Calls from Sydney, page-24

You are correct, seems like I somehow misread the tally.

I can’t see why they would hurry to shed light on any skeletons. They will probably want to digest the situation themselves and likely develop a proposal for recapitalisation and a new strategy wrt BHP now and for beyond 2025. A messy divorce on the cards imho. I foresee quite a low second offer and/or low CR price.

And this is how it goes with a miner with seemingly quality resources, largely validated by very lucrative historical production.

Well I got out with a decent gain, but nothing like the LT rewards I was expecting, and probably nothing like good enough to justify the risks I took on.

I”ll have to start watching PAN even closer, need to see the risk/reward looking a bit better before I’d go beyond the toehold I have there. Not a lot of nickel alternatives.

EL