Ann: Quarterly Activities Report, page-24

TB,

I do hold some PAN, unlike you. Your money is not where your mouth is.

We all know PAN has to be way better than the company you lost your shirt on, for that very (emotional) reason. I suspect that company will be CF +ve in the same quarter as PAN, and many quarters before your nickel gem gets a FID on anything.

Marie,

Many ways to value a company. With a mining company it’s always the risks that deflate your valuations. We’ve seen a few play out in PAN. Having invested in nickel miners for nearly 20 years I prefer to focus on the risks and the comparatives than on hypothetical valuations per se. With the UG nickel miners in WA in particular it’s a lot about anticipating exploration success.

I assume you don’t seriously mean that your valuation directly tracks the changes in the spot price? Count on high nickel prices at your peril. I”ll take them as a bonus only.

EL