Do some research into this management and you'll see the...

Do some research into this management and you'll see the desperation in the letter to shareholders. As quickly as going onto https://www.marketindex.com.au/asx/pnn, you start getting the information to paint the picture. As an example, the Director Transactions for shares. Here you can see that Rebecca lines her own pockets with Rights Issues. Not a single share purchased. Only the Options conversion has cost her money, but that is from Options she issued herself most probably for 'Performance Rights'. Ask yourself where that performance is.

Since July 2018, less than three years, over $500,000 in Rights Issues. What has occurred for the company in that period? A consolidation of 100:1 to make the SP more attractive due to the constant CR's at the dilution to shareholders.

Not a single On Market transaction except for Sells



And now have a look at the Becoming a Substantial Holder announcement from 8/2/2021, https://newswire.iguana2.com/af5f4d73c1a54a33/pnn.asx/2A1279105/PNN_Becoming_a_substantial_holder, and do the numbers. Proksa has invested approximately $630,000 of his own money. Pete's purchase began the day after the announcement regarding the Hillside (Kaolin) tenements acquisition. As I have said before, we are both heavily in ADN and Pete would have known the potential here and he gets in early to these stocks, it's his strategy.



In the announcement for the acquisition there was a nicely hidden raise. 3.1M shares with 1.55M Options attached for $527k

Then a further 1M shares issued to Acuity for $306k under a controlled placement agreement on 08/01/2021

1.75M shares issued to Hillside for the kaolin tenement acquisition, which were not registered with the ASX in time and led to a suspension!!

Then another raise for $322k for 1.4M shares on 20/05/2021.

All this equals further dilution once again. Over 7M shares issued and the current SOI is 44M

Each announcement highlighting a different use for the funds. Why not raise funds in one hit to focus on one project? Why is one for the lithium testing? Then one for the Kaolin tenements? Another for the copper/gold project in Argentina? And the Musgrave project in South Australia? Where is the direction? Where is the focus? There isn't any, it is just guff to give a reason to raise money to give the impression that things are happening. Well nothing has happened in a long time. And now we see multiple excuses and backtracking in the letter to shareholders released today.

How much of those raises are going to Directors? Read the financial announcements. It's easy to see where a lot of funds go. Rebecca has at least six entities that she has shares in.

As mentioned in an earlier post, my disclosure is that I have taken a small holding in PNN recently. I am still doing my DD prior to consideration of increasing my stake. But at the end of the day, one of the biggest aspects to investing into any micro cap stock is the management. They are here for you and your money, not to fund their lifestyle. This company has access to several possible company making prospects, but until someone can focus on one of them and build it, the inevitable will happen.

Ask yourself the question why Pete has issued the 249D. Because he has a large investment of his own money in this company, not an accumulation of shares at the cost of others through raises and self issue. When people put their own hard earned money into something, they will drive it to succeed. As can be seen from above, management have not purchased a single share on market in the last three years at least.

I recommend people drill into this Company if you are a shareholder, or a potential one, and see the potential with the right people at the helm. Currently there is no one of substance steering this ship.

DYOR and GLTAH