Is PAN cash flow positive?, page-5

You need to be careful that you are not double counting byproduct credits, as they stated that the total site expenditure of $36.6 mm last quarter was net of byproduct credits.

I also wouldn’t want to be assuming that nickel payability was as high as 80%, nor would I take the short cut of assuming byproduct credits offset payability deduction (regardless that byproduct credits appear to have already been used as an offset on the cost ledger).

I believe you are being overly optimistic.

EL