Hi all just started researching PAN after hearing the CEO of POS...

Hi all just started researching PAN after hearing the CEO of POS talking about how cheap PAN is and how if he had any money he would be buying as many as he could as they are ridiculously cheap. (on the couch podcast)

These are the positives ive found.

Great minerals (Nickel, Copper and Cobalt)

They are currently producing and have minimum 12 year mine life

IGO own over 20% and have land all around Savannah mine (they have tried to takeover before but it fell through)

They are cashflow positive

Balance sheet is fine (at the moment) - the $40m USD they owe is to a commodities trader who is also the offtake partner

Price assumptions in Annual report are quite close except for cobalt which was forecast at 64.5k usd compared to current price of 34.5k usd per tonne (they are realistic)

The drilling around Savannah is going ok with the deposit still open

Quite a good board - chairman on board of Pilbara and northern star

Negatives

Board and KMP are well paid

Still not producing at expected levels (will they hit the targets?)

Costs are nearly double forecasts

2nd largest and long term shareholder selling down

Only restarted a year ago after being mothballed because of low commodity prices

Large recapitalisation raising done @ 7c in 2020

And the biggest negative is that the board and KMP only own 2.1m shares. They show no interest except collecting the nice pay.

Is there anything that I have missed? Or understood incorrectly?

Also does anyone know

Why did the IGO takeover fall through? I have read conflicting articles.

Why does the board have such low ownership?

Why is the 2nd largest shareholder selling?

I find the company very interesting with the great material exposure. With all the takeovers in Nickel that are currently happening it must be on someone's radar. But it would be very difficult that anyone else apart from IGO would be able to take them over with the large shareholding. I also dont normally invest in miners so any help would be much appreciated.

Thanks