Are we being shorted?, page-20

Exactly.

Some of these members talking about a low ball offer and manipulation (blah blah) but have forgotten the most important point…. The 79% of the remaining shareholders have to ultimately accept the offer.

Makes absolutely no sense to push the share price down to the point it gets rejected. Common sense would tell you that it has to be seen as reasonable based on financial performance, reserves, spot, etc, etc.

What we do know is that in 2019, IGO tried a low ball offer ($312m AUD) and this was rejected as opportunistic at a time when Nickel prices were $14k per tonne, Panoramic placed in care and maintenance and having financial hurdles.

Current market capitalisation of Panoramic is ($348m AUD) or only ($36m AUD) more than IGO’s 2019 offer and yet nickel prices are at $22k+, in commercial production ramping up to nameplate, has a strong balance sheet with credit facility, proposed great NPV numbers and superior board/ management to see us through to strong profits.

We are the only nickel miner lagging other nickel miners (CHN, NIC, IGO, POS, MCR) which have all recovered well from their lows and appear to have bottomed out with reversal pattens.

Pan is certainly due to play catch-up and should be trading above $0.21 on equivalent basis.

Do not be surprised to see trading higher unless you’re taking advice from HotDogs. (Or HotPants, whatever you want to call that thing).