Ann: Prospectus, page-3

True. Total sp will be 2.050 + 1.500 = 3.55 Billion Shares.
Without Option, 2.050 + 1 = 3.05 Billion shares at 0.05 = Market Cap of A$152.5M
If Option is exercise at 0.075 , 3.55 B * 0.075 = Market Cap of A$266.25 Million.

That is still a very low Market Cap even at 3.55 Billion shares.
PAN reached a Market Cap in April 2022 at 2.05B * .36 = A$738 Million.

Now in the Future, Crossing fingers that Nickel Pr at over A$10.00 , PAN can
reach at least 500 Million Market Cap. That will put a sp of A$500M/3.55B = 14.1c. or Maybe 15c.
That would tripled your Money now. Cheers CCD