serious strategy thoughts only please

Hi Guys,

Perhaps useful to try to segregate some more thoughtful and specific discussion from the general PNA chatter.

I have a few thoughts to start things with:
1) Provided you take up your rights the initial value dilution based on 39.5 is miniscule, about 0.4 cps pertaining to the scoundrels getting the cheap 100 mm.

2) Leverage to poc, future earnings etc obviously clobbered, but then the risks of a reasonably indebted entity almost eliminated. After the initial sp dip we should be rerated as many who were risk adverse or mandated to avoid will now feel free to invest, seeing PNA as an attractive exposure to Cu/Au. Risk hugely reduced.

3) Reward might not be reduced. Management are now more or less unencumbered by banks, or debt concerns to persue growth.

4) Cornerstone investor does look like a carefully chosen strategic partner, whom I speculate may quite soon present PNA to new projects, where PNA may perhaps take 50% but operate.

5) Getting access to Chinese equipment,engineering and skilled labour combined with PNA's proven geological and execution skills could be a huge assets for new projects. Remember the China Time, not just the China Price. Grow faster.

I"ll be selling something to take mine up, and probably apply for extra.

I think the short term sp weakness will be worth it, demonstrably so whenever the first new project kicks off, with China Price CAPEX and China Schedule.

EL