It’s not divided into the two shipments, it’s divided into the...

It’s not divided into the two shipments, it’s divided into the concentrate produced.

I don’t need to wonder who it is that lacks an understanding of the operation. Try reconciling the projected production profile with the actual progress of the ramp up.

I”ll accept that ore grade is still low, and I”ll accept that they are probably British out more waste than they will be, but there is nothing to indicate to me that underground activity is anywhere near the level it needs to be at.

Furthermore, that even with the limited ore supply they haven’t got the concentrator humming satisfactorily doesn’t bode well with me.

This is suppose to be a 9000 tpa operation, but this far into the rampup we are only at about 40%. This is a dangerous area to lurk in for a relatively high cost producer.

Sure, at 9000 tpa and current nickel prices the competition could make a killing, but within getting production up drastically and building some cash reserves, PAN is just one pothole away from being roadkill imho.

EL