Ann: Supplementary Target's Statement , page-14

Yes I do agree and Erewhon has pointed out that fact on a number of occasions, and rightfully so.

Technically, PDY should be trading at a much higher price however fundamentally it has yet to shine. Given the checkered past, it was always going to be a struggle for the current board to gain creditability and whereas I do concede that they dug some deep holes of their own they are now moving in the right direction. The share price may not reflect it but I've been in this game long enough to understand the importance of patience. The market cannot and will not ignore a 500Mt JORC and nor will the Chinese. If they got close to signing a MoU with the Chinese without a JORC just imagine the potential to strike a deal post JORC.

The takeover bid is clearly not helping Padbury's share price, however that will run its course and like they say what doesn't kill you makes you stronger.

What can I say, if you believe that Padbury and Aurium will deliver a JORC and you have the patience to sit it out the rewards should be there for the taking.