Ann: Quarterly Activities Report, page-5

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entropylord

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28/07/22

09:42

Post #: 62771581
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Originally posted by ACEMINER: ↑

A poor operating outcome last quarter papered over by very high $A nickel prices resulting in positive cash flow. The operating numbers were actually shite with them basically going backwards or at best sideways when they are supposed to be ramping up. April concentrator availability was close to 50% but in the end they didn't have the ore to process by quarter end. Victor needs to put in a very strong quarter operating performance to support his statements about how well the team is doing. I will judge him on how the mine ramps up, increase in head grade and metal recovery and consistent concentrator performance. If he doesn't put in a strong one to capture expected increase in $A nickel prices he will have lost a great opportunity. LME inventories are tanking so at some stage the market will realise there ain't enough nickel to satisfy demand on the back of a resurgent China and still powering US economy. This is when Victor needs to stand up and make sure we are firing on all cyclinders so we capture max $$$ to reduce debt and be well placed for either returning cash to shareholders or M+A opportunities. By the way the BoD has been silent from memory on what happens to the free cash. They need to start to articulate this to shareholders.

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Agree.

The forecast looked adequate, but the June QR really doesn’t inspire a lot of confidence. Need to ramp up mine output much more than 8% per Q, and can’t afford any more Aprils with the concentrator sending 33% of the nickel to tailings either.

The nickel price spike has given Pan a get out of jail card, but prices are no longer good enough to sustain such a slow ramp up.

The Sept Q is almost a third over and there has not been any noise about any massive improvement. If they can’t lift the game significantly in the Dec Q then I will not be too surprised if the tin is rattled.

EL

PAN Price at posting: 18.0¢ Sentiment: Hold Disclosure: Held
5 Upvote

0 Great analysis

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Ann: Quarterly Activities Report, page-5

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