What to do?, page-8

Pros:
1. has $65m in liquid assets plus pending 22m MLX shares awaiting FIRB approval regarding sale of Mt Henry ($26.4), so total liquid assets would be $91.4m compared with its market cap of $106m at 33c per share.

2. Gidgee gold project up for sale, so more cash to come.

3. Lanfranchi and Savannah are good assets even if you were to dispose these two, total asset value and sale proceeds plus liquid assets in excess to current market cap

4. further exploration upside as demonstrated.

Cons: low nickel price, as is all commodity prices

OZL looking for acquisitions, though they looking at primarily copper, PAN has copper as a by-product, so can fit in OZL's overall strategy and expansion with immediate production and diversification of commodities. Any buy of PAN at these prices, a company like OZL or MMG could easily dispose unwanted assets and get the value of cash pretty much the same as the market cap now with maybe keeping LanFranchi or Savannah in their portfolios.

Not saying OZL is looking at PAN, but it can be applied with anyone, whether its X2 Resources or others.