research note, page-6

This is a stock I hold in which I don't care about day to day fluctuations and that is a rare thing.
The fact is that PVM is valued at far less per ounce now than it was before the upgrade and when you consider that value per ounce usually climbs as the ounces grow, that is ridiculous.

This is an extremely under valued company, with the only risk being the gold price and even that could drop by 50% or more and PVM would still be cheap.