Mkt Price to NTA, page-6

I am inclined to agree with your comments Goldnerd, Pani has been dragging on for years. The delay with coming to an agreement with J Resources on the unification of two resources is my biggest concern. We have been hearing about this for about 12 months and told that it was waiting on approval from J Resources financiers. This sounds like an excuse to me, I can't see how it could take so long. My guess is J Resources is playing games behind the scenes which is preventing any progress.
If and when they come to an agreement this could start to move quickly. Otherwise, they will have to go it alone with Pani which would reduce the potential the combined project has.
I recall some time ago a mention from LSX that once an agreement is made with J Resources on unification then the combined resource could be floated which along with bullish outlook for gold could not only provide financing for development but also a major rerating and realisation of the potential of the combined resource.
If and when is the question.