Buy Buy Buy, page-4

Yes. If you’re bullish on gold then this could be worth a hold. The resource update could materially improve the NPV too. I think in 12 months the SP will be higher as I’m positive on gold but I still think there are better gold plays.

As for the brokers, that’s why it always pays to DYOR. The prospectus had not one mention of the project NPV which was the big flag for me. Prospectus’ are almost like marketing documents. You almost need to figure out what they aren’t telling you. I had to go to PNR to get that info. The brokers used slight of hand and basically said that at the offer price the implied market cap would be lower than PNR and you get 7.1% of PNR on top. A quick scan of that looks like a good deal but it wasn’t. The weaker gold price hasn’t helped either