You are misrepresenting what I said about $200 mm (what’s new?).
I am looking at what they are actually spending, as I don’t believe Victor as a responsible CEO would be spending anything he didn’t absolutely have to atm with his current cash balance, and that was A$48 mm in the Sept Q. Only A$9mm of that was tagged as growth, but that doesn’t mean it’s discretionary. So one an annual basis close to $200 mm per annum real money.
You hear the 75% I suggest as approx payability (I am probably being a little generous) but you don’t seem to process it. Poor ex!
Victor has forecast 6600 to 7100 tonnes nickel in conc. for the year. Not sure why you would consider 7000 as conservative given this. I am probably going to side with the CEO on this.
You mention the 10,700 tpa number from the DFS (worth reading, not just plucking from) but fail to note that is nickel in ore, ie before processing losses. With 85% recovery you will get approx 9000 tpa in concentrate (and about 6800 tonnes actually payable to PAN).
But right now we are not mining 10,700 pa and getting paid for 6800. Instead we did about 60% of that for the Sept Q. 60% simply doesn’t pay the $200 mm pa bills, and there is not big pot of startup cash. Good luck with the nickel price is the only thing that has avoided needing a big CR in recent months. You see a skilled CEO, I see a CEO still on trial, who has been saved by luck.
All stuff you presumably know as an analyst, futurologist and 5 year BA degreed, but despite which you choose to peddle your ramping nonsense.
EL
PAN Price at posting:
16.5¢ Sentiment: Hold Disclosure: Held
(20min delay)