Ann: Quarterly Activities Report, page-31

My view:
As previously stated PAN will receive an scheme offer from IGO.
That cannot proceed without Board: Expert & Court appro. etc.
Therefore corporate games.
Managements job now is to extract the highest possible price.
As an expert cannot give an opinion on fair value in a ramp-up stage,
It is likely that Year end + 2/3 Q reports needed.
Therefore:
Make the last Q. results look ordinary.
How:
Only bring to account cash received.
Ignore receivables.
Expense everything against cash received.
Which makes costs look excessive.
However:
In the coming Q account for cash received, with the expenses in the last Q.
AISC drops: profits well up: re-rating each Q.
With a fair wind and a strengthening PoN and barring any Black Swan events:
Each Q. should exceed the previous.
Leaving IGO with a problem:
It's going to have to pay overs to get control:
Something it is not in its DNA.

Also, I would look for a scrip transaction, not cash, as I would prefer the tax liability at a time of my choosing not IGO's.

This is a bit simplistic but written for some of the younger players here.
As previously stated I'm a big believer in the Ni sector with 700K PAN & moving towards 1m. Also 1.1m POS with a view to move to 2m.
That's enough skin and anxiety (hence Xanax) in the game at this end of the market

cheers

xanax