Ann: Trading Halt , page-61

Skul,

It might be worth keeping in perspective that the purchase cost only represents about 1.6 cps for PNA. There will be no share issue required to spend a measily USD45mm.

In the worst case I suspect we spend a bit more over the next couple of years, decide it doesn't stack up well, and exit with either a small profit or a sub cent ps loss. Ie downside low odds and trivial.

The most positive outcome imho is (as Jojo suggested) we get 2/3 of another Phu Kham, but really all the market should do Monday is to put small to moderate odds on this outcome vs the trivial loss potential, all depending on what we are told.

Imho the chance that we proceeded to FID, and then lost heaps on a poor decision is not even worth considering at this stage, that is for the market to look at at the time of FID.

I don't see any devil, I don't think Codelco want to operate this mine, and I don't believe PNA would want to invest in it without developing/operating it.

It's not a high grade deposit, so I certainly hope they don't fast track it. I hope they instead study it to death to add as much value as they can before proceeding on normal orderly time frames.

EL