Current PDI Activity, page-475

"Hence we think news flow should come more quickly now, giving more torque on PDI’s stock. As such, we maintain our BUY rating and 0.4xNAV5%-1700 A$0.40/sh PT. Undiluted for build, we estimate the 3Moz inventory we model puts the stock at just 0.17xNAV5%-1700 (or 1xNAV47%-1700), or ~A$1/sh on a fully-funded fully-diluted 1xNAV5%-1700. With the stock retreating against ‘sugar rush’ peers but still ‘rushing’ toward critical path reserve / permit, we see the screen quote as a good cyclical buying opportunity. Why? Even our modelled 3.1Moz pit inventory supports the above value absent a single additional ounce, leaving this as a ‘sleep-at-night will-be-a-mine’ asset."