General discussion, page-82

The thing is even if we produced just 1500 T nickel which is the equivalent of
20 Kt Concentrate. At present PoN at US$32600/T our 20 Kt Concentrate at
1500 Nickel will generate 1500*32600/.72=A$68Million. PAN OPEX/CAPEX
per Quarter is from 28M to 34M, Say its 32M. PAN would still generate an income
of $68M-$32M= A$36M. If PoN just sits around this level for the next 3 Months.
PAN may generate this Revenue although short lived as of course this PoN is in
Backwardation which it will revert back to around US$24,000/T long term in my View.
Hope PAN go up Today.GLAH