Ann: Change in substantial holding from ZER, page-15

The $8 Million Subordinate Loan from ZETA is valued at 16c option . Why ZETA did not
back out from that deal with the capital raising at 7c now is puzzling. It maybe that the
Deal is done and it cannot back out from it. 50 million shares to be issued to ZETA or
if HRN shares valued at A$3.4M sold to ZETA, around 28 Million shares will be issued.
It will be voted by share holders on 29 Jun. If that eventuates, PAN gets back 8 Million it
paid to ZETA. At 16 c, Market cap is just 328 M. When it restarts and becomes positive cash
flow , sp could rise above that. Resource , LOM updates this July. Any Jump in Recources
will push the sp higher. Today PAN Market Cap at 117.4 M , SOI 1.51 B.