No mention of the accumulated tax losses, if its $200m in tax losses they'll be writing that off over a few years. Exploration success is also not factored in and also the by products. Owned PAN probably 5 years ago when it ran to 50 - 60 cents, off loaded. It seems to always have a problem with life of mine - the 12+ years is a great outlook to start with. Hoping that they can keep extending the mine life.
Battey Minerals Conference Slide 6 33 cents per share, page-4
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