Ann: Quarterly Activities Report, page-7

Cpago,
I see it pretty much as you do.

A pretty steady quarter with the cash/cashflow situation now on OK, but still perhaps vulnerable to any mishap.

The guidance revision is timely and largely predictable imho, should be no surprises there. Seems original guidance was a little bit optimistic on physical progress and cost, and notably on Cobalt price/credits. Still even without the Co issue, and lagging physical progress, it would have been a surprise in the current environment not to have had cost guidance rise, we are getting it from most miners.

Big question coming up for me is what the breakeven nickel for PAN is going to be once ramp up is complete? Quite high by current looks.

Well, I feel vindicated in being cautious back in July, but thanks to the high nickel price the company does appear to have survived without another CR. Next Q should see a decent positive change to net debt.

EL