In this example which I've made, you can see how to rotate both, MODEL and PANEL!
Here you go:
Code:
// game function:
void main(){
	// load an empty level:
	level_load("");
	// make sky WHITE:
	vec_set(sky_color.blue, COLOR_WHITE);
	// no sun_light:
	sun_light = 0;
	// rotate camera downwards:
	vec_set(camera.pan, vector(0, -90, 0));
	
	// enable mouse:
	mouse_mode = 4;
	
	// create empty panel:
	PANEL* spaceShip = pan_create("", 1);
	// make it visible:
	set(spaceShip, SHOW);
	// create black bmap for it:
	spaceShip.bmap = bmap_createblack(16, 32, 24);
	// update panels size:
	spaceShip.size_x = bmap_width(spaceShip.bmap);
	spaceShip.size_y = bmap_height(spaceShip.bmap);
	// set rotation center for the panel (right in the middle):
	spaceShip.center_x = spaceShip.size_x * 0.5;
	spaceShip.center_y = spaceShip.size_y * 0.5;
	
	// create cube model:
	you = ent_create(CUBE_MDL, vector(0, 0, -50), NULL);
	// set it's size:
	vec_set(you.scale_x, vector(0.5, 0.25, 0.5));
	// make it change it's color:
	set(you, LIGHT);
	// make it's color GREEN:
	vec_set(you.blue, COLOR_GREEN);
	
	// temporary vector:
	VECTOR tempVec;
	// set all vector members to zero:
	vec_fill(tempVec.x, 0);
	
	// loop:
	while(!key_esc){
		
		// save mouse positions (XY):
		tempVec.x = mouse_pos.x;
		tempVec.y = mouse_pos.y;
		// save cube's Z position (not really needed):
		tempVec.z = you.z;
		
		// convert vector from screen coordinates into the world!
		vec_for_screen(tempVec.x, camera);
		
		// subtract cube's position (so we'll have a direction to rotate at):
		vec_sub(tempVec.x, you.x);
		// rotate cube towards the direction we've calculated above:
		vec_to_angle(you.pan, tempVec.x);
		// cycle cube's PAN angle from 0 to 360:
		you.pan %= 360;
		// don't allow to change it's TILT and ROLL angles:
		you.tilt = you.roll = 0;
		
		// place panel right in the middle of the screen:
		spaceShip.pos_x = (screen_size.x / 2) - (bmap_width(spaceShip.bmap) / 2);
		spaceShip.pos_y = (screen_size.y / 2) - (bmap_height(spaceShip.bmap) / 2);
		
		// set it's pan to the cube's pan:
		spaceShip.angle = you.pan;
		// cycle panel's pan from 0 to 360:
		spaceShip.angle %= 360;
		
		// show panel's angle on screen:
		DEBUG_VAR(spaceShip.angle, 10);
		// show cube's PAN angle on screen:
		DEBUG_VAR(you.pan, 40);
		// show current mouse position as a red quad:
		draw_quad(NULL, vector(mouse_pos.x, mouse_pos.y, 0), NULL, vector(16, 16, 0), NULL, COLOR_RED, 100, 0);
		// wait one frame:
		wait(1);
	}
	// exit application:
	sys_exit("bye!");
}

Please read carefully, and if you have any questions, before asking them here, read manual, it may give you an answer!


Greets


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