I think you'll find there are a few factors at play & if you...

I think you'll find there are a few factors at play & if you read what I write carefully you might find why I think there is value here.

There are 2 reasons the HPA players are moving to pilot plants:

1 - HPA developed from Kaolin is still relatively new and it's very difficult to get off take agreements from multiple suppliers without product samples.
2 - This is the big one - FINANCE. Currently everyone is fighting for capital & finance is limited. Moving to a pilot plant achieves multiple goals - enables production of HPA to secure off take agreements (which help with funding approvals) but more importantly it's extending the time required for major project funding.

This is what everyone is missing, no one wants to go for project funding right after ATC has funding withdrawn & the market isn't looking for opportunities to fund many of these high risk projects at present.

IMO PUA is in the best situation given the current market landscape:

- We have founders & directors that are very experienced with project funding & the funding cycle.
- If the merger goes through, we will already be producing 5N & CAPEX will be significantly reduced.
- The price has been held down for some time.

So let's look at why the price has been held down.

There is obviously poor market sentiment, most micro caps are down at least 50%+
But this for me is the main thing that peaks my interest.

On the 7th Feb 2018 of PPP issued a buy on HEG up to 15c per share. This helped pushed the SP up along with Regal buying & it hit a high of 23c. After that, the whole market turned and has been bearish for the past 12 months.

Around the 7th of September PPP issued a sell on HEG to its subscribers & advised they all get out. However on the 12th of September HEG issued a project update on Yendon which pushed the stock price higher for the last time. This was the last move before we sink to the prices we see today.

If anyone understands the reader base of PPP, they will understand how we got to such a low MC, with the low trading volumes from September 18 to January 19, it would have taken some time for all the PPP holders to exit their positions.

So for me the questions an investor considering PUA should be asking are:
- Do I believe in the HPA story?
- How long am I prepared to stay invested?
- If the HPA story does come off, what could PUA be worth.... I suggest if the merger proceeds, the DFS will make the PFS look a bit comical in comparison.
- Do I believe we have the right team in place to pull off funding & execute.... When the time is right!

For me, executing the right strategy when the time is right is everything. Capital management & being prudent is one of the reasons I've stayed invested here & I look forward to seeing how things play out for PUA.

Good luck to everyone, things are starting to feel a little more exciting around the spec end of town in the last week or 2.

Cheers
Cuse