Perth shareholder info sesh, page-30

Oh dear - some people are so thin skinned! Seems my post got modded  because of the ISR for dummies comment which, of course, was introduced by Gav himself, in his earlier, oh so scathing, post.

So just reposting - as follows - with the 'dummies' bit removed.

Gav - you seem to have completely missed the point of my original comment on URZ which was to query upmarket's post that the URZ merger was 'good news' for PEN.

I am not interested in comparing URZ with PEN as an investment, which you seem to be implying.

I was merely pointing out that due to the similar scales of URZ and PEN's Powder River Basin-based properties and mine plans, the URZ merger 'price' was a good indicator of the post-offer market value of PEN - a disappointing indicator because it implied a post-offer or 'takeover' value around 2.2c. So where was the good news, I asked? That is all.

In making that 'ballpark' comparison with URZ, I pointed out the significantly higher (100%+) grades at URZ as an 'offset' to the pounds in the ground value of Karoo (a value that can only be realised with substantial capital investment). With the validity of that assumption supported by the current comparative enterprise values of the 2 companies.

With your challenges I refreshed my knowledge on grades and revised (without prompting) my conclusion on grade differentials after realising that GT was a more appropriate metric for comparison than raw grade.

Nothing wrong with a refresher course Gav. We all need them! For example, once some have done a refresher course on 'porosity and permeability', they will see that darcy's do not figure in the comparison, because they are similar for PEN and URZ.

And some really need to do a refresher course on the difference between AISC and AIC, as they appear to be clueless on this.

And, yes, I do agree accuracy is important. Like reading company presentations before spouting off about 'all in' (sic) costs.

And, Gav, do you also find it a bit odd that the Stage 1 'all in' (sic) costs went up around $11 a pound in the space of a week or two?