I had a good conversation with Victor today regarding the...

I had a good conversation with Victor today regarding the announcement.

In summary:-

Today’s results show slightly higher Nickel grades which should increase the proposed output numbers across the the mine life. (I have been advised that the July report should factor the update to the numbers/ reserves).

So what does this mean? The operation can be ramped up (above what has already been proposed) to account for the higher grades. The valuation has just gotten better in my view.

I also asked Victor his view for additional resource discovery (to ultimately extend the mine life or ramp up even further) and Victor sounded confident with further exploration underway in areas of interest.

Victor was kind enough to share with me the most recent broker report dated 28 January 2022 from Euroz Hartleys (Price target: $0.35 or about 38% above today’s trading price) - See attached below.

PAN_28Jan22.pdf