pna's share price situation, page-5

Stefanis,

I concur. We know pretty well how PNA is going to grow, at least to 2 to 3 times current production, we can see the expected ROCE for that growth, we can even forsee nearterm exploration success and reserves growth. It doesn't need much imagination, and although the assets aren't the quality of PH it looks pretty good and predictable to many of us.

I am also looking at the sp of both and the markets, with a view to a modest top up. From these levels the next 4% DOW dipper day would look good, but might be worth waiting for signs of capitulation/market calls. Pretty painful for the stock we are holding, but that's what an investor vs a trader does - someone has too hold the stock on bad days, the whole market can't be traders! We can however try to ensure we have some capacity to accumulate some of the dips.

Imho with BH start up close, and an FID on Inca de Ora maybe early next year it's going to be hard for OZL to get my attention over PNA if I do buy on this dip.

Might be interesting to get any considered views on what sp low is plausible over coming weeks - no hc wishlisters with their $1 requests please, just considered realism.

EL

EL