Humble - you asked who took up the shares. I did. I am not a long term shareholder but more medium term. I was actually enticed by the story of Cockatoo rather than Irvine. Even entering at that time I have still lost a significant proportion.
The theme of the story has always been good but the plot takes a lot of unpleasant turns. Now the JV has unraped us, the ore is shipping again, there is some money in the bank, stage 4 is mining, the directors are putting some skin in the game - the nadir is surely past.
Any investor who has stuck it out with Pluton from the get-go must have rocks in their head or balls of steel. But the only other company I can find that can match resources vs Market Cap is Cassini Resources and although they have been gifted their resource from BPH they still have to jump through hoops to get to where PLV is now.
I hedged a little but the math on PLV is astounding and I (unlike many others) rate the Pluton board and directors highly. The last quarterly showed <$200K in the bank and a JV partner who was not paying their way and indeed trying to take Pluton down. The board have negotiated a way through that and given the story a chance to run. And I am clenching my sphincter and praying for some blue sky.
So humble - which category on LT investor are you?
Tyremen
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