Blame Game, page-4

Well Zeta owns 17% AF 5% IGO 18% all of which should be approached now.
Zeta took a large CR stake recently $10M at 5.0c
We can blame the CEO Victor or the prior CEO Harold or the NP, take a pick.
The reality is that the NP went from 7 to 16 to 45 to 11 to 7 again and this is the main problem.
When the NP was high they took too long to restart and then had issues so the costs escalated and only now starting to slash those costs as NP dropped, bad timing.

Harold recently stopped POS restart as NP dropped but Victor kept on going.
Yet Victor saved the company with his on time restart and cheap large CR at 5.0c

Look at the strong balance sheet -
Cash $43M mostly from that lowball 5c CR
related debt to offtaker $45M
Savannah mine asset
Savannah MILL 1.5mtpa (worth $150M on its own)
Savannah JORC 200KT & new discoveries
revenue still incoming, costs slashed yet cashflow is negative
yet the NP has gone down toward the cost level so marginal ebitda right now

Clearly IGO is the front runner to take this over and use the mill near its many other tenements there rather than building its own costing $400M and 4 years time in the outback.

My bet is IGO or AFAF will bid for PAN at 5.5c upgraded to 6.2 but cant see Zeta taking a loss as their VWAP is around 6.5c & AFAFs VWAP is around 10.0c.
If MCR is worth $760M to AF and WSA is worth $1,100M to IGO then PAN should be worth at least $400M but say $200M

Blaming anyone is a fools game, it would be prudent to approach IGO & AFAF for a bid now.
PAN is sitting on a plate for them now.