As I have expressed elsewhere PAN is caught in a timing issue....

As I have expressed elsewhere PAN is caught in a timing issue. The updated mine plan will only be released once the reserves and resources are upgraded as part of the year end accounts which is likely to be August. With the discoveries since September the NPV is likely to increase beyond the current 33 cents per share.
What is pleasing is that the current exploration program has the potential to identify opportunities which may be of interest to a white knight.
The valuation of PAN should contain an element of Blue sky assuming a modicum of success..