Ann: Suspension from Official Quotation, page-9

Hi Very Wary

Whilst I agree that things aren't ideal, the PAN Update announcement dated 06 March details that most of the issues are short term in nature - many are already resolved. The issues have led to the need to raise a further $19 mio. These type of problems are not uncommon when ramping up projects, indeed in my experience more often than not there are teething issues (and often cashflow issues) in the early stages of project ramp up. The most significant issue I see from the announcement, which may not be as easily resolvable, is the significant fall in the Cobalt price since project go-ahead. Having said this, I retain a strong belief in the projects commerciality and I also rate PAN's management very highly.