good announcement, page-6

Mx

Yes i have just bought some today. I think its nice timing with the extra gold from BH contributing even if the poc goes lower.

I don't fully understand gold at all, but I have seen first hand the Chinese middle class buying it with a passion. I have had dinner several times with large groups of Mainland Chinese from Tier 2 & 3 cities and the conversation quickly turns to gold jewellery, and gregarious comparisons of weight and purity.

Previously developing Asian countries have gone through this stage with the middle class turing to gold jewellery as their income increases. My wife is Malaysian and it stuns me how much gold jewellery and diamonds have been handed down through the family, purchased through the years as they emerged into the middle class (In Malaysian context throughout the 70's & 80's).

Japan had a similar situation in the 60's I believe.

Not this this is overly significant to PNA but I do feel the pog will be supported by real demand at a level that keeps BH profitable and PK's C1 low.

Also very happy to see that PK as the engine room of PNA appears to have some upside in terms of production and duration.

Satfford may be a little over paided but over the last 3 years he really has performed imo. Company is significantly stronger and appears to have developed growth options to invest the fcf at high incremental returns.