Ann: AGM Presentation, page-2

On page 5 of the presentation we see PHK have a pipeline of over 30,000 tonnes for projects across 12 countries ex-China worth in excess of 100 million AUD and then we have 36 projects in the pipeline in China alone worth in excess of 100 million AUD too.

The pipeline is worth over 200 million AUD and growing, with mention on page 12 of major new markets being targeted such as Japan and France, so PHK is an attractive investment with a current market cap around the same value as their pipeline. 

It is looking cheap with such substantial growth opportunities going forward.