Ann: Savannah Development and Exploration Update, page-18

PAN market Cap with respect to PoN with all the Infrastructure
completed should be around 280M to 300M , around the market Cap it was
when the SP was around 40C at 750M shares. With a cash at 31 M to finance
remaining Raisebore and C & M, Ready to Mine by July 2021 and the sp is
f,,$%$^& all pinned at the 7c mark. Why?? because PAN lost all credibility.
The Market lost interest in PAN when it sent out financial report to burn almost
32 million in the last quarter and out of the 90 million capital raising , only 31M
left. This even included the HRN sale (A$3.5M) and Thunder bay( C$2.25M.)
This last announcement of recommencing work,no mocking around to
restart paying themselves 100% from the promise of cutting Management and Director's
fees by 50% during the April suspension of work. That wasn't good to hear , it sounded to me
pan share holders was made a Cash Cow. Result, sp went negative.

It would really take good news from PAN to restore Market Confidence to push the sp where it
supposedly be sitting right now. With the PoN on the rise, why is the SP so depressing???
Answer, management blow lots and lots of money. Hopefully WSA intervenes and stop the
Cash Burn.
A news that says, Raisebore is on tract to finish early or on target with no complication
should restore market confidence , until then we will be around the 7c to 7.5c mark. DYOR