something is not right here, page-7

Isladar SPECULATION #4: "They go on a spending spree, on non earning assets or liabilities ( depends which way you look at it)"

FACT: Analysts were critical of PAN and other miners for NOT buying undervalued assets during the GFC. PAN (albeit a bit slowly) recognized that it needed to diversify and that gold/platinum would be good diversificstion strategies. When funding dried up for juniors, PAN was able to acquire the assets at a much lower cost.

Isladar SPECULATION #3: "They come up with this lame excuse of why the share price is falling."

FACT: Isladar is partially correct, but under-researched the topic. See West Australian, 14 Sept: "Mr Harold said the miner had hit “the perfect storm” over the past six months, created by Magma Metals shareholders selling their inherited scrip, the falling nickel price and the cull from the S&P-ASX 200."

Meanwhile nickel prices have risen substantially (to about $8.30). If these prices hold, they will effectively wipe out Isladar's other bones of contention.