fundamentals consideration, page-26

Afternoon to All,

Well what a rollercoaster it has been over the last 2 days ? oh wait rollercoasters go up and down.

I must admit i am still in shock. I think i might have jumped ship yesterday but had meetings all morning and walked out to discover the SP had halved - i hate Mondays at the best of times so its fair to say yesterday wasnt a great day.

I have held in this company for over a year and a half and been a massive supporter of the company and management. So much so that i have managed to recommend this share to many friends and many of these friends have brought in on this basis - fair to say i might be drinking alone come weeks end.

I am in a total spin as to what to do next. I went from being 40k in front last Friday to 15k down as off today. Is the company a total ride off or is this initial reaction extreme and so SP relief may be seen - its hard to tell. I think we have a more accurate picture by week end.

My questions, thoughts and musings are:

Is this still a viable project given the PFS figures. When i say viable i mean would many companies be happy to drop the $700m based on returns offered - based on the market response over the last 2 days the answer seems to be no - at least in the short to medium term.

There is talk about legal action against PLV. I think this is a little early to be talking about such things. I appreciate how much many of us are hurting - my pride and hip pocket has been smashed. This aside what happens if management secure funding and we see the SP drif above the SPP - do investors then still have grounds for legal recourse. This was always a high risk stock ? that has now been proven.

I note a huge amount of shares are held by directors especially Tony. Why didnt they start to drop some shares in the last 3 months if they knew what was coming. I only ask this as i have never seen one sell order for a director except for one bloke who left the company a year ago. So you all can have some consolation that the directors are hurting financially as well. DO they know something we dont or just totally misread the play.

Current market conditions are horrible. This is a very unforgiving market and any negative news will see the SP get smashed. This is not managements fault but macro economics in play. Curious how the SP would have performed if the PFS asked for $400m capex and io price of $40. My guess we still would have seen a drop (nowhere near what we have seen) as without funding this is company is like many others in the market. We all thought this company was head and shoulders above its peers - fair to we all got AHEAD of ourselves.

All the posters who i have never seen before who have been jumping on telling us how right they have been all along - seriously make those calls to weeks ago and you can have bragging rights not after the fact. All the bullish posters its been a hard lesson - i never posted with toots and the vigour of some but i have to say i fell into the later category.

I discussed a PFS in detail with my FP and his thoughts were the NPV of the SP in the PFS was total rubbish and more like half that. The currency predictions are way off and the projects costs make this project a one of many as opposed to the only one. Also why was not one mention made in the PSF statement about the MOU - eg it met the terms of the MOU - guessing cause it probably didn?t as statements in the past have been made that they were ticking the boxes for the MOU now silence?

So moving forward.

I am not selling. This is based on the fact that i have put nearly all my hard earned in for a year and a half and cannot stomach taking a loss at the end of it - all or nothing attitude ? not recommended for all. If i had a crystal ball and could have jumped ship at 74c last week with the opportunity to never look at this stock again i would - too late for that.

So i think in the next few weeks we will desperately need to see a JV funding agreement or an immensely positive statement regarding finance. If this doesnt come in a timely manner then we will fall off the face of the earth. Its clear the market has no tolerance for these types of stocks right now given market conditions.

Lastly all of us dreaming of seeing the SP sitting at high $1s or $2s should let that go. I think with a funding agreement we might see 80's or 90's but the handbrake has been applied when the facts have been aired.

I am truly feeling the pain that a lot of you are and i guess this is risks we take. I only hope we see an SP emerge that can see people exit without heavy losses.