Ann: Drilling Update Below Savannah 900 Fault, page-21

Yes, C&M without going into L or R would be optimistic, IF they can’t get production up consistently to generate enough cash to ride out the next “problem”. But yes they have been running the balance sheet very close to the line and would probably struggle to afford to put the operation into C&M.

So glad I took a quick haircut after I realised that the problems were deeper and that Victor was telling a distorted version of the truth.

I have not reinvested in nickel and have decided that I am very unlikely to. I no longer expect nickel to play such a large role in EVs in the medium term. The great bulk of the EV fleet is going to be without Ni or Co imho. Battery chemistry is only in it’s infancy imho, yet even LFP would suffice for most, esp as charging infrastructure improves.

Might never see sustained prices above current levels (adjusted for inflation), so if companies like PAN can’t thrive in current conditions how are they going to survive the full price cycle? And companies like POS have buckleys imho. LM8 might make it, but snouts too far into the trough for me with that one. Can’t see a path for ordinary SHs to get a decent return for risk there.

EL