Ann: Patriot Battery Metals Commences Trading on the ASX, page-249

Without getting too much into it, ASX imho has basically failed in ensuring that retail is fully aware of the risk of tracking error from PMET.tsx. I don't think people understand that the CDI's in PMT.asx are not limited to the 7m they started with. In time this 7m will grow and it will result in far less tracking error. This is because more and more PMET.tsx shareholders will convert their shares to CDI's (PMT.asx) and sell on the ASX. It works the other way too, so you always be balancing out towards parity and minimal tracking error. It just takes time for this type of adjustment to take place. That's why I think its crazy to pay a 50% premium for PMT.asx especially if you plan to be a long term holder. If you can get PMET.tsx way cheaper and are ok with the extra risks like FX, then why wouldn't you do so if you can later turn your shares into CDIs (PMT.asx) if you wanted to. For short termers the added risks of possible delays (i.e., time), make the two bucket approach (holding both PMT.asx and PMET.tsx) to arbitrage, preferred.