Ann: PTM turnaround program update, page-49

There is no way management spin this:

Yesterday's announcement of a Dunstan loss of FUM was a significant and serious blow to the company's profitability, cash flow and valuation.

After an extremely powerful 30% rally, offering all investors a short term trading profit, PTM is rightly back in the sin bin.

l expect no new significant news in the m months ahead will see the SP fall below $1 again.

Cost outs will not really be reflected in financial performance until FY25 yet the restructuring costs, both cash and non cash, will be booked in H2 2024. That leads me to believe the pathway forward will get worse before it gets better.

l am in no rush to use the capital released from selling into rally at this stage. There are a couple of other oversold Au stocks that interest me more and will most likely deliver a quicker turnaround trade.

l certainly did not anticipate such a huge loss of wholesale FUM and will concede it has altered my recently bullish sentiment.

Nevertheless, l rest comfortably will a total average holding cost now below $1.45 as a result of recent large buys and smaller sells.

Today's action was not welcome at all, but in reality, all it really does is push out the timeline before we all get corporate action relief and a compulsory sale. Of that l remain quite confident, and l control a significant amount of the float.

I do not crave instant gratification or immediate validation by the market. My biggest gaining stock fell over 60% along its path to delivering a 80 bag outcome. It was a life changer.

Some markwt lessons teach resilience and reward, PTM is a lesson in what it takes to potentially profit from a disaster. That outcome still remains uncertain and l must acknowledge that bigger losses than my current 45% are possible. Investing carries risk.

GLTASH

Sentiment downgraded to hold