If we don’t receive a drilling announcement this week, I will be...

If we don’t receive a drilling announcement this week, I will be touching base with management to ask what they are doing, given that it is now mid June and we really have done duck egg this year from a drilling standpoint.

Normally I am quite patient but In my opinion, something is up here, either management are trying to raise more capital to carry out more of a significant drilling campaign, JV arrangement or potential scheme of arrangement. I know we need to manage our funds carefully given we only had 900k at 30th April but management need to do something here and be more active, capitalise on the more bullish sentiment at the moment in markets. One thing is for certain a dormant company is going to do nothing for our share price.

They went down the renounceable rights issue due to being undervalued so they gave holders the opportunity to ensure dilution is minimised by being able to participate in the capital raise in proportion to existing holdings. I think they need to rip the Band-Aid off here and raise with institutional investors (take a short term haircut to have the funds to actually do some serious drilling activities). They just aren’t securing enough funds from their existing shareholders and have tapped them a few times.

if I was management of Pantoro - PNR, I would do a scrip for scrip acquisition of Peako to consolidate claims in the area for PGE deposits, they own the Lamboo claim. For full disclosure I don’t own this company but it is approx 200 million market cap. We are 4 million so at that price we are easily gobbled up. Best time to acquire is when the other company is undervalued and don’t have enough funds. Let’s see what transpires here this week, Cheers, CP.