Ann: Quarterly Activities Report, page-19

I got out after the 2nd Quarter of this FY2023(Jun Quarter). Its the
Nickel Grade that prompt me to get out. At 1.07%, To produce guidance of
10Kt/Year, It need to mine 250Kt/Quarter. Being deep underground, not an easy task
as been demonstrated by these quarter results. If the grade would have been at least
2%, PAN would have produced twice the Nickel Content at the same mined Ore and C1 cost
would be haved. Ramping up is problematic as you can see with MCR managing just
45 Kt of ore mined this quarter as well. PAN Needs to mine above 250Kt to achieve guidance and
hopefully Nickel grade go up to 1.3%. Also from memory, Trafigura offtake would soon commence.
There is no mention of that yet on this report. GLH