Ann: Strategic Review of the Savannah Nickel Project, page-8

I wouldn't point a finger at Victor. There was investor appetite at the time decision was made to restart this mine. The nickel price forecast at the time of FID were strong and critical minerals were the hot topic.

The large shareholders like Western areas and Zeta very well understood this asset only made sense at high price environment. WSA always referred to PAN as a "Nickel price leverage play" in their presentations.

Western areas also understood the technical challenges associated with this assets as they were brought in to assist with overcoming those challenges.

Construction, ramp ups hardly ever go to plan and because of Covid labor became really hard to get to Kimberley's which was the "beginning". Then the nickel prices took turn for the worse because of unprecedented supply from Indonesia that everyone underestimated (purposely due to vested interests)

Debt pressure pilled on and the balance sheet got squeezed by mounting debt service burden on top of ramp up issues and nickel price issues.

Its a perfect storm and this ship had too many holes - IT SANK - many holders saw this coming and sold out (Including myself) - Some refused to sell

Could victor have done better - yes

Is he to blame - may be 1%