not a great result, but in my opinion not unexpected as the...

not a great result, but in my opinion not unexpected as the shareprice was below the issue price for pretty much the whole period.

Interestingly, in PAN's initial CR announcement, they said that 18 MM is required for Nickel exploration. Now they have roughly 16 MM only ... Wonder what the way forward is going to be. Reduce the scope of Nickel exploration? Revise nickel exploration cost downwards? Use operating cash flow or divert money from Gold/PGM? Or do they find ways to issue the shortfall? Hopefully the quarterly gives some indication where this is going.

I would think that at current NI and AUD/USD prices, PAN can produce cashflow positive again (this is since Indonesian export ban). But suspect that the last Q operating cash-flow was negative.

On a sidenote, when I first started investing in PAN some 5 years ago, they had hugely successful hedging contracts in place. Looking now, it seems that there is some limited attempts here and there, but no real strategy behind ... or at least it is not obvious to me what that strategy would be ...