volume at 22, page-5

PNA and URL potentially have very similar sized mines.

PNA has slightly more tonnage (1.12 million tonnes resource and URL has 923,000 tonnes resource) however PNA owns 90% of its mine (govt entitled to balance) and URL owns 100% of its mine. Both mines are forecast to produce 50,000 tonnes of copper p.a., PNA has more gold credits however URL has a higher copper grade so operating costs should be about the same.

Taking the shares that PNA had on issue pre capital raising (about 750 million), PNA's share price since announcing the BFS has ranged from $0.27 to $0.48. This gives a market cap of about $200 to 360M. To get to a comparable market cap with URL, you probably have to deduct about $50M for PNA's Phu Bia gold mine, so you're looking at a market cap range of roughly $150 - 210M based on shares outstanding pre capital raising.

At $0.22/share, if I'm roughly correct, URL has a market cap of about $60 - 70M. I roughly figure that to trade comparably with PNA, its market cap needs to reach that $150 - 210M range previously outlined. This for me sets a target share price in the short to medium term of $0.50 to $1.05/share assuming that URL's BFS is comparably positive.

My calculations are rough, there are several other factors to take into consideration such as exploration potential, country risk etc. etc. etc. however I know I won't be dumping my shares in the next few days..

UNCLE