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Excerpt from January Quarter Report

Hedging
In December, the company executed a USD forward hedge contract with Macquarie Bank for 400t
of nickel metal to protect a portion of the cash flow from the first shipment of concentrate. The hedge
volume is 57% of the contained metal in the shipment and on a payable basis leaves the company
with a modest unhedged position with full exposure to movements in the nickel price. The hedge
achieved a price of US$19,871/t for settlement in February 2022. The intent of this hedge is to
manage metal pricing risk and cash flow during the period from provisional invoice / cash receipt
through to final invoice.
At the end of the quarter there were no other hedges in place

That Hedge is only to cover the period from provisional invoice to cash receipt (1 week period).

Bottom line is
"PAN doesn't have Mandatory Hedging." The Concentrate price is negotiated per shipment
basing on the current Nickel Spot Price. DYOR