PAN as a high-cost producer could be in a tough spot if the PON drops during the critical ramp-up phase, but I don't think it's anything a CR can't fix. Looking at things objectively, things are quite exciting because we are only a relatively short time away nameplate capacity and if the PON holds, will be generating a healthy profit. In terms of SP that means a doubling or tripling of current levels at least. Don't let a low SP make you hyperfocus on the risks.
If the economy takes a downward turn, well, I am still fundamentally bullish on nickel and I think the demand for EVs is going to be strong even in a bad macro environment. In the event that the PoN dips, I think it is unlikely to go under PAN's coat of production, and sometime during Savannah's 10 year life I think we are going to see some very favourable nickel prices.
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