Ann: Gum Creek Project Exploration Update, page-5

Its not that PAN is/isnt a quality company, they are just trying to make a go of it like many others, their orebody is not world class, it sits where ever it does on the cost curve and thats what theyre limited by. The nickel price will dominate the outcome of their success far more than some good management strategy. Im sure they know how to mine if conditions are right but so do countless others and it does not give them the right to present information any differently.

Just look at all their savannah feasibility study presentations, always presenting the cash cost of the project up front, highly misleading and almost a meaningless number if not considered with the capital requirements. Latest preso has NPV assumptions with a nickel price 27%+ above current spot. This is not a robust project. And and anyone "investing" is purely speculating on the nickel price.
The latest preso with the sensitivities has a -20% nickel price dropping the NPV below $100m, so with current nickel price, holders are paying nearly twice NPV of the project for the company - paying handsomely for some future upside before theyve even started digging!

They seemed to have a good run at savannah and built up a sizeable bank balance in 2012, but then went on a questionable spending spree trying to take on the Canadian wilderness etc., whittling down their funds to the point of needing a capital raising.

They dont deserve any special treatment for the cash build up until 2012 and they are only as good as their last few transactions, which they are still licking their wounds from.

Have a look at wikipedia on gidgee - its been a hot potato project (and somehow HRN will be different and somehow create shareholder value!?). Consider this: PANs dream has always ostensibly been to be a diversified miner, so why did they divest gidgee? Gidgee is a well known dog in the industry and many companies have been skinned trying to make it work. Parting comment (and taking it back to basic psychology) - how many companies change the name of a project if they are pleased with purchasing?