We really don't have enough info on PNA's Inca de Ora acquisition yet. I suspect that your comments about it will mostly prove reasonable, however let's see the PNA presentation etc before drawing too much of a valuation conclusion.
As for a buyback for OZL, imho a modest buyback would be a good idea. Mop up some of those loose shares being undervalued, and at current sp no doubt adds net value to shares remaining.
Why keep all the cash? Big acquisitions are likely to be dumb, better to go the way of PNA and buy early stage and then prove you can add value to them.
EL
OZL Price at posting:
$10.40 Sentiment: Buy Disclosure: Not Held