Ann: Half Yearly Report and Accounts, page-51

Hi Spec,

I would see it as a delay assuming RUC are the contractor for the whole project … thou the initial timeframes are probably only indicative at best and I personally wouldn’t read too much into it at this stage … when I spoke with PC the vibe was the planning and progress was going well.

PNR have previously stated they would apply learnings from the Scotia ore body to the development plans of further pits … possibly with cost movements and equipment/ labour availability ( noting the nickel industry is mainly underground ) these factors may determine the final outcomes. With the pivot to Scotia U/G clearly shows PNR are actively reviewing their approach.

I do believe that Top 20 will be substantially changed if PNR performance improves … till then members of the Board holding in excess of 16% is a good safety net from a opportunistic takeover imo.

The question is how much further can PNR rise next week ?