Market Update

General - Panoramic - Metro - West African

Good afternoon

Giuliani´s friends ending up in jail…in their pocket a one-way ticket to wherever - “just get out of here”! When I read with whom Giuliani did business over the years, I would not lke to be seen with him in public!!

Hopes for at least a mini-trade deal continue to rise…European stocks strong today, also driven by an excellent result from SAP: Base metals slightly stronger - gold uninspiring today, being under pressure from goldilocks!

Metro Mining - have finally gained some attention…if not from analysts, at least from the Mining Journal. Stock is moving a little - but 12 month ago, we thought that they were cheap at 20ct - since then, a lot of good production performance, and the stock is still trading at 14ct! Final feasibility announcement + financing shoudl be the next trigger - I would definitely think by the end of this month. Stcok has still easy potential to double…

Panoramic - Quarterly out…from the production side ( and I fear, that is the most important thing! ) shitty as expected…Development of Savannah North going very well - more than 1000m developed last Quarter, and now only 70m away from the orebody. I can only guess - but would think, that less than 300 m left to develope ( remember, twin decline so you have to double up meters, and a decline does not go deeper in a straight line! ). So in 3-4 weeks, they should be in ore - as expected and as reiterated today ( company says cautiously: in November ). Part of last Quarters problems ( the seismic event ) should be positive for this Quarter, as production from the old ore body will be much improved, for as long as nothing unexpected happens…and has we have seen from yesterday´s drilling results, grades from early mining in the new ore body are excellent. So the current 20 mill A$ are most probably close to the lows - I think by the end of the Quarter we shouldf find out, that no cash has been burnt. Potentially, 4.5 millCan$ also coming in from the conditional sale of the Canadian PGM-asset. I have not confirmed the following from the company, but I would think, that production of around 1900-1950t will be possible - which would be a large improvement. In the last Quarter, they burnt about 13.5 mill A$ - on sales of only 1140t of nickel ( one shipment will leave tomorow - Production for the Quarter was 1350t of nickel ).

The large hole to accomodate underground ventilation is also making very sound progress. At the current rate of progress, it will be finished in the 1st Quarter 2020…the company is conservative and says: June Quarter.

One very exciting development: The Australian reports today, that Independence Group have bought 3.9% of Panoramic! IGO have enough cash t do what they want with PAN…and perhaps it´s a great thing to have a largest shareholder, who will most probably not sell cheap! I am not sure, whether they would let go for 70ct…

West African - the strong move over much of September drove the share price up from 45ct to 55ct - all of that has been given up! The up-move has been driven by a strong presentation at Beaver Creek, good infull drilling results, good construction progress and Index inclusionc- the evaporation of it has no reason than no fresh news ( and one, large seller…yesterday, 13 mill shares changed hands ). Underground drilling might have already started again - if not, it will soon - and I would be surprised, if we would not see some good results goimng forward. The stock is back to a great buying level of 45ct now - and I think any potential takeover would have to be pitched at atn absolute minimum 75ct for at least some sort of chance of success!

have a nice weekend!


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