THE BEAST, page-93

Great insight. I’m also encouraged by Van Eck’s involvement as like you say they are clearly skilful at identifying potential early with specialised analysis, particularly of the West African gold landscape. The pieces of the PDI puzzle for me have the feeling of what pre development Sukari would have been with involvement of names like Parday, Bailie etc helping to solidify the view. I would however like to see them (VE) increase their holding as they have slipped under 5% but with 80 or 90m shares still unaccounted for from the first institutional tranche this may still occur.

The involvement of Blackrock for me is in a similar vein as the logical destination for shares of their US$20m buy in (significantly more than VE at this stage) will be their iShares S&P/ASX Small Ordinaries ETF which features many quality mining names, at a later stage of development with much larger market caps - CHN, PLS, WAF, LTR, LKE, PRU etc (too many to name). Indeed companies with smallish market caps like PDI are not at all common within the 220 or so ASX companies in the fund so the fact that imo this is where the company will end up is a sign that BR see PDI heading in a similar direction, that is, with MC’s in the billions.

If of course they aren’t swallowed up by a bigger player in the meantime.