broker update, page-12

Eddie,

I would normally agree with your conservative valuation comments however PIR are in a unique situation of having ground which just keeps delivering new discoveries.

Fekola alone could be massive and is early days. To value the blue sky upside potential of a company like PIR with all the positive things they have going for them is impossible. In situations like this the market attributes whatever value it likes for the blue sky and it cannot be proved wrong until all the drilling stops, which could be years away.

In all my years of following gold stocks I have rarely come across a company with such exciting prospects. When the market more fully catches on to this there is no reason why the share price couldn't do what Cudeco did in its early days.

PIR are in high grade elephant country and Fekola alone could possibly justify their current market cap just based on the blue sky potential, in this market.

DYOR-this is just my opinion-and I am biased because I am a holder.