Aurelia Cap Raising, page-20

Just went thru this thread again after giving pex a break for a while. As an investor in AMI (longterm) I remember having talks with Rimas about 18 months ago on the synergies with both AMI and PEX. At that time there were some discussions happening between the two, but it was more along the lines of cooperative work rather than anything else. Rimas was very complimentary of the PEX team and noted the quality of their projects.

I also had a long chat with PEX management late last year about malley bull and what I took away from it was that it was a great project, but very deep and very expensive to mine as a stand alone. They needed to expand the exploration and find more reserve at shallower depth to make it economical. That was over a series of conversations last year and at the time I remember putting a tick on PEX as one to watch after AMI make the dash forward with plant commission.

However, as we see, the market for metals is fickle and with copper prices in decline, I think both AMI and PEX have a long road ahead of them. AMI is in better position and has the operational mill with gold recoveries already in place. Pex on the other hand has an amazing project with malley bull, but just not cost effective at this stage. PEX in my mind is worth sitting for better times. From discussion with a few geos I know in the area, there is a lot more mineralisation to be found and both companies are going to do well in the future. AMI is ahead of the crowd in the area, and they are expanding their own projects which are still open at depth.

While the discussion of an AMI takeover is good to bounce around, I doubt they would consider PEX at the moment while metal prices were uncertain, especially as they have to address their own operational expenses and tidy up the books. Mind you...the area is developing quite well and I think any company with the cash to spend on acquiring junior explorers with decent projects will see a big future in coming years. Let's leave the question open...