when will they learn?, page-13

The result is disappointing from an Operational cash flow perspective -and this remains the biggest detractor on the stock at present.

A short term pull-back, especially given the strong run in 2012 to date is no real surprise, but this in my view presents a good opportunity to increase holdings.

Near term, if management can focus on a move to positive free cash-flow and something concrete can be delivered on the farm-out talks then this will solve many of the main concerns.

Longer term, a stabilisation and steady improvement in the uranium price and the quality of PDN's assets combined with the current low valuation should see a positive move in the share price.