Russian Nickel - possible impact?, page-13

So how do you explain MCR’s meteoric rise in share price and valuation? (Almost double ours and not producing btw).

Are they making money?

Plus how do you determine if PAN is making money when (1) the full financial period has not yet covered the ‘true’ operational period and (2) the company is still ramping up to full production to align with the proposed financial business case.

As per PAN’s company presentation, our all in cost is $6.36/lb Ni. Today’s PON represents almost double that which makes us very profitable if we meet full production/ output targets (which Victor has thus far demonstrated).

Suppression is now the more plausible view or simply a large seller today wanting to liquidate their position with respect to the Russia/Ukrainian risks.