Zacnic,
$32mm is not much when you are spending circa $20 mm per month, when your income comes in lumps every month or so, when you have forward commitments and accounts payable. Then of course when you aren’t producing and/or the nickel price is low that $32 mm won’t be $32 mm now.
Who’s going to supply to a company that capable of running out of cash before your invoice is paid?
PAN has real problems atm, and I am not sure many will be prepared to offer support that isn’t at quite a hefty discount while current management is in place. Someone supplying new capital now should imho be wanting to be sure that the company will be minting money in 6 or 12 months time.
Buying, or even holding now, is for people far braver than me. Yes, huge upside if everything goes well, but plenty of risk, and a lot more indication recently that the operation has a number of facility issues that management doesn’t have plans to deal with. Today a filter press, tomorrow a humble pump? Probably should have done simple things like an availability study.
At best an accident prone operation with clumsy somewhat inept management who have left themselves hugely prone to luck. I really should have known better, and not bought and sold at a loss when I did.
EL
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