere 22M max even if you produce 2kt of Nickel with PoN now just barely $17,000/T.
Most likely a Trading suspension tomorrow until they figure out how to put the Company in C&M using
what cash is left after probable payment for the RCF.



During the quarter, the Company secured from Trafigura Pte Ltd a twelve month extension of the
RCF maturity date from 31 December 2023 to 31 December 2024. The extension was subject to a
number of conditions which include;
- The successful completion of a A$40.0 million equity raising by 15 September 2023.
- RCF interest margin to increase by 1.0% from 1 August 2023.
- Commencing 1 January 2024, 80% of any group cash balance greater than A$20.0 million
at the end of the month before each calendar quarter is to be applied to the RCF (cash
sweep).