In my opinion, we are still far from Fair Value at a market Cap...

In my opinion, we are still far from Fair Value at a market Cap of A$594M. Nickel price and Copper price will
drive the Pre Tax NPV Higher.
From above chart, Pre-Tax NPV is 644M at PoN = US$19,533/t, Cu - US$9,664/t. A$-US$ 0.75
Current PoN is US$20,830, Cu US$9650/t and A4-US$ 0.72 LME Nickel Inventory 31 Dec just 101,886 t
PAN's Target eventually is to ship around 30 Kt of Concentrate per Quarter or 3 shipments of at least 10 Kt.
At current shipment, 1KT of concentrate is priced A$2m. A 30 Kt/quarter is around A$60 Million.
In 2018-2019, PAN's Capex/Opex averaged 34 Million/quarter that includes the Twin Decline and Raisebore
Development. Now that Capex in the Decline and Raisebore is finished. My rough estimate for
CAPEX OPEX / quarter is at around 30 Million . Eventually they will meet the planned production of 2.5 kt Nickel /quarter
which is about 33 KT of Concentrate/ Quarter. An income of at least 60-30 = 30 Million/quarter. 120m/year.
As PoN increases, this income increases accordingly. 12 Years mine life at 120 Million/year = 1.4 billion.
Jun quarter is a definite 2 shipments of at least 10 Kt each. Valued 40 million with 30 million expenses (Rough Estimate)
10 million positive cash flow by end of March. Today is a good rally that hopefully will reach 30c tomorrow.
MCR which i know you hold and i also hold, rallied unstoppable from 120c to 180c in 2 weeks a whooping 50%.
PAN is only starting. JMHO DYOR