underperformance, page-5

Redmetal,

A bit of a loaded header.

As someone said a lack of news, and since you are comparing with PNA there is a need to note that PNA has had a series of growth good news announcements wrt reserves, Chile and exploration in Laos.

Imho when you buy OZL you are buying slower potential growth. Instead of buying the higher growth of PNA you are buying a better quality, lower cost deposit in SA, and you are buying a higher proportion of cash. In short OZL should have lower downside and lower risk but more of a plodder wrt growth.

OZL is moving to a less lazy balance sheet, but a decent production or near production acquisition or game changer exploration result is required to get more upside into the sp imho.

But I will be just as happy to get continuing share buy backs and dividends, as to getting corporate growth.

EL