Ann: In Principle Approval of Mazagan Farmout, Of, page-3

re: Ann: In Principle Approval of Mazagan Far... Fantastic news. Approval agreed and to be signed in early August.

Hartleys Research Update – July 19 , 2013

Farmout must be completed, and would be big catalyst
“We estimate that PVD currently has ~$3m of cash (and $4m of drawn debt). The Mazagan farmout to FCX (formerly Plains) will increase cash to ~$19m, but it requires the approval of the Moroccan Government. Uncertainty around the timing of the payment is the main reason we believe the PVD share price does not factor in the significant potential from its assets.

Instead of focusing on the upside potential, the market seems focussed on funding risks. Changes in the Moroccan Government ministry announced last week has raised speculation that the approval for the farmout will be delayed. We consider that the approval of this farmout should be a very big share price catalyst and are hopeful it will be completed in coming months”