Ann: Change in substantial holding from ZER, page-31

Thanks for the heads up Mariemac,

I do think we will fill gap at .33 - .34 and then be ready to continue upward trend.

Should see Q1 report released soon.

With the recent shipments above expected sale prices we should see healthy returns for Q1.

A better than expected quarterly can often be a positive catalyst for big money to enter.

In my opinion there has been two major questions that the market have been waiting for an answer before moving in on PAN.

Question 1: Can they consistently meet delivery schedules for concentrate?

Answer: Yes, three successful shipments and ahead of schedule with scope for fourth, fifth and sixth in Q2 averaging A$90m return for Quarter.

Question 2: Is Nickel spot price in an unsustainable, inflated market?

Answer: No, Nickel price has found it's balance, it's now trading. Supply outlook indicates that spot price will continue to grow over the next 3-5 years until additional Class 1 Nickel mines are able to come online and into production.

Pan is well positioned to see a continued uptrend and ride the Nickel wave.