nickel up, page-13

Cheers entropylord,

PANs book position is one of the BEST on the ASX...

Something that most investors overlook is actions of management... PANs managers are exceptional when you look at the high cash, no debt, perfectly hedged position they are in during a ,major historical down-turn. Extraordinary imo. These are the guys you want running your company.

PAN is not lowest cost producer, but is still very profitable based on its MCap vs. Current Ni price (Then through in their perfect hedging practices).

Anyway based on my NPVs I see PAN should be worth 200c with Ni around 450c-500c, Fair Value 250c... And with PAN its completely Cash/Asset backed to 125c.

Don't forget the 12c dividend.

So I see it as a well managed, minimum upside of $2.00 and a 10% YoY Income from a buy at $1... If you hold long term.

And the beauty is that the hedge allows much room for movement with the Ni price.

My 2c anyway... Oh, and i'm definitely not dogging some of the other Ni miners because its a tough decision between... I just think PAN lines up the best on my score cards.

Pat