Ann: Investor Presentation, page-5

I just read the latest ann about the DSO study, and was very disappointed to read about the profit sharing scheme with the "interested party" that PEC would have as an offtake partner. Why on earth is it a good idea to decide NOT to value add in Australia by processing the sand here, and then keep ALL the profits to support the company and its shareholders ? If PEC owns the high quality sand in the first place, why send it elsewhere more or less unprocessed ? What a completely stupid idea, the ultimate in bone-headed, dig & ship mentality. Not only that, PEC must be leaving profits on the table to go elsewhere, so the financials for the project will look less appealing. I had hoped to buy in here, but not with this as the project plan. It's not as if they have profits to spare - $37m EBITDA forecast for year 2. I was hoping they might do better than this by doing more value add to the sand. Looks like they want to go the other way.

All IMHO, DYOR