Member Info for stephen_pearce

Here you go, have a gander at this, the full & complete FS for Winston.

https://minedocs.com/21/Superior_Lake-FS-09152021.pdf

The company is answering investor questions, before they've even asked em!

"In parallel, Panther has held positive and constructive meetings with UK Export Finance, the Foreign, Commonwealth and Development Office, and with a leading global commodities trading house. Outcomes from these discussions strongly support the Board's view that the Winston Project could, in principle, attract favourable debt finance terms, if and when, the Project is advanced to development, and subject to all the necessary technical and financial due diligence."

There's a lot of info in the RNS, but just look at the metal prices used in the RNS

Zinc US$2700/t Versus $2617 today

Copper US$7300/t Versus $9657 today

Gold at US$1635/oz Versus $3400 today

Silver at US$21/oz Versus $36 today

"Highlights

· Feasibility Study Stage Project (2021)

o NPV8%: C$175.8M pre-tax, assuming zinc priced at US$2,700/t, copper at US$7,300/t, gold at US$1,635/oz & silver at US$21/oz. At a derisked 6% discount Pre-tax NPV = C$213.2M.

o IRR: 26% pre-tax

o EBITDA: C$574.9M (gross), C$67.64M (annual). Gross revenue: C$983.3M

o CAPEX: C$145.1 M

o OPEX: C$65.17/t

o LOM: Initial 8.5 year life of mine, with 3.5 year pay-back period. Strong potential to increase LOM.

o Producing an average 33.40ktpa contained zinc,1.3ktpa contained copper, 698oz recovered gold and 90.8koz recovered silver (after ramp-up), from an onsite processing facility with an annualised 326ktpa capacity."

Well, well, well

Credit where credits due, that RNS is a stunner.

That project is enormous for little 'ole Panther.

A study worth having a read through..

https://www.sciencedirect.com/science/article/abs/pii/S0892687523001851

It's not a trick question Levi.

I'm genuinely interested what strength of deal would you or others be happy with.

You want a free carry, good, agree with that.

Personally I'd want to retain 40/50% Much less than that and I think investors start to lose interest.

We want money for giving up 50/60% right? £3m/£5m spend by the JV partner? That's a lotta drilling and news flow we'd see.

Other option... List in Canada, spend 500k on 4 or 5 more holes a bit further south, hit something better, put the value of the asset up.

Pro's & con's to both scenarios

If Panther went for a partnership, what sort of %% of Dotted Lake would you be happy at retaining? And for how much $$$

I get FMET & FCM mixed up way too often.

Out of interest Levi, how would you approach the next stages at Dotted Lake? Funding amount/ source, partnership etc etc

Dual listing in Canada will bring flowthrough funding

Panther's shareholding in First Class Metals comes out of lock-in in May

I don't actually care about dilution, that doesn't make a blind bit of difference to the value of my shareholding. I do care about the share price, which is the only thing to affect the value. I can't and won't say the last raise was a good one, quite the opposite, that's the London brokers for you. Probably why Darren is looking to Canada.

Even though the last raise was at a crap price, that money has provided us with a confirmed hit at Dotted Lake.

I've invested in junior mining/ exploration for a wee while, my investing profile is heavy risk/ reward biased.

My positivity now comes from 1 basic thing - Panther have 100% hit a very large ore body, with 3 holes.

That ore body will only increase in size, with more drilling.

Further Dotted Lake drilling is no longer "wildcat" we'll now see step out drilling, to increase ore body and understanding, the risk has dramatically been reduced.

2 of the 3 holes didn't find the bottom, only the far western hole poked through the bottom. We have more upside at depth, we have more upside heading south. Both of which should increase grade too as we head toward the conductors.

Market reaction has been muted, can only assume because folk have focused on grade, rather than ore size. One thing I do know, majors prefer huge ore bodies, they need mine life and lots of it.

Work the numbers on in-situ metal value. 76 million tonne at various Nickel grades, and see how only slight changes in grade, make a big difference in $$$$$

For every 0.1% increase in Nickel grade, increases the in-situ value of the metal by $1.2 billion - That's purely down to ore body size.

Panther is a £2m cap company

Can it be done? Yes from the below study

91.6% Magnesium recovery

88.7% Nickel recovery

https://x.com/spearce999/status/1904524511401165029

Levi, you've taken comments about Magnesium and Serpentinite out of context.

Darren said that it hadn't been done on a large scale before, didn't say it can't. In fact, we know it can from smaller scale tests.

Besides.. I'm sure you noticed from the ore reserves at Crawford, it mentions Brucite by %. Brucite is indeed a Magnesium ore.

Have a look at the below, it's a snapshot of Canada Nickel Co's flagship asset, Crawford.

They are a lot further along the value curve and a CAD200 million cap company. Dotted lake's raw grades are not far away, and in some cases better, and are of course, a £2m cap company.

https://x.com/spearce999/status/1904501946179826115

We're starting to get enough information to work out some basic calculations of the size of the Ultramafic

Currently sitting approx 76 million tonne of ore

https://x.com/spearce999/status/1904457284362596524

214m intercept with Nickel Eq grades in 3 zones ranging 3.04%, 3.05% & 2.78%

Magnesium up to 21.7%

https://x.com/spearce999/status/1904434792151593366

Using Equivalent Grades is absolutely routine with multi element deposits. Junior explorers right up to major mining companies use the system.

You don't just mine 1 metal out the ground, it all gets mined and processed.

Magnesium at circa 18% and 14% over 94m and 129m cannot be ignored - Magnesium price circa $2500 per tonne

Another way to show how good these results are:

Look at this Nickel drilling highlights from last year, and see how todays results compare

https://x.com/spearce999/status/1903005515384291441

The last RNS didn't display the results in their best form.

Multi element/ Poly Metallic deposits like this need announcing with the equivalent grades, using the credits from all the other metals in the ground too - that's industry standard on deposits like these.

2.64% & 2.12% Nickel Eq are awesome, the intercepts at 94m & 129m world class

Assuming 100% metal recoverability and 100% payability, the addition of the magnesium intersections would equate to a nickel metal equivalent of 94m @ 2.64 % Ni equivalent and 129m @ 2.12 % Ni equivalent in drill holes 4 and 3 respectively.

Aint no arguing with those results.

Those 2 hole are about 3km apart too! That's potentially a huge deposit