I put a similar post on thx.
PAN issued 15m shares and 3m options for 25%of lanfranchi for a reseve of 16562t of Ni.
At today's price for pan that's $36m for a rserve of about $300m at $18k per tonne,or about 12% of in ground value.
With umc resource of about 120mt @about $100t and 12% of resource its $144m,today's market cap of umc.