In the last 12 months I have invested in another company that...

In the last 12 months I have invested in another company that has been through a 249D. In that scenario the whole board was spilled. The company was trying to raise some funds that was basically going to cover the interest on the convertible note debt, a few other things and a minimal amount for 'exploration'. This company also had highly prospectable tenements next to the largest undeveloped massive sulphide discovery in the world.

That company now has a new board that has raised money and cleared the debt, and has sufficient money for over 3km of drilling, which has just begun after an intense review of provided historic data. And all this is occurring in Tanzania. The board are all experts in their fields and have used consultants that know the data to pin-point the best targets.

The board are taking no pay, instead being issued $3k of shares per month until certain high level milestones are achieved.

This has all occurred in 9 months. The CEO is proactive and built an amazing team. One of the board is also buying multiple lots of On-Market share purchases. Even during the recent SP drop, the CEO has personally called me to make sure I'm still happy with their direction. I know he has done this for many holders that bought into the company after the restructure.

I say this as comparison to the below statement in the letter to shareholders recently released. Management run a company, GREAT Management create and build a Great Company.

"Without seeking to make excuses, there have been unplanned delays to tenement granting due to legislative changes to the Mining Act 1971 (SA) in South Australia and delays due to COVID-19 in both Australia and Argentina. Also, a key issue has been the fact that we have unfortunately for an extended period had to endure somewhat of a hand-to-mouth existence, with exploration activity only taking place when funds became available. Given that we genuinely believe our various projects have considerable prospectivity, this has been a source of great disappointment for the Board as no doubt for you as shareholders."

Using COVID as a reason for not progressing is not justification. ADN had a representative that has just secured a 70k tonne PA deal for their kaolin/halloysite in China. Their representative spent 1 month in quarantine before being able to hold meetings with Chinese companies. This was part of business, but it was done to progress. They weren't waiting for the world to eliminate COVID.

These examples show how proactive companies work through the current situations facing the world. So if ADN can get so much achieved in the last 15 months, why can't a company like PNN even get sampling done on their SA tenements next to ADN? It proves that this is not a legitimate excuse for moving forward.

How can AGY be pushing forward with the construction of their 2,000 tpa lithium plant on the same Salar, Rincon, in Argentina after getting their approvals from the Argentinian government, yet PNN say that COVID has caused delays for getting anything done? PNN have had this tenement since 2017 or 2018 and have finally decided to do some sampling!!

Please don't take the justifications outlined as genuine reasoning. Proactive managements do what is required, and the above companies are showing success during a pandemic, what can they achieve when one does not exist? Also, two of these companies are in the exact vicinities of PNN's tenements, SA and Salar del Rincon, Argentina, and heading towards producing.

Once again the right people are needed to push forward. It is obvious the company has some great prospects, which is pointless if they are sitting there with nothing occurring, or minimal scope over long time periods to justify CR's.

Think about the best way forward for your money. People say that Mena has no ASX experience, but I beg you to dig and look into his personal successes. Board members are like politicians, they don't need any real qualifications. Just because someone has been a board member and someone hasn't, doesn't mean their drive and expertise is not 1000 times better than someone sitting not only on a board, but also on their hands.